BMO 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 Overview

BMO is one of the oldest national banks in the Midwest with more than 200 years of history. It's headquartered in Chicago and has over 900 branches. Though its branches are concentrated in select U.S. regions, it has fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide.^[1]

They offer a variety of personal deposit products, including checking, savings, CDs, and IRAs.

We like that there's a free checking option available for customers with low balances. And if you have more to save, you can get higher interest rates with its Growth Money Market Account or CD specials.

Keep reading to learn more about BMO.

Pros & Cons

Pros:

• Free checking option with no balance requirements
  
• Only $25 to open checking accounts
  
• Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
  
• Frequent cash bonuses for new customers
  
• Good digital tools to help manage your finances

Cons:

• Limited branch availability
  
• Low savings interest rates

BMO Promotions

Smart Advantage Checking

This is the most popular BMO checking account, and for good reason. As long as you opt for eStatements, there's no monthly fee or minimum balance required for this account.

Other features include:

• Choose your debit card from several options
  
• Get cash from ATMs with just your smartphone
  
• Mobile check deposits, bill pay, and Zelle
  
• Personalized support via chat, phone, and in branch

Note that this account has a $15 overdraft fee. It applies if the account is overdrawn by more than $50.^[2]

Smart Money Checking

The Smart Money checking account is meant to be a safe account with no overdraft fees. It doesn't allow overdrafts - if you don't have the money, the transaction simply will not go through.

It has a $5 monthly service fee that cannot be waived. However, this account is free for young adults under 25 years old.

Relationship Checking

BMO's Relationship Checking account earns interest and offers additional perks, but it requires a high balance to waive the monthly maintenance fee.

Some other perks include:

• Up to $25 monthly rebates on ATM surcharge fees charged by other banks
  
• Free incoming wires
  
• No annual rental fee for a 3"x5" Safe Deposit Box
  
• Interest rate discounts on lending products

Compare Checking Account Promotions

Member FDIC

HSBC Premier - Up to $5,000

It's easy. The more you fund, the more you earn.

Discover all that Premier can do for you

• Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
• Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
• Enjoy peace of mind with unique travel benefits available through our credit cards

Here's how the offer works

1. Open a Premier checking account by June 30, 2026
2. Add your desired level of deposits and/or eligible investments within 20 days
   • Get $1,500: Deposit or invest $150,000 to $249,999
   • Get $2,500: Deposit or invest $250,000 to $499,999
   • Get $3,500: Deposit or invest $500,000 to $999,999
   • Get $5,000: Deposit or invest $1,000,000+
3. Maintain your balances for 3 full consecutive months
4. Remain opted-in to receive HSBC marketing emails

If all offer requirements are met, the bonus will be paid within 8 weeks.

Learn More

Expires 6/30/2026

Member FDIC

Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer

Learn More

• New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
• Bank of America N.A. Member FDIC.

Member FDIC

Chase Total Checking® - $400 Bonus

Open an Account

Expires 7/15/2026

• New Chase checking customers can receive $400 when you open a Chase Total Checking^® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
• Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
• Chase Total Checking^® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
• Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
• Chase Mobile^® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
• Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
• Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
• Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.

Savings Builder Account

BMO Savings Builder Account has $0 monthly fee and requires just $25 to open. However, like most national banks, the interest rate is pretty low.

But a pretty cool perk is that during the first year of the account, BMO will reward you with an extra $5 for each month you save $200 or more. This gives you the opportunity to earn an extra $60 for your savings.

Compare Savings Accounts

Member FDIC

CIT Bank Platinum Savings - 4.10% APY Boost

Get APY Boost Promotion

Expires 6/30/2026

With 6 month boost, you earn:

Tier	Boost APY
Balance over $5,000	4.10%*
Balance less than $5,000	0.60%*

After boost is completed, you will continue to earn our best standard rates:

Tier	APY
Balance over $5,000	3.75%1
Balance less than $5,000	0.25%1

• Needs to use promo code to qualify: CITBoost
• Boost lasts 6 months over standard APY
• Tiered account
• $100 minimum account opening
• Member FDIC
• No Monthly Service fees
• No account opening fees

Disclosures

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.

*APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

For complete list of account details and fees, see our Personal Account disclosures.

High-Yield Savings Account - Up to $1,200 Bonus

Get Deal

Expires 6/30/2026

New customers only. Earn up to a $1,200 bonus.

1. Enter promo code SUMMER26 at sign-up and deposit a total of $10,000 or more within 14 days to secure your base cash bonus and unlock the optional recurring deposit reward.
2. To earn an additional reward, schedule two or more recurring deposits within your first 90 days. You are eligible for a maximum additional bonus based on your deposit tier, allowing you to choose your matching recurring bonus tier or any tier below it.
3. Maintain your balance for 90 days. Once all promotional requirements are met, your total combined cash bonus will be credited to your account within 30 days.

Qualifying Deposit	Welcome Bonus	Bonus Boost	Total Bonus
$10,000 - $24,999	$50	+$10	$60
$25,000 - $49,999	$125	+$25	$150
$50,000 - $99,999	$250	+$50	$300
$100,000 - $199,999	$500	+100	$600
$200,000 or more	$1,000	+200	$1,200

High-Yield Savings Premier - 3.80% APY

Learn More

• No account fees
• Option to open individual or joint account
• FDIC insured up to $250,000 per depositor
• Only $500 minimum opening deposit

The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

Growth Money Market Account

You can open a Growth Money Market Account with just $25. It has a $10 monthly maintenance fee, which is waived when you maintain a minimum daily balance of $5,000.

