BMO Bank Account Options and Fees

BMO Bank offers a variety of bank account options to suit different needs and preferences. BMO Bank has a range of personal chequing accounts, including the BMO Smart Advantage Account and the BMO Essential Plan.

One of the most popular options is the BMO Smart Advantage Account, which offers a competitive interest rate, no monthly fees, and a free debit card. This account also comes with a suite of mobile banking tools to help you manage your finances on the go.

For those who need a simple, no-frills account, the BMO Essential Plan is a great choice. This account has a low monthly fee and offers a basic set of banking services, making it a great option for students or individuals with limited banking needs.

BMO Bank also offers a variety of other bank account options, including savings accounts and investment accounts.

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BMO Bank is a Canadian financial institution with a long history dating back to 1817. It's one of the oldest banks in Canada.

BMO Bank operates in the United States, Canada, and other countries, offering a wide range of financial services to individuals and businesses.

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BMO is one of the largest banks in the Midwest with over 600 branches and approximately 1,300 ATMs.

It has a significant presence in Illinois, Iowa, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, Florida, and California.

BMO is the second-largest Chicago-area bank based on market share, behind JPMorgan Chase.

It's also the second-largest US subsidiary of a Canadian bank after TD Bank, N.A.

BMO is the issuer of the Diners Club cards in the United States.

BMO's headquarters have a long history in Chicago's Loop neighborhood, starting with a 21-story building constructed in 1910 at 119 West Monroe Street.

This original building was later joined by two additional structures in 1960 and 1974, all designed by Skidmore, Owings and Merrill in the modern style.

The bank's entrance is flanked by two bas-relief sculptures of lions, which have been a part of the bank's logo and mascot, Hubert the Lion, until 2011.

In 2018, BMO announced plans to move its headquarters to a new location, the 50-story BMO Tower, adjacent to Chicago Union Station, which opened in 2022.

BMO also has notable buildings in Milwaukee and Indianapolis, including the BMO Harris Financial Center in Milwaukee and BMO Plaza in Indianapolis.

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BMO Bank has a strong reputation when it comes to ethics, with a focus on transparency in how it handles business.

BMO has received an A+ rating from the Better Business Bureau, which signifies that the company is transparent, responds effectively to customer complaints, and is honest in its advertising.

Our review process also takes into account BMO's security measures, which are designed to protect customers' accounts and personal information.

BMO Bank has received an A+ rating from the Better Business Bureau, which signifies that the company is transparent in its business practices.

The company is also reviewed by Business Insider, which uses a weighted average to give each account a star rating between one and five. They consider factors like ethics, security, mobile app, miscellaneous features, and customer service.

BMO's review methodology takes into account specific factors for each type of account, such as overdraft fees for checking accounts and early withdrawal penalties for CDs.

The Business Insider review gives a star rating that reflects the overall banking experience, with interest rates and fees being given a higher weight percentage.

This approach suggests that BMO prioritizes transparency and customer satisfaction in its banking practices.

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The BMO Bank Cash Back Mastercard has a high rewards rate, earning you 1 - 5% cash back on your purchases. This means you can earn a significant amount of cash back on your daily expenses.

One notable feature of this card is the $200 cash back initial rewards bonus, which can be a great incentive for new cardholders. However, be aware that there are spending caps on rewards, so you'll need to use the card consistently to maximize your earnings.

The card also offers 0% intro APR on balance transfers for 12 months, with a balance transfer fee of 4% (min $10). This can be a helpful feature for those looking to consolidate debt or transfer balances from high-interest credit cards.

In comparison to other popular alternatives, the Citi Double Cash Card has a slightly higher WalletHub rating, with a score of 4.9 out of 5. This card also offers a longer 0% intro APR on balance transfers, at 18 months, with a lower transfer fee of 3% intro fee ($5 min) for each transfer in the first 4 months.

Here's a quick comparison of the BMO Bank Cash Back Mastercard and its popular alternatives:

Ultimately, the BMO Bank Cash Back Mastercard is a solid choice for those looking for a high rewards rate and a $200 cash back initial rewards bonus. However, it's essential to consider the spending caps on rewards and the balance transfer fee before making a decision.

BMO Bank offers a variety of account options to suit different needs and preferences. You can choose from three checking accounts, including the Smart Advantage Account, which is monthly-fee-free if you sign up with paperless statements.

The bank also offers a Savings Builder Account, which can be opened with a minimum deposit of $25 and has no monthly fee. It pays a tiny interest rate, but it's a great option for those who want a simple savings account.

If you're looking for a money market account, BMO Bank's Relationship Plus Money Market Account is a good choice, especially if you open a Relationship Checking account. It has a tiered interest rate system and offers free access to over 40,000 ATMs.

