BMO Financial Group is ranked among the 10 largest banks in North America by asset size. But the question remains: Is it a good bank?
Is BMO a trustworthy and good bank?
With over 200 years in business, millions of customers and assets exceeding $1.4 trillion, BMO is a very large bank trusted by many. In the US, it is headquartered in Chicago, with over 1,000 branches in 32 states, including Arizona, California, Florida, Hawaii, Michigan, Nevada, New York and Vermont.
Compared to other banks, BMO has largely avoided scandals or consumer rights violations and has significantly fewer complaints than other banks of its size.
BMO’s checking and savings accounts might ding you with monthly fees, opening deposit requirements and overdraft fees. The bank’s savings APYs are high, though, with the BMO Alto Online Savings Account offering a 4.6% APY. For context, the current average rate for savings accounts is
0.45%.(1)
If you want to bank with BMO and get some perks, the BMO Relationship Checking may be worth considering. Maintaining certain balances can earn perks like out-of-network ATM reimbursements, credit card spend bonuses, wire transfer rebates, mortgage closing credits and discounts on select installment loans. However, the best benefits require maintaining a daily balance of at least $250,000.
BMO Bank in the news
Aside from typical banking complaints with the Consumer Finance Protection Bureau and the Better Business Bureau (BBB), news around BMO is rather quiet.
In 2022, BMO Financial Group faced a lawsuit accusing it of involvement in a Ponzi scheme, allegedly helping Thomas J. Petters launder money. Initially, the jury found BMO guilty and ordered the bank to pay over $564 billion in fines. However, in September 2024, the verdict was overturned, and the case against BMO was dismissed. (2)
The only other newsworthy note about BMO was its acquisition of Bank of the West in 2023, and according to many customers, the merger didn’t go as smoothly as they had hoped.
BMO Bank customer feedback and reviews
BMO holds the highest possible rating of A+ with the BBB and takes time to respond to and resolve customer complaints. BMO has closed over 1,300 complaints in the last few years alone. While that number sounds high, it is rather typical for a bank of its size.
Most grievances against BMO are also typical banking issues, with most customers expressing difficulties contacting customer support to resolve an account issue or trying to unlock an account due to fraud alerts.
But on Trustpilot, BMO has a low 1.3-star rating from a little over 1,000 reviews. Unhappy customers complain about delayed check deposits, poor customer support over the phone and slow resolution of fraudulent charges and locked accounts.
What do people on Reddit say?
Redditors also complain about long check deposit times, high monthly fees and issues stemming from the Bank of the West merger. Former Bank of the West customers said they experienced identity verification issues after their accounts were converted to BMO accounts, with some claiming their accounts were frozen for months.
Also on Reddit, many customers talk about struggles with the mobile banking app, such as the app not accepting their “correct” password or experiencing general glitches. However, BMO’s mobile app has a decent 4.5-star rating and a 4.8-star rating on Apple’s App Store, so we’re taking that feedback with a grain of salt.
BMO security measures
With over two centuries in business, BMO has ironed out security practices.
Encrypted Message Center to exchange information with the bank securely through email, and email is stored for only 90 days
BMO’s app doesn’t save confidential information on mobile devices (no cookies)
Mastercard Zero Liability fraud protection
BMO digital banking and bill pay service guarantee states it will reimburse for any losses for unauthorized transactions using digital banking with personal accounts
Free online brochures on cybercrime and financial scams for guidance on how to help protect yourself
BMO popular banking products
BMO’s checking and savings are pretty straightforward, offering multiple personal accounts and decent APYs on select savings options.
BMO checking accounts
There are three BMO checking accounts, but watch out for monthly fees.
Smart Advantage Checking. This straightforward account has no monthly fees and a $25 opening deposit requirement. There’s a $3 monthly paper statement fee, which you can waive by opting into e-statements. If you overdraft, there’s a $15 fee per incident, but you can link the account to a BMO savings account for overdraft protection.
Smart Money Checking. This account has a $5 monthly fee (waived for customers under 25) and a $25 minimum opening deposit. The $2 monthly paper statement fee can be waived by opting for e-statements. It doesn’t have any overdraft fees, as it rejects transactions that would create a negative balance.
BMO Relationship Checking. This is BMO’s most complicated and rewarding checking account. It comes with a $25 monthly fee, which can be waived, and a $25 minimum opening deposit requirement. The account is interest-bearing but only has an APY of 0.01%, which can vary by zip code. You can get relationship benefits by holding certain balances, and you can waive the $25 monthly fee with a $10,000 minimum daily balance or by meeting other requirements.
BMO savings accounts
BMO has a few savings accounts, but one option is clearer the better option:
BMO Alto Online Savings Account. BMO Alto is part of BMO Financial Group and offers some of BMO’s savings products. This account has a very high 4.6% APY, far above the national averages for savings and CDs. It has no monthly fees or balance requirements, and you get unlimited transfers and withdrawals per month.
Savings Builder. This simple account has no monthly maintenance fees and requires a $25 opening deposit. But your APY, which can vary by zip code, is likely to be around 0.01%. Though this rate is well below average, you can earn $5 each month by saving $200 or more within your first year.
BMO Relationship Plus Money Market. While it’s a money market account and not a “true” savings account, its function is to grow your savings. This account has a $10 monthly maintenance fee, which can be waived with a $5,000 minimum daily balance. You’ll earn 1% APY on balances under $25,000 and earn higher rates with higher balances. However, it’s not the greatest money market account we’ve seen since it doesn’t offer checkwriting or a debit card.
BMO and BMO Alto certificates of deposit
Aside from savings accounts, BMO also offers certificates of deposit (CDs). There are BMO CDs and then BMO Alto CDs. The regular BMO CDs require a $1,000 minimum deposit, and the BMO Alto CDs don’t have a minimum deposit requirement but you must fund the account within 10 days to keep it open. The BMO Alto CDs offer these rates and terms at the time of writing:
Term
APY
Minimum deposit requirement
6 months
4.7%
$0
12 months
4.5%
$0
24 months
3.9%
$0
36 months
3.9%
$0
48 months
3.9%
$0
60 months
4%
$0
Other BMO products
BMO features a myriad of other products, including:
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances(including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Our account fee policy is subject to change at any time.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Rewards Checking Plus customers who set up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars - including deliveries - and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information.
Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade Visa ® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Access expanded FDIC Insurance for up to $250 million
See how other banks compare to each other
BMO is a large national bank, but it’s not your only option. Most of its accounts require opening deposits, and its checking accounts lack some features the best-of-the-best offer.
See how BMO stacks up against top banks and accounts:
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 435 Finder guides across topics including:
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