Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
If you would prefer to manage bank accounts at BMO Harris Bank branches, the bank has standard CDs and special CDs. If you’re comfortable with an online-only banking experience, though, BMO Financial Group also has an online-only division called BMO Alto. BMO Alto has a standout 12-month term paying 5.25% APY.
BMO CD Rates
BMO Harris CD Rates
BMO Harris standard CDs pay low interest rates, while the special CDs are good overall. Special CDs are only available for a limited time though.
BMO Harris CD rates may vary by region and minimum deposit. You’ll need at least $1,000 to open an account.
The following chart shows the current rates for Standard CDs if you live in Chicago, Illinois:
TermAPY1 month ($100,000 minimum balance)0.05%2 months ($100,000 minimum balance)0.05%3 months0.05%6 months0.05%9 months3.50%12 months0.05%13 months (CD special)5.10% 18 months0.05%24 months0.05%25 months (CD special)4.75%30 months0.05%35 months (CD special)4.50% 36 months0.10%45 months (CD special)4.50%48 months0.15%59 months (CD special)4.50%60 months0.25%
BMO Alto CD Rates
BMO Alto Online Certificates of Deposit are more competitive than BMO Harris Standard CDs, and even some Special CDs.
BMO Alto CDs have a $0 minimum opening deposit. These accounts are available online-only, which means you won’t be able to go to a BMO branch for support. Instead, you must call BMO customer support. Another thing to keep in mind is that BMO Alto doesn’t have a mobile app.
TermAPY6 months5.10%12 months5.25%24 months4.75%26 months4.50%48 months4.50%60 months4.50%
BMO CD Rates Pros and Cons
ProsConsBMO Harris Special CDs and Alto CDs pay higher than the average CDBMO Harris CDs have high early withdrawal penaltiesVariety of CD termsStandard-to-low minimum opening deposit requirementsBMO Harris Standard CDs pay low interest ratesBMO Alto CDs have standard-to-early withdrawal penalties
How BMO CD Rates Compare
BMO CD Rates vs. Chase CD Rates
If you’re comparing interest rates on CDs, your choice will largely depend on the term you choose and where you live.
BMO Harris CDs have different rates depending on which state you live in. Chase offers standard rates and relationship rates. You’ll qualify for a higher relationship rate if you have a Chase checking account.
Chase has a solid 3-month CD if you qualify for a relationship rate. However, BMO may be a good choice if you are interested in one of the BMO Harris CD specials or a BMO Alto CD.
BMO CD Rates vs. Wells Fargo CD Rates
If you’re strictly searching for the highest CD rates, you’ll likely prefer BMO Harris over Wells Fargo. When comparing the two banks, BMO Harris CD specials and BMO Alto CDs have the most competitive interest rates.
BMO Harris also may be a better option if you’d like a low minimum opening deposit. The bank lets you open an account with $1,000, while at Wells Fargo, you need at least Wells Fargo Standard Fixed Rate CD – Minimum Deposit.
The bottom line: BMO Harris Special CDs and BMO Atlo CDs offer great interest rates, while BMO Harris standard CD rates are low overall. If you’re strictly searching for the best CD rates, though, online banks have even more competitive rates right now.
Why You Should Trust Us: How We Reviewed BMO CDs
We used Insider’s certificate of deposit methodology to review BMO Harris and BMO Alto CDs. We look at interest rates, minimum opening deposits, early withdrawal penalties, CD term variety, ethics, customer support, and the mobile app. We use a scale of 0 to 5 for each category, then average the scores together to calculate the CDs’ overall rating.