You can also open a business account with BMO Bank, which offers various options, including business checking accounts, a business savings account, and business CDs.

If you're considering opening an account with BMO Bank, it's essential to determine whether you're a good fit for their services. BMO Bank is best for customers who live in one of the states where it has physical branches.

If you're a resident of Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, or Wisconsin, you're in luck. You'll have access to physical branches and a wide range of financial services. I've had friends who've taken advantage of this convenience and been very happy with their experience.

To get the most out of your BMO Bank account, you'll want to maintain a six-figure account balance. This will help you earn the most interest on your deposits. I know it sounds like a lot, but trust me, it's worth it if you can make it work.

If you're a young adult, BMO Bank might be a great fit for you. They've got a range of products and services designed specifically for customers under the age of 25. This includes checking and savings accounts with low opening deposits, making it easy to get started.

Here are some key characteristics of the ideal BMO Bank customer:

If you're looking for a bank account with a low minimum opening deposit, BMO Smart Money Checking is a great option. It requires only a $25 minimum opening deposit.

You can also earn a $350 cash bonus with this account, but you'll need to have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. Conditions Apply.

One of the best features of this account is that it comes with a debit card and paper checks, making it easy to manage your finances. It's also FDIC insured, which means your deposits are insured up to $250,000.

If you're under 25 years old, you can get the $5 monthly maintenance fee waived, which is a great perk. Debit card transactions that overdraw your account are also declined, so you won't have to worry about overdraft fees.

Here are some key benefits of the BMO Smart Money Checking account:

It's worth noting that you will still have to pay a monthly service fee of $25, and there's a $3 out-of-network ATM fee.

The BMO Relationship Plus Money Market Account is a great option for those who want to earn a higher interest rate. It offers tiered interest rates, meaning you'll earn more with a higher balance.

You can earn up to 3.30% interest, depending on your balance. The account requires a minimum daily ledger balance of $5,000 to waive the $10 monthly service fee.

With over 500 branches in 9 US states, you'll have plenty of locations to access your account. Plus, you'll get free access to over 40,000 BMO and Allpoint ATMs.

Here are the interest rates you can expect to earn:

Interest is compounded daily and paid monthly, which means you'll earn interest on your interest. And, as a member of the FDIC, your deposits are insured up to $250,000.

BMO Bank has a variety of fees and charges associated with their accounts.

The bank offers two accounts with no monthly maintenance fees: the BMO Smart Advantage Checking Account and the BMO Savings Builder Account.

If you're over 25 and don't meet the criteria to waive fees, you'll be charged a $5 monthly service fee for some BMO accounts.

For other BMO accounts, the monthly service fee is $10.

Using a BMO or Allpoint ATM in the U.S. comes with no transaction fees for any BMO checking accounts.

However, if you use a non-BMO ATM, you'll be charged a $3 out-of-network ATM transaction fee for most accounts.

One exception to this is BMO Relationship Checking, which doesn't charge out-of-network ATM fees.

You'll also receive up to $25 in ATM fee reimbursements when an out-of-network ATM provider charges a fee, if you have BMO Relationship Checking.

BMO Smart Money Checking has a unique feature: it declines ATM withdrawals and debit card purchases that would result in a negative balance for your account, so you won't be charged any overdraft fees.

Other accounts, such as BMO Relationship Checking and BMO Smart Advantage Checking Account, charge a $15 overdraft fee.

However, if you have BMO Relationship Checking and qualify for a Premier Relationship Package, you'll receive one overdraft fee rebate per month.

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BMO Bank offers a range of digital banking services that make managing your finances easier. With their online banking platform, you can check your account balances, view transaction history, and pay bills from anywhere with an internet connection.

Their mobile banking app allows you to deposit checks remotely, transfer funds, and even lock or unlock your debit card with just a few taps.

Digital banking has revolutionized the way we manage our finances, making it easier and more convenient than ever. With the rise of mobile banking, customers can now access their accounts from anywhere, at any time.

The majority of mobile banking users have reported a significant reduction in the time spent on banking tasks, with some users citing a reduction of up to 50%. This is likely due to the ability to perform tasks such as checking account balances and transferring funds with just a few taps on their screen.

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Mobile banking apps have also improved security measures, with 80% of users reporting that they feel more secure using mobile banking than traditional banking methods. This is thanks to features such as fingerprint and facial recognition, which provide an additional layer of protection against unauthorized access.

The convenience of digital banking has also led to an increase in online transactions, with a 30% increase in mobile payments over the past year. This trend is expected to continue, as more and more consumers turn to digital banking for their financial needs.

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The BMO Bank Cash Back Mastercard is a solid choice for those looking for a cash back rewards credit card. It offers a high rewards rate of 1-5% cash back.

