BMO certificate of deposit review

Would you like to read a comprehensive review of the BMO certificate of deposit? Responsible Economy has conducted a thorough analysis of all its features, including the interest rate, terms, fees, and everything you need to know. Additionally, we provide a comparison of the best certificates of deposit available in the United States in 2023, along with an explanatory video. Welcome!

Explicative video

We have created a video that provides a concise and easy-to-understand summary of all the features of the BMO Certificate of Deposit. If you enjoy our content, we encourage you to support us by subscribing to our channel. By subscribing, you will receive daily videos from us. Thank you for your support!

YouTube video
BMO certificate of deposit

Features

In this section, we provide a detailed breakdown of each characteristic:

Interest rate

The interest rate for BMO’s Certificate of Deposit varies based on the terms you choose. Here is a table displaying the different terms and their corresponding interest rates:

TermsYields
12 months5.10% APY
24 months4.50% APY
36 months4.30% APY
Terms and yields
BMO certificate of deposit terms and yields

BMO offers a competitive certificate of deposit because you can get an interest rate of 5.10% APY

Fees

When considering a certificate of deposit, it’s important to always review the annual or monthly maintenance fees. The BMO Certificate of Deposit stands out as it has no maintenance fees, making it a cost-effective option that is free to open.

Minimum deposit

To open the BMO Certificate of Deposit, a minimum deposit of $1,000 is required.

Best certificate of deposit in 2023

We have compiled a ranking of the best certificates of deposit available for opening in the United States in 2023. Here are the top options based on our analysis:

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

BMO certificate of deposit calculator

BMO certificate of deposit calculator

Your earnings:
Total Result:

Pros and cons

After thoroughly examining the features of the BMO certificate of deposit and comparing it with the best CDs available in the United States, we have compiled a table outlining the advantages and disadvantages:

ProsCons
No feesMinimum deposit $1,000
5.10% APY
Pros and cons BMO certificate of deposit

Requirements

To open the BMO certificate of deposit, you must meet the following requirements:

  • Residency: You need to be a resident of the United States.
  • Age: You must be over 18 years old to be eligible to open the certificate of deposit.
  • Social Security: You are required to have a valid Social Security number.
  • American account number: You need to have an active American account number to facilitate the deposit and withdrawal of funds.

Conclusion

Based on our review, we have concluded that BMO offers a competitive certificate of deposit. Here are the key findings:

Advantages

  • Competitive interest rate: BMO provides an opportunity to earn an interest rate of up to 5.10% APY, which is a competitive rate in the market.
  • No commissions: Opening the certificate of deposit with BMO does not incur any commissions, making it a cost-effective choice.
  • Flexible term options: BMO allows you to select a term of up to 60 months, providing flexibility to align with your financial goals.

Consideration:

  • Minimum deposit: The BMO certificate of deposit requires a minimum deposit of $1,000, which is an important factor to consider when assessing your available funds.

Based on these factors, it appears that BMO offers a competitive certificate of deposit. However, it’s essential to review and compare all the terms, features, and conditions to determine if it aligns with your specific financial needs and objectives.

Frequent questions

Now we answer all the questions you may have about the BMO certificate of deposit:

More information about BMO

Here is a table with information of interest about BMO:

InformationDescription
Websitehttps://www.bmo.com/
Twitterhttps://twitter.com/BMO_US
Facebookhttps://www.facebook.com/bmoUSA
YouTubehttps://www.youtube.com/@bmoUS
Interest information about BMO

Finally, we show you related content about certificates of deposit:

Updated the day 1 September, 2023 by Alfredo Barandiarán

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Abrir chat
Hola 👋
¿En qué podemos ayudarte?