BMO Bank CD Rates: December 2024

BMO offers standard and promo CDs with a variety of term options and rates that may vary by location

Fact checked by Amanda Bellucco-Chatham
Reviewed by Samantha Silberstein

Headquartered in Chicago, BMO (formerly known as BMO Harris) offers certificates of deposit (CDs) with a range of term options with rates up to 3.85%.

The APYs are fairly competitive in some cases, though you may find better rates from other bank’s high-yield CDs. Your rate may vary depending on your location. BMO also offers special CDs with competitive APYs and a relatively limited set of terms. 

Important

The APYs listed below are based on ZIP code 10001 in New York City. Check the bank website to see rates for your specific location.

Compare BMO Bank CD Rates

BMO sometimes offers competitive rates on certain CD terms, but you may find the minimum deposits to be too high. Browse a selection of other high-yield accounts below.

BMO Bank CDs: Key Features

BMO doesn’t charge monthly fees to maintain your CD accounts, but it will charge you a penalty for early withdrawal. The penalty varies depending on your CD term, but can be as high as 545 days of interest. 

Interest on your BMO CD will compound on a daily basis. Once your CD matures, it will automatically renew into a new CD with the same term unless you request something else. 

You have a 10-day grace period to withdraw funds, make an additional deposit, or close your CD account after it matures. 

Pros and Cons of BMO Bank CDs

Pros

• Competitive rate

• Flexible terms

Cons

• High minimum deposit

• Early withdrawal penalty

Pros Explained

• Competitive rate: BMO Bank’s highest-yielding CD offers a rate of 4.30%, which can help your savings compound. It’s a higher rate than you’d find on many CDs and savings accounts, but keep in mind you may be able to get higher rates by shopping around.
• Flexible terms: You can get CD terms from BMO Bank for as little as one month or as high as one year.

Cons Explained

• High minimum deposit: BMO Bank requires a minimum deposit of $1,000, which is fairly high compared to other banks’ requirements. Some banks to require a higher minimum deposit for their CDs, but you can also find CDs that allow you to invest with lower amounts.
• Early withdrawal penalty: Like with many CDs, you will face an early withdrawal penalty if you remove your deposits before the terms ends. With BMO Bank, you could pay up to 545 days in interest.

About BMO Bank

BMO Bank, which rebranded from BMO Harris, is the eighth-largest bank in North America by assets. With roots tracing back to 1817, the bank has a well-established presence in both the U.S. and Canada. 

BMO offers a full suite of banking services, including checking and savings accounts, retirement savings accounts, money market accounts, credit cards, mortgages, and business financing options. You don’t need to be an existing BMO Harris customer to open a BMO CD. CD rates may vary depending on where you live. 

Alternatives to BMO Bank

• High-yield savings accounts: If you’re willing to open an online savings account elsewhere, you may be able to earn higher rates than what BMO Bank offers. See the best high-yield savings account rates to compare how much you could earn.
• High-yield checking accounts: You may find relatively high rates with some checking accounts. Be aware of their requirements and limits. The best high-interest checking accounts give you easy access to your money.
• Certificates of deposit (CDs): BMO Bank offers fairly competitive rates on its CDs. You can also choose from a range of CDs from other financial institutions.
• Money market account: Money market account can also provide a return on your savings. Check the best money market account rates to see how it compares.
• Treasury securities: These government-backed bills, notes, and bonds sometimes offer even higher rates than CDs and may be more liquid. 

Frequently Asked Questions (FAQs)

Does BMO Harris Have Special CD Rates?

Yes, BMO Harris is currently offering special CD rates with higher APYs than its standard CD, with a limited set of terms to choose from. The minimum opening deposit is $1,000.

Do You Need a Checking Account With BMO Harris to Open a CD Account?

No, you don’t need a checking account with BMO Harris to open a CD account. However, if you’re already a BMO Harris customer, you can sign in to your online account for a faster CD application process.

Is There an Early Withdrawal Penalty for CD Accounts at BMO Harris?

Yes, there is an early withdrawal penalty for CD accounts at BMO Harris. The penalty varies depending on your loan term. For CDs with terms of 59 days or fewer, you’ll get charged all interest earned for early withdrawal. For other CD terms, your penalty will range from 90 days of interest to up to 545 days of interest. 

Is BMO Harris FDIC-Insured?

Yes, BMO Harris is FDIC-insured, so depositors are insured for up to $250,000.

Your Guide to CDs

• What Is a Certificate of Deposit (CD)?
• What Is a Brokered CD?
• What Is a CD Ladder?
• Pros and Cons of CDs
• How to Invest With CDs
• How to Open a CD
• How to Close a CD
• CDs vs. Annuities
• CDs vs. Stocks
• CDs vs. Mutual Funds
• CDs vs. ETFs
• CDs vs. Savings Accounts
• Short-Term vs. Long-Term CDs
• CD Rates News
• Best 1-Year CD Rates
• Best 18-Month CDs
• Best Jumbo CD Rates
• Best 6-Month CD Rates
• Best 3-Month CD Rates
• Best Bank CD Rates

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