BMO Review: Excellent Benefits for Checking and Savings Accounts

4.2

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Open a Smart Advantage Checking Account with only $25 with no minimum balance required. BMO offers three checking accounts, a savings account and several CDs of varying lengths.

BMO Bank is renowned for its innovative financial solutions, offering services like checking, savings and investments. With a user-friendly mobile app and strong customer focus, BMO stands out for reliable, modern banking.

There are over 500 BMO branches in 22 states, with a heavy presence in the Midwest. BMO has several financial products, including checking, savings, money market accounts and CDs. BMO also caters to businesses. GOBankingRates has ranked it among the Best Banks of 2025 in several categories, including Best Premium Checking Accounts.

BMO Bank Checking Account

BMO offers three checking accounts, including a Smart Advantage Checking Account, a Relationship Checking Account and a Smart Money Checking Account. All accounts require a minimum opening deposit of $25. 

• Smart Advantage Checking Account is accessible to almost anyone with no minimum balance required. There is no monthly service fee if you don’t want paper statements.
• 40,000 ATM locations.
• Earn a $300 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days with Smart Advantage or Smart Money Checking accounts.
• Signing up for the Relationship Checking Account means Mastercard ID threat protection, free incoming wire transfers, a rebate on outgoing wire transfers and ATM fee rebates up to $25 if other banks charge.
• FDIC insured.

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Checking Account

Start Banking

Best For

Premium Checking Accounts

Mobile App

Account Perks

Low Monthly Fees

Banking in Arizona

Flexible Options for Your Banking Needs

BMO offers a range of checking accounts with features like no monthly fees, extensive ATM access and options for added benefits, catering to a variety of banking needs.

Fees

$5 monthly

APY

Min Opening

$25

Pros

• Three checking account options
• Low minimum deposit to open
• $15 fee for overdraft protection — up to three times a day
• Relationship Checking account holders may qualify for lower interest rates for home equity and mortgage loans

Cons

• BMO Smart Checking has a $5 maintenance fee for individuals over 25 with no option to waive it
• $2 paper statement fee
• Relationship checking offers a low APY

Why We Like BMO

BMO has several checking account options, which makes it accessible to most people. With a low $25 minimum deposit for all accounts, you can choose the right account for you.

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BMO Bank Premium Checking Account

BMO’s Premium Checking Account is designed for customers seeking enhanced banking benefits and exclusive perks.

• $25 monthly fee waived with a combined balance of $25,000 across eligible accounts.
• Access to personalized financial advice and exclusive premier services.
• Unlimited transactions and no out-of-network ATM fees.
• No foreign transaction fees for international debit card purchases.
• Earn a $400 cash bonus with $7,500 in qualifying direct deposits within the first 90 days.

4.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Premium Checking Account

Start Banking

Best For

Premium Checking Accounts

Mobile App

Account Perks

Low Monthly Fees

Banking in Arizona

Exclusive Perks and High-Value Banking

BMO Premium Checking offers exclusive benefits, including waived fees, competitive interest rates and enhanced rewards for banking and credit card use. With features like no ATM fees and personalized financial advice, it provides a premium banking experience tailored for higher balances.

Fees

$25 monthly, waivable

APY

Min Opening

$25

Pros

• Unlimited transactions with no fees for out-of-network ATMs, ideal for frequent travelers or those on the go
• Includes personalized financial advice and exclusive Premier Services for tailored banking solutions

Cons

• Lacks additional rewards or interest benefits compared to some premium accounts offered by competitors
• High balance requirement to waive monthly fee

Why We Like BMO

The BMO Premium Checking Account is a great choice for high-balance customers who value personalized service, no ATM fees and premium perks, but the high balance requirements may not suit everyone.

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BMO Bank Savings Accounts

The BMO Savings Builder Account also provides excellent value and is an ideal way to begin your savings journey. It has $0 in monthly maintenance fees, enabling you to save more efficiently. There are no transaction limits, and you can open an account with just $25, regardless of your financial level.

• You earn $5 each month for every $200 you save for the first year.
• $25 minimum opening deposit.
• No monthly maintenance fee.

BMO Savings Account

Start Banking

Best For

Premium Checking Accounts

Mobile App

Account Perks

Low Monthly Fees

Banking in Arizona

Competitive Rates and Flexible Options

BMO Savings accounts provide flexible options with competitive interest rates, no monthly fees on select accounts and tools to help you reach your financial goals faster.

Fees

No monthly maintenance fee

APY

Min Opening

$25

Pros

• Low minimum deposit
• No monthly maintenance fees
• FDIC insured 

Cons

• Earns very little APY
• $50 fee if you close the account in less than 90 days
• Statements are sent only on a quarterly basis

Why We Like BMO

The BMO savings account is accessible to most people with a low minimum deposit and no monthly maintenance fees.

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BMO Bank CD Accounts

When it comes to earning interest in CDs, BMO rates are on the higher end of the spectrum. CD terms range from three months to 60 months, with APYs starting at . 

