BMO – Large, Historic Midwest Financial Institution
Those looking for a bank with plenty of reach in the Midwest would do well to consider BMO. From its Chicago headquarters, BMO locations include more than 600 branches and about 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. BMO employs about 14,200 across its U.S. businesses.
BMO offers a wide range of financial products, everything from personal savings accounts and checking accounts to mortgages, auto loans and wealth management services.
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BMO Savings and Checking Accounts
BMO offers different tiers of savings accounts and checking accounts to suit your financial needs. Its basic savings account, Statement Savings, is a solid account that offers few bells and whistles. You can rely on the bank’s Auto Save feature to automatically transfer money into your savings account from a BMO checking account to make building up a savings nest egg an easier task.
Select Money Market Account
The bank’s Select Money Market account is a more advanced version of its Statement Savings. In this account, you can earn higher interest rates if you maintain a higher balance on your money market account.
Certificate of Deposit Options with High CD rates
BMO lists a series of certificate of deposit (CD) products, featuring high CD interest rates. Its basic 13-month CD has an annual percentage yield (APY) of 1 percent, while its 25-month CD comes with a 1.5 percent APY. BMO also offers a 44-month CD that features a 2 percent APY. The minimum deposit for all of these CDs is $5,000.
BMO Checking Accounts
The bank offers four types of checking accounts. Its basic account, BMO Everyday Checking, requires a minimum opening deposit of $100 and a monthly maintenance fee of $12. You can waive this fee, though, if you maintain a minimum daily ledger balance of $1,000 and your monthly deposits equal $500 or more during the statement period.
BMO’s Select Checking account is a bit more advanced. This account earns interest, though it does come with a $15 monthly maintenance fee.
Other Financial Services
As a major bank, BMO offers a host of other financial products. It offers credit cards, mortgage loans, home equity loans, personal loans and auto loans. Retirement savers can open an IRA through the bank and work with a personal financial adviser.
In addition, BMO offers financial services for small business owners and wealth management services.
If you prefer to bank on the go, BMO offers its own mobile banking app and a host of online banking services.
Community Service Central to BMO Mission
BMO refers to itself as a community bank on its website. Employees frequently volunteer throughout the communities they serve, often during events sponsored by BMO, to help provide a boost to local neighborhoods.
BMO, for instance, participates in the My Money Program, designed to teach financial literacy. In Milwaukee, BMO organizes a Money Fair, in which students learn about financial topics such as loans to interest rates. They then teach these topics to others.
Bank employees have provided volunteer hours and financial support to area food banks, YMCAs, shelters and housing agencies.