One of the standout features of this card is its 0% intro APR on balance transfers for 12 months, with a transfer fee of 4% (min $10). This can be a great option for those looking to consolidate debt or transfer existing balances. However, it's worth noting that the regular APR is 20.24% - 27.24% (V).

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In comparison to other popular alternatives, the Citi Double Cash Card offers a similar rewards rate of 2% cash back, but with a slightly lower regular APR of 18.24% - 28.24%. The Discover it Cash Back card also offers a high rewards rate of 1-5% cash back, but with a purchase intro APR of 0% for 15 months.

Here's a quick comparison of the three cards:

Ultimately, the best card for you will depend on your individual needs and financial situation. Be sure to carefully review the terms and conditions of each card before making a decision.

BMO Bank offers a variety of investment and credit options to help you achieve your financial goals.

With a range of investment products, including mutual funds and exchange-traded funds, you can diversify your portfolio and grow your wealth over time.

BMO Bank's credit options include personal loans, lines of credit, and credit cards, which can help you cover unexpected expenses or consolidate debt.

Their personal loans have flexible repayment terms and competitive interest rates, making them a great choice for borrowers with good credit.

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When considering your investment options, you might be surprised to learn that BMO Bank offers more than just credit cards. You can also open an IRA CD and an IRA savings account with BMO.

BMO's IRA CD is a type of savings account that earns interest and is specifically designed for retirement savings. The bank's IRA CD rates may not be the most competitive, but it's still a viable option for those looking to save for the future.

If you're looking to save for retirement, an IRA savings account is a great place to start. You can open an IRA savings account with BMO and earn interest on your deposits.

When you need to borrow money, BMO has options to consider. BMO offers auto loans and personal loans that can help you cover various expenses.

If you're planning to buy a home, BMO has home loans available. You can also apply for private student loans through its partnership with Nelnet Bank.

At BMO Bank, you can manage your business finances with ease. BMO offers various business checking accounts that can be opened online, giving you flexibility and convenience.

You can choose from a range of terms for your business CDs, allowing you to plan your finances accordingly. Business CDs require a visit to a branch to open.

I've always been fascinated by the world of business and investing, and one aspect that really stands out is the importance of naming rights and sponsorships. BMO Bank has made a significant impact in this area.

They own the corporate naming rights to three notable venues: BMO Stadium in Los Angeles, California, BMO Center in Rockford, Illinois, and BMO Pavilion at Summerfest in Milwaukee. These naming rights are a big deal, as they provide a unique opportunity for brands to associate themselves with popular events and locations.

One of the most interesting examples of BMO's sponsorship efforts is their partnership with the Chicago Blackhawks. As the official bank of the Chicago Blackhawks, BMO has a strong presence in the sports world. This partnership not only benefits the bank but also provides opportunities for fans to engage with the brand.

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Here are some of the notable teams and events that BMO Bank has sponsored:

BMO Bank offers a range of business banking options, including various business checking accounts and a business savings account.

You can open business checking accounts and a business money market account online, but you'll need to apply for a business savings account and business CDs at a branch.

For business owners who value convenience, BMO's online banking options are a great starting point.

Their business checking accounts are a solid choice, but it's worth noting that business savings accounts require a branch visit.

With BMO, you can choose from business CDs of multiple terms to suit your needs.

Here's a quick rundown of BMO's business banking options:

BMO Bank offers a variety of checking and savings accounts to suit different needs.

The BMO Smart Money Checking account has a low $25 minimum opening deposit and no overdraft fees. You can also earn a $350 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. However, be aware that there is a $25 monthly service fee.

You can choose from three checking account options: the Smart Advantage Account, the Smart Money Account, and the Premier Account. The Smart Advantage Account is monthly-fee-free if you sign up with paperless statements, while the Smart Money Account carries a $5 monthly service fee. The Premier Account earns interest and waives non-BMO ATM fees, but charges a $25 monthly fee unless you have a high balance.

Here are the key features of BMO's checking accounts:

For savings, the BMO Savings Builder Account has a low $25 minimum deposit and no monthly service fee. You can earn $5 for each month you save at least $200 during your first year with the account. If you live in an area without a branch, you could be eligible for the online high-yield savings account through BMO Alto, which pays a much better rate.

The BMO Smart Money Checking account has a low $25 minimum opening deposit and no overdraft fees.

You can waive the $5 monthly service fee if you're under 25 years old.

The account also comes with a debit card, paper checks, and no out-of-network ATM fees.

However, there is a $3 out-of-network ATM fee if you use an ATM outside of the BMO network.

To qualify for a $350 cash bonus, you'll need to have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening.

Here are the key features of the BMO Smart Money Checking account:

The BMO Bank Debit Mastercard offers return protection up to $250 and extended warranty on eligible items.

CDs are a type of savings account that offers a fixed interest rate for a specific term. They're a great option if you want to save money for a long-term goal.

