BMO Bank’s Certificates of Deposit | Are BMO CD Rates Worth Your Investment?

Are you looking for a safe and secure way to grow your savings? Look no further than BMO Harris, now known simply as BMO Bank! BMO Harris CDs (Certificates of Deposit) offer guaranteed returns on your investment, making them a perfect option for building a nest egg or saving for a specific goal. This comprehensive guide will delve into everything you need to know about BMO CD rates in 2024, empowering you to make informed decisions about your hard-earned cash.

BMO Harris CD Options

Instagram | viviennedon | BMO Harris offers a variety of CD terms for all types of savers.

BMO Harris caters to a wide range of savers with its diverse selection of CD terms. Choose from terms as short as three months or as long as five years, allowing you to tailor your CD to your specific savings goals and timeline. While standard BMO Harris CDs offer lower Annual Percentage Yields (APYs), their special CD options truly shine. These special CDs boast competitive APYs that rival those offered by many online banks, often with a minimum deposit requirement of just $1,000.

Key Features of BMO Harris CDs:

Term Lengths: 3 months to 60 months
Minimum Deposit: $1,000 (standard CDs), may vary for special CDs
APYs: Vary depending on term length and current promotions, with special CDs offering the most competitive rates.
Compounding: Daily (terms under one year) or Quarterly (terms over one year)
Early Withdrawal Penalty: Up to 545 days’ interest (depending on term length)
FDIC Insured: Up to $250,000 per depositor

A Detailed Look at BMO CD Rates

Instagram | viviennedon | BMO CD rates may change based on location. Check with your local branch or website for updates.

Here’s a comprehensive table outlining the current BMO CD rates (as of March 19, 2024). Please note that these rates are subject to change and may vary depending on your location. Always check with your local BMO Harris branch or the bank’s website for the most up-to-date information.

BMO Harris Standard CD Rates

Term Length	Minimum Deposit	APY
3 months	$1,000	0.05%
6 months	$1,000	0.05%
9 months	$1,000	0.05%
12 months	$1,000	0.05%
18 months	$1,000	0.05%
24 months	$1,000	0.10%
30 months	$1,000	0.15%
36 months	$1,000	0.25%
48 months	$1,000	0.40%
60 months	$1,000	0.50%

BMO Harris Special CD Rates (as of March 19, 2024)

Term Length	Minimum Deposit	APY
13 months	$1,000	4.90%
25 months	$1,000	4.40%
35 months	$1,000	4.30%
45 months	$1,000	4.30%
59 months	$1,000	4.30%

Benefits of BMO Harris CDs

While the APYs for standard BMO Harris CDs may not be the most competitive, their special CD options offer a compelling alternative. These special CDs provide attractive returns with a relatively low minimum deposit requirement, making them a great choice for both new and experienced savers.

Here are some additional benefits to consider:

Security: BMO Harris is FDIC-insured, meaning your money is protected up to $250,000 per depositor in the event of a bank failure.
Flexibility: With a variety of term lengths, you can choose a CD that aligns with your savings goals and risk tolerance.
Predictable Growth: CDs offer guaranteed returns, allowing you to precisely calculate your interest earnings over the term.
Convenience: BMO Harris has a large branch network across the U.S. Midwest, making it easy to manage your CD in person if you prefer. Additionally, they offer online and mobile banking options for added convenience.

Considerations Before Opening a BMO Harris CD

Explore BMO CD Rates for Long-Term Growth

Freepik | CD rates are fixed; if interest rates go up, you’re stuck with a lower rate.

Before diving headfirst into a BMO Harris CD, it’s crucial to consider a few factors:

Early Withdrawal Penalty: CDs impose a penalty if you withdraw your funds before the maturity date. This penalty can be significant, so ensure your chosen term aligns with your financial goals and avoids the need for early access.
Interest Rate Risk: CD rates are typically locked in for the term. If interest rates rise during your CD term, you’ll be stuck with a lower rate. Consider a shorter-term CD if you anticipate needing the funds soon or if you believe interest rates might climb.
Alternatives: Explore other savings options like high-yield savings accounts, which may offer more flexibility and potentially higher returns without locking your money away.

Maximizing Your Savings With BMO Harris CDs

Here are some tips to get the most out of your BMO Harris CD:

Shop Around: Compare BMO Harris CD rates with those offered by other banks and online institutions to ensure you’re getting the best possible return.
Consider a CD Ladder: Create a CD ladder by opening multiple CDs with varying maturity dates. This allows you to access funds periodically while still benefiting from long-term interest rates.
Maximize Your Deposits: Contribute the maximum allowable amount to your CD to maximize your overall return.

Are BMO Harris CDs Right for You?

BMO Harris CDs can be a valuable tool for growing your savings, especially if you take advantage of their special CD offers. With FDIC insurance, a range of term lengths, and the security of a reputable bank, BMO Harris CDs provide a safe and predictable way to reach your financial goals. However, it’s essential to weigh the interest rates, potential penalties, and your own financial needs before making a decision.