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?
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.
However, BMO’s products and services are pretty middle-of-the-road.
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 4.45% APY. For context, the current average rate for savings accounts is 0.43%.(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.
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 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.
With over two centuries in business, BMO has ironed out security practices.
BMO’s checking and savings are pretty straightforward, offering multiple personal accounts and decent APYs on select savings options.
There are three BMO checking accounts, but watch out for monthly fees.
BMO has a few savings accounts, but one option is clearer the better option:
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 |
BMO features a myriad of other products, including:
| Fee type | Cost |
|---|---|
| Monthly service fees |
| Opening deposit requirements |
|
| Overdraft fees | $0 if overdrawn by $50 or less, or $15 for overdraft $51+ |
| Late fees | $39 per item |
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:
BMO is a real, FDIC-insured bank. It was established in 1817, and its deposit accounts are insured up to the typical amount of $250,000 per depositor.
BMO stands for “Bank of Montreal.” BMO Financial Group is the bank’s official name, which includes the bank and its subsidiaries.
Yes, BMO accounts support Zelle.
BMO was involved in a lawsuit around a Ponzi scheme, but the case against it was dismissed in 2024.
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