Bmo harris student account

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BMO Harris Bank is a full-service financial entity running hundreds of branches around the country, with a particular concentration of branches in the Midwest. The bank offers checking and savings accounts, certificates of deposit (CDs), IRAs and various other investing and loan options.

The BMO Harris mobile banking app provides some distinct features like a service that links all your accounts, including non-BMO ones, to give you a full picture of your financial situation. You can also use it to withdraw money from some BMO Harris ATMs without your debit card.  

Its savings accounts don’t offer the strongest savings rates, but its checking accounts are generally affordable and offer several ways to waive fees. You can also access your money at more than 40, ATMs.   

BMO Harris has been around for more than a century, and you’re likely to find something that suits your banking needs here.

Products Offered

ProductKey Details
Savings Accounts
  • One account
  • Low-earning APY
  • Low monthly maintenance fee, but several options to waive it
Certificates of Deposit
  • Multiple CDs with competing rates
  • Promotional CDs with higher rates
  • CDs with rates that increase at predetermined levels
Money Market Account
Interest Earning Checking Accounts
  • One account
  • No monthly maintenance fee
  • Minimum opening balance of $25
Retirement Planning Solutions
  • IRA CDs, money market accounts and brokerage accounts
  • Competing interest rates and terms

BMO Harris Bank Interest Rate Comparison

BMO Harris Bank Overview 

BMO Harris Bank opened its doors in Chicago in as N.W. Harris & Co., which eventually became Harris Bank. Today, it operates hundreds of branches throughout Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. It also runs affiliates in other states, including New York and Massachusetts. BMO serves clients from consumers to small businesses and corporations by providing a range of banking, investing and wealth management services. 

With BMO Harris, you can find just about anything you’d expect from a major bank, including checking accounts, savings accounts, CDs and IRAs. The bank also offers a range of personal loans and mortgages, as well as credit and investing options. 

BMO Harris’ parent company is the Bank of Montreal, which operates as the holding corporation BMO Financial Group.

Save more with these rates that beat the National Average

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BMO Harris Bank Account Features

BMO Harris doesn’t offer savings accounts with the strongest rates. But it does give you several ways to waive monthly maintenance fees. Its Money Market Account and Smart Money Checking Account are also inexpensive, and most accounts require small opening balances. In addition, the bank is very friendly to young people by often waiving specific fees for those under the age of  

You also have access to more than 40, ATMs, including AllPoint machines outside the states where the bank operates. Some accounts waive out-of-network ATMs, and the Premier Account offers a very generous $25 rebate of fees charged by non-BMO ATMs per statement cycle. 

Overall, BMO Harris offers an array of checking and savings accounts to meet your specific needs, and some come with perks you may find particularly valuable.

Compare BMO Harris Bank to Other Competitive Offers

Statement Savings Account

Key FeaturesDetails
Minimum Deposit$25
Access to Your Savings AccountOnline, mobile, over the phone and at physical branches
SecurityFDIC insurance up to the maximum amount allowed by law
Fees$5 monthly service fee unless you meet one of the following requirements:
  • Maintain a daily ledger balance of at least $
  • Are younger than years-old at the time the fee is charged
Current Terms and RatesRate based on zip code % APY

Even with a large balance, you likely won’t get a strong interest rate with a BMO Harris Statement Savings Account. The fee is relatively low at $5, and you can waive it as long as you maintain a daily ledger balance of at least $ 

You can link it to a BMO Harris checking account for overdraft-fee protection. In addition to transferring any available funds from the checking account to prevent you from sinking into the negative, however, the bank will also charge a $10 overdraft funding fee. This isn’t the case with many major banks. You’ll also be charged a $50 fee for closing the account within 90 days, which is common for many banks.

Withdrawals and transfers are unlimited if you make them at a branch or via an ATM. However, BMO Harris would limit all others, including those you make by Point of Sale (POS) transactions, Automatic Clearing House (ACH), wire, automated telephone, banking and online banking, to a combined total of six per month or monthly statement period. This is common with all financial institutions, as these rules are set by federal law.

