Reviewed by Jenny Kingston | June 10, 2024 |
I guess customer service is in the US (not sure). I'd rather that someone in the Philippines answered though. These people are so poorly trained and ill informed that I do not trust them with my personal info. #1 worst customer service of any online bank.
| Online Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Online Savings
|
4.30% | $0 | - |
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|
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
4.30% | $0 | - |
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|
| 1-year CD
|
4.20% | $0 | - |
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|
| 24 Month CD
|
3.80% | $0 | - |
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|
| 3 Year CD
|
3.80% | $0 | - |
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|
| 4-Year CD
|
3.80% | $0 | - |
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|
| 5-Year CD
|
3.90% | $0 | - |
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|
BMO lowered its 5-year, 4-year and 3-year CD rates today. The rates had been 5.25%, 5.20% and 5.10% and are now 4.90%, 4.90% and 5%, respectively.
BMO Alto lowered its 1-year CD from 5.30 to 5.15% APY this morning.
BMO offered outstanding CD rates in December. Now, two months later they are no longer rate competitive.
BMO Alto has slashed its CD rates. The one-year now stands at 4.75% APY (down from 5.05% yesterday). Its longer term CD rates are all now at 4% APY, except the 5-year which is 4.10% APY.
This marks a significant drop from an online bank that had previously offered some of the the most aggressive longer term CD rates.
BMO Alto has dropped its CD rates again.Their 6-Month CD rate now stands at 4.50% APY and their 12-month rate is 4.30%.
BMO Alto has lowered its online savings rate by 15 basis points to 4.45% APY this morning.
Parent Bank Initiatives:
BMO is aggressively courting renewable energy providers with its transition energy practice.
Updated April 3, 2024
BMO Alto, a division of Bank of Montreal Harris Climate Score: D
BMO Alto, a division of Bank of Montreal Harris Climate Score Info: BMO financing of fossil fuels continues to rise. It is one of the largest financier of the Canadian oil sands, investing billions of dollars into production of one of the earth's most climate-damaging fuel sources. While BMO boosts of its renewable energy lending, it is not believed to be a lender to any major US wind or solar projects.
Customer Reviews for BMO Alto, a division of Bank of Montreal Harris
Jenny Kingston
June 10, 2024 |
I guess customer service is in the US (not sure). I'd rather that someone in the Philippines answered though. These people are so poorly trained and ill informed that I do not trust them with my personal info. #1 worst customer service of any online bank.
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smithy1968
April 20, 2024 |
You really cannot prepare for how bad the customer service is on this one until you try to try to open and account and then need to call to find out why it wasn't funded promptly with your ACh bank instructions. I spoke to two people and neither was trained to answer the most simple questions.
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tjgarnett
March 2, 2024 |
I opened a CD here. They withdrew the money and the account didn't show up for days. In the meantime, they lowered the rate. I called to be sure that I got the higher rate and the CSR said "you'll have to wait and see - this can go either way, sometimes you win, sometimes you lose." I ended up getting the rate on the day that I signed up. As far as I am concerned, this is a contract, and if the CSR is so poorly informed that they will make statements like this, then I will not be opening any further accounts.
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A Terkowitz
February 15, 2024 |
If a 4.60% rate is the best 5-year CD rate, then you are better off with a 5-year US Treasury at 4.30% if you live in a higher tax state like IL, NY, MA or me in CA. That having been said, BMO is worth keeping an eye on as they were offering 5.25% on the 5-year a couple months ago.
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GrantA
November 15, 2023
The 5-year is very tempting @5.25% with 5 year Treasurys under 4.50% now. I am in a high tax bracket and this is the first time in 18 months that CDs have become interesting. Too bad that this bank's reviews are just so damn bad.
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