bank rates

BMO Harris Is Offering Very Attractive Promo CDs Right Now

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.

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 a couple of years ago, its CD rates were as pitiful as those at virtually every other megabank. But it’s been going strong so far this year.

BMO Harris offers an array of three promotional CDs with a $5,000 minimum deposit:

  • 2.65% APY on 18-months
  • 3.00% APY on 30-months
  • 3.50% APY on 60-months

The most notable CD in the BMO Harris collection is the 60-month. At 3.50% APY, it’s matching and often beating out the best deals on our 5-year CD leaderboard.

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

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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One Existing Comment
  1. Daniel Archer said:
    on February 28th at 12:39 pm

    “Of course, you can still do better with one of the best national CDs.”?? Any examples to back up that statement?