Overall, this account is not really one you should store your money in if you expect it to grow significantly. This is a pretty basic savings account with low fees, but it’s not the strongest offering by BMO Harris. 

BMO Harris Premier Money Market Account

Key FeaturesDetails
Minimum Deposit$25
Access to Your Savings AccountOnline, mobile and physical branches
SecurityFDIC insurance up to the maximum amount allowed by law
Fees$10/month (waivable with $10, minimum daily balance)
Current Terms and Rates(Rates below based on zip code )
  • Base Rate: % APY
  • Premier Gold ($25, - $99,): % APY (Base + %)
  • Premier Platinum ($, - $,): % APY (Base + %) 
  • Premier Platinum Elite ($, and up): % APY (Base + %)

The Premier Money Market Account from BMO Harris is a solid money market option, specifically for prospective customers that can afford to deposit quite a bit at the bank. While the account only has a $25 minimum opening deposit, account holders can earn upgraded APYs if they can meet certain deposit requirements across all of their BMO Harris accounts.

The account's base APY is %, which isn't too bad, but you have the opportunity to increase it to as high as %. For example, if the quarterly combined balance of all of your BMO Harris accounts is between $25, and $99,, you'll receive a % APY upgrade, for a grand total of %. If your quarterly combined balance reaches $, to $,, your upgrade will jump to %, taking your total APY to %. The highest quarterly combined balance tier is $,, which comes with a % APY upgrade that brings your MMA APY to %.

To maintain ownership of this account, you'll need to pay a $10 monthly maintenance fee, which is a bit hefty. However, if you can manage to meet a $10, minimum daily balance in the account, BMO Harris will waive this charge.

BMO Harris Certificates of Deposit (CDs)

Key FeaturesDetails
Minimum Deposit
  • Special Rate CDs: $5,
  • Standard CDs: $1,
  • Step Rate CDs: $5, 
Access to Your CDOnline, through a branch or over the phone
SecurityFDIC insured up to the maximum allowed by law
FeesNo maintenance fees, but you will incur an early-withdrawal penalty if you take your money out before the term ends.
Current Terms and Rates: Special CDs
  • Rates depend on location, term and opening balance
Current Terms and Rates: Standard CDs(Rates below based on zip code and minimum deposit)
  • 3 Month: % APY
  • 6 Month: % APY
  • 9 Month: % APY
  • 12 Month: % APY
  • 18 Month: % APY
  • 24 months: % APY
  • 30 months: % APY
  • 36 months: % APY
  • 48 months: % APY
  • 60 months: % APY

BMO Harris offers a variety of CDs at competing rates depending on term length and balance amount. It currently offers special rates for its month and month term CDs. However, you’d need to deposit at least $5, to earn those rates. You can deposit at least $1, to get standard-rate CDs. 

You have 10 calendar days from the end of your CD term to withdrawal your money before it renews to another CD with the same term and current applicable interest rate. If the CD carries a balance of less than $1,, it will automatically renew for the same term with an interest rate and APY set by BMO Harris that reflects the numbers shown on the then-current rate sheet.

However, if you withdraw your money during maturity or before the term ends, you'll face an early-withdrawal penalty and lose all or some interest. The penalty is calculated using the interest rate applicable to the CD at the time of withdrawal. If the amount of the penalty exceeds the amount of your accrued and unpaid interest, then BMO will reduce your principal to cover the cost. Penalties are calculated as follows:

CD TermInterest Penalty
1 month (7 – 59 days)All interest earned
2 months – 11 months (60 days – up to days)90 days interest
12 – 23 months days interest
24 – 35 months days interest
36 – 47 months days interest
48 months or longer  days interest
Short Term CD Special (2 – 11 months) days interest
Long Term CD Special (12 months or longer) days interest

BMO Harris Smart MoneyTM Account

Key FeaturesDetails
Minimum Deposit$25
Access to Your Savings AccountOnline, mobile and physical branches
SecurityFDIC insurance up to the maximum amount allowed by law
Fees$5 monthly maintenance fee unless you’re under age 25

The BMO Harris Smart MoneyTM Account is a pretty straight-forward checking account. The monthly service fee is low at $5 unless you’re under the age of In that case, it’s waived. It’s a nice little perk that would add up in savings especially if you’re a young person looking to open your first real checking account. 

