Chase and BMO Bank offer a range of financial products and services. In this article, we will compare their savings accounts, checking accounts, CDs, credit cards, and lending products.
Checking Accounts
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Account Types
Chase Bank offers a variety of checking account types to suit the diverse needs of its customers. One notable option is the Total Checking account, which provides access to a widespread network of ATMs and a range of digital banking tools.
For customers with a premium banking preference, Chase presents the Sapphire Checking account, renowned for its exclusive benefits like enhanced travel rewards.
Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Chase Total Checking | $12 | $1,500 |
Chase Premier Plus Checking | $25 | $15,000 |
Chase Sapphire Checking | $25 | $75,000 |
Chase College Checking | $12 | $1,500 |
Chase Private Client Checking | $30 | $150,000 |
Chase Business Complete Banking | $15 | $2,000 |
Chase Performance Business Checking | $30 | $35,000 |
Chase Platinum Business Checking | $95 | $100,000 |
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 |
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Features
Chase offers a comprehensive set of features with its checking accounts, catering to diverse financial needs:
Account | Main Features |
|---|---|
Chase Total Checking | Overdraft assist, chase credit journey, alerts |
Chase Premier Plus Checking | Interest on balance, free checks , free counter checks |
Chase Sapphire Checking | JPM wealth management, no ATM fees, no wire transfer |
Chase College Checking | No monthly fees, free credit score, new account promotion |
Chase Private Client Checking | Priority service, preferred rates, J.P. Morgan advisor |
Chase Business Complete Banking | Chase QuickAccept, fraud protection, chase business online |
Chase Performance Business Checking | No cost wires, unlimited electronic deposits, Chase business |
Chase Platinum Business Checking | No fee transactions, cash management support, platinum service |
Scheduling transfers between accounts or to external banks is a straightforward process. The Chase app allows users to set up one-time or recurring transfers, providing flexibility and convenience in managing their finances:
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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Top Offers From Our Partners
Savings Accounts
Chase Premier Savings and BMO Savings Builder accounts offer relatively low-interest rates on savings accounts, far below what you can find on other savings accounts. Their minimum deposit is relatively low, Chase fees can be waived easily (BMO has no monthly maintenance fees)
The Chase Premier Savings account provides the convenience of Autosave, facilitating easy online and mobile banking, including the quick deposit of checks using Chase QuickDeposit.
The main BMO savings account is called Savings Builder. The account has no monthly charges, and you can make one transfer to another BMO account at no charge. Also, customers get $5 reward for each month you save $200 or more for the first year.
Also, BMO offers a money market account with higher rates. However, to get the highest rates, you'll need a quarterly combined balance of at least $250,000.
BMO Savings Builder | BMO Money Market | Chase Premier Savings | |
|---|---|---|---|
Savings Rate | 0.01% | 1.00% – 3.56% | 0.01% |
Minimum Deposit | $25 | $25 | $25 |
Fees | $0 | $10
Can be waived if you maintain a minimum daily balance of $5,000
| $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
Certificate Of Deposits (CDs)
When it comes to CDs, BMO Bank is a clear winner.
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Chase Bank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.25% – 4.25% | 90 days of interest |
6 Months | 3.00% | 180 days of interest |
9 Months | 4.00% – 4.50% | 180 days of interest |
12 Months | 2.00% | 180 days of interest |
18 Months | 2.50%
| 180 days of interest |
24 Months | 2.50% | 365 days interest |
30 Months | 2.50% | 365 days interest |
36 Months | 2.50% | 365 days interest |
48 Months | 2.50% | 365 days interest |
60 Months | 2.50% | 365 days interest |
120 Months | 2.50% | 365 days interest |
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BMO Bank CD Rates
CD Term | APY | Minimum Deposit |
|---|---|---|
13 Months | 4.75% | $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 |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 5.00% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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Credit Cards
When it comes to credit cards, Chase is a clear winner.
Chase credit cards offer a diverse range of options, each tailored to different lifestyles and preferences, making them a prominent choice in the credit card market. One notable feature of Chase credit cards is their robust rewards programs, offering cash back or travel points.
One of the standout features is the ability to redeem points for travel through the Chase Ultimate Rewards program. Cardholders can book flights, hotels, and rental cars directly through the Chase portal, often at enhanced values.
Card | Rewards | Bonus | Annual Fee |
| Chase Sapphire Preferred® Card | 2X – 5X
5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
| 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $95
|
|---|---|---|---|---|
 | Chase Freedom Flex℠ Card | 1-5%
5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
| $200
$200 bonus after you spend $500 on purchases in the first 3 months from account opening
| $0 |
| Chase Freedom Unlimited® | 1.5% – 5%
5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
| $200
Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
| $0 |
| Chase Sapphire Reserve® | 1X – 10X
5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases. | 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $550 |
| Marriott Bonvoy Boundless Card | 1x – 6X
6X points for every $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® credit card. Plus, earn up to 10X points from Marriott for being a Marriott Bonvoy® member. Plus, earn up to 1X point from Marriott with Silver Elite Status. Earn 3X points for every $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining. Earn 2X points for every $1 you spend on all other purchases.
| 3 Free Nights
3 Free Nights (each night valued up to 50,000 points) after you spend $3,000 on purchases in your first 3 months from your account opening
| $95 |
 | United Explorer Card | 1X – 2X
2x per $1 spent on United purchases, hotel accommodations, restaurants & eligible delivery services and 1x per $1 spent on all other purchases
| 50,000 miles
50,000 miles after you spend $3,000 on purchases in the first 3 months your account is open.
| $95 ($0 first year) |
Card | Rewards | Bonus | Annual Fee |
| 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 | None | 15 months on balance transfers | $0 |
| 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 | 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
Regarding lending products, BMO is our winner as it offers more products for borrowers than Chase.
Chase stands out as a significant player in the lending arena, focusing on mortgages and auto loans. Unlike BMO, Chase doesn't offer a personal loan.
Similarly, BMO Bank provides a comprehensive array of lending products, encompassing mortgages, personal loans, home equity and student loans. BMO's lending solutions feature flexible terms and competitive interest rates, making it a viable choice for borrowers seeking diverse financing options.
Which Bank Is Our Winner?
While BMO is a full-service bank with more competitive CD rates and lending options than Chass, Chase is our winner due to its extensive checking account options and various credit cards.
However, it is crucial to assess various factors, with a primary focus on those that are significant for your specific needs. This could include considerations such as banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Comparing Chase and BMO Bank: 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
BMO is the winner when it comes to savings products, while Bank Of America offers many more credit card options. Here's our winner: Bank of America 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
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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 Chase Versus Alternative Banks
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.
Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?
Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.
Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.
Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.
Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Both banks have account maintenance fees that can be waived by meeting one of several requirements. The rates are also quite similar, so which bank is best will come down to what products you’re looking for.
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