BMO Premier Money Market account

Would you like to learn about all the features of the BMO Premier Money Market account? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by BMO in their savings account. We have also included a comparison with the top savings accounts available in the United States, along with an explanatory video.

Explanatory video

We’ve created a video that provides a simple summary of all the features of the Premier Money Market account. If you enjoy our content, please consider supporting us by subscribing to receive daily videos.

YouTube video
BMO Premier Money Market account

Features

In this section, you will find a comprehensive overview of the features of the Premier Money Market account:

Interest rate

The BMO Savings Builder Account provides a minimal interest rate of 1% APY, positioning it as one of the least favorable options for saving.

If you open a BMO Harris Premier account, you can earn different types of interest depending on the amount of money you have in the account:

  • Above $250,000: 3,30% APY
  • Up to $250,000: 2.53% APY
  • Up to $100,000 1.76% APY
  • Less than $25,000: 1% APY

Fees

It has a $10 monthly fee unless you maintain a minimum balance of $5,000 in the checking account.

Minimum deposit

The minimum initial deposit is $25.

ATMs

You can withdraw money without any fees at all BMO ATMs.

Deposit funds

You can deposit funds by making bank transfers from any bank.

Bonus

It does not offer any welcome bonus.

Summary table

Here you have a summary table with all features:

InformationDescription
Interest Rate1%-3.30%
Fees$0-$10 monthly
Minimum deposit$25
Bonus$0
BMO Premier Money Market account features

Best savings accounts 2023

We have compared the BMO Premier Money Market account with the best savings accounts available in the United States. We highlight the key characteristics of each savings account.

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Video with the best savings accounts

We also have made a video with the best savings accounts:

Video with the 7 best savings accounts

Pros and cons

Now that we’ve covered all the features of the Premier Money Market account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:

ProsCons
Maximum interest rate 3.30% APYMinimum deposit $25
$0 Bonus
Minimum interest rate 1% APY
Premier Money Market account pros and cons

Requirements

Opening a savings account is simple, as long as you meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone
  • Have a Social Security number

Documentation

You may also be asked to provide the following documentation:

  1. Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
  2. Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
  3. Your signed Client Agreement.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After completing the evaluation, our assessment is that the Premier Money Market account does not offer a competitive package due to its meager 1% APY and you can only earn a 3.30% APY by linking a BMO Harris Premier account and maintaining a balance of over $250,000 in the account. This interest rate positions it as one of the least favorable savings accounts available in the United States.

Learn more about BMO

We have created a table with general information about BMO.

InformationDescription
Webhttps://www.bmo.com/en-us
Facebookhttps://www.facebook.com/bmoUSA
Linkedinhttps://www.linkedin.com/company/bmo-us/
Twitterhttps://twitter.com/BMO_US
YouTubehttps://www.youtube.com/@bmoUS
Information about BMO

Anothers products of BMO

Here is a list with more information on other BMO financial products:

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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Alfredo Barandiarán
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