BMO Bank Overview
BMO Bank, previously known as BMO Harris, is a reputable financial institution offering a range of banking services across the United States. With locations in multiple states and online account accessibility, BMO Bank is a versatile option for various financial needs. It is FDIC insured, ensuring customer deposits are secure up to $250,000 or $500,000 for joint accounts. BMO Bank is known for its promotions, such as the $350 cash bonus for qualifying direct deposits, making it attractive for those seeking incentives. However, it’s important to explore other institutions for higher interest rates and fewer fees, as BMO’s offerings in these areas are not top-tier.
BMO Smart Advantage Checking Account
The BMO Smart Advantage Checking Account is a standout option for those seeking a low-cost checking account. With no monthly service fees and a minimal $25 opening deposit, it’s accessible for many. The account also offers fee-free access to over 40,000 ATMs and overdraft protection. While it doesn’t earn interest, the $350 bonus for new customers meeting specific direct deposit requirements is a significant perk. This account is ideal for individuals prioritizing convenience and cost-efficiency, though those seeking interest earnings may find better options elsewhere.
BMO CDs and Savings Options
BMO offers a variety of CDs with terms ranging from a month to five years, though interest rates vary by region and are generally low except for select specials. The minimum deposit for CDs is between $1,000 and $100,000, which may be a barrier for some. BMO also provides savings accounts, such as the Savings Builder Account, which offers a $5 monthly reward for saving $200 in the first year. While these options are decent, the best rates are often found in online-only accounts like BMO Alto, indicating that digital banking might be more rewarding for higher yields.
Credit Cards and Loans
BMO’s credit card portfolio includes options with 0% introductory APR, no annual fees, secured, and rewards cards, catering to various customer needs. Their loan offerings encompass personal, auto, and home loans, with private student loans available through Nelnet Bank. However, BMO wasn’t a top pick for mortgages or personal loans, suggesting that competitors might offer better terms. Potential borrowers should explore all options to find the most favorable terms.
Customer Service and Trust
BMO Bank provides 24/7 phone support and a highly-rated mobile app, though live chat isn’t available. The bank holds an A+ rating from the Better Business Bureau, reflecting its transparency and customer responsiveness. Despite the lack of live chat, the overall customer service experience is positive, with comprehensive online banking tools that enhance user experience.
Conclusion
BMO Bank is a solid choice for cost-effective checking and savings accounts, particularly for those valuing minimal fees and promotional bonuses. While it excels in convenience and accessibility, prospective customers seeking higher interest rates or extensive branch networks might explore alternatives like Chase or U.S. Bank. By understanding their financial needs and comparing offerings, consumers can decide if BMO Bank aligns with their goals.