You may also qualify for a rate boost if you have a BMO Relationship Checking account with qualifying activities.

This account offers competitive, tiered interest rates. The more you save, the more you can earn.

Compare Money Market Accounts

CDs

• Standard CD: BMO offers your standard CD with a variety of maturity dates and just a $1,000 opening deposit. Terms range from 3 months to 5 years.

• Special Rate CDs: BMO also offers a variety of "special" CDs. You'll find higher interest rates and unique terms on these CDs. It also has a $1,000 minimum deposit requirement.

Compare CD Rates

High-Yield CD - Up to $1,200 Bonus

Get Deal

Expires 6/30/2026

New customers only. Earn up to a $1,200 bonus.

1. Enter promo code SUMMER26 at sign-up and deposit a total of $10,000 or more within 14 days to secure your base cash bonus and unlock the optional recurring deposit reward.
2. To earn an additional reward, schedule two or more recurring deposits within your first 90 days. You are eligible for a maximum additional bonus based on your deposit tier, allowing you to choose your matching recurring bonus tier or any tier below it.
3. Maintain your balance for 90 days. Once all promotional requirements are met, your total combined cash bonus will be credited to your account within 30 days.

Qualifying Deposit	Welcome Bonus	Bonus Boost	Total Bonus
$10,000 - $24,999	$50	+$10	$60
$25,000 - $49,999	$125	+$25	$150
$50,000 - $99,999	$250	+$50	$300
$100,000 - $199,999	$500	+100	$600
$200,000 or more	$1,000	+200	$1,200

High-Yield CD Rates - Up to 3.00% APY

Learn More

on Raisin's Secure Website

• No fees
• $1 minimum deposit
• FDIC insured

Term	CD Rates
2 Month	3.00% APY
3 Month	3.00% APY
4 Month	3.00% APY
5 Month	3.00% APY
6 Month	3.00% APY
9 Month	3.00% APY
12 Month	3.00% APY

Member FDIC

CIT Bank No Penalty CD - 3.75% APY

Get Deal

• Option to withdraw full balance and interest after 7 days of CD funding date
• $1,000 minimum to open an account
• 11 months
• No monthly maintenance fee
• Member FDIC

Disclosures

APY — Annual Percentage Yield is accurate as of January 9, 2026. $1,000 minimum to open the account.

With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.

For complete list of account details and fees, see our Personal Account disclosures.

IRAs

• CDs: BMO offers IRA CDs for those who want to take the conservative route with their retirement funds. With just $1,000, you can open a retirement CD. The terms range from 3 months to 5 years. The longer the maturity date that you choose and the more money you invest, the higher the interest rate BMO will offer.

• IRA Premium Savers: This IRA allows you to make deposits as you can or even on an automated basis. You need $100 to open the account, and you can make deposits as frequently or infrequently as you like. You can open the account as a traditional, ROTH, or SEP IRA.

Banking Features

• Total Look
  You can link your non-BMO financial accounts. This gives you the chance to see your full financial picture in one place. You can view transactions, track spending, set up savings goals, create budgets, and more.

• Mobile Cash
  This feature lets you withdraw cash from ATMs with just your smartphone. You don't need to bring your debit card.

• Overdraft Funding
  If you link a BMO checking and savings account, they will automatically transfer money from your savings to cover overdrafts. This can help you avoid hefty overdraft fees.

• Auto Save
  You set up the amount and frequency, and BMO will automatically transfer it into your savings account for you. It takes the thinking out of saving and helps you avoid spending the money before you have a chance to save it.

• Large ATM network
  Aside from their own ATMs, BMO is also in the AllPoint network, with over 40,000 ATMs across the US. You can withdraw your money free of charge, even if you're not near a BMO service area.

• Card Monitor
  You can turn your debit card on and off at any time within the app. Plus, you can control spending by setting restrictions by location, merchant type, and transaction amount.

BMO Downsides

• Limited branch network in the U.S.
  BMO operates primarily in select states, including Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Minnesota, Nevada, New Mexico, Oregon, Utah, Washington, and Wisconsin. If you live outside these regions, you won't have access to a local branch.

• Low savings rates
  Like many traditional banks, BMO's savings account interest rates are lower compared to online banks.

• Account closure fee
  A fee may apply if you close your checking or savings account within the first 90 days, so make sure it's the right fit before opening.^[3]

How It Compares

Fifth Third Bank
Fifth Third operates across the Midwest, South, and Southeast. Its traditional checking account has no minimum deposit, balance requirement, or monthly fee, though it must be funded shortly after opening. Customers have access to a nationwide network of fee-free ATMs and full online and mobile banking.

Wells Fargo
Wells Fargo is a major national bank with a broad U.S. footprint and a network of over 11,000 ATMs. It offers checking accounts with easy ways to avoid monthly maintenance fees when you meet qualifying activity, and it provides 24/7 phone support.

Bottom Line

BMO is a full-service bank with a wide range of accounts and features. If you're looking for basic checking and savings with low requirements and convenient access, BMO could be a solid choice.

But if earning higher interest is your priority, you may want to explore online-only banks, which often offer better yields due to lower operating costs.

References