BMO Bank CD Rates

BMO offers standard and promo CDs with a variety of term options and rates that may vary by location

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Updated September 19, 2023
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BMO Bank CD Rates

Headquartered in Chicago, BMO (formerly known as BMO Harris) is a full-service bank with branches in the U.S. and Canada. This North American bank offers certificates of deposit (CDs) with a range of term options.

The APYs are fairly competitive in some cases, though you can typically find better rates from another bank. Your rate may vary depending on your location. At the time of publication, BMO is also offering special CDs with competitive APYs and a relatively limited set of terms.?

The APYs listed below are based on ZIP code 10281 in New York City; check the bank website to see rates for your specific location. Rates are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

Standard CD Overview
CD Term Minimum Deposit Interest Rate APY
3 months? $1,000 0.050% 0.05%
6 months? $1,000 0.050% 0.05%
9 months $1,000 0.050% 0.05%
12 months $1,000 0.050% 0.05%
18 months $1,000 0.050% 0.05%
24 months $1,000 0.050% 0.05%
30 months $1,000 0.050% 0.05%
36 months $1,000 0.100% 0.10%
48 months $1,000 0.150% 0.15%
60 months $1,000 0.250% 0.25%
Special CD Overview
CD Term Deposit APY
13 months? $1,000 5.25%
25 months? $1,000 5.00%
35 months $1,000 4.75%?
45 months $1,000 4.75%?
59 months $1,000 4.75%

BMO Bank CDs: Key Features

Standard CD Key Features
APY Range 0.05%–0.25%
Minimum Deposit $1,000?
Term Range 3–60 months
Early Withdrawal Penalty - All interest earned for terms of 1 month (7–59 days)? - 90 days interest for terms of 2–11 months - 180 days interest for terms of 12–23 months - 270 days interest for terms of 24–35 months? - 365 days interest for terms of 36–47 months? - 545 days interest for terms of 48 months and longer
Grace Period for Penalty-Free Withdrawals 10 days?

BMO doesn’t charge monthly fees to maintain your CD accounts, but it will charge you a penalty for early withdrawal. The penalty varies depending on your CD term, but can be as high as 545 days of interest.?

Interest on your BMO CD will compound on a daily basis. Once your CD matures, it will automatically renew into a new CD with the same term unless you request something else. 

You have a 10-day grace period to withdraw funds, make an additional deposit, or close your CD account after it matures. 

Special CD Key Features
APY Range 4.75%–5.25%
Minimum Deposit $1,000?
Term Range 13–59 months
Early Withdrawal Penalty - All interest earned for terms of 1 month (7–59 days)? - 90 days interest for terms of 2-11 months - 180 days interest for terms of 12-23 months - 270 days interest for terms of 24-35 months? - 365 days interest for terms of 36-47 months? - 545 days interest for terms of 48 months and longer?
Grace Period for Penalty-Free Withdrawals 10 days

About BMO Bank

BMO, which rebranded from BMO Harris, is the eighth-largest bank in North America by assets. With roots tracing back to 1817, the bank has a well-established presence in both the U.S. and Canada. 

BMO offers a full suite of banking services, including checking and savings accounts, retirement savings accounts, money market accounts, credit cards, mortgages, and business financing options. You don’t need to be an existing BMO Harris customer to open a BMO CD.

CD rates may vary depending on where you live.?

Compare Savings Rates

BMO sometimes offers competitive rates on certain CD terms, but you may find the minimum deposits to be too high. Browse a selection of other high-yield accounts below, some of which are more accessible.

Does BMO Harris Have Special CD Rates?

Yes, BMO Harris is currently offering special CD rates with higher APYs than its standard CD, with a limited set of terms to choose from. The minimum opening deposit is $1,000.

Do You Need a Checking Account With BMO Harris to Open a CD Account?

No, you don’t need a checking account with BMO Harris to open a CD account. However, if you’re already a BMO Harris customer, you can sign in to your online account for a faster CD application process.

Is There an Early Withdrawal Penalty for CD Accounts at BMO Harris?

Yes, there is an early withdrawal penalty for CD accounts at BMO Harris. The penalty varies depending on your loan term. For CDs with terms of 59 days or fewer, you’ll get charged all interest earned for early withdrawal. For other CD terms, your penalty will range from 90 days of interest up to 545 days of interest.?

Is BMO Harris FDIC-Insured?

Yes, BMO Harris is FDIC-insured, so depositors are insured for up to $250,000.

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  1. BMO. "Certificates of Deposits (CDs)."?

  2. BMO. "Certificate of Deposit (CD) Deposit Account Disclosure and Bank Fee Schedule."?

  3. BMO. "About Us."

  4. BMO Harris. "CDs vs. Money Market Accounts: Which One Should You Choose."?