bank rates

BMO Harris Starts Offering Attractive CD Rates Worth A Look

man in suit with calculator, cd rates

“The biggest banks have the best CD rates,” said no one ever.

That’s because the deposit rates offered by the top 25 banks are generally far worse than competitive. They’re below even the national averages, and – let’s just say it – are downright pathetic.

So we take notice when a gigantic bank begins offering certificates of deposit with anything even resembling a competitive yield, and this month, BMO Harris Bank has gotten our attention.

Based in Chicago, BMO Harris is the 25th-largest bank in America by total assets, operating more than 600 branches across the nine states of Florida, Illinois, Washington, Arizona, Indiana, Missouri, Wisconsin, Minnesota and Kansas.

Until recently, its CD rates were as pitiful as those at virtually every other megabank. Indeed, the only Top 25 bank you can currently find in our rankings is 23rd-largest Ally Bank.

But in March, BMO Harris unveiled an array of five promotional CDs with a $5,000 minimum deposit, of which three pay reasonable returns:

  • 1.50% APY on 37 months.
  • 1.75% APY on 47 months.
  • 2.00% APY on 59 months.

None of these will beat or even appear on our CD Rates Leaderboard of the very top nationally available certificate yields. They aren’t quite that good.

But in the longer rankings we track for every term, these rates would compete in the middle of the top ranks.

There’s just one catch. These special CDs are only offered to customers who have or open a personal checking account with BMO Harris.

Requiring a relationship account is a disqualifier for our Leaderboard. But with hundreds of thousands of BMO Harris customers already in existence – not to mention the ease with which many savers could establish a checking account at the bank, given its extensive reach – this promotion is worth a special mention.

Of course, you can still do better with one of the best national CDs, or better yet, a top-paying credit union or community bank certificate, if you can qualify.

But for those who value the convenience of opening a CD at a big bank where you already have an account, BMO Harris is one of the only megabank offers worth considering.

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