BMO Checking and Savings Summary
BMO Bank N.A. draws on more than two centuries of banking history and offers three online checking accounts, Smart Advantage, Smart Money, and Relationship Checking, alongside a companion Savings Builder account. Every account can be opened online in about five minutes, comes with access to a large fee-free ATM network, and is backed by FDIC insurance, giving new customers a mix of digital convenience and in-person banking support.
BMO Checking & Savings Pros & Cons
Pros:
- No monthly fee on Smart Advantage Checking
- 40,000+ fee-free Allpoint ATMs nationwide
- Grace day before overdraft fees apply
- Free Zelle transfers, no BMO fee
Cons:
BMO Advantages Over Traditional Banks
Compared with many traditional checking accounts, BMO builds in a few consumer-friendly defaults. Smart Advantage and Relationship Checking both include a grace day that lets you cover an overdraft before a fee applies, while Smart Money Checking eliminates overdraft fees outright by declining transactions that would overdraw the account. BMO Relationship Checking also earns interest on the checking balance itself, a feature many standard checking accounts skip. BMO Total Look lets customers link accounts held at other institutions to get a single view of spending and budgets, similar to tools offered by dedicated budgeting apps.
Cutting-Edge Banking Services
The BMO Digital Banking app and website cover the essentials of modern banking: paying bills, transferring money, sending funds through Zelle at no charge from BMO, and depositing checks from a phone camera once the account has been open for at least five calendar days. BMO Total Look adds account aggregation on top, pulling in balances from external accounts so customers can track spending and set budgets in one place without leaving BMO's app.
BMO Traditional Banking Services
Unlike online-only banks, BMO keeps physical financial centers in its network, along with phone banking at 1-888-340-2265. Applicants who prefer not to bank online can open an account in person in about 30 minutes and walk out with a debit card the same day, or apply by phone using a mailed promo code where applicable. This in-person option also covers applicants who cannot open an account online, including those without a Social Security Number or U.S. citizenship.
BMO Checking Fees and Rates
Account | Monthly Fee | Fee Waiver | Key Feature |
BMO Smart Advantage Checking | $0 | No minimum balance needed | Grace day before overdraft fees apply |
BMO Smart Money Checking | $5 | Waived for account holders under 25 | $0 overdraft fees |
BMO Relationship Checking | $25 | Waived by meeting relationship requirements | Interest earned on checking balance |
BMO's Savings Builder account carries no monthly fee and requires a $25 minimum opening deposit. It pays a small monthly reward when the balance grows by at least $200 in a given month, on top of standard variable interest. Because interest rates on deposit accounts change at BMO's discretion, check the current rate on BMO's site before opening rather than relying on a rate quoted elsewhere, including this review.
BMO Customer Service and Online Experience
Customers can reach BMO by phone at 1-888-340-2265, through online chat, or in person at a financial center. To open a checking account online, applicants provide their name, address, date of birth, Social Security Number, phone number, and email address, and must be a U.S. citizen; non-citizens can apply by phone or in a financial center instead. BMO verifies identity during the application, which can include a photo ID and a selfie. Once the account is approved and funded, customers register for BMO Digital Banking to start managing the account, and a debit card and account materials arrive by mail within a few business days.
Mobile App
The BMO Digital Banking app, available for iOS and Android, lets customers check balances, pay bills, transfer money, send Zelle payments, and deposit checks from their phone. BMO Total Look is built into the same app, giving customers a consolidated view of accounts held both at BMO and elsewhere.
Security
BMO deposits are FDIC insured, and the bank maintains a financial crimes unit that combines cyber security, fraud prevention, physical security, and crisis management to detect and respond to threats. Debit card holders get access to Mastercard ID Theft Protection. As with any U.S. bank, BMO verifies each new customer's identity during account opening to comply with federal recordkeeping requirements.
Summary
BMO's checking lineup gives customers a genuine choice: a fee-free everyday account, a no-overdraft-fee option, or a relationship account that pays interest and adds perks as the relationship grows. The combination of a large fee-free ATM network, a full-featured mobile app, and the option to walk into a financial center makes BMO a solid fit for anyone who wants the convenience of digital banking without giving up in-person support. Applicants who are not U.S. citizens or would rather skip providing a Social Security Number online will need to apply by phone or in person instead.
Methodology
This review was created using information published on BMO's website, including its checking account product pages, product disclosures, and FAQs.
Disclaimer
AI was used in the creation of this content, along with human validation and proofreading.
