BMO Bank, based out of Chicago, Illinois, offers consumers 10 regular term CDs (certificates of deposit) with durations ranging from 3 months to 5 years.
They also have 5 “CD Specials” with oddball terms of 13, 25, 35, 45, and 59 months. These CDs come with higher rates and APYs (annual percentage yields) than their standard term CDs and are quite competitive when compared to the national average for each term.
Although BMO Bank has branch locations in just 9 states (Arizona, California, Florida, Illinois, Indiana, Kansas, Missouri, Minnesota, and Wisconsin) their CDs can be opened online by consumers in all 50 states or within a branch for local residents. The same yields and terms apply whether you’re opening the account in-person at a branch or at your home.
BMO is member FDIC and all deposit accounts are federally insured up to the applicable limits.
📌 Please Note: BMO Bank’s CD rates may vary by region but do not per the time of this writing. All of the locations we surveyed (Los Angeles, CA, Seattle, WA, St. Louis, MO, Miami, FL and NYC, NY) provided the same yields and terms. If you’re opening a BMO CD online, you’ll first need to enter your zip code to see the current rates in your area.
BMO Bank CD Rates + Account Details
As noted, BMO Bank’s most competitive CD rates come with their Special CD accounts. There are 5 terms to choose from and they require a minimum deposit of $1,000 to open. This is down from a $5,000 minimum earlier in 2023.
CD Rates (CD Specials)
To put these offers in perspective, the current national average for a 12 month CD and a 60 month CD sit at just 1.76% and 1.41%, respectively, according to recent FDIC data.
That said, top yields from online banks are now hovering around 5.50% and 4.50% APY for the same respective terms.
How Do BMO Bank CD Rates Compare?
The table below shows the best CD rate offered at BMO Bank compared to some of the best CD rates offered by other FDIC-insured banks.
|Bank||Best CD Rate (APY)|
How Much Can You Make with a BMO Bank CD?
The amount of money you can earn with a CD from BMO Bank is going to depend on your deposit size, the term you choose and its going APY. It may also depend on your location, but does not per the time of this writing. Take a look at the table below. It shows potential earnings on BMO Bank’s CD Specials assuming a deposit size of $50,000.
Standard CD Rates
All of BMO Bank’s standard CDs are providing negligible yields at this time for all locations. These accounts also require a minimum deposit of $1,000 to open.
From time to time BMO Bank offers Add-On CDs. They discontinued this offer earlier in 2023, but may bring it back again.
With Add-On CDs, additional deposits may be made into your BMO Bank CD during the term of the CD and during the grace period.
These additional deposits may be transferred through another BMO deposit account, mobile banking, telephone banking, a transfer request at a branch, and when you sign into your online banking account. There is a maximum deposit limit of $100,000 (excluding interest).
BMO Bank has a 10 calendar day grace period after maturity for both CD specials and standard term CDs. During this time you may add or withdraw any or all funds without facing a penalty. If you need to withdraw funds prior to your CD’s maturity, you will face early withdrawal fees.
If nothing is done during this 10 day grace period, your CD will renew into a new deposit with the going rate and APY at that time.
Early Withdrawal Penalties
Early withdrawal penalties are fairly straight forward and will not affect your principal, just interest accrued. They are as follows:
|3 months – 364 days||90 days’ interest|
|365 days or more||180 days’ interest|
How to Open and Fund a BMO CD
Whether you plan to open a BMO CD online or in a branch, you’re going to need a few pieces of personal and financial information ready to verify your identity and fund your deposit.
To complete the application process, you’ll need the following:
- Legal Name
- Verifiable Email Address and Phone Number
- Home Address
- Date of Birth
- Social Security Number or Tax ID
- Driver’s License or State Issued ID
- Employment Status
Once your identity has been verified and your application has been approved, you’ll be able to fund the CD. If you’re funding the BMO CD from an external bank account, you’ll need the following:
- Current bank or credit union’s routing number.
- Current bank account number where funds will be withdrawn from.