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BMO Review

Full range of online banking tools

Reviews 117
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Reviews 117
Christian Rigg
Nov. 14, 2023
3 min read
BMO Summary
Formed through a merger between N.W. Harris and Co. (founded 1882) and the Bank of Montreal, BMO is a veteran financial institute with physical agencies in eight US states. Extensive investments in online and mobile banking, however, means that anybody, anywhere can open an account and benefit from BMO's many features, like a 0.35% APY savings account and a highly flexible money-market account (MMA).


  • Zero-fee checking account
  • Flexible MMA with check and ATM withdrawals
  • Attractive high-interest MMA rates up to 0.35% APY
  • Special CD rates up to 1.30% APY
  • AllPoint ATM access to 55,000 ATMs across the country


  • High overdraft fees
  • Standard savings account APY a bit low at 0.05% APY
  • Low-balance MMA interest rates below national average

BMO at a glance

Editorial score


No monthly fees, overdraft fees


FDIC insured, SSL/AES encryption and supports 2 factor authentication

Customer service

Early morning, evening and weekend phone service

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits


Advantages Over Traditional Banks

BMO is a traditional brick-and-mortar bank that has heavily invested in their online and mobile banking experience. As such, even those who live outside the eight states with physical agencies can benefit from all of BMO's great features, including: 

  • No-fee checking account when you opt for digital statements.
  • No-fee savings account with a $100 minimum balance.
  • Competitive rates on Contracts of Deposit (CDs) up to 1.30%, almost 2.5x the national average at 55 months.
  • Branch access for those living in one of the eight states with physical branches.
  • Access to AllPoint ATMs, more than 55,000 locations worldwide.
  • MMA with check-writing and ATM withdrawal for easy access.

Cutting-Edge Banking Services 

BMO's extensive online and mobile banking functions make it easy to get a handle on your finances, control your cash flow, and keep your money and personal information secure. 

  • Bills: Receive and automatically pay e-bills, with on-time payment guarantee and 24-month history. 
  • Total Look offers an overview of all your accounts, even those from other institutions, to give you a smarter, more intuitive picture of your finances.
  • Zelle. Send money to friends and family in minutes, with just their mobile number or email address.
  • Reporting features for analyzing spending habits, to build a better budget.

Traditional Banking Services  

Birthed from the merger of two veteran financial institutions, BMO offers a full range of traditional banking services:

  • 500 branches (mostly Midwestern) and AllPoint ATM network (55,000 zero-fee ATMs worldwide).
  • Multiple checking accounts, with great features like zero fees and rebates on out-of-network ATM fees.
  • Range of investment options, including IRAs, with dedicated wealth management agents
  • Multiple Mastercard credit cards available, including a no-fee Platinum Rewards card.
  • Mortgages, loans, and lines of credit.
  • Full range of business and commercial services, including accounts, credit cards, lending, business insights and direction, and special offers on services.

Interest Rates and Fees 

BMO has a lot to offer for those looking to safely grow their money through savings accounts, MMAs,, and CDs. The different APYs and rates are listed below, and most of the fees are waivable. 



Monthly Fee
Checking Accounts0% - 0.10% $0 - $25

Statement Savings Account

0.05%$0 - $5)
Platinum Money Market0.05% - 0.35%$0
Certificates of Deposit0.05% - 0.75%$0

While monthly fees are reasonable and often avoidable, the overdraft fees are steep: $36 per transaction, up to four transactions per day, with an additional $7 fee for each day of overdraft beyond three consecutive business days. You can avoid these by connecting a savings account or line of credit for automatic coverage, at $10 per transaction, and by ensuring your account stays in good standing. . 

Customer Service 

BMO customer service can be reached by phone from 8 am to 8 pm CST. Alternatively, you can also submit a query on their website at any time, and request to be contacted either by phone or by email.

While the website doesn’t have a dedicated FAQ or knowledge base, you can search for articles from the Contact Us page, and may find what you’re looking for. Most product and service pages also have a helpful FAQ section at the bottom of the page, and the Digital Banking section has very thorough dedicated FAQ and demo pages. 

Mobile App

As previously stated, BMO offers online banking options for all everyday transactions, and has some fantastic tools for managing your finances: 

  • Smartphone ATM Access means you can still withdraw cash from an ATM, even if you’ve forgotten (or chosen to leave) your wallet at home.
  • Mobile check deposit makes it easy to deposit checks, even if you’re miles from the nearest branch. Just take a picture of both sides with your phone’s camera.
  • Apple Pay. Tap to pay with your smartphone or tablet with Apple Pay integration for up to eight BMO bank cards.


BMO has built a number of security features into its online and mobile banking products. The mobile apps come with biometric security, so you can access your accounts using Fingerprint ID (Samsung), or Touch or Face ID (iPhone).

The dedicated Security Centre has lots of information on how to stay safe while banking online, and their guarantee is unequivocal: “We will reimburse you for unauthorized transactions to your personal banking accounts resulting from fraud through BMO Online … [and] Mobile Banking.”



BMO is a major financial institute with a full range of online and digital products, including online checking and savings accounts, MMAs and CDs, many of which offer very competitive interest rates. The online and digital banking apps provide a bevy of useful features, like bill payment and smartphone ATM access. 

Written by
Christian Rigg
Christian Rigg is a freelance writer who’s spilled ink on everything from finance and technology to data science. Born and raised in Canada, he currently lives in the south of France. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Trustpilot reviews
See what some customers are saying about BMO
Bad • Reviews 117
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Anthony Lawton Sr
4 weeks ago
They made a mistake with my account and…
They made a mistake with my account and I paid for it. It also injured my business account. Since I've joined found. I haven't went back. In the whole time I've been there, the manager has my business plan.It holds the key to stated income, I'm fundable not one product has been offered for my business and I'm livid about it!
Blake Brungarbt
5 months ago
Mike from retention was great
Mike from retention was great. Helpful timely and sincere
Barbara Rassmussen
7 months ago
Customer service is bad
Customer service is bad, called to just ask a question, got through to first person got hung up,on. Called a second and third time and same thing happened,hung up or disconnect. I’ve banked with this bank for over 60 years when it used to be the Richfield StatevBank then changed to BMO, I’m gonna be lookin into finding a new one after this experience.👎😡
Piel Canela
11 months ago
Honest & True to its word = BMO
It is nice and refreshing, specially nowadays, when a financial institution keeps true to its word. BMO’s management demonstrated that to me just a few minutes ago when a supervisor reversed a fee that was charged to me 5 months ago. Back then, I called to ask about the fee, and I had been told it would be reversed but it wasn’t. At this point I wasn’t concerned much about the fee $, but the principal. If you are looking for a financial institution that is willing to be honest and true to its word, BMO is the answer. Also, I have been blessed to have been helped by nice, understanding, and Knowledgeble people every time I have a concern. It seems to be their nature to be kind and honest.
3 years ago
I LOVE my bank, BMO HARRIS. I have been banking with them since 1992! ALMOST 30 years! And in that time, I have NEVER had a bad experience OR a bounced check! THAT, is why I've been banking there for nearly 30 years. Unlike most other banks, if you over draw, they will give you 1 day to cover the funds, thereby never charging you an overdraft fee as long as you do. As well, I had a 10 year, $10,000 line of equity with them that I paid off and never had 1 problem with. The customer service is always excellent and any money that I have ever deposited, has always been available immediately/almost immediately. Having said all of this, I must admit that I have to wonder about the financial responsibility of any of the complainers on here! The easiest bank EVER!!