BMO Harris Bank Review: A Large, FullService Bank


If you’re looking for a high yield savings account, you might have stumbled upon BMO Harris Bank. They currently offer top yielding savings accounts and are extremely competitive. But who are they?BMO Harris is a full-service bank with branches in several states, from the mid-west, to Arizona, to Florida. But they’re most known for their online accounts. So how do they compare to the top money market accounts? Find out in our BMO Harris Bank review below!

BMO Harris Bank is a full-service bank offering checking, savings, MMAs, CDs, mortgages, credit cards, wealth management, IRAs, branches, and more. BMO Harris Bank has over 12 million customers and is the 8th largest bank in North America by assets.BMO Harris Bank has two events in its founding history: being N.W. Harris & Co. in 1882 and being Samuel Marshall & Co., Exchange Brokers in 1847. Its parent company is Bank of Montreal and the holding company is BMO Financial Corp. The bank is headquartered in Chicago, IL.

As with any full-service bank, BMO Harris Bank has everything you could need financially. Starting with branches, they have over 500 in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. There are over 43,000 ATMs.In this article, we’ll look at BMO Harris Bank’s deposit products such as checking, savings, MMAs (money market accounts), and CDs.See how they compare here:

There are three different checking accounts available.

Overdraft service can be set up by linking your savings account, MMA, or other checking account. There is a $36 fee for each overdraft over $5 with a maximum of four overdrafts per day ($108/day). There is a $10 fee for transferring funds to cover the overdraft.Each BMO Harris Bank checking account comes with a debit card. They’re chip-enabled for better security. You’ll also have access to services such as BMO Harris Bill Pay, Mobile Cash, BMO Harris Mobile Deposit, Zelle, and Apple Pay.

It’s difficult to justify opening a savings account with BMO Harris Bank unless you’re using it to fund overdrafts. The main reason is because of the ridiculously low 0.05% APY. There is also a $25 minimum opening deposit required.

This is what BMO Bank is known for. Right now, you can get up toAPY on your account. They do require a minimum $5,000 opening deposit.However, there are periodic CD specials that offer higher yields. They also require a $5,000 deposit to open.If you like sending money into your checking or savings at regular intervals, you can set up Auto Save. Once it is set up, it will send a set amount of money into your account at the frequency selected.

BMO Harris Bank also has something called an Add-On CD. This CD only requires a $1,000 balance. A one-year CD has a competitive yield. You can make additional deposits after the CD has been opened. Each additional deposit comes with a one-year term.BMO Harris Bank does have mobile apps available for iOS and Android. The iOS app has a rating of 4.7/5.0 out of 7,500 ratings. The Android app has a rating of 3.5/5.0 out of 1,822 ratings. The mobile app also allows you to link external accounts, letting you view your financials in one place.

There are no monthly account fees, but there are other fees to watch for depending on the checking account.These include the following:

You can open an account online at https://www.bmoharris.com or by visiting a BMO Harris Bank branch.

Yes — BMO Harris Bank uses bank-grade encryption and is FDIC-insured.

The only thing really compelling about BMO Harris Bank is its top yielding money market account. It’s a no-frills, full-service bank. It doesn’t offer any competitive yields on its savings products.If you’re looking for a full-service bank, live in one of the states that BMO Harris Bank has branches in, and aren’t concerned about earning interest, BMO Harris Bank will probably suit you just fine.

Written by Investors Wallets

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