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.
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With BMO being one of the largest national banks, it is most definitely a legitimate bank. It is also one of the oldest banks in North America.
The bank offers an array of different accounts and has fee-free transactions at 40,000+ BMO and Allpoint ATMs nationwide. However, it only has branches in 24 states.
What is BMO?
BMO is a fully functional retail bank. Founded in 1882 with headquarters in Chicago, the bank is currently the 8th largest by assets in North America. They provide a range of services, from deposits and loans to investment options.
Being a fully functional bank, it offers numerous services and benefits to different customers. So, let's dig into that.
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO: Pros and Cons
If you don't want to read in detail about the bank, here's a scoop of what's good and not so good about BMO.
Pros:
- Low/avoidable fees
- Debit card options
- Cash bonuses for new customers
- Low minimum for account opening
Cons:
- Limited locations
- High balances needed to gain high-interest rates
- Overdraft fees
What is BMO Best For?
BMO is best for people looking for checking accounts with low fees. It's also suitable for those looking for different CD options to suit their interests.
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
What Services Does BMO Offer?
As with most banks as big as BMO, it offers various services and accounts. As a result, the bank will be beneficial for many people, considering the CDs they have to offer.
To give you an idea of what you can do with a BMO account, here are some services they offer:
- Auto, personal, business, & CD-secured loans
- Purchase & refinance mortgages
- Home equity loans & lines of credit (HELOCs)
- Personal lines of credit
- IRAs
- Managed investment portfolios
- Private banking
- Financial advisors
- Customer service
- Money market, checking, savings, certificates of deposit & credit cards
BMO Accounts
There is a variety of bank accounts you can open with BMO. You have numerous choices at BMO, from savings to credit accounts. A recommendation for you: go for a checking account (and don't overdraft if you can help it).
Below we will elaborate and explain what kind of accounts BMO has and what they offer.
Money market accounts
Money market accounts can be opened with as little as $25. However, expect to pay a fee if the minimum daily balance falls below $5,000.[2] These accounts are good if you keep high amounts of money in them, as interest rates go up the more money you have.
Checking accounts
You can open three types of checking accounts at BMO:
- Smart Money Checking: $5 ($0 if you're under 25 years old) in monthly fees. Overdraft is not possible; the transfer doesn't go through in case of insufficient funds.[3]
- Smart Advantage Checking: No monthly fees as long as you opt for paperless statements. $25 minimum deposit to open. A $15 fee if you overdraft over $50. It doesn't apply for items $5 or less, or if your account is overdrawn by $50 or less at the close of that business day.[4]
- Relationship Checking: $25 monthly fee that can be waived with a high balance. Takes up to $25 of non-BMO ATM charges and allows earning interest.[5]
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
Savings accounts
BMO Savings Builder Account has a $0 monthly fee and requires just $25 to open. BMO will reward you with a bonus interest rate for each month your balance grows by at least $200.[6]
Credit cards
BMO offers five types of credit cards:
- Platinum Rewards Mastercard
- Cash Back Mastercard
- Boost Secured Mastercard
- Platinum Mastercard
- Premium Rewards Mastercard
Certificates of deposit
BMO offers three types of CDs:
- Standard CD: The opening deposit minimum is $1,000 and offers numerous maturity dates.
- Special Rate CD: The opening deposit minimum is $1,000. You can choose from many options and get high-interest rates.
- Add-on CD: The opening deposit is $1,000. They come in one-year terms and you can add as much money as you want after opening it.
Mobile Cash
BMO offers a feature that allows you to directly withdraw from ATMs using your phone. This is especially handy for those who tend to go out with just their phones!
What Bank Owns BMO?
BMO Harris was acquired by the Bank of Montreal (BMO) in 1984, hence the name BMO Harris. Since then, BMO Harris has acquired a number of banks across America and grown into the 13th largest by assets in the United States.[7]
Although they operate under the same name, BMO and BMO Harris are not to be confused. Though the bank has been known as BMO Harris Bank to U.S. customers, BMO Harris has rebranded as BMO in 2023.
No, BMO is part of the Bank of Montreal (BMO). BMO acquired BMO Harris back in 1984, hence the name BMO Harris.
Bottom Line
BMO is a legitimate and full-service bank. It operates branches in 24 states with a variety of features and benefits to offer to different customers. BMO may be the right bank for you, if you're looking for basic checking and savings with low requirements.
However, if you're interested in savings accounts with high interest rates, or you're likely to overdraft, consider other options which offer less overhead and higher yields.
References
- ^ BMO. Overdraft Services, Retrieved 6/22/2024
- ^ BMO. Money Market Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO. Smart Money Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO. Smart Advantage Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO. Deposit Account Disclosure and Bank Fee Schedule, Retrieved 6/2/2022
- ^ BMO. BMO Terms & Conditions, Retrieved 6/22/2024
- ^ Federal Reserve Board. Large Commercial Banks, Retrieved 6/2/2022
Chase Total Checking® - $300 Bonus
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- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- 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*
Bank of America Advantage Banking - $300 Bonus Offer
- 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.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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