When it comes to managing your bank accounts, BMO Financial Group offers a variety of options to consider. Whether you prefer traditional branch banking or an online-only experience, BMO has products to suit your needs.
For those who enjoy in-person banking, BMO branches provide standard CDs as well as special CDs. However, if you're comfortable with online banking, BMO Alto, the bank's online-only division, offers a standout 6-month term CD with a competitive 5.25% APY.
Standard CDs from BMO typically offer lower interest rates compared to the more attractive rates available with Special CDs. It's important to note that Special CDs are only available for a limited time, so timing is key.
Minimum deposit requirements for BMO CDs may vary by region, but generally, you'll need at least $1,000 to open an account. BMO Alto Online Certificates of Deposit stand out with a $0 minimum opening deposit, making them accessible to a wider range of customers.
While BMO Alto CDs offer competitive rates, it's essential to consider that these accounts are online-only, meaning you won't have access to in-branch support. Additionally, BMO Alto does not have a mobile app, so all account management must be done through their website or customer support.
Comparing BMO CD rates with other banks like Chase and Wells Fargo, BMO's Special CDs and Alto CDs tend to offer more attractive interest rates. Chase may offer higher rates with a relationship account, while Wells Fargo typically requires a higher minimum opening deposit of $2,500.
Overall, BMO's Special CDs and Alto CDs provide great interest rates, while their Standard CDs may not be as competitive. For those seeking the best CD rates, online banks may offer even more appealing options.
Insider's certificate of deposit methodology evaluates various factors such as interest rates, minimum deposits, early withdrawal penalties, CD term variety, ethics, customer support, and mobile app availability to provide an overall rating for each type of CD.
It's important to note that the opinions expressed in this article are independent, and while the information is accurate at the time of publication, offers are subject to change. Customers are advised to review current terms and conditions before making any financial decisions.