In addition, you’ll get fee-free access to all BMO Harris ATMs as well as those in the AllPoint network. That brings the number of ATMs at your disposal to more than 40, But if you have no choice but to use an out-of-network ATM, the charge from the bank will be $3. This does not include any charge the ATM operator or other bank could make. 

The other basic checking account fees are also low or on par with those at major banks. Paper statements are $2 unless you opt for free online-only statements or are under the age of The bank also charges a $10 fee for cashier’s checks, a $5 fee for money orders and $35 for stop payments. Incoming wire transfers cost you nothing, but outgoing wires are $ The foreign transaction is your standard 3% on each transaction.  

You also get a free welcome package of checks. From there, check prices depend on style. 

As with its savings accounts, you can link this account to others you hold with BMO Harris for overdraft protection. If funds are available from either another BMO checking or savings account, the bank will automatically transfer money to your checking account in order to prevent an overdraft charge. However, this account will also incur the $10 overdraft funding transfer fee. 

This checking account doesn’t earn interest. Still, it’s a relatively simple and inexpensive checking account for someone who doesn’t need any bells and whistles. 

BMO Harris Smart AdvantageTM Account

Key Features Details
Minimum Deposit$25
Access to Your Savings AccountOnline, mobile and physical branches
SecurityFDIC insurance up to the maximum amount allowed by law
FeesNo monthly maintenance fee

The Smart AdvantageTM Account is a pretty solid banking account that carries no monthly maintenance fee and requires a manageable opening deposit of just $ You can also waive the paper statement fee by enrolling in BMO Harris Online Banking and switching to electronic statements. This move would also waive the $3 fee for check images with statements. 

All other standard fees that apply to the Smart Money AccountTM are also in effect for the Smart AdvantageTM one as well. These include stop payment fees and out-of-network ATM fees, as well as cashier’s checks and money order fees. However, this one includes a $36 overdraft fee. You can avoid this by requesting to link to another BMO Harris checking or savings account to initiate automatic transfers of any available funds when your account drops into the negative. However, the overdraft transfer fee of $10 would apply here too. You’re limited to one such transfer per business day. 

Overdraft fees don’t apply to ATM and everyday debit card transactions unless you have authorized the bank to cover those transactions. The bank also doesn’t charge overdraft fees for bank fees and service charges that overdraw your account unless it has a negative balance for more than one business day. In that case, the bank would apply a $7 consecutive day overdraft fee as it would with any other kind of overdraft for a maximum of 10 days. 

The bank will also charge a $36 returned item fee for every payment that didn’t go through, such as a returned check, automatic bill payment and other transactions made using your account number. No more than four overdraft fees and/or item returned fees will be charged per business day.

BMO Harris Premier Account

Key Features Details
Minimum Deposit$25
Access to Your Savings AccountOnline, mobile and physical branches
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$25 monthly maintenance fee unless you meet one of the following requirements:
  • Maintain a minimum $10, daily balance
  • Request a relationship waiver and maintain a minimum combined balance of $25,
  • Maintain a BMO Harris Financial Advisors, Inc. investment account
Current Terms and Rates(Rates below based on zip code )
  • Account balances of $ - $4, % APY
  • Account balances of $5, and above: % APY

The BMO Harris Premier Account is the bank’s premium checking account. It provides you with fee-free access to any non-BMO ATM. The bank will also refund you up to $25 per statement cycle in fees charged by other banks or ATM operators. That’s a potentially significant benefit considering how out-of-network ATM surcharges can add up. 

You can take a few steps to waive the $25 maintenance fee. You can keep a daily ledger balance of at least $10, Or you can keep a BMO Harris Financial Advisors, Inc. investment account and request a waiver.

If you can’t maintain that balance but can still stomach the $25 monthly fee, this account may score on its exclusive benefits alone, even though the basic fees mentioned above remain in place. This account also collects a bit of interest.

BMO Harris Individual Retirement Accounts (IRAs)

Key FeaturesDetails
Minimum Deposit
  • BMO Premium Savers IRAs: $
  • IRA CDs: $1,
Access to Your Savings AccountOnline, mobile and physical branches.
SecurityFDIC Insured up to the maximum amount allowed by law.
FeesNo monthly maintenance fee, but you could face an early withdrawal penalty
Current Terms and RatesRates depend on location, term and opening balance

BMO Harris Bank offers IRA CDs as well as Premium Savers IRAs. You can treat either option as a traditional IRA, Roth IRA or SEP-IRA. You have the ability to lock a fixed interest rate on your IRA CD for a term ranging from three months to five years. Variable interest rates depend on your location, term length and balance. 

The following tables list current APYs for CDs opened within the zip code 

Minimum Balance to Obtain APY: $1,

Term Length APY
3 months%
6 months %
9 months %
12 months %
18 months %
24 months %
30 months
36 months 
48 months %
60 months 

Minimim Balance to Obtain APY: $5, 

Term LengthAPY
3 months%
6 months %
9 months %
12 months%
18 months %
24 months%
30 months %
36 months %
48 months %
60 months %

Minimum Balance to Obtain APY: $,

Term Length APY
1 month%
2 months 
3 months %
6 months %
9 months %
12 months %
18 months %
24 months 
30 months %
36 months
48 months 
60 months %

For CDs with terms ranging from three months to six months, interest is compounded daily and paid on maturity. For IRA CDs with terms of at least a year, interest is paid quarterly. 

Unless you specify otherwise, your IRA CD will automatically renew at maturity to a CD with the same term length and current interest rate for the term and balance. BMO Harris will send you reminders when maturity is nearing. 

However, you will face an early withdrawal penalty if you take your money out from these accounts before the term ends. The BMO Harris early withdrawal penalty is applied as follows:

  • CDs with terms of 1 month (7 to 59 days) are charged loss of interest
  • CDs with terms of 2 to 11 months (60 days up to and including days) are charged loss of 90 days interest
  • CDs with terms of one year or longer are charged loss of days’ interest

In addition, you can also open a Premium Saver account with a $ minimum deposit. This account carries no monthly maintenance fees, but you will face an early closure fee of $50 if you close the account within 90 days of opening it. With this option you can contribute to your IRA weekly, monthly or in one lump sum. With the bank’s AutoSave feature, you can set recurring transfers from your BMO checking account. 

As with any IRA, you will generally face any applicable Internal Revenue Service (IRS) penalties for withdrawing money before age unless you’re withdrawing contributions from a Roth IRA or meet a hardship requirement.

Where Can I Find BMO Harris?

BMO Harris Bank operates more than full-service branches in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. You can also access your accounts at more than 40, ATMs throughout the country through the Allpoint Network. BMO Harris offers online and mobile banking, and you can reach the bank by calling 1 () or by getting in touch via email or online chat.

What Can You Do Online With BMO Harris? 

With BMO Harris online banking, you can do just about everything you’d expect to cover your basic banking needs. You can view your balance, track your expenses, set up alerts, pay bills, transfer funds and more. Its Total Look feature also allows you to view all your finances in one place, including non-BMO accounts. The bank claims you can use this feature to create a budget in minutes. You can also schedule an appointment with a banker via the app. 

With its BMO Harris Mobile Cash option, you can use your mobile banking app to withdraw funds from most BMO Harris ATMs without your debit card. You can also use the app to deposit checks via your mobile phone or tablet. Funds may not be immediately available, however. 

The app is also compatible with Apple Pay. In addition, you can set Touch ID to make your fingerprint the access point to your account through compatible devices. You can also set a four-digit passcode to access your accounts.

How Can I Save More Money With BMO Harris?

