What is the current BMO CD rate?

As of June 2026, BMO CD rates range from approximately 1.50% to 4.25% APY depending on the term and whether a promotional offer is available. BMO's best rates are typically on promotional 7-month or 13-month CDs, which can reach 4.00–4.25% APY when offered. Standard CD rates are significantly lower. Check bmo.com for current promotional availability before opening an account.

What is the minimum deposit for a BMO CD?

BMO requires a minimum deposit of $1,000 for most standard CDs. Some promotional CDs may have different requirements. This is higher than online banks like Ally and Capital One 360, which have no minimum deposit, but is on par with other traditional banks like Wells Fargo and Chase.

What is the early withdrawal penalty on BMO CDs?

BMO's early withdrawal penalty varies by term: CDs with terms under 12 months typically charge 90 days of interest; terms of 12 to 24 months charge 180 days of interest; and longer terms charge 270 days of interest. These are moderate penalties compared to some banks that charge a full year's interest for long-term CDs. Breaking a CD early will significantly reduce your effective yield.

How does BMO compare to online banks for CD rates?

BMO's promotional CD rates (4.00–4.25% APY) are competitive with online banks, but those promotions are not always available. When no promotion is running, BMO's standard rates (1.50–3.00% APY) fall well short of what Ally, Marcus, and Capital One 360 consistently offer. If you bank with BMO for other reasons, the promotional CDs are worth watching. If maximizing yield is the priority, online banks are more consistently competitive.

BMO CD Rates 2026 — Terms, APYs, and How They Compare

BMO CD rates range from approximately 1.50% to 4.25% APY in June 2026, with the best rates available through periodic promotional offers on select terms. BMO Bank (the US subsidiary of BMO Financial Group, one of Canada’s largest banks) operates branches primarily across the Midwest, Southeast, and West Coast, making it a consideration for existing BMO customers who want a fixed-rate savings option without moving funds to a separate institution.

Rates shown are as of June 2026 and change frequently. Verify the current rate at bmo.com before opening an account. Promotional rates are not always available.

BMO CD Rates by Term (June 2026)

Term	Standard APY	Promotional APY (when available)
3 months	1.50–2.00%	3.50–4.00%
7 months	1.75–2.25%	4.00–4.25%
12 months	2.00–2.75%	4.00–4.25%
13 months	2.00–2.75%	4.00–4.25%
2 years	2.00–2.50%	3.50–3.75%
3 years	1.75–2.25%	3.25–3.50%
5 years	1.50–2.00%	3.00–3.25%

BMO frequently offers promotional CDs on non-standard terms (7 months, 13 months) — these odd-term promotions are designed to attract deposits without disrupting the standard term ladder. If a promotional rate is available when you’re ready to open, it can match or exceed online bank rates for that specific term.

How Much Can You Earn?

On a $10,000 deposit at BMO’s approximate promotional 12-month rate of 4.13% APY:

After 12 months: ~$10,413 ($413 in interest)

At BMO’s standard 12-month rate of 2.38% APY:

After 12 months: ~$10,240 ($240 in interest)

The gap between BMO’s promotional and standard rates is approximately $173 on $10,000 over one year — a meaningful difference. Always confirm whether a promotional rate is currently available before opening.

Early Withdrawal Penalties

Term	Penalty
Less than 12 months	90 days of interest
12 to 24 months	180 days of interest
More than 24 months	270 days of interest

If you break a 12-month promotional CD at 4.13% APY after 6 months with $10,000, you’d earn approximately $207 in interest but forfeit 180 days (6 months) of interest — the same $207. Net return: $0. The math punishes early withdrawal most severely at the halfway point. Plan to hold BMO CDs to maturity.

BMO vs. Online Banks

	BMO (Promotional)	BMO (Standard)	Ally Bank	Capital One 360
Best 12-month APY	~4.13%	~2.38%	~4.50%	~4.45%
Minimum deposit	$1,000	$1,000	$0	$0
Promotion required	Yes	No	No	No
In-person branches	Yes	Yes	No	Limited
FDIC insured	Yes	Yes	Yes	Yes

BMO’s promotional rates are competitive when available, but the unpredictability of promotional timing is a meaningful disadvantage against online banks that consistently offer top rates without waiting for an offer.

BMO’s “Smart” CD Option

BMO periodically offers a “Smart” or “Raise Your Rate” CD variant that allows a one-time rate increase if BMO raises its offered rate during your term. This feature provides limited protection against rising rates without full flexibility. Check BMO’s website for current availability — these products come and go with market conditions.

CD Renewal at BMO

BMO CDs automatically renew at maturity into the same term at the standard (not promotional) rate unless you take action during the grace period. The grace period is 10 calendar days after maturity. If you opened a promotional CD, the renewal rate will be the standard rate — potentially significantly lower. Set a calendar reminder 30 days before maturity to decide whether to renew, switch to another BMO product, or move funds to a higher-yielding online bank.

Who Should Open a BMO CD?

Best for:

Existing BMO banking customers who want to keep funds in one institution
Savers in BMO branch markets (Midwest, Southeast, West Coast) who value in-person support
Anyone timing a deposit when a BMO promotional CD is available

Consider alternatives if:

No BMO promotional rate is currently running (standard rates lag online banks significantly)
You have less than $1,000 (Ally and Capital One have no minimum)
You want the consistently highest available rate regardless of promotion timing

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy