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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 6-month term paying 5.15% APY.
BMO Bank CD Rates Today
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. The following chart shows the current rates for Standard CDs if you live in Chicago, Illinois:
| Term | APY |
| 1 month ($100,000 minimum balance) | 0.05% |
| 2 months ($100,000 minimum balance) | 0.05% |
| 3 months | 0.05% |
| 6 months | 0.05% |
| 9 months | 0.05% |
| 12 months | 0.05% |
| 13 months (CD special) | 5.25% |
| 18 months | 0.05% |
| 24 months | 0.05% |
| 25 months (CD special) | 4.60% |
| 30 months | 0.05% |
| 35 months (CD special) | 4.50% |
| 36 months | 0.10% |
| 45 months (CD special) | 4.60% |
| 48 months | 0.15% |
| 59 months (CD special) | 4.60% |
| 60 months | 0.25% |
BMO Alto CD Rates
BMO Alto Online Certificates of Deposit are more competitive than BMO Standard CDs, and even some Special CDs.
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.
| Term | APY |
| 6 months | 5.15% |
| 12 months | 5.05% |
| 24 months | 4.65% |
| 36 months | 4.60% |
| 48 months | 4.70% |
| 60 months | 4.80% |
BMO CD Pros and Cons
| Pros | Cons |
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Introduction to BMO CDs
Types of CDs Offered by BMO
BMO has Standard, Special, and Alto CDs. The best option for you will depend on what you want out of your banking experience.
If you prefer in-person banking, you can open Standard to Special CDs. The difference between Standard and Special CDs is that the latter offer promotional rates.
BMO has a physical footprint in Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, New York, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Utah, Virginia, Washington, Washington, DC, Wyoming, and Wisconsin.
Meanwhile, BMO Alto CDs may be a better fit if you're comfortable with an online-only banking experience. You can't go to a BMO branch to make transactions for these accounts.
Minimum Opening Deposits
BMO Standard and Special CDs have a $1,000 to $100,000 minimum opening deposit. This is typical for most brick-and-mortar banks.
BMO Alto CDs require less money upfront. You can open BMO Alto CDs with $0.
Early Withdrawal Penalties
BMO Standard and Special CDs have the following early withdrawal penalties:
- All interest earning for terms between 7 days and 59 days
- 90 days of interest for terms between 2 months and 11 months
- 180 days of interest for terms between 12 months and 23 months
- 270 days of interest for terms between 24 months and 25 months
- 365 days of interest for terms of 36 months and 47 months
- 545 days of interest for terms of 48 months or more
BMO Alto CDs have the following early withdrawal penalties:
- 90 days of interest for CD terms of 11 months or less
- 180 days of interest for terms of 12 months or more
What Influences BMO CD Earnings
National CD rate trends can impact whether BMO offers more competitive CD rates. CD selection can also affect your total interest earned. We'll explain more about the factors that influence CD earnings, below.
National CD Rate Trends
Historical CD rate trends indicate CD rates are affected by the Fed's decisions. Wen the Federal Reserve raises the federal funds rate to fight inflation, CDs become more competitive and rates rise. When the Fed lowers the federal funds rate to stimulate economic growth, CDs become less competitive.
Due to the current economic environment, BMO Special and Alto CDs reflect a national trend where short-term CD rates are higher than long-term CD rates. The bank's best rates are on its 6-month BMO Alto CD and 13-month BMO Special CD.
It's anticipated that the Federal Reserve will make rate cuts in the future. To still offer high CD rates, banks have made short-term rates more appealing.
CD Selection
Being mindful of your CD selection can help you avoid early withdrawal penalties. Most banks, including BMO, penalize you for an early withdrawal by making you pay some of the interest you've earned.
Experts recommend choosing a CD term that matches a savings goal, so you have a plan already in action and can minimize the chance of making an early withdrawal.
How BMO CD Rates Compare
BMO CDs vs. Chase CDs
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 has a solid 9-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.
Chase Bank Review
BMO CDs vs. Wells Fargo CDs
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 $2,500.
Wells Fargo Bank Review
Should You Invest in BMO CDs?
BMO Special CDs and BMO Alto 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 Business 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.
BMO CD FAQs
Are BMO CD rates typically competitive?
BMO Special CDs and Alto CDs pay competitive rates. These accounts pay more than average CDs. But the Standard CDs aren't as strong and have low CD rates overall.
Does BMO change its CD rates frequently?
BMO can change its CD rates at any time. Reading about the CD rate forecast for 2024 can help you see where CD rates may be heading in the future.
Does BMO offer any unique types of CDs?
BMO has unique term offerings for Standard and Special CDs. However, the bank doesn't offer any specialty options, like step-up or no-penalty CDs.
Is it safe to invest in a BMO CD?
BMO is an FDIC-insured bank. Insured deposits are safe in CDs. The FDIC insures up to $250,000 per depositor, per account ownership category at BMO.
Do I need to be a current BMO customer to open a CD?
You do not need to be a current BMO customer to open a CD. You can apply for CDs online as a new customer.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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