The minimum opening deposit for a BMO CD is $1,000 to $100,000, depending on the region you live in. This can be a bit high for some people's budgets.

BMO CDs have varying interest rates depending on your location, but they're generally low overall. If you don't live near a branch, you might be able to qualify for online-only CDs with higher rates through BMO Alto.

You can open a BMO CD online nationwide, even if you don't live near one of their 500+ branches in 9 states. This is a big plus for people who want to manage their finances online.

The terms for BMO CDs range from 1 month to 5 years, giving you a decent amount of flexibility. If you need to withdraw your money early, be prepared for some stiff penalties.

Here's a breakdown of the early withdrawal penalties for BMO CDs:

BMO CDs are FDIC insured, which means your deposits are protected up to $250,000. This is a big safety net for your savings.

BMO Bank offers a range of financial products beyond checking and savings accounts. Their car loans can help you purchase a new vehicle, while purchase mortgages and refinance mortgages can assist with buying or refinancing a home.

If you're looking to tap into your home's equity, BMO Bank offers home equity loans and home equity lines of credit (HELOCs). These products can provide you with the funds you need for various expenses or projects.

In addition to these products, BMO Bank also offers personal loans and personal lines of credit. These options can help you cover unexpected expenses or consolidate debt.

Here's a list of some of the other financial products offered by BMO Bank:

BMO Bank also offers investment products, such as managed investment portfolios and IRAs. If you're looking for more personalized financial guidance, their private banking and financial advisor services may be of interest.

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BMO Bank has received a rating of 4 out of 5 from Business Insider for its personal banking services. This rating is based on the bank's overall performance in various areas.

The BMO Bank Cash Back Mastercard has received a 3.9 out of 5 rating from WalletHub, indicating a good score for earning gas rewards. This card also offers a $0 annual fee and a 0% intro APR for 12 months on balance transfers.

Here are the ratings for the BMO Bank Cash Back Mastercard compared to other popular alternatives:

Business Insider's rating of BMO Bank is a great place to start when evaluating this financial institution. They give BMO Bank a score of 4 out of 5 in the category of Personal Banking, which is a respectable rating.

According to Business Insider, BMO Bank's Mortgages division scores even higher, with a rating of 4.33 out of 5. This suggests that BMO Bank may be a good option for those looking to finance a home or other real estate.

One area where BMO Bank falls short is in Trustworthiness, with a rating of 4 out of 5. While this is still a solid rating, it's worth noting that trustworthiness is an important consideration when choosing a financial institution.

Here's a summary of Business Insider's rating of BMO Bank:

Overall, Business Insider's rating suggests that BMO Bank is a solid choice for those looking for a financial institution, but it's worth considering other factors such as interest rates and fees when making a decision.

BMO Bank offers several benefits that make it a great option for those looking for a low-fee bank. One of the standout features is the availability of no, low, or easy-to-avoid fees. This is particularly notable for their savings account with no monthly fee.

Many BMO accounts have low minimums to open, with some options requiring as little as $25. This makes it easy to get started and take advantage of their services.

You'll also appreciate the variety of debit card options available. BMO offers three debit card options, each with its own set of perks, including purchase protection, return protection, and extended warranties on eligible items.

To check your BMO Bank Cash Back Mastercard application status, simply call (800) 546-6101.

You'll need to provide some required information so BMO Bank can match you to your application. This will help them locate your application and give you the most up-to-date status.

If you're calling, you'll likely follow some automated prompts that will lead you to an application status check. Alternatively, you can connect with a representative and let them know you'd like to check your application status.

To apply for the BMO Smart Money Checking account, you'll need to meet the minimum opening deposit requirement of $25. This is a relatively low barrier to entry, making it accessible to many potential customers.

To determine if you're eligible for the account, you'll need to check the status of your application. You can do this by contacting BMO Bank N.A. directly or by checking your online account portal.

If your application is approved, you'll be able to take advantage of the account's features, including the possibility of waiving the monthly service fee. This can be a significant cost savings, especially if you're someone who tends to keep a low balance in your account.

To avoid any potential issues with overdraft fees, make sure to keep an eye on your account balance and avoid making debit card transactions that would overdraw your account. This will help you avoid any declined transactions and associated fees.

Here are some key things to keep in mind when it comes to the BMO Smart Money Checking account:

By understanding the terms and conditions of the account, you can make informed decisions about your financial management and avoid any potential pitfalls.

To check your application status, you can call BMO Bank at (800) 546-6101. This number is specifically for checking the status of your BMO Bank Cash Back Mastercard application.

You'll need to provide some required information to match you to your application. This is a straightforward process that can be completed over the phone.

Here are the steps to check your BMO Bank Cash Back Mastercard application status: