BMO is a large retail bank with strong branch access in the US and Canada, but whether it is right for you depends on what you need from a bank and how you prefer to manage money.
BMO Harris Bank operates over 500 branches across the United States, plus additional locations in Canada through Bank of Montreal. If you value walking into a physical location to deposit checks, speak to someone in person, or resolve account issues face-to-face, BMO has more of that infrastructure than most online-only banks. The bank offers standard checking and savings accounts, credit cards, mortgages, and investment services.
The trade-off is that BMO's fees and interest rates are typically higher and lower, respectively, than banks built primarily around digital banking. A BMO checking account carries a monthly maintenance fee unless you meet balance or deposit requirements. Savings accounts earn interest rates that lag behind what online banks and credit unions offer. If you are choosing between BMO and a bank you have never heard of, the decision usually comes down to whether you actually use those branches, and whether the convenience is worth the cost.
Key Takeaways
- BMO charges monthly maintenance fees on checking accounts unless you maintain a minimum balance or set up direct deposit, which online banks often waive entirely.
- The bank's savings account interest rates are lower than most online banks and credit unions, so moving money there costs you earnings over time.
- BMO's strength is branch access—over 500 locations in the US where you can deposit checks and speak to someone in person.
- The bank offers a full range of products including mortgages, credit cards, and investment accounts, so you can consolidate banking in one place if that matters to you.
What BMO charges and what you get for it
BMO Harris Bank's standard checking account, called the Essentials Checking account, carries a $12 monthly maintenance fee. You can waive it by maintaining a $1,500 minimum daily balance, setting up direct deposit, or keeping a linked savings account with a $2,500 balance. Many people meet one of these conditions without thinking about it, but if you do not, the fee adds up to $144 per year.
The savings account, called BMO Savings, charges no monthly fee but pays interest rates that are typically one-third to one-half of what online banks offer. As of early 2024, BMO's savings rate hovers around 0.01% to 0.05% depending on your balance, while online banks like Ally, Marcus, and Discover regularly offer rates above 4%. On $10,000 in savings, that difference means roughly $400 per year in lost interest.
If you use BMO's debit card, you have access to a large ATM network, and the bank does not charge you for out-of-network ATM withdrawals—it reimburses the fee the other bank charges. That is a genuine advantage if you travel or live somewhere without many BMO branches.
When BMO's branch network actually matters
The main reason to choose BMO over an online bank is the ability to walk into a branch. If you deposit checks regularly and prefer not to use mobile check deposit, or if you need to speak to someone about a complicated account issue, having 500+ locations nearby has real value. BMO branches are open on weekends in many locations, which is less common than it used to be.
For most routine banking—checking balances, transferring money, paying bills—the branch network adds nothing. Those tasks are faster online or through an app. The branch matters when you have a problem that the app cannot solve, or when you need to move physical cash or checks.
How BMO's rates compare to other banks
BMO is not the worst bank for rates, but it is not competitive with banks built around digital-first customers. Here is how the numbers typically line up:
| Account Type | BMO Rate (approximate) | Online Bank Rate (approximate) | Credit Union Rate (varies) |
|---|---|---|---|
| Savings Account | 0.01%–0.05% | 4.00%–5.00% | 1.00%–3.50% |
| Money Market Account | 0.05%–0.10% | 4.50%–5.35% | 1.50%–4.00% |
| Checking Account Fee | $12/month (waivable) | $0/month (most) | $0–$5/month |
If you keep $10,000 in a BMO savings account for a year, you earn roughly $1 to $5 in interest. The same money in an online bank's savings account earns $400 to $500. That gap widens with larger balances and longer time horizons.
BMO's credit card and mortgage offerings
BMO offers a range of credit cards, including cash-back cards and travel rewards cards. The rewards rates are standard—typically 1% to 2% cash back or 1 point per dollar spent—which is competitive but not exceptional. You will find similar or better rewards through cards from American Express, Chase, or Citi.
For mortgages, BMO is a full-service lender and can handle the entire process from process through closing. The advantage is consolidation: you can have your checking account, savings, mortgage, and credit card all in one place. The disadvantage is that mortgage rates vary widely by lender, and you should compare BMO's rate against at least three other banks or mortgage brokers before committing. BMO does not automatically offer the best rate just because you bank there.
Who should choose BMO and who should look elsewhere
Choose BMO if you live or work near multiple branches and actually use them, if you value the ability to speak to someone in person, or if you want to consolidate all your banking products in one place. The convenience and service may justify the higher fees and lower rates.
Look elsewhere if you do most of your banking online, if you do not need to deposit physical checks, or if you want to maximize interest on savings. An online bank like Ally, Marcus, or Discover will cost you less in fees and earn you more in interest. If you want a physical location but lower fees, a local credit union often splits the difference: some branches, lower fees, and rates closer to online banks.
What to check before opening an account at BMO
If you are considering BMO, verify that a branch is actually convenient to your home or workplace. Check the branch locator on BMO's website and confirm hours, because not all branches are open the same days. Read the fee schedule for the specific account type you want—BMO offers multiple checking accounts with different fee structures, and the one that works for you depends on your balance and deposit habits.
Compare BMO's mortgage and credit card rates to at least two competitors. Do not assume that banking with BMO for checking gives you a better rate on a mortgage or credit card; the bank prices those products separately, and you may find better terms elsewhere.
Frequently Asked Questions
Does BMO have good customer service?
BMO offers phone support, online chat, and in-branch service. Response times are typical for a large bank—not notably faster or slower than competitors. If you need to speak to someone in person, the branch network is an advantage. For phone or chat support, online banks often have shorter wait times.
Is my money safe at BMO?
Yes. BMO Harris Bank is FDIC-insured up to $250,000 per account type per depositor. Bank of Montreal (the Canadian parent) is regulated by Canadian banking authorities. Your deposits are protected the same way they are at any other insured bank.
Can I use BMO if I live outside the US?
BMO Harris Bank serves the US; Bank of Montreal serves Canada and some other countries. If you live outside North America, you would need to check whether BMO offers accounts in your country. Most US banks do not serve international customers directly.
What is the difference between BMO Harris Bank and Bank of Montreal?
BMO Harris Bank operates in the United States. Bank of Montreal is the parent company and operates in Canada. They share the BMO brand and ownership but are separate banking operations with different products and regulations.
Should I move my money from BMO to an online bank?
If you do not use BMO's branches and you have significant savings, moving to an online bank will earn you substantially more interest. The process takes a few days: open an account at the new bank, transfer your money, and close the BMO account. There is no penalty for leaving.