BMO Harris Bank vs. U.S. Bank

Choosing between banks is no easy task, especially if you need to compare multiple products to make your decision. This BMO Harris Bank vs. U.S. Bank review provides a side-by-side comparison of each bank's most popular services to help you decide which best suits your needs.

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BMO Harris Bank vs. U.S. Bank: Products and Services

Although BMO Harris Bank and U.S. Bank appear to offer similar products and services at first glance, there are some significant differences when you look beneath the surface. Typically, BMO Harris Bank provides the most affordable products, while U.S. Bank offers a broader range of checking and saving account options.

What Checking Accounts Do BMO Harris Bank and U.S. Bank Offer?

U.S. Bank offers more checking account options than BMO Harris Bank, and it could be the better option if you need a checking account designed for students. However, BMO Harris Bank could be more suitable if you want a basic bank account that charges zero service fees regardless of your balance.

BMO Harris Bank

BMO Harris Bank's most popular checking account is its Smart Advantage Account. This account doesn't charge service fees if you opt for paperless statements, and you don't need to maintain a minimum balance.

Alternatively, the Smart Money Account includes zero overdraft fees and costs $5 per month. However, you won't pay the service fee if you're younger than 25.

The most expensive option is the Premier Account, which comes with a $25 monthly service fee and pays 0.01% APY on your balance. However, the bank will waive the fee if you maintain a minimum daily balance of $10,000, a monthly combined balance of $25,000+ or are enrolled in HMO Harris Bank's employee benefits program. Therefore, this account is most suitable for people with higher balances.

U.S. Bank

U.S. Bank offers two affordable checking account options: Easy Checking and a Safe Debit Account. The Easy Checking account costs $6.95 per month, although U.S. Bank will waive the fee if your monthly direct deposits equal or exceed $1,000, you maintain a $1,500 minimum balance or you're 65 or older. Meanwhile, Safe Debit accounts cost $4.95 per month, and you can't waive the fee.

Safe Debit accounts don't charge overdraft fees. Easy Checking accounts incur overdraft fees if the account overdraws by more than $50.

There are also two more expensive account options: Gold Checking and Platinum Checking. Gold Checking accounts are free for customers with a U.S. Bank credit card, mortgage or personal loan. Otherwise, you'll pay $14.95 per month. This account waives overdraft fees if you overdraw by up to $50 and includes two free non-U.S. Bank ATM transactions per month.

Platinum Checking accounts cost $24.95 per month, or $0 if you maintain at least a $25,000 balance across all linked accounts or have a U.S. Bank personal trust. The primary advantage of this account is that it pays interest on your balance, although the rate depends on where you live. Generally, this account will only be cost-effective if you have a high balance. 

U.S. Bank also offers a free student checking account suitable for high school, technical college, trade school and university students. This account allows up to four non-U.S. Bank ATM transactions per statement cycle.

Which Bank Offers the Best