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If you would prefer to manage bank accounts at BMO branches, the bank has standard CDs and special CDs. If you’re comfortable with an online-only banking experience, though, BMO Financial Group also has an online-only division called BMO Alto. BMO Alto has a standout 12-month term paying BMO Alto 1 Year High Yield CD – APY APY.
BMO CD Rates
BMO Bank CD Rates
BMO Standard CDs pay low interest rates, while the Special CDs are good overall. Special CDs are only available for a limited time, though.
The bank’s CD rates may vary by region and minimum deposit. You’ll need at least $1,000 to open an account.
The following chart shows the current rates for Standard CDs if you live in Chicago, Illinois:
TermAPY1 month ($100,000 minimum balance)0.05%2 months ($100,000 minimum balance)0.05%3 months0.05%6 months0.05%9 months0.05%12 months0.05%13 months (CD special)5.10% 18 months0.05%24 months0.05%25 months (CD special)4.75%30 months0.05%35 months (CD special)4.50% 36 months0.10%45 months (CD special)4.50%48 months0.15%59 months (CD special)4.50%60 months0.25%
BMO Alto CD Rates
BMO Alto Online Certificates of Deposit are more competitive than BMO Standard CDs, and even some Special CDs.
BMO Alto CDs have a BMO Alto High Yield CD – Minimum Deposit minimum opening deposit. These accounts are available online-only through the BMO Alto website, which means you won’t be able to go to a BMO branch for support. Instead, you must call BMO Alto customer support. Another thing to keep in mind is that BMO Alto doesn’t have a mobile app.
TermAPY6 monthsBMO Alto 6 Month High Yield CD – APY12 monthsBMO Alto 1 Year High Yield CD – APY24 monthsBMO Alto 2 Year High Yield CD – APY36 monthsBMO Alto 3 Year High Yield CD – APY48 monthsBMO Alto 4 Year High Yield CD – APY60 monthsBMO Alto 5 Year High Yield CD – APY
BMO CD Rates Pros and Cons
ProsCons
Special CDs and Alto CDs pay higher than the average CD
Alto CDs have standard-to-low early withdrawal penalties
Variety of CD terms
Standard-to-low minimum opening deposit requirements
Standard CDs pay low interest ratesStandard CDs have high early withdrawal penalties
How BMO CD Rates Compare
BMO CD Rates vs. Chase CD Rates
If you’re comparing interest rates on CDs, your choice will largely depend on the term you choose and where you live.
BMO CDs have different rates depending on which state you live in. Chase CD rates are low overall. You’ll qualify for a higher relationship rate if you have a Chase checking account, though.
Chase CD – Brand Name has a solid 6-month CD if you qualify for a relationship rate. However, BMO may be a good choice if you are interested in one of the BMO CD specials or a BMO Alto CD.
BMO CD Rates vs. Wells Fargo CD Rates
If you’re strictly searching for the highest CD rates, you’ll likely prefer BMO over Wells Fargo CD rates. When comparing the two banks, BMO CD specials, and BMO Alto CDs have the most competitive interest rates.
BMO also may be a better option if you’d like a low minimum opening deposit. The bank lets you open an account with $1,000, while at Wells Fargo, you need at least Wells Fargo Standard Fixed Rate CD – Minimum Deposit.
The bottom line: BMO Special CDs and BMO Atlo CDs offer great interest rates, while BMO Standard CD rates are low overall. If you’re strictly searching for the best CD rates, though, online banks have even more competitive rates right now.
Why You Should Trust Us: How We Reviewed BMO CDs
We used Insider’s certificate of deposit methodology to review Standard, Special, and Alto CDs. We look at interest rates, minimum opening deposits, early withdrawal penalties, CD term variety, ethics, customer support, and the mobile app. We use a scale of 0 to 5 for each category, then average the scores together to calculate the CDs’ overall rating.