BMO Harris’ promotional CDs tend to be its most powerful savings offerings. However, you can save in monthly fees with any account by engaging in one of several activities to waive these charges such as maintaining a certain balance. Switching to online statements can also help you dodge the paper statement fee. In addition, you can take advantage of the mobile banking app’s Total Look feature to create a healthy budget and stay on top of your finances.

What’s the Process for Opening an Account With BMO Harris?

The easiest way to open an account is by visiting a branch or signing up for one online. Just have your Social Security number and government-issued personal ID ready. You’d also be asked to provide some basic information like your email address, phone number and residence location. The entire online application should take a few minutes. However, you may need to visit a branch or call customer service if you want any kind of relationship waiver.

What’s the Catch? 

BMO Harris Bank won’t give you the best interest rates on its savings and money market accounts. However, its current promotional rate CDs are promising if you invest at least $5, in some of the longer-term options. The bank also gives you a range of opportunities to waive several fees on its checking and savings accounts. You also have access to hundreds of branches in the Midwest and more than 40, ATMs throughout the country. Minimum opening balances are also low across the board. 

The BMO Harris mobile banking app is also fairly impressive with its wealth of features including mobile deposit, debit-card free ATM withdrawals and its Total Look feature, which brings all your BMO and non-BMO accounts to one place. 

Bottom Line

BMO Harris is a full-service bank with a variety of products to meet your budget and needs. While not the best place for basic savings accounts, it offers some promising investment products. If you live in the Midwest, you have the convenience of access to hundreds of branches. Overall, it’s the right option if you want all your financial accounts handled in one place and if you appreciate face-to-face customer service.


BMO Harris Student Checking Account Review

As you get ready for the new school year, one major task on your mind may be to find a student checking account.

After all, it is the center of a student's financial life.

During your research, you might come across BMO Harris Bank as an option.

It offers the BMO Harris Smart Money Account, which makes for a great student checking account.


The monthly fee is waived for anyone under age

This review will allow you to familiarize yourself with this account’s features and learn how you can benefit from a relationship with BMO Harris Bank.

No Monthly Fee for Ages 25 and Under

Many bank accounts charge a monthly maintenance fee in order to keep the accounts open and operating.

For checking accounts, there could be ways to waive the monthly fee -- and these requirements vary from account to account.

Usually, you need to maintain a certain balance or post direct deposits.


It's difficult for students to meet these common requirements.

BMO Harris Bank Smart Money Checking Account Pros & Cons

  • No monthly fee for those under age 25
  • Widespread branch and ATM access
  • No overdraft fees
  • Mobile banking apps available

Luckily, the BMO Harris Smart Money checking account makes it very easy to waive the $5 monthly fee. You just have to be under age

If you're a college student or graduate student, you most likely fulfill this requirement.

While it isn't called a student checking account, it surely fits the bill.

You don’t have to be enrolled in school to benefit. And, you may keep this account even after the standard graduation date as long as you're still under the age requirement.

No Overdraft Fees

An overdraft fee is charged when a transaction causes the balance in the checking account to fall below $0. 

This can happen if you use your debit card for a purchase, write a check, or make an ATM withdrawal.

At most banks, an overdraft fee is roughly $ 

The best part about BMO Harris Bank’s Smart Money checking account:

You’re never charged an overdraft or non-sufficient funds fees.

If you use your debit card or ATM without enough cash in your checking account, BMO Harris Bank will decline the transaction.

The bank may—at its discretion—pay an overdraft when a check or automatic bill overdraws your account.

In this case:

You’re responsible for paying back the bank. This perk is available on a case-by-case basis, usually to accountholders who don’t have a history of repeatedly overdrawing their accounts.

Overdraft coverage

There is also the option of enrolling in the bank’s overdraft program.

This provides protection if an ATM or debit card transaction overdraws your account.

Simply link your Smart Money checking account to your savings account or line of credit with the bank.

After opting-in, funds from your linked account automatically transfers to checking when you don’t have enough in the account to cover a transaction.