• No monthly fees.
• Minimum deposit of $1,000.
• APYs may vary by ZIP code.
• Fixed interest rate.

3.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO CD Accounts

Start Banking

Best For

Premium Checking Accounts

Mobile App

Account Perks

Low Monthly Fees

Banking in Arizona

Secure Savings With Competitive Returns

BMO CDs offer guaranteed returns with competitive interest rates, flexible terms and the security of FDIC insurance, making them a reliable choice for your savings strategy.

Fees

No monthly maintenance fee

APY

Starting at

Min Opening

$1,000

Pros

• Varying lengths
• Low minimum deposit
• FDIC insured

Cons

• Early withdrawal penalties 
• Limited physical presence
• Automatic renewal

Why We Like BMO

BMO’s CDs offer competitive rates and flexible terms, making them a viable option for investors seeking secure fixed returns.

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BMO Bank Money Market Accounts

BMO offers a Relationship Money Plus Money Market account. If you have a checking account, adding a money market account may give you more benefits.  

• Minimum balance of $25.
• $10 monthly maintenance fee, but can be waived if your balance is $5,000 or more during a statement period.
• Get six free withdrawals or transfers per monthly statement period.
• FDIC insured.

4.1

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Money Market Accounts

Start Banking

Best For

Premium Checking Accounts

Mobile App

Account Perks

Low Monthly Fees

Banking in Arizona

Competitive Rates and Flexible Options

BMO Savings accounts provide flexible options with competitive interest rates, no monthly fees on select accounts and tools to help you reach your financial goals faster.

Fees

No monthly maintenance fee

APY

Min Opening

$1,000

Pros

• Tiered interest rates based on balance 
• Earn APY when you open a new Relationship Plus Money Market Account 
• Minimum opening deposit

Cons

• $50 charge if closed within 90 days of account opening
• Low base interest
• High minimum balance 

Why We Like BMO

BMO’s Relationship Plus Money Market Account offers a base APY of , with potential increases up to when linked to a BMO Relationship Checking account and meeting a certain balance threshold.

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Banking Experience

Overall, BMO offers a very impressive banking experience. The mobile app is very comprehensive and easy to use. It comes highly rated, with a 4.8-star rating on the Apple App Store and a 4.6-star rating on the Google Play Store.

Many users are satisfied with the app’s intuitiveness, detailed information and simplicity. On the other hand, some users are less impressed with the log-in and log-out features.

Customer Service 

For general banking service questions, you can call 1-888-340-2265 within the U.S. and 1-847-238-2265 outside the U.S. Customer service is available from 7 a.m. to 11 p.m. CT Monday to Friday and 8 a.m. to 10 p.m. on Saturdays and Sundays. BMO Digital Banking password resets, reporting lost or stolen debit cards and debit card activations can be done 24 hours a day.

Comparable BMO Bank Options  

Checking

Premium Checking

Savings

CDs

SELECTED BANK

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Checking Account

Start Banking

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo Everyday Checking Account

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MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Checking Account

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Fees

Fees

Fees

$5 monthly

$5 to $35 waivable monthly fee

$0

APY

APY

APY

Up to

Min Opening

Min Opening

Min Opening

$25

$25

$0

SELECTED BANK

4.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Premium Checking Account

Start Banking

MOST COMPARABLE

4.4

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo Premier Checking Account

Read Review

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Checking Account

Read Review

Fees

Fees

Fees

$25 monthly, waivable

$35 waivable monthly service fee

$0

APY

APY

APY

Min Opening

Min Opening

Min Opening

$25

$25

$0

SELECTED BANK

BMO Savings Account

Start Banking

MOST COMPARABLE

Wells Fargo Savings Account

Read Review

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank Savings Account 

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Fees

Fees

Fees

No monthly maintenance fee

Up to $12 monthly service fee – can be waived

$0

APY

APY

APY

Up to for Platinum Savings accounts

Min Opening

Min Opening

Min Opening

$25

$25

$0

SELECTED BANK

3.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO CD Accounts

Start Banking

MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Wells Fargo CD Account

Read Review

MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank CD Rates

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Fees

Fees

Fees

No monthly maintenance fee

Early withdrawal penalty may apply

No monthly service fee

APY

APY

APY

Starting at

Up to

Up to

Min Opening

Min Opening

Min Opening

$1,000

$2,500 to $5,000

$0

Final Take  

BMO is an ideal choice for individuals seeking a simple banking experience with low fees and minimum deposit requirements, particularly for those residing in one of the eight states where the bank has physical branches. Additionally, individuals looking to open an account online can also take advantage of BMO’s services.

Although the APYs for accounts, excluding CDs, may not be particularly impressive, it is ultimately up to you to weigh the benefits against the drawbacks.

Caitlyn Moorhead, Daria Uhlig, Cynthia Measom and Melanie Grafil contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024. 

This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024.

To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 11, 2024.

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