BMO Harris Bank offers a variety of banking options. It offers savings, checking, and credit accounts. For small balances, a checking account is a good choice. However, if you plan to save a large sum of money, a money market account is a better option. With these accounts, the interest rate goes up as your balance increases.
GO BankingRates ranked BMO Harris Bank as one of the Best Regional Banks
BMO Harris Bank is a great option for those who prefer a regional bank. It has a network of more than 40,000 ATMs and more than 500 branch locations. Its banking products include checking and savings accounts, credit cards, mortgages, auto loans, and home equity loans. BMO Harris Bank express loan pay offers full-service banking and has no monthly service fees. Its savings interest rates are average but competitive with national banks, and its CD rates are decent if you lock them for a certain term. The bank also has a number of locations in the Midwest, the South, and the Southeast. It offers mobile and online banking, and does not require large deposits.
BMO Harris offers low fees and a big network of ATMs. The bank also has several personal deposit products, including checking, savings, and money market accounts. Customers can also get IRA retirement savings accounts and certificates of deposit. BMO Harris offers credit cards, mortgages, loans, lines of credit, and Premier Services for financial planning.
BMO Harris offers three checking account types. One is a fee-free Premier Checking Account, which earns interest and waives out-of-network ATM fees. The other two have monthly service fees of $5. For those who don’t qualify for those, a fee-free Premier Checking Account is an excellent choice.
It offers a money market account
If you are looking for a new bank, you might consider a money market account with BMO Harris Bank. This bank is headquartered in Chicago and offers branches throughout the United States and Canada. They also have robust online services. These advantages can make BMO Harris Bank a good choice for many people. However, there are a few things to look for before you decide to open an account.
BMO Harris offers a number of money market accounts that earn a competitive rate. One of these is their Platinum Money Market, which earns a high rate and has no monthly maintenance fees. In addition, there is no minimum balance, but a balance of zero will cause the account to be closed. The bank also has more than 500 locations throughout the United States.
There are two types of BMO Harris money market accounts. The Premier Money Market account requires a minimum deposit of $25 and may be eligible for higher interest with the bank’s Relationship Packages. The money market account can be set up to receive automatic transfers, which send a specified amount to your account on a certain day or at a certain frequency. The APY of a BMO Harris money market account depends on your ZIP code, so it’s important to compare the rates of both accounts.
BMO Harris also offers an online banking service that covers most of the basics of banking. This service offers a variety of tools to help you monitor your account balances, make payments, and even track expenses. It also allows you to view your non-BMO accounts. You can also set up alerts and schedule appointments using the app.
A BMO Harris money market account can be a good option for those who are looking for an account with a high yield. The money market account doesn’t charge any overdraft fees and is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government, which means that if the bank goes bankrupt, your deposits will be protected.
You can use ATMs to withdraw cash. BMO Harris ATMs are included in the AllPoint network, which includes over 40,000 ATMs. However, if you use an out-of-network ATM, you’ll be charged a fee of $3 by the bank. This fee does not include the ATM operator’s fees.
It offers a premier account
BMO Harris Bank offers a premier checking account that offers a variety of benefits. Unlike many other major banks, BMO Harris does not charge an overdraft fee unless you go overdrawn by $50 or more. Otherwise, you’ll have to pay $15 for each overdraft transaction and pay it up to three times per day. You can also sign up for automatic overdraft protection. There’s a monthly fee of $10, but that’s less than most other major banks.
BMO Harris Bank’s Premier account offers tiered interest, so the higher your balance is, the higher the interest you will earn. This account is also safe, as you’re protected against losing all of your money if the bank fails. BMO’s insurance is backed by the full faith and credit of the United States government, so you can rest assured that your money is secure. Other benefits of the Premier account include a chip-enabled debit MasterCard, free banking through BMO’s Total Look account management tool, and a discount on mortgages and home equity lines of credit.
The BMO Harris Premier account also allows fee-free access to non-BMO ATMs. Other banks charge up to $25 per statement cycle for using an out-of-network ATM. These charges can add up to quite a bit, so having the ability to withdraw money from an ATM without incurring fees can save you a significant amount of money.
To qualify for the Premier account, you must have at least $7,500 in qualifying direct deposits in the first 90 days. Direct deposits must be from an employer or outside agency. BMO Harris reserves the right to ask for verification of these funds. You must also make at least seven direct deposits to the account in the first 90 days.
A Premier Money Market account from BMO Harris Bank comes with a variety of benefits, but it has a few drawbacks. There’s a $50 fee if you close the account within 90 days. It also requires a minimum opening deposit of $25. There’s also a $10 monthly maintenance fee that’s waived if you have a $10,000 balance. To avoid this fee, you can also set up automated transfers that will transfer a fixed amount from one account to another.
It offers a CD
A CD is an investment product that is typically held for a specified length of time. Many banks offer varying interest rates on CDs, and BMO Harris offers a few options that you can choose from. While some banks require a minimum deposit of $500 or $1,000, this option can be more beneficial for you if you have a larger sum to deposit. The best part about this option is that BMO Harris offers a face-to-face customer service department, making it a convenient and secure way to keep your money in an investment vehicle.
The FDIC insures CDs, which means that they are safe from a possible bank failure. However, this insurance only protects up to $250,000 per CD. If you need more protection, you will need to open a different CD at a different bank. BMO Harris Bank also offers special-rate CDs, which have higher interest rates, but require a larger minimum deposit.
Another option is a money market account, which offers tiered interest rates. If you deposit at least $50,000, you can qualify for the best rates. If you don’t have the money to make monthly payments, you can always make a loan to cover the balance. BMO Harris also offers free online and mobile banking, as well as remote deposit capture.
For those who are looking for a higher rate, BMO Harris Bank offers a CD laddering strategy. CD laddering means opening a longer term and letting it earn interest. However, you must be aware of an early-withdrawal penalty. BMO Harris calculates this fee based on how long your CD is and the interest it earns each day.
Although BMO Harris Bank offers some good features, these accounts aren’t exactly exciting unless you qualify for a special rate. If you’re looking for a low interest rate and no monthly fees, you should look elsewhere. Online banks also offer attractive interest rates and low minimum deposit requirements. Compared to brick-and-mortar banks, these institutions offer better rates on CDs.
You can open a BMO Harris money market account online or in-person. You can also open multiple CD ladders with BMO Harris Bank. It’s a good idea to compare BMO Harris rates with brick-and-mortar banks to see which is best for you.
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