BMO Bank (Bank of Montreal’s US subsidiary) is the 8th-largest US bank by assets, with 500+ branches primarily in the Midwest. It offers no-fee checking via Smart Advantage, and its separate BMO Alto platform delivers a competitive 4.50%+ APY on online savings. Standard branch savings rates are not competitive, but the BMO Alto option fills that gap.
BMO is best for: Midwest customers who want branch access and plan to use BMO Alto for competitive savings rates.
BMO Bank at a Glance
| Feature | Details |
|---|---|
| Parent | Bank of Montreal (Canada) |
| US assets | ~$200 billion (8th-largest US bank) |
| 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 savings APY | 0.01% |
| BMO Alto savings APY | 4.50%+ |
Checking Accounts
Smart Advantage Checking
- Monthly fee: $0 (when opened online; $5/month if opened in branch)
- Minimum balance: $0
- Overdraft fee: $15 per item (lower than most competitors)
- 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
Plus Checking
- Monthly fee: $10/month
- Fee waiver: $1,500 average daily balance OR $500 in monthly direct deposits
- Benefits: Higher Zelle limits, some savings rate bonuses
- Best for: Customers who need the higher transaction limits
Savings Accounts
BMO Standard Savings: 0.01% APY — not competitive. Available in branches.
BMO Alto High Yield Savings: 4.50%+ APY, $0 fee, $0 minimum — competitive with top online banks. Available online only at BMO Alto’s site. FDIC insured through BMO Bank N.A.
For any customer who wants meaningful savings growth, BMO Alto is the right choice.
BMO Alto: Online Savings Division
BMO Alto operates as BMO’s online-only arm:
- High Yield Savings: 4.50%+ APY
- CDs: Competitive fixed-term rates
- 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. Unlike Schwab or Axos, BMO does not offer ATM fee reimbursement.
BMO vs. Chase
| Feature | BMO Smart Advantage | Chase Total Checking |
|---|---|---|
| Monthly fee | $0 (online) | $12 |
| Fee waiver | Online signup | $500 DD or $1,500 balance |
| Overdraft fee | $15 | $34 |
| ATMs | 40,000+ | 16,000+ |
| Branches | 500+ (Midwest) | 4,700+ (nationwide) |
| Savings APY | 0.01% (BMO Alto: 4.50%) | 0.01% |
BMO wins on ATM network size and lower overdraft fees. Chase wins on national branch coverage.
Who BMO Bank Is Best For
- Midwest customers who need physical branch access
- Those who want no-fee checking with a low overdraft fee structure
- Customers willing to pair BMO checking with BMO Alto for competitive savings rates
- Those who prefer a large, established bank over a fintech
See also: BMO checking account | BMO savings account | BMO routing number | BMO vs. Chase
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