BMO Harris CD rates
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Published 8:00 a.m. UTC Nov. 28, 2023
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BMO Harris offers certificates of deposit (CDs) with terms ranging from one to 60 months in length, with varying interest rates. However, only a few terms offer competitive yields — most Standard CDs pay negligible rates — but CD Specials offer considerably higher yields.
Account details and annual percentage yields (APYs) are accurate as of November 22, 2023 and were found using the ZIP code 60603.
Overview of BMO Harris CDs
BMO Harris offers the following types of CDs:
- Standard CDs: Savers can choose terms between one to 60 months, with rates varying based on the terms. However, the one- and two-month term options are only available to those with a $100,000 minimum balance. APYs for these Standard CDs are very low, ranging from 0.05% for a three-month term to 0.25% for a 60-month term.
- CD Specials: BMO Harris offers some CD Specials with much higher APYs and nonstandard terms, including 13, 25, 35, 45 and 59 months, paying APYs anywhere from 4.75% to 5.25%.
How much can you earn with a BMO Harris CD?
Thanks to the Federal Reserve’s interest rate hikes to a higher fed fund rate, savers can now access more competitive yields on products like CDs. Coupled with their virtually risk-free nature, these products are a viable option for preserving capital while earning some potential income.
BMO Harris offers five CD Special terms (13-, 25-, 35-, 45- and 59-month terms) with competitive APYs. The other term options for Standard CDs pay a relatively low APY and aren’t as competitive.
How BMO Harris CDs compare
The rates offered on BMO Harris Standard CDs are quite paltry, earning anywhere from 0.05% to 0.25% APY, far below the national average. Investors can earn a higher yield on BMO’s CD Special terms, with rates ranging from 4.75% to 5.25% APY.
Competitors of BMO Harris offer similar special rates. For example, many Bank of America Certificates of Deposit with Fixed Terms have yields hovering around 0.03% APY, but its Featured CDs go up to 5.00% APY (both require a deposit of at least $1,000). Wells Fargo offers 4-month and 11-month Special Fixed Rate CDs at 4.75% and 5.00% APY respectively, requiring a $5,000 minimum deposit for both.
Savers interested in standard CD terms should consider checking out competitors to BMO Harris for better deals. Here’s a look at how different Standard CD rates from Bank of America and Wells Fargo stack up.
How to open a BMO Harris CD account
First, you must ensure you’re eligible to open a CD account with BMO Harris. Typically, you need to have a valid Social Security number or Individual Taxpayer Identification Number.
Then head to the BMO Harris website and navigate to its CD account section under the “Checking & Savings” tab. Choose a CD that aligns with your savings goals and time horizon based on the available CD rates and terms.
If you’re already a BMO Harris customer, click the “Sign In” button to use your BMO Harris credentials. This will facilitate a faster application process as some of your details might be prefilled.
If you’re a new customer, you’ll need to register and open an account. Have some personal information ready. This may include your name, date of birth, Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), email address, phone number and residential address.
All applicants will choose whether to open an individual or joint CD account.
It’s best to read through all the provided documents. These may include an electronic notice and consent agreement, deposit account agreement, CD disclosure and other documents. After reviewing, check the box indicating you agree to the terms and conditions.
Once you’ve submitted your application, BMO Harris will review it. Your bank may reach out to you for additional information or clarification. After approval, you can fund your CD and start earning interest.
Other banking options at BMO Harris
Beyond CDs, BMO Harris offers other banking products, including money market accounts, savings accounts and checking accounts.
Relationship Plus Money Market account
Key features:
- BMO offers up to 3.56% APY when you bundle this account with a BMO Relationship Checking account.
- A base 1.00% APY (if not bundled).
- The monthly maintenance fee is $10 but can be waived under certain conditions.
- Minimum opening deposit of $25.
Savings Builder Account
Key features:
- No monthly maintenance fee.
- Earn a $5 reward for every month you save $200 or more (for the first year).
- Minimum opening deposit of $25.
- Offers 0.01% APY.
BMO Smart Advantage Checking
Key features:
- No monthly maintenance fee or minimum monthly balance requirement.
- Use BMO and Allpoint® ATMs in the U.S. without any additional charges.
- Each overdraft incurs a $15 fee.
- Minimum opening deposit of $25.
BMO Harris is considered a safe bank. The bank is a Federal Deposit Insurance Corporation (FDIC) member — meaning deposit accounts at BMO Harris are FDIC-insured up to $250,000 per depositor, per account ownership category.
The minimum deposit to open a BMO Harris CD account is $1,000.
Yes, there is an early withdrawal penalty for BMO Harris CDs. The penalty amount is determined by the terms of the CD.
For CDs with a term of one month (seven to 59 days), the penalty is all interest earned. For CDs with terms between two months and 11 months (60 days up to and including 364 days), the penalty is 90 days’ worth of interest. CDs with terms between 12 and 23 months have a penalty of 180 days’ worth of interest. For CDs with terms of 24 to 35 months, the penalty is 270 days’ worth of interest. CDs with 36 to 47 month terms will incur a penalty of 365 days’ worth of interest. Finally, for CDs with a term of 48 months or longer, the penalty is 545 days’ worth of interest.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
