BMO Harris Bank Review 2022

The benefits explained

  • Fees low or easily avoided. Customers opening the Basic Checking Account incur no monthly fees if they sign up for eStatements. Other checking accounts do not charge overdrafts or refund off-network ATM surcharges. The savings account charges a monthly fee of $5, but you can waive this by maintaining a minimum monthly balance of $100.
  • Low minimums to open accounts. There are three checking accounts and one savings account that can be opened with as little as $25.
  • Several debit card options. Harris offers three debit card options. When you use your debit card to make purchases, you get a variety of benefits, including purchase protection, return protection, and extended warranties on eligible items.

Disadvantages Explained

  • High balances required to earn interest. Although you can open a savings account with just $25, you’ll need much larger balances to earn competitive interest rates — at least $1,000 for CDs.
  • Limited geographic footprint. The bank is regionally focused: although it has many branches, they are limited to eight states in the South, Southwest and Midwest. If you live outside of these states, your ability to transact in person is limited.

Who is BMO Harris Bank for?

BMO Harris Bank is ideal for customers who live in one of the states where it has physical branches: Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, or Wisconsin.

The bank may also be suitable for customers who:

  • You want to open a current or savings account with a small opening deposit
  • Can maintain four-digit account balances to earn the most interest
  • Use a debit card for everyday purchases
  • want a large, full-service bank that can meet all of their financial needs
  • You are 25 or younger

What does BMO Harris Bank offer?

BMO Harris has its own ATMs and partners with Allpoint to offer more than 40,000 ATMs nationwide that customers can use free of charge. If you use an ATM outside of its network, BMO Harris charges $3 per transaction.

As you would expect from a financial institution of its size, BMO Harris Bank offers a wide range of all the usual personal and business banking products and services, including:

  • Verify Accounts
  • Money market accounts
  • Savings accounts
  • Certificates of deposit
  • Credit card

Verify Accounts

Customers have the choice of three current account options.

  • Smart Advantage Account has no monthly fee if you sign up with paperless statements.
  • The Smart Money Account has a monthly service fee of $5, but waives any overdraft or insufficient funds fees. Fees are waived for customers under 25.
  • The Premier Account earns interest, waives non-BMO Harris ATM fees, and reimburses up to $25 in ATM fees charged by other banks.

Each checking account offers three different debit cards to choose from. The BMO Harris Bank Mastercard Debit Card offers up to $250 return protection and extended warranty on qualifying items. The World Debit Mastercard adds purchase protection in case your item is damaged or stolen within 90 days. Sports fans can show their pride and save 15-20% on team gear with Bulls, Blackhawks or Bucks themed Mastercard debit cards.

Smart Advantage Account $25 $0 (with paperless statements) None
Smart Money Account $25 $5 None
Premier Account $25 $25 0.01%
to August 10, 2022

Money market account

The BMO Harris Bank Premier Money Market Account has no monthly fees. But it requires a minimum deposit of $25 and you have to maintain that balance to earn interest.

Premier Money Market Account $25 $10 (waived with a minimum balance of $10,000) 0.15% if $25,000 to $99,999 0.30% if $100,000 to $249,999 0.50% if $250,000 or more
to August 10, 2022

Savings account

A BMO Harris Bank Savings Builder account can be opened with a minimum of $25. There is a $5 monthly service charge if your minimum balance falls below $100. Customers under the age of 25 do not pay this fee.

Savings creator $25 $5 0.01%
to August 10, 2022

Certificates of deposit

Certificates of Deposit (CDs) are available from three to 60 months with a minimum deposit of $1,000. BMO Harris Bank offers higher rates at $100,000.

The bank occasionally offers special duration CDs with attractive interest rates to meet its financing needs. An add-on CD is also available for customers who wish to augment an existing certificate, without affecting its expiration date.

At maturity, CDs automatically renew at the current market rate. Customers receive a due date notice in the mail and have 10 days from the due date to withdraw the funds without penalty.

Early withdrawal penalties vary depending on the term of the CD and may be waived if the owner dies or is judicially declared legally incompetent.

TERM APY with a minimum of $1,000
3 months 0.05%
6 months 0.05%
9 months 0.05%
12 months 0.05%
18 months 0.05%
24 months 0.05%
30 months 0.05%
36 months 0.10%
48 months 0.15%
60 months 0.25%
to August 10, 2022

<59 days All interest earned
60-364 days 90 days interest
12-23 months 180 days interest
24-35 months 270 days of interest
36-47 months 365 days interest
48+ months 545 days of interest
to August 10, 2022

BMO Harris Bank also offers special rates for certain terms with a minimum deposit of $5,000:

  • 13 months: 2.00%
  • 25 months: 2.10%
  • 35 months: 2.35%
  • 45 months: 2.70%
  • 59 months: 3.00%

Credit card

BMO Harris Bank offers several credit card options, all of which are part of the Mastercard network. These choices include cash-earning cards, rewards credit cards, and balance transfer cards. Here are some of the cards it offers:

Credit cards with rewards

  • BMO Harris Bank Platinum Rewards Mastercard
  • BMO Harris Bank Premium Rewards Mastercard

Cash Back Credit Cards

  • BMO Harris Bank Mastercard with cashback

Credit cards with balance transfer

  • BMO Harris Bank Platinum Mastercard

Other financial products offered by BMO Harris Bank

BMO Harris Bank offers additional financial products, including:

  • Car loans
  • Buy mortgages
  • Refinance mortgages
  • Home Equity Loans
  • Home Equity Lines of Credit (HELOC)
  • Personal loans
  • Personal lines of credit
  • Loans secured by CD
  • IRA
  • Managed investment portfolios
  • Private bank
  • Financial advisors
  • Business loans

BMO Harris Bank Customer Service

To contact BMO Harris Bank Customer Service, you have several options. You can visit any of over 600 branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida and Wisconsin. Customer service can be reached by phone at 1-888-340-2265. Automated telephone banking services are also available 24 hours a day.

You can also contact BMO Harris Bank through online banking and its mobile app. The top-ranked mobile app is available for Apple (where it scores 4.7 out of 5, based on 30,400 ratings) and Android (4.6 out of 5, based on 6,742 ratings). Through the app, you can also pay bills, view transactions, deposit checks, and more.

How to bank with BMO Harris Bank

To open an account with BMO Harris Bank, the best options are in person or online. If you live in one of the eight states where BMO Harris has branches, you can open an account in person. Opening an account online from anywhere is also available.


With its comprehensive menu of financial products and accounts, BMO Harris Bank offers a true one-stop-shop experience. And it appeals to a variety of consumers, from those who can invest five or even six figures in a CD to those who only have $25 to open an account. Its modest minimums, as well as its fee waivers for those under 25, suggest that it is sensitive to students and young savers, and wants to encourage them to develop good financial habits.

On the other hand, while there are no-fee and low-cost deposit options, if you want the best benefits and highest interest rates, you’ll need to deposit serious money and maintain balances. account of $25,000 or more.

Also, while BMO Harris can handle almost all banking needs under one roof, it doesn’t offer as many roofs, if you live outside of the eight states with branches. As a regional bank, it is more attractive to customers located in one of the states where it has a physical presence. Although accounts can be opened online and managed via the mobile app, there are better digital banking alternatives that offer competitive rates without the high minimums required by BMO Harris.


Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks including available products, interest rates, fees and affordability to ensure our content helps users make the right decision for their banking needs. savings and banking.

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