Banking » Compare Banks » Bank of America vs. BMO Bank: Which Bank Account Is Better?
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Bank of America vs. BMO Bank: Which Bank Account Is Better?

BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner:
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Bank of America and BMO Bank provide a diverse array of financial products and services. This piece will assess and contrast their offerings, including savings accounts, checking accounts, certificates of deposit (CDs), credit cards, and lending products.

Bank of America vs. BMO Checking Accounts

There is no clear winner when it comes to checking accounts. Both BMO and BofA offer similar types of checking accounts and similar features. BMO monthly fees are lower than BofA, and customers can waive them with a lower average day balance.

Bank of America has three personal checking account options and two for businesses. Although each has a monthly fee, customers can avoid it through different methods.

BofA Checking Account
Monthly Fee
Average Day Balance To Waive
Safe Balance
$4.95
$500
Advantage Plus
$12
$1,500
Advantage Relationship
$25
$20,000

BMO offers checking accounts like the BMO Smart Advantage Checking and BMO Smart Money Checking account. These accounts provide features such as paying bills, transferring money, and access to a vast network of ATMs.

BMO Bank Account
Monthly Fee
Average Day Balance To Waive
BMO Smart Advantage Checking
$0
$0
BMO Smart Money Checking
$5
You're under age 25
BMO Relationship Checking
$25
$10,000

Bank of America has a bunch of cool stuff for regular folks and businesses. If you have a personal account, you can get paper checks, overdraft protection, and they promise you won't lose money if someone steals your card. They also have online banking so you can check your account whenever you want.

BofA Checking Account
Main Features
Safe Balance
Digital banking, no overdraft fees, $0 liability guarantee
Advantage Plus
Paper checks, overdraft protection, $0 liability guarantee
Advantage Relationship
Earns interest, no fees on select banking service ,overdraft protection
Business Advantage Fundamentals
QuickBooks® integration, Cash Flow Monitor, Erica, Mobile Check Deposit, Zelle® for business
Business Advantage Relationship
No fees for incoming wires, stop payments, electronic deposits & more
BofA dashboard summary
(Screenshot from Bank Of America app)

BMO accounts offer a couple of benefits for customers. For example, mobile check deposit allows convenient check deposits via smartphone, and BMO Total Look simplifies banking by managing accounts in one place. 

Customers can choose from various debit cards, including the BMO Debit Mastercard® for easy access to checking, savings, or money market accounts, or opt for sports-themed cards for exclusive team perks. Also, with Zelle®, users can send, request, and receive money with no fees. M

BMO's Relationship checking features offer interest, unlimited free non-BMO ATM transactions in the U.S., and rebates on ATM surcharge fees.

BMO Bank Account
Main Features
BMO Smart Advantage Checking
40,000+ fee-free ATMs, digital banking, personalized support
BMO Smart Money Checking
No overdraft fees, 40,000+ fee-free ATMs, digital banking
BMO Relationship Checking
Unlimited transactions at Non-BMO ATMs, interest on balance
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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
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Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
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• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Savings Accounts

BMO Bank comes out on top because it offers a money market account with better rates compared to Bank of America's savings account.

Bank of America's Rewards Savings account offers low rates. It has a cool feature called Keep the Change. It saves money for you by rounding up your purchases when you use a Bank of America debit card. Plus, the mobile app makes it easy to deposit checks into your savings account.

BofA Savings account Details
BofA Savings account (Screenshot from Bank Of America app)

 

On the other hand, BMO's primary savings account is called Savings Builder. It has no monthly charges, and you can make a free transfer to another BMO account. Additionally, you get a $5 reward each month you save $200 or more for the first year.

BMO also provides a money market account with higher rates, though you'll need a quarterly combined balance of at least $250,000 to get the best rates.

BMO Savings Builder
BMO Money Market
BofA Savings
Savings Rate
0.01%
1.00% – 3.56%
0.01% – 0.04%
Minimum Deposit
$25
$25
$100
Fees
$0
$10 Can be waived if you maintain a minimum daily balance of $5,000
$8 per month Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24

Certificate Of Deposits (CDs)

When it comes to CDs, BMO Bank is our winner. 

It provides notably competitive rates, usually surpassing what is available with Bank Of America, and offers additional term options. BMO's main drawback is that the promotional CDs don't include a short-term CD, as the minimal term is 13 months.

CD Term
APY
3 Months
4.00%
6 Months
0.03%
7 Months (Featured)
4.75%
12 Months
0.03%
13 Months (Featured)
4.30%
24 Months
0.03%
25 Months (Featured)
3.00%
36 Months
0.03%
CD Term
APY
Minimum Deposit
13 Months
4.90%
$5,000
25 Months
4.40%
$5,000
35 Months
4.30%
$5,000
45 Months
4.30%
$5,000
59 Months
4.30%
$5,000

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Credit Cards

When it comes to credit cards, Bank of America is a clear winner. 

