This article covers rates, terms, specials, and penalties for CDs (certificate of deposit) at BMO Harris.

BMO Harris Bank

A certificate of deposit, or CD, is a product offered by banks and credit unions that provides an interest rate premium on a lump-sum cash deposit that will go untouched by the customer for a predetermined length of time.

Almost all banks offer their customers a CD product. Some of the most popular are Discover, Goldman Sachs, CitiBank and Capital One.

In this review, we will only be covering BMO Harris Bank and their CD product.

CD Rates

What are BMO Harris’ CD rates and how do they compare to other banks?

For a brick-and-mortar institution with 600 branches, BMO Harris offers standard CD rates starting at 0.05%.

While BMO CDs don’t offer yields as attractive as online banks, they are higher than other brick-and-mortar banks like Truist and OZK.

BMO CDs are currently yielding 0.05% for short maturities of 3 to 30 months and range up to 0.25% for terms of 60 months.

The national average CD rate for brick-and-mortar banks is hovering around 0.60% APY, so BMO’s CD rates are slightly below average. 


BMO offers terms between 3 months and 5 years for their standard CDs.

They require a minimum deposit of $1,000, and your rate is locked for the duration of the term.

At BMO Harris, there are no monthly fees for the maintenance of a CD account. However, there are fees if you decide to withdraw your funds before the CD reaches maturity.


CDs are a contract between you and your financial institution where you agree to deposit cash for the duration of the term. If you withdraw your cash early, you will typically be charged with a penalty. Usually the penalty is either a fixed number, or the interest earned on the CD.

BMO Harris’ early withdrawal penalties are a bit more complex than other financial institutions. They calculate withdrawal fees based on the interest paid during a specific amount of time. For example, on a 1 month CD you would be charged all interest earned, while on a 48 month CD you would be charged 545 days worth of interest.

BMO CDs will renew automatically at maturity unless the customer decides to withdraw their funds during the 10-day grace period after the maturity date.


BMO is currently offering attractive CD specials with a minimum deposit of $5,000.

The specials vary in interest rates and terms, but start at 3% APY for a 13-month term, and range up to 4% for a 59-month term.

Details on BMO Harris CDs that You Should Know

  • Each CD is FDIC insured up to $250,000
  • Terms range from 3 months to 5 years
  • Early withdrawal fees are based on interest paid

Are BMO Harris CDs the best option for savers?

BMO offers a secure, FDIC-insured CD product with average interest rates across durations.

At 0.25%, their long-term rates are below the national average. If you’re someone who’s looking for the best possible interest rates, you should keep searching. Online banks typically offer much higher interest rates.

About BMO Harris

BMO Harris is the 8th largest bank in the U.S with over $126 billion worth of assets. BMO was founded in 1882 and established under its current charter in 2011. They are headquartered in Chicago, Illinois, and run over 600 physical locations.