Extended ATM Access Nationwide

As a student, ATM access should be a big factor in your consideration of a new checking account.

Using an out-of-network ATM can be costly.

If you use an out-of-network ATM, BMO Harris Bank charges a $3 fee for each transaction. The owner of the ATM will also charge a fee.


BMO Harris Bank accountholders can access more than 40, ATMs across the nation because it is partnered with the Allpoint ATM network.

So, you can use a BMO Harris Bank ATM or Allpoint ATM anywhere in the country without having to pay ATM fees. 

Tip: Check your campus or the areas around your school to see if you have access to one of these ATMs.

Low Opening Deposits

Some banks allow new checking accounts with no minimum deposit.

There is, however, a minimum opening deposit requirement with BMO Harris Bank.

The good news is that this deposit is relatively affordable.

You just have to deposit a minimum of $25 to get started.

Does the Smart Money Checking Account Earn Interest?

Everyone expects to earn interest when opening a savings account—not so much when opening a checking account.

Some checking accounts, however, do earn interest.

But unfortunately, the Smart Money checking account isn’t one.

What Fees Can You Expect to Pay?

Before you open an account, make sure that you’re aware of fees associated with this checking account.

Checking account fees vary by financial institution.

They can also add up quickly.

Some banks charge a lot of fees, whereas others charge few fees. If you don’t know what you’re paying, you could end up getting more than you bargained for.

BMO Harris Bank Smart Money Checking Account Fees

Monthly Maintenance Fee$5 (waived
Monthly Paper Statements$2
Non-BMO Harris ATM$3
Overdraft Fee$0
Returned Item$0
Overdraft Protection Transfer Fee$
Stop Payment$35
Deposited Item Returned$12
Domestic Wire Transfer (incoming)$0
International Wire Transfer (incoming)$0
Cashiers Check$10

Along with a monthly maintenance fee of $5, other fees associated with this account include a $2 fee for paper statements. This is waived if you’re under 25 years of age.

There’s also a $5 fee to request a debit or ATM card replacement. If you use your debit or ATM card in a foreign country, you’ll pay a foreign transaction fee of percent of each transaction.

And if you opt for overdraft protection, there’s a $10 per day transfer fee.

While the bank does charge certain fees, the account also comes with a few freebies. These include free incoming wire transfers, free ATM mini statements, and free banking by phone.

The Convenience of Banking Your Way

BMO Harris Bank also offers many convenient features to make account management easier.

Nowadays, many people pay their bills and manage their finances online. If this sounds like you, BMO Harris Bank’s free digital banking tools might be right up your alley.

Sign up for online or mobile banking at your convenience. You’re able to pay bills online, set up automated payments, transfer money, view your statements, and even deposit checks from your mobile devices.

You can also set up security email alerts. This way, you’ll receive notifications of suspicious activity.

If you need to send money to anyone with a U.S. bank account, you can do so safely and quickly with Zelle. This is a U.S. digital payment network that partners with many banks and credit unions.

What to Look for When Comparing Checking Accounts?

Some people don’t know the first thing about comparing checking accounts. What’s more, some people assume that all checking accounts are the same.

As you shop around, you’ll quickly see that checking accounts aren’t created equal.

For this reason, you need to ask yourself a few important questions before opening an account.

For example, does the checking account charge a monthly maintenance or service fee? If so, how much is it? And, is there a way to avoid this fee?

Also, consider how easy (or hard) it is to withdraw your money. Some people prefer the ease of using a brick-and-mortar bank. They can withdraw money quickly anytime from a local branch.

Others prefer an online banks because it isn’t as easy to access their cash. With an online bank, you have to first transfer money to an offline bank. The transfer can take one to two business days.

It’s also important to compare fees and interest rates, whether you’re opening a checking account or a savings account. The higher your interest rate, the greater the return on your money. And with less fees, you’re able to keep more of your cash in the bank.

Final Verdict

BMO Harris Bank’s Smart Money checking is a great choice if you’re under the age of 25 and looking for a checking account that doesn’t charge a monthly service fee.

