4/5
BMO Bank
- Best for: People near a BMO branch who want checking with no monthly fee; customers who keep $25,000 or more at BMO
- What Sets It Apart: Smart Advantage Checking with no monthly fee or minimum balance; no overdraft fee when an overdraft is back to $20 or less by the next business day; 40,000+ fee-free ATMs
- Cost: $0 a month for Smart Advantage; $5 for Smart Money ($0 under 25); $25 for Relationship, waivable; $20 per overdraft; $3 per non-BMO ATM transaction
- Features: Savings Builder at 0.01% APY; Growth Money Market at 0.05% to 2.50% APY; CD specials at 3.00% to 3.35% APY; Zelle; mobile check deposit
- Pros: No-fee checking with no minimum balance; no overdraft fee at $20 or less; app rated 4.8 on the App Store
- Cons: 0.01% APY on Savings Builder; the money market’s top standard rate starts at $250,000; CD specials top out at 3.35% APY
BMO is the largest bank headquartered in Chicago, with branches concentrated in the Midwest and West. Its three checking accounts differ mainly in who pays a monthly fee.
Key Features
- Smart Advantage Checking at $0 a month, Smart Money Checking at $5 ($0 under age 25), and Relationship Checking at $25, waived with $10,000 in it all month or a $25,000 average across your BMO accounts
- Savings Builder at 0.01% APY, plus $5 for each of your first 12 months in which the balance grows by $200 or more
- Growth Money Market at 0.05% APY under $5,000, 0.30% from $5,000, 0.65% from $25,000, 1.70% from $100,000, and 2.50% from $250,000, or up to 3.01% with a qualifying Relationship Checking account
- CD specials at 3.00% APY for 13 months to 3.35% for 59 months, with a $1,000 minimum
- A $20 fee for each overdraft, none on Smart Money, and $3 per non-BMO ATM transaction, none on Relationship Checking
Pros
- No minimum balance required for Smart Advantage’s $0 monthly fee
- No overdraft fee if you bring an overdraft to $20 or less by the end of the next business day
- Free transactions at 40,000+ BMO and Allpoint ATMs in the U.S.
- App rated 4.8 out of 5 on the App Store and 4.6 on Google Play, with Zelle and mobile check deposit
Cons
- Savings Builder pays 0.01% APY at every balance
- Growth Money Market’s $10 fee, charged after the first 60 days in any month the balance dips below $5,000
- CD specials top out at 3.35% APY for 59 months, against 4.50% for a 5-year CD at Ally
BMO makes sense for anyone who lives near a branch and banks in person. Savers earn more at an online bank such as Ally, which pays 3.20% APY on any balance, against 0.30% on $10,000 in BMO’s Growth Money Market, or 0.80% with a qualifying Relationship Checking account.
Learn more about BMO or see how it compares to the best checking accounts.
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