Bank of America provides a diverse range of credit cards, each designed to meet varying financial needs and preferences. The Bank of America Customized Cash Rewards is a popular choice, offering cash back on everyday purchases with customizable bonus categories. The Bank of America Travel Rewards is ideal for frequent travelers, providing points for travel-related expenses and featuring no foreign transaction fees.

For those seeking premium benefits, the Bank of America Premium Rewards Elite Credit Card offers substantial rewards on travel and dining, along with statement credits for travel expenses.

Card
Rewards
Bonus
Annual Fee

Bank of America® Unlimited Cash Rewards Credit Card

Bank of America Unlimited Cash Rewards
1.5% unlimited 1.5% cash back on all purchases
$200 $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
$0

Bank of America® Customized Cash Rewards

Bank of America® Customized Cash Rewards credit card
1-3% 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
$200 $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
$0

Bank of America® travel rewards

Bank of America® Travel Rewards credit card
1.5X 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
$0

BankAmericard®

BankAmericard
N/A
21 billing cycles on purchases and balance transfers made within the first 60 days
$0

Bank of America® Premium Rewards® Elite

Bank of America® Premium Rewards® Elite
1.5x – 2x 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases
75,000 points 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
$550

Bank of America® Premium Rewards®

Bank of America Premium Rewards
1.5X – 2X Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
60,000 points 60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
$95

BMO Bank also offers a selection of credit cards, with options that cater to various needs, but with fewer options compared to Bank Of America.

Also, the redemption options of BMO are limited compared to the rich options you get with the Bank of America Preferred Rewards program.

Card
Rewards
Bonus
Annual Fee

BMO Cash Back Credit Card

BMO Cash Back Credit Card
1-5% 5% cash back on eligible streaming, cable TV and satellite services,3% cash back on eligible gas and grocery purchases (up to $2,500 in gas and grocery purchases each calendar quarter), 1% cash back on all other eligible purchases.
$200 $200 cash back bonus when you spend $2,000 within 3 months of opening your account
$0

BMO Platinum Credit Card

BMO Platinum Credit Card
None
15 months on balance transfers
$0

BMO Platinum Rewards Credit Card

BMO Platinum Rewards Credit Card
1X – 2X 2 points per $1 spent on eligible gas and groceries, up to $2,500 in combined spend each calendar quarter and 1 point per $1 spent on all other eligible purchases
25,000 points 25,000 bonus points when you spend $2,000 within 3 months of opening your account
$0

BMO Premium Rewards Credit Card

BMO Premium Rewards Credit Card
1X – 3X 3 points per $1 spent on eligible dining, hotels, and airfare, up to $2,500 in combined spend each calendar quarter and 1 point per $1 spent on all other eligible purchases
35,000 points 35,000 bonus points when you spend $5,000 within 3 months of opening your account
$79 (first year waived)

Mortgage And Loans

When it comes to lending products, BMO Bank is our winner due to larger options for borrowers than Bank Of America.

Bank of America offers a comprehensive array of lending options, including mortgages, mortgage refinancing, and home equity loans.  Additionally, they offer auto purchase loans and auto refinancing options.

On the other hand, BMO's lending solutions offers a variety of options for borrowers, including home loans, auto loans, personal loans, home equity loans and even student loan, including refinancing. That makes them a preferred choice for borrowers.

BofA HELOC options
(Screenshot from Bank Of America app, rates are not updated)

Which Bank Is Our Winner?

There is no clear cut which bank is better. Both banks offer nice options when it comes to checking accounts, and BMO is the winner when it comes to savings products such as money market and CDs, with higher rates than BofA. 

On the other hand, Bank Of America offers much more options when it comes to credit cards, including premium options for heavy spenders.

Comparing Bank Of America and BMO: Our Methodology

In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:

  • Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  • Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  • Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  • Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  • Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Compare BMO Versus Other Banks

We'll explore Chase and BMO Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Chase vs. BMO Bank

BMO has great options for checking accounts, and outshines Wells Fargo with higher savings rates. But is it our winner? See our comparison: Wells Fargo vs. BMO Bank

Both U.S. Bank and BMO Bank are active in various states, such as Illinois, Wisconsin, Montana, and Minnesota. Here's our winner: U.S. Bank vs. BMO Bank

While the differences are insignificant, our winner is PNC Bank, which has better options than BMO Bank. Here's our complete comparison: PNC Bank vs. BMO Bank

Compare BofA With Alternative Banks

Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.

Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.

Read Full Comparison: Discover vs Bank of America: Compare Bank

Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.

One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.

Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?

Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.

Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.

Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?

Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.

Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.

Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?

US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.

Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.

Read Full Comparison: Bank of America vs US Bank: Which is Best For You?

Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.

As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.

Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?

Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.

Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.

Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?

Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.

Bank of America vs Capital One: Which Bank Wins?

There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.

Truist Bank vs. Bank Of America: Which Bank Account Is Better?

Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America

We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: TD Bank vs. Bank Of America

There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank

While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why.

Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?

We'll explore Bank of America and M&T Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Bank of America vs. M&T Bank

We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank

While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America

If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.

Ally Bank vs. Bank of America: Which Bank Account Is Better?

For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.

American Express Bank vs. Bank of America: Which Bank Account Is Better?

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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