It’s also a top contender if you’re over the age of 25 due to the low $5 monthly fee.

This account is also an excellent choice if you’re concerned about overdraft fees. BMO Harris Bank makes it easy to avoid these fees. The bank won’t allow certain transactions if you don’t have enough money in your account. And there’s the option to opt into overdraft protection services.

Unfortunately, this checking account doesn’t earn interest. So it doesn’t offer a secondary way to grow your money. This isn’t an issue if your checking account is used strictly as a spending account. In this case, you might not keep a large balance in the account.

If you do keep a large balance in your checking account, this might not be the best account for you. You’re better off opening a BMO Harris Bank Premier checking account.

This account has a $30 monthly maintenance fee. But you can avoid this fee by maintaining a $25, minimum daily balance, or having $50, in combine balances. You’ll earn a tiered interest rate with this account, which is on par with other standard checking accounts.

Interest checking is a win-win. You can use your account as both a spending account and a savings account.

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Pros Explained

  • Low or easy to avoid fees. Customers opening the basic checking account incur no monthly fee if they sign up for electronic statements. Other checking accounts do not charge for overdrafts or rebate outside-network ATM surcharges. The savings account charges a $5 monthly fee, but it can be waived by maintaining a minimum monthly balance of $
  • Low minimums to open accounts. There are three checking accounts and one savings account that can be opened with as little as $
  • Several debit card options. Harris offers three debit card options. When using your debit card to make purchases, you'll enjoy a variety of perks, including purchase protection, return protection, and extended warranties on eligible items.

Cons Explained

  • High balances required to earn interest. Although you can open a savings account with just $25, you'll need significantly larger balances to earn competitive interest rates—at least $1, for the CDs.
  • Limited geographic footprint. The bank is regionally focused: while it boasts numerous branches, they're restricted to eight states in the South, Southwest, and Midwest. If you live outside these states, your ability to transact business in person is limited.

Who Is BMO Harris Bank Best For?

BMO Harris Bank is best for customers who live in one of the states where it has physical branches: Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, or Wisconsin.

The bank may also be a good fit for customers who:

  • Want to open a checking or savings account with a small opening deposit
  • Can maintain four-figure account balances to earn the most interest
  • Use a debit card for everyday purchases
  • Want to a large, full-service bank that can meet all of their financial needs
  • Are 25 years old or less

What Does BMO Harris Bank Offer?

BMO Harris has its own ATMs and partners with Allpoint to offer over 40, ATMs nationwide that customers can use without a fee. If you use an ATM outside its network, BMO Harris charges $3 per transaction.

As you might expect from a financial institution of its size, BMO Harris Bank offers a wide array of all the usual banking products and services for consumers and businesses, including:

  • Checking accounts
  • Money market accounts
  • Savings accounts
  • Certificates of deposit
  • Credit cards

Checking Accounts

Customers have three checking account options to choose from.

  • The Smart Advantage Account is monthly-fee-free if you sign up with paperless statements.
  • The Smart Money Account carries a $5 monthly service charge but waives overdraft or non-sufficient funds fees. The fee is waived for customers who are under 25 years old.
  • The Premier Account earns interest, waives non-BMO Harris ATM fees, and reimburses up to $25 in ATM fees charged by other banks.

Each checking account offers three different debit cards to choose from. The BMO Harris Bank Debit Mastercard provides return protection up to $ and extended warranty on eligible items. The World Debit Mastercard adds purchase protection in case your item is damaged or stolen within 90 days. Sports fans can show their pride and save % on team gear with Bulls, Blackhawks, or Bucks-themed Debit Mastercards.

Smart Advantage Account$25$0 (with paperless statements)None
Smart Money Account$25$5None
Premier Account$25$25% if < $5,

% if $5,+

Money Market Account

The Premier Money Market Account from BMO Harris Bank carries no monthly fees. But it requires a minimum deposit of $25 and you need to maintain that balance to earn interest.

