What BMO offers and who it works best for

BMO Harris Bank is a large retail bank with branches across the United States and Canada, offering checking and savings accounts, credit cards, mortgages, and investment services. Whether it is a good fit depends on what you need from a bank and how you prefer to handle money.

If you live near a BMO branch and value in-person service, the bank has physical locations in most major cities. If you bank primarily online and rarely need a teller, BMO's digital tools may or may not save you money compared to online-only banks. The real question is whether BMO's fees, interest rates, and features match your actual banking habits.

Key Takeaways

  • BMO charges monthly maintenance fees on most checking accounts unless you meet minimum balance or direct deposit requirements, which can cost $12 to $15 per month if you do not may have access to for a waiver.
  • Savings account interest rates at BMO are typically lower than rates offered by online banks, so comparing rates before opening an account can save you money on deposits you plan to keep for months or years.
  • BMO has no out-of-network ATM fees for its own machines, but charges $3 per transaction at other banks' ATMs unless you maintain a high balance or premium account.
  • The bank's mobile app and online platform work well for routine transactions, but customer service wait times can be long during peak hours.
  • BMO's overdraft policies allow transactions to go negative, then charge $35 per overdraft, so setting up alerts or linking a savings account can prevent expensive mistakes.

Monthly fees and balance requirements

BMO's checking accounts come with monthly maintenance fees that range from $12 to $15, depending on the account type. You can waive these fees by meeting one of several conditions: maintaining a minimum daily balance (typically $1,500 to $2,500), setting up direct deposit, or maintaining a certain account relationship with the bank.

If you carry a low balance or do not receive direct deposits, you will pay the full monthly fee. Over a year, that adds up to $144 to $180 in fees alone. Many online banks and credit unions charge no monthly maintenance fee regardless of balance, so this is a real cost difference worth calculating before you open an account.

Savings accounts at BMO also carry monthly fees ($5 to $10) unless you meet balance thresholds or link them to a checking account. The interest rate on BMO savings accounts is typically 0.01% to 0.05% annually, which is substantially lower than rates offered by online savings banks (which often pay 4% to 5% on savings). If you plan to keep money in savings for more than a few months, the interest rate difference matters more than the monthly fee.

ATM access and out-of-network charges

BMO has its own ATM network across the United States and Canada. Using a BMO ATM costs nothing. If you use another bank's ATM, BMO charges $3 per withdrawal. That fee applies even if the other bank does not charge you — you pay BMO's fee on top of any fee the other bank imposes.

If you travel frequently or live in an area with few BMO branches, those $3 charges add up quickly. Some BMO account tiers waive out-of-network fees if you maintain a high balance or pay a premium monthly fee. Check whether the waiver is worth it by estimating how many out-of-network withdrawals you make per month.

Interest rates on deposits

BMO's savings account rates are among the lowest in the banking industry. As of recent months, BMO offers around 0.01% to 0.05% annual percentage yield (APY) on savings accounts, depending on the account type and current market conditions. Money market accounts pay slightly more, but still well below what online banks offer.

If you have $10,000 in a BMO savings account earning 0.01% APY, you earn about $1 per year in interest. The same $10,000 at an online bank earning 4.5% APY earns $450 per year. Over five years, that is a $2,250 difference on a single deposit. For checking accounts, BMO typically pays no interest at all, even on large balances.

BMO's rates change based on Federal Reserve policy and market conditions, so current rates may differ from past rates. Check BMO's website or call a branch to see the current rate before depositing money you plan to keep for an extended period.

Overdraft policies and protection

BMO allows transactions to overdraw your account, then charges $35 per overdraft. If you make multiple transactions while your account is negative, you can incur multiple $35 charges in a single day. The bank does offer overdraft protection through linked savings accounts, which can prevent these fees if you set it up in advance.

BMO also offers overdraft alerts via text or email, which notify you when your balance drops below a threshold you set. These alerts are free and can help you catch problems before they become expensive. However, you must opt in to receive them — they are not automatic.

Mobile app and online banking

BMO's mobile app and online banking platform handle routine transactions well: transfers between accounts, bill pay, mobile check deposit, and balance inquiries all work smoothly. The app is available on iOS and Android and does not charge extra fees for mobile banking.

Customer service through the app or website can be slow during peak hours. Phone support wait times often exceed 20 minutes, especially on weekday mornings. If you need immediate help, visiting a branch in person is usually faster, but that only works if you live near one.

Comparing BMO to other banks

Whether BMO is right for you depends on what you value. If you want low fees and high interest rates, online banks like Ally, Marcus, or Discover typically offer better rates and no monthly maintenance fees. If you want a traditional bank with branches and in-person service, BMO competes with other large banks like Chase, Bank of America, and Wells Fargo — all of which charge similar monthly fees and offer similar interest rates.

If you already use BMO for a mortgage or credit card, consolidating your checking and savings there might simplify your finances, even if the rates are not the best. Some people value the convenience of a physical branch enough to accept lower rates and higher fees. Others find that convenience costs too much and switch to online banks for deposits while keeping a local account for occasional in-person needs.

The best approach is to list what matters most to you — low fees, high interest rates, branch access, customer service, or a combination — then compare BMO's offerings to at least two other banks before deciding.

Frequently Asked Questions

Does BMO charge fees for transferring money between my accounts?

No. Transfers between your own BMO accounts are free, whether you do them online, through the app, or at a branch. Wire transfers to other banks cost $15 to $25 depending on whether the wire is domestic or international.

Can I avoid BMO's monthly checking account fee?

Yes. You can waive the fee by maintaining a minimum daily balance (usually $1,500 to $2,500), setting up direct deposit, or opening a premium account that charges a higher monthly fee but waives other charges. Check the current requirements on BMO's website, as they vary by account type and location.

What happens if my account goes negative?

BMO charges $35 per overdraft transaction. If you make three purchases while your account is negative, you pay $105 in overdraft fees. Setting up overdraft protection through a linked savings account or enabling balance alerts can prevent this.

Is BMO FDIC insured?

Yes. BMO Harris Bank is FDIC insured, which means deposits up to $250,000 per account type are protected if the bank fails. This protection applies to checking accounts, savings accounts, and money market accounts held in your name.

How do I close my BMO account?

You can close an account by visiting a branch, calling customer service, or using the mobile app. The bank does not charge a fee to close an account. Make sure you have transferred or withdrawn all your money first, and that any pending transactions have cleared.