BMO Harris Bank is a traditional retail bank with its headquarters in Chicago which offers a wide variety of lending, deposit, and investment products.
It was established in 1882; it is an affiliate that is part of the Bank of Montreal – hence its “BMO” to its name. It is the eighth-largest banking institution in North America, with $973 billion in assets, 12 million consumers, business clients, and hundreds of branches spread across eight states. In this article, we will describe how to open a BMO Harris open savings account online.
About BMO Harris Bank
Before we know how to open a BMO Harris open savings account online, Let’s know what BMO Harris Bank is all about. BMO Harris Bank is a private business that has been in business for over 140 years. The company is currently in the banking sector. William Downe holds the post of President and CEO. The company’s headquarters are located in Chicago, Illinois, USA. The total number of employees can range between 500 and 1.0K. The annual income from BMO Harris Bank is between 25M to 100M. BMO Harris is one banks where you can open an account online for easily.
Pros Of BMO Harris Bank
- Simple or low to avoid charges: Customers opening the basic checking account pay no monthly fees for signing on for electronic bills. Other checking accounts don’t charge overdraft fees or rebates out-of-network ATM surcharges. The savings account has an annual fee of $5. However, it is reduced by maintaining an annual minimum account balance of $110.
- Low minimums for opening account: There are three checking accounts and one saving account that you can open for as little as $25.
- A variety of debit card choices: Harris offers three debit card choices. When you use the debit card, you have to buy items you’ll be able to enjoy a range of benefits, such as protection for purchases, protection against returns, and extended warranties for eligible products.
Cons Of BMO Harris Bank
- The balances must be high to earn interest: Although you can start a savings account for only $25. You’ll require more balances to enjoy a competitive interest rate. At minimum $1,000 for CDs.
- Geographical footprint limited: The bank is regionally-focused, although it has numerous branches, they are restricted to eight states within the South, Southwest, and Midwest. If you’re not in the states mentioned above, your ability to conduct transactions in person is restricted. CLICK HERE TO KNOW THE BRANCHES OF BMO HARRIS BANK.
What Does BMO Harris Bank Offer?
Before we know how to open a BMO Harris open savings account online, Let’s know what BMO Harris Bank offers. BMO Harris has its ATMs and has partnered with Allpoint to provide more than 4000 ATMs across the country that customers can use at no cost. If you use an ATM outside of the system, BMO Harris charges $3 per transaction.
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As you would imagine from a bank that is this magnitude, BMO Harris Bank offers an array of the standard banking services and products for business and consumers, such as:
Credit cards
BMO Harris Bank has several credit card options, all part of the Mastercard network. The cards include cashback and rewards credit cards or balance transfer credit cards. Here are some cards they offer:
Balance Transfer Credit Cards
- BMO Harris Bank Platinum Mastercard
Cash Back Credit Cards
- BMO Harris Bank Cash Back Mastercard
Rewards Credit Cards
- BMO Harris Bank Platinum Rewards Mastercard
- BMO Harris Bank Premium Rewards Mastercard
Savings accounts
The BMO Harris Bank Savings Builder Account is available with a minimum amount of $25. There is a monthly service fee if the minimum balance is below $100. People under 25 do not have to pay this fee.
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
|---|---|---|---|
| Savings Builder | $25 | $5 | 0.01% |
Money market accounts
This Premier Money Market Account from BMO Harris Bank carries no monthly charges. It will require a minimum deposit of $25. You must keep the balance up to date to earn interest.
| BMO HARRIS BANK MONEY MARKET ACCOUNT | |||
|---|---|---|---|
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
| Premier Money Market Account | $25 | $10 (waived with a $10,000 minimum balance) | 0.03% if $25,000–$99,999 0.05% if $100,000–$249,999 0.07% if $250,000+ |
Certificates of deposit
Certificates of Deposit (C.D.s) are available for three to sixty months with a minimum amount of $1,000. BMO Harris Bank offers higher rates of up to $100,000.
The bank may offer special-term C.D.s with attractive interest rates to satisfy the needs of its customers funding needs. A CD Add-On is available to customers looking to increase the value of their existing certificate, but without altering the date of maturity.
When the C.D.s reach maturity, they will automatically be renewed at the market rate at the time of maturity. Customers receive a notice of maturity via mail. They have ten days from maturity to withdraw their funds without cost.
The penalties for early withdrawals vary depending on the term of the CD and may be removed if the owner dies or is found legally incapable.
Checking Accounts
Customers can choose from three options of checking accounts to pick from.
- The Smart Advantage account is a monthly fee-free account for those who sign up with the option of paperless statements.
- It is a Smart Money Account that carries a fee of $5 per month but does not charge overdraft or non-sufficient fund charges. The charge is waived for those that are younger than 25 years older.
- Premier Account Premier Account earns interest, does away with BMO Harris-related ATM fees, and reimburses the equivalent of $25 ATM fees paid by other banks.
Each checking account comes with three debit cards to select from. For example, the BMO Harris Bank Debit MasterCard comes with the possibility of return protection for up to $250, as well as a longer warranty on eligible goods. It also comes with a World Debit Mastercard and adds purchase insurance if your product is stolen or damaged in the first 90 days. Sports fans can display their pride and save up to percent on their team’s gear by using Bulls, Blackhawks, or Bucks-themed Debit Mastercards.
Note: If you want to get an account opened with BMO Harris Bank, the most effective choices are online or in-person. If you reside within one of eight states where BMO Harris has branches, you can open an account in person. An online account opening from anywhere is also possible. You get a new bank account online at BMO Harris look below for step by step procedure.
How To Open BMO Harris Open Savings Account Online
If you want to open bank account online, It takes less than five minutes to fill out the application, get a bank account online, and open your account. There is no minimum monthly amount that you must make in this particular account. They’ll give you an additional $5 every month. You can save up to $200 for your first year; however, that’s totally up to you. This is one of the easiest bank accounts you can start online. Here are the steps for opening accounts online within five seconds or less!
The process of how to open a BMO Harris open savings account online, is easy and quick. You only need to do this to open online bank account online at BMO Harris bank:
- Your phone number, email address and U.S. residential address
- Your date of birth and Social Security Number (SSN)
- U.S. citizenship (if you aren’t a U.S. citizen, don’t worry – you can apply by phone or in person at a BMO Harris branch)
- A routing and account number so that you can start adding money to your savings account
Click Here To Open BMO Harris Open Savings Account Online
Other Financial Products Offered by BMO Harris Bank
After reviewing how to open a BMO Harris open savings account online, Let’s know other financial products of BMO Harris Bank. BMO Harris Bank offers additional services for customers, such as:
- Home equity loans
- Home equity lines of credit (HELOCs)
- Car loans
- Purchase mortgages
- Financial advisors
- Business loans
- Refinance mortgages
- Personal loans
- IRAs
- Managed investment portfolios
- Private banking
- Personal lines of credit
- CD-secured loans
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