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Bank of America vs BMO Bank

Bank of America is a national bank with widespread accessibility and wide range of services. How does it compare to BMO Bank? Read our comparison chart below.

Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

While BMO Bank has over 900 branches and is the 8th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings need just $100 to open with easy ways to waive fees. Special Rate CDs require a $5,000 minimum opening deposit.

Compare Bank of America with BMO Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Bank of America
Member FDIC
BMO Bank
Member FDIC
 Learn MoreVisit Site
 

Bank of America

BMO Bank

OFFER
Bank of America Advantage Banking - $300 Bonus Offer

Read Bank of America Review

SPECIAL OFFER
BMO Checking Accounts - Earn up to $600 - Learn More

Read BMO Bank Review

 

Benefits and Features

SavingsBank of America Advantage Savings Standard Rate: 0.01% APY0.01% APY. $5 reward every month you save $200 or more, for the first year.
CD
  • 7-Month CD - 4.35% APY
  • 10-Month CD - 4.00% APY
  • 13-Month CD - 3.25% APY
  • 25-Month CD - 2.00% APY
  • 37-Month CD - 0.05% APY
  • 1-Month CD - 0.03% APY
  • 120-Month CD - 0.03% APY
0.05% - 4.00% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.
Checking
Check
Smart Advantage, Smart Money, Relationship
Money Market 1.00% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.
ATMs
Approximately 16,000+ ATMs
40,000+ BMO and Allpoint ATMs
Customer Service
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm
IRA CD
Check
0.05% - 2.00% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit
IRA Money Market IRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee
Locations
3,922 financial centers
981 branches
 

CreditDonkey® Reviews

 Bank of AmericaBMO Bank
SavingsStarStarEmpty StarEmpty StarEmpty StarStarStarEmpty StarEmpty StarEmpty Star
CDStarStarStarHalf StarEmpty StarStarStarStarStarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarHalf StarEmpty Star
Money MarketStarStarStarEmpty StarEmpty Star
Pros & ConsPros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. banking fees
Pros:
  • Free checking with eStatements
  • Large ATM network
  • Good financial tools
Cons:
  • Limited branches
  • Low savings APY
Bottom LineNational bank with widespread accessibility and wide range of services... Read full reviewMidwest bank with options for low and high-balance customers... Read full review
 Learn MoreVisit Site

    Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

    Bank of America: Pricing information from published website as of 09/24/2024 based on 91107 zip code.

    BMO Bank: Pricing information from published website as of 09/27/2024 based on 60603 zip code.

    Bank of America
    Member FDIC

    Bank of America Advantage Banking - $300 Bonus Offer

    Expires 1/31/2025
    • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 01/31/2025.
    • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
    • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
    • Bank of America, N.A. Member FDIC.
    Bank of America
    Member FDIC

    Bank of America® Business Advantage Banking Checking Account - $200 Bonus Offer

    Expires 12/31/2024
    • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new eligible business checking customers only.
    • Offer expires 12/31/2024.
    • To qualify, deposit $5,000 or more in New Money* directly into a new eligible Bank of America Business Advantage Banking account within thirty (30) days of account opening.
    • Maintain an average balance of $5,000 in that new Business Advantage Banking account during the Maintenance Period**.
    • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • *New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or Merrill investment accounts.
    • ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
    • Bank of America, N.A. Member FDIC
    Bank of America
    Member FDIC

    Bank of America Advantage SafeBalance Banking®

    • Banking that helps you stay within your balance.
    • No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
    • Bank of America, N.A. Member FDIC.
    BMO Bank
    Member FDIC

    BMO Checking Accounts - Earn up to $600

    Earn up to $600 with qualifying activities. Conditions Apply. BMO Bank N.A. Member FDIC

    Get either a $250 or $500 cash bonus when you open a new checking account and complete qualifying activities between 9/10/24 and 10/31/24. Plus, get a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online. Combine the cash bonus and the gift card to maximize your rewards.

    Expires 10/31/2024
    BMO Bank
    Member FDIC

    BMO Smart Advantage Checking - Earn up to $350

    Earn up to $350 with qualifying activities. Conditions Apply. BMO Bank N.A. Member FDIC

    Earn a $250 cash bonus when you open a new checking account and complete qualifying activities between 9/10/24 and 10/31/24. Plus, get a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online. Combine the cash bonus and the gift card to maximize your rewards.

    Expires 10/31/2024
    BMO Bank
    Member FDIC

    BMO Smart Advantage Checking

    • No minimum balance required
    • Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
    • No monthly fees with paperless statements

    Which is Better: Bank of America or BMO Bank?

    Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Bank of America or Chase.


    Articles on Bank of America

    Bank of America Review

    Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

    Bank of America Savings Account Interest Rate

    Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.

    Does Bank of America Have a High Yield Savings

    Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.

    Bank of America Problems

    Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.

    Bank of America CD Rates

    Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

    How to Close a Bank of America Account

    Want to close your Bank of America account? Learn how and what you need to do before you close your account.

    Bank of America Hours

    Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

    Bank of America Routing Number

    Find your Bank of America routing number and learn about money transfers in our guide.

    Articles on BMO Bank

    BMO Bank Review

    BMO offers low fees and a large ATM network. But savings rates are low. However, the strong features can still make it a good bank for you. Read on.

    BMO Routing Number

    If you have a BMO Bank account, you only need to be aware of one routing number. This number is 071025661. Read on and learn how to use it.

    Is BMO an Ethical Bank

    BMO has been recognized as one of the World's Most Ethical Companies for six consecutive years. How did they earn this award? Find out.

    BMO Relationship Minimum Balance

    Get more perks when you open a BMO Relationship Checking Account. Find out the balance you need to reach to unlock them.

    Is BMO a Good Bank

    Is BMO a good choice for your banking needs? Find out here.

    Is BMO a Safe Bank

    Wondering about the security of your funds with BMO Bank? They have a Financial Crimes Unit backing you up, for one. Read on for more details.

    What is BMO Bank

    BMO Harris is now BMO. But are they a legit bank? Find out if you should bank with them.

    BMO Smart Money vs Smart Advantage

    BMO's Smart Advantage has $0 monthly fees. Smart Money has no overdraft fees. Which one is a smarter choice? Read on to find out.

    Is BMO a Real Bank

    BMO, is a U.S bank, part of the Bank of Montreal. It offers solid basic checking options and a large ATM network. But, is it legit? Read on to find out.

    Which Do You Think is Best?


    Which Bank Account is Right for You?


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