BMO Bank (Bank of Montreal’s US subsidiary) is a large US bank with 500+ branches primarily in the Midwest. It offers no-fee checking via Smart Advantage (when opened online with e-statements), and its separate BMO Alto platform has offered a competitive APY on online savings — confirm the current rate before relying on it. Standard branch savings rates are not competitive, but the BMO Alto option can fill that gap.
BMO is best for: Midwest customers who want branch access and are willing to use BMO Alto for a higher savings rate.
BMO Bank at a Glance
| Feature | Details |
|---|---|
| Parent | Bank of Montreal (Canada) |
| US assets | ~$200 billion (confirm current figure) |
| Branches | 500+ (Midwest: IL, WI, IN, MN, KS, MO, and others) |
| ATMs | 40,000+ (BMO + Allpoint network) |
| FDIC insured | Yes (BMO Bank N.A.) |
| Standard branch savings APY | ~0.01% |
| BMO Alto savings APY | Confirm current rate at bmoalto.com |
Checking Accounts
Smart Advantage Checking
- Monthly fee: $0 (opened online with e-statements; $5/month with paper statements)
- Minimum balance: $0
- Overdraft fee: Reported figures vary ($15–$37/item across sources) — confirm the current fee directly with BMO
- ATM access: 40,000+ fee-free ATMs
- Best for: Customers wanting no-fee everyday checking
Smart Money Checking
- Monthly fee: $5/month (cannot be waived)
- Minimum balance: $0
- Overdraft: No overdraft fees — transactions are declined when funds are insufficient
- Best for: Customers with overdraft history who want a guaranteed no-overdraft-fee account
Premium Checking Tier
- Monthly fee: Reportedly $25/month, waived with a large combined balance
- Best for: Higher-balance customers — confirm current name, fee, and waiver terms directly with BMO before opening
Savings Accounts
BMO Standard Savings: Around 0.01% APY — not competitive. Available in branches; confirm the current rate.
BMO Alto High Yield Savings: Has offered a competitive APY with $0 fee and $0 minimum. Available online only at bmoalto.com. FDIC insured through BMO Bank N.A. Confirm the current advertised rate before opening, as HYSA rates change frequently.
For any customer who wants meaningfully higher savings yield than BMO’s standard branch account, BMO Alto is worth comparing against other current online HYSA offers.
BMO Alto: Online Savings Division
BMO Alto operates as BMO’s online-only arm:
- High Yield Savings: confirm current APY at bmoalto.com
- CDs: fixed-term rates — confirm current terms
- No physical branches; managed entirely online
- FDIC insured through BMO Bank N.A.
- Can be opened as a standalone account (no BMO branch relationship required)
ATM Access
BMO has 40,000+ fee-free ATMs through its own network and the Allpoint partnership. Out-of-network ATM fee: $3 per transaction. BMO does not offer ATM fee reimbursement on standard checking accounts.
BMO vs. Chase
| Feature | BMO Smart Advantage | Chase Total Checking |
|---|---|---|
| Monthly fee | $0 (online + e-statements) | $15 |
| Fee waiver | Online + e-statements | $500 DD, $1,500 balance, or $5,000 combined |
| Overdraft fee | Confirm current fee with BMO | $34 |
| ATMs | 40,000+ | 16,000+ |
| Branches | 500+ (Midwest) | 4,700+ (nationwide) |
| Savings APY | ~0.01% branch (BMO Alto: confirm current rate) | ~0.01% |
Confirm current figures for Chase directly, as fee schedules can change. BMO wins on ATM network size. Chase wins on national branch coverage.
Who BMO Bank Is Best For
- Midwest customers who need physical branch access
- Those who want no-fee online checking with e-statements
- Customers willing to pair BMO checking with BMO Alto for a higher savings rate
- Those who prefer a large, established bank over a fintech
See also: BMO checking account | BMO savings account | BMO routing number | BMO vs. Chase
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