Bmo Harris Cd Rates

Posted on 4/14/2022 by admin

Minimum Deposit: $1,000

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BMO Harris CD rates BMO Harris offers three different CD account options. You can choose a Standard CD Rate if you have a minimum of $1,000 to invest. If you have $5,000 or more to invest, you can. How BMO Harris Bank’s CD rates compare. The promotional rates for the fixed rate CDs are some of the best out there. While some of its competitors offer slightly higher rates, BMO Harris Bank has a lower minimum opening deposit at $5,000. The Step Rate CD is also a great choice as it offers a great rate. Certificates of deposit are available through banks, though rates and early withdrawal penalties vary depending on where you purchase them from (for example, here’s a list of BMO Harris CD rates). If you want to set up a CD ladder, all you need to do is purchase several CDs of varying terms, then continue to reinvest the CDs.

BMO Harris Bank provides money-saving products, including competitive CD rates, checking accounts, and savings accounts. This guide will compare BMO Harris Bank rates to CD, money market, and savings account rates. BMO Harris Bank 5 Year CD - Deposits Q: If I open a IRA 5 Year CD and 3 years later the rates go up what is the penalty I would have to pay to roll it to the higher paying IRA CD Reply. Mike from Greenwood.

Pros

Promotional CD rates are competitive

Cons

Low interest rates on standard CDs

Best For

Customers who can afford to make a deposit of at least $5,000

BMO Harris Bank primarily serves customers in the Midwest. If you’re looking for a certificate of deposit (CD) account and don’t live near a branch, you also have the option to open an online account. The minimum deposit for a CD is $1,000, whether you're in person or online. The interest rates from BMO Harris do not generally compare well with the best CD rates on the market, with the exception of some special rates. The special rates require a $5,000 initial deposit, though.

In this review, we’ll go into more of the details you need to help you decide if a BMO Harris CD is the right choice for you. The rates below are based on zip code 60007.

CD Length	APY: Minimum Deposit $1,000	APY: Minimum Deposit $5,000	APY: Minimum Deposit $100,000
1 Month	-	-	0.05%	Compare CDs
3 Month	0.05%	0.05%	0.05%	Compare CDs
6 Month	0.05%	0.05%	0.05%	Compare CDs
9 Month	0.05%	0.05%	0.05%	Compare CDs
12 Month	0.05%	0.05%	0.05%	Compare CDs
18 Month	0.05%	0.05%	0.05%	Compare CDs
24 Month	0.05%	0.05%	0.05%	Compare CDs
30 Month	0.05%	0.05%	0.05%	Compare CDs
36 Month	0.10%	0.10%	0.10%	Compare CDs
48 Month	0.15%	0.15%	0.15%	Compare CDs
60 Month	0.25%	0.25%	0.25%	Compare CDs

1-Month CD Interest Rate Comparison

Overview of BMO Harris Bank CDs

BMO Harris Bank is headquartered in Chicago, Illinois and is one of the largest commercial banks in the Midwestern U.S. It also has locations outside of the Midwest with branch locations in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. According to the bank, it has about 600 branch locations and more than 43,000 ATMs.

If you’re considering a CD account, know that BMO Harris has term options ranging from three months to five years. All term options are available as standard CDs and as individual retirement account (IRA) CDs. The minimum deposit is $1,000. Rates vary by location and by the amount of your initial deposit. A higher deposit won’t always earn you a higher rate, but special rates apply just to accounts of $5,000 or more. Depositing at least $100,000 could also open you up to short-term CDs of one to two months.

Interest compounds daily in all CD accounts. For terms of less than one year, the interest you earn will only be credited when your CD reaches maturity. For terms that are one year or longer, interest credits quarterly. You cannot remove interest earnings from your account before the maturity date.

It is possible to open an account online with BMO Harris but there are some restrictions to keep in mind. You cannot open an online CD with more than $100,000. You also cannot open an online CD as part of an IRA.

In addition to its standard CDs, BMO Harris also has a Step Rate CD. There is just one term option, three years, and it comes with a minimum deposit of $5,000. A Step Rate CD has pre-defined rates that the bank will increase over the term of the CD at predetermined intervals. You don’t need to do anything to increase the rates. It’s automatic. Step Rate CDs are also available in IRAs.

If you want to withdraw any funds from your CD, you will need to wait until after your account’s maturity date. At the end of your CD term, you will receive a grace period of 10 days. During that time, you can make any changes to your account or even close your account. If you don’t make any changes (and if your account has at least $1,000) then BMO Harris will renew your account for another CD. The new term length will be the same as the original CD. The new interest rate will depend on the current available rates.

Any withdrawals you make from your CD before the maturity date will result in an early withdrawal penalty. The amount of the penalty depends on the length of your CD. Longer CD terms have a higher penalty. It doesn’t matter how long is left in your CD term. The early withdrawal penalty will first come out of the interest that you have earned. If that amount is insufficient, the penalty will come out of your principal. The table below shows the early withdrawal penalties for various CD terms.

CD Term	Interest Penalty
1 month (7 – 59 days)	All interest earned
2 months – 11 months (60 days – up to 364 days)	90 days interest
12 – 23 months	180 days interest
24 – 35 months	270 days interest
36 – 47 months	365 days interest
48 months or longer	545 days interest
Short Term CD Special (2 – 11 months)	180 days interest
Long Term CD Special (12 months or longer)	365 days interest

How Much You Earn With BMO Harris Bank CDs Over Time

The interest rates from BMO Harris are relatively low. If your goal is to use a CD to help you build savings, you will need to contribute large amounts or opt for long-term CDs.

The table below shows what your approximate total balance will be based on different initial deposits and term lengths. Note the significantly higher earnings if you contribute to CDs with special rates.

Harris Bank

Initial Deposit	18-Month CD	36-Month CD
$1,000	$1,000.75	$1,003
$5,000	$5,003.75	$5,015.01
$10,000	$10,007.50	$10,030.03

How BMO Harris Bank CD Rates Compare to Other Banks

As mentioned above, interest rates are generally low for BMO Harris CDs. Even if you can afford the $5,000 minimum for special rates, it’s a good idea to compare CD rates from a few banks.

For customers who want a short-term CD, consider an online bank. For example, Ally offers competitive rates for terms of about two years or less. If you want a CD longer than a couple of years, there are some other options you should consider too. Capital One has competitive long-term rates, and there is no minimum for opening an account.

It’s good to note that the rate for BMO Harris’ 60-month CD is competitive. One of the places you’ll find a higher rate is with a broker like Edward Jones. Edward Jones offers higher rates than most traditional banks because it has brokered CDs. (Brokered CDs operate slightly differently than CDs from traditional banks, so make sure you understand how they work before opening any accounts.) Minimum deposits are only $1,000.

CD Account	BMO Harris Bank	Ally Bank	Capital One
1 Year	0.05%	0.60%	0.20%
3 Year	0.10%	0.65%	0.30%
5 Year	0.25%	0.85%	0.40%

Bmo Harris Bank Rates

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