Premier Money Market Account$25$10 (waived with a $10, minimum balance)% if $25–$24,
% if $25,–$99,
% if $,–$,
% if $,+

Savings Account

A BMO Harris Bank Statement Savings Account can be opened with a minimum of $ There is a $5 monthly service charge if your minimum balance falls below $ Customers under the age of 25 are not charged this fee.

Statement Savings Account$25$5%

Certificates of Deposit

Certificates of deposit (CDs) are available from three to 60 months with a minimum deposit of $1, BMO Harris Bank offers higher rates at $,

The bank occasionally offers special-term CDs with attractive interest rates to meet its funding needs. An Add-On CD is also available for customers that want to augment an existing certificate, without affecting its maturity date.

At maturity, CDs automatically renew at the current market rate. Customers are sent a notice of maturity by mail and have 10 days from the maturity date to withdraw funds without penalty.

Early withdrawal penalties vary based on the CD's term and can be waived if the owner passes away or is judicially declared legally incompetent.

TERMAPY with $1, minimum
<59 DaysAll interest earned
Days90 days interest
Months days interest
Months days interest
Months days interest
48+ Months days interest

BMO Harris Bank also offers special rates for certain terms with a minimum $5, deposit:

  • month: %
  • month: %
  • month: %
  • month: %
  • month: %

Credit Cards

BMO Harris Bank has several credit card options, all of them part of the Mastercard network. These choices include cards that earn cash back, rewards credit cards, and balance transfer cards. Here are some of the cards it offers:

Rewards Credit Cards

  • BMO Harris Bank Platinum Rewards Mastercard
  • BMO Harris Bank Premium Rewards Mastercard

Cash Back Credit Cards

  • BMO Harris Bank Cash Back Mastercard

Balance Transfer Credit Cards

  • BMO Harris Bank Platinum Mastercard

Other Financial Products Offered by BMO Harris Bank

BMO Harris Bank offers additional financial products, including:

  • Car loans
  • Purchase mortgages
  • Refinance mortgages
  • Home equity loans
  • Home equity lines of credit (HELOCs)
  • Personal loans
  • Personal lines of credit
  • CD-secured loans
  • IRAs
  • Managed investment portfolios
  • Private banking
  • Financial advisors
  • Business loans

BMO Harris Bank Customer Service

To connect with BMO Harris Bank customer service, you have several options. You can visit any of the over branches in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. Customer service can be reached by phone at Automated phone banking is also available 24 hours a day.

You may also contact BMO Harris Bank through online banking and its mobile app. The high-ranking mobile app is available for both Apple (where it scores out of 5, based on 30, ratings) and Android ( out of 5, based on 6, ratings). Through the app, you can also pay bills, view transactions, deposit checks, and more.

How to Bank With BMO Harris Bank

To open an account with BMO Harris Bank, the best options are in-person or online. If you live in one of the eight states where BMO Harris has branches, you can open an account in-person. Opening an account online from anywhere is also available.


Given its full menu of financial products and accounts, BMO Harris Bank offers a truly one-stop-shopping experience. And it appeals to a variety of consumers, from those who can invest five or even six figures in a CD to those who have only $25 to open an account with. Its modest minimums, along with its fee waivers for those under 25, suggests it's sensitive to students and young savers, and wants to encourage them in building good financial habits. On the other hand, while there are no and low-fee deposit options, if you want the best perks and highest interest rates, you'll need to deposit some serious money—and maintain account balances of $25, or more. Also, while BMO Harris can handle almost every banking need under one roof, it doesn't offer that many roofs—if you live outside the eight states with branches. As a regional bank, it is most appealing for customers located in one of the states where it has a brick-and-mortar presence. Although accounts can be opened online and serviced through the mobile app, there are better digital banking alternatives that offer competitive rates without the high minimums BMO Harris requires.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. Apple App Store. "BMO Digital Banking." Accessed April 23,

  2. Google Play. "BMO Digital Banking." Accessed April 23,


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How to Open/Create BMO Harris Bank Account 2021? BMO Harris Mobile Online Banking

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