BMO Savings Account Review: How to Open BMO Savings Account – Thebanksathi
BMO Harris Bank is a large North American bank based in Chicago. This bank was established in 1882 and is now owned by the Bank of Montreal. With assets of $169 billion, it currently serves over 12 million customers and has over 500 branches in eight states.
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This bank offers a wide range of banking services like savings, lending, and investment. If you’re considering banking with BMO Harris, this detailed review can help you decide if a BMO Savings Account review is right for you.
Overview of BMO Harris Bank Online Savings Account
BMO Harris Bank Online Savings Account is a good choice for customers who want a bank that offers a full range of personal banking products such as deposit accounts, credit cards, loans, retirement planning, business and professional services, wealth management, and investment services.
The bank serves a wide range of clients, from modest incomes to affluents, in the US and globally. However, BMO Harris Bank Online Savings Account is not very competitive compared to other banks. The BMO Harris Savings Builder account requires no minimum monthly maintenance fee, and the minimum deposit is just $25.
You can earn a $5 bonus for every month you save $200 or more in the first year of account opening. There are no transaction limits and you can open the account online or by visiting a physical branch. However, other banks offer much higher yields, and BMO Harris’s APY is much lower. Now let’s see the pros and cons of a bmo savings account.
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Pros |
Cons |
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The Savings Builder account has no monthly |
The APY on the Savings Builder account is very |
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The minimum opening deposit is a modest $25. |
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The account can be opened online or in a branch. |
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Savers get a $5 reward in any month they add at |
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Although BMO Harris has a limited number of physical branches, it offers mobile and online banking services that include a variety of digital tools for managing and monitoring accounts. With the bank’s Total Look tool, customers can manage all their accounts, including non-BMO Harris accounts, in one place, create their budgets and track their spending.
Interest Rates and Fees For BMO Savings Account
BMO Harris Bank offers a variety of savings accounts. The type of bmo savings account includes types like bmo harris bank online savings account, bmo high-yield online savings account, bmo harris high-yield savings account, etc., and the following subtypes.
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Account Name |
Minimum |
Interest Rate |
Monthly Fee |
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Savings Amplifier Account |
Up to $10,000 |
1.80% |
No fees |
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$10,000.01 and over |
1.80% |
No fees savings |
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Savings Builder Account |
Up to $250,000.00 |
0.50% |
No fees |
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When you increase your balance by $200.00 or more |
2.50% |
No fees |
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$250,000.01 and over |
0.50% |
No fees |
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Premium Rate Savings Account |
Up to $59,999.99 |
0.01% |
No fees |
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$60,000.00 and over |
0.01% |
No fees |
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Primary Chequing Account |
N/A (No interest payable) |
N/A (No interest payable) |
Monthly fee of $4.00 waived with minimum balance |
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Premium Rate Savings Account |
Up to $59,999.99 |
0.05% |
No fees |
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$60,000.00 and over |
0.05% |
No fees |
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Primary Chequing Account |
N/A (No interest payable) |
N/A (No interest payable) |
Monthly fee of $4.00 waived with minimum balance |
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Interest Chequing Account |
Up to $4,999.99 |
0.01% |
Monthly fee of $4.00 waived with minimum balance |
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$5,000.00 – $24,999.99 |
0.01% |
Monthly fee of $4.00 waived with minimum balance |
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$25,000.00 – $59,999.99 |
0.01% |
Monthly fee of $4.00 waived with minimum balance |
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$60,000 and over |
0.01% |
Monthly fee of $4.00 waived with minimum balance |
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Smart Saver Account |
Up to $4,999.99 |
0.80% |
No fees |
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$5,000.00 and over |
0.80% |
No fees |
The information about bmo savings account in the above table is taken from the official website of the bank and it is subject to change, so for more information visit the official website of the bank.
Account Features and Benefits of BMO Harris High Yield Savings Account
High-Interest Rates
No Minimum Balance Requirement
There is no Monthly Fee
Online Account Management
Easy Fund Transfer
FDIC Insurance Coverage
Overdraft Protection
24/7 Customer Service
Final verdict: Is BMO Savings Account Worth opening? And BMO Harris Online Savings Account Review
In this article, you have learned about BMO Savings Account types, benefits, and more about BMO Savings Account. But, is opening BMO savings worth it? Let’s once again understand the advantages and disadvantages of the BMO Savings Account and see the BMO Harris savings account review and the BMO Harris online savings account review to make this decision.
BMO Harris online savings account review On the positive side of the BMO savings account, the Savings Builder account offers an impressive 1.8% interest rate, which is higher than many other Big 5 banks. If you already bank with BMO, having all your accounts in one place can make managing your finances easier. Additionally, leveraged transactions based on your checking account are a unique feature that frequent users can benefit from. Another advantage is that no minimum balance is required to start earning interest.
Also, the BMO savings account review has some cons of BMO savings account to consider. Online banks typically offer higher interest rates, with some banks offering interest rates of 2% or more. BMO’s “premium rate” is as low as 0.01% and is often tied to a checking account that may come with a monthly fee. Furthermore, limited transactions and the absence of Interac e-Transfers can make it difficult to access your money when needed. It is important to properly evaluate and BMO Harris online savings account review according to your personal needs and preferences before making a decision.
Conclusion of BMO High-Yield Online Savings Account
Finally, account pros include no monthly fees and no minimum balance requirements before opening a BMO High Income Online Savings Account. It offers a convenient online banking platform, easy fund transfers, and FDIC insurance coverage.
Also on the downside, interest rates offered by BMO may not be as high as those offered by some online banks, and there are limits on transactions and access to your funds. Ultimately, whether opening a BMO savings account is worth it depends on your personal financial needs and preferences. Before making a decision you should evaluate and compare various savings account options and choose the right savings account. For more information visit the official website of BMO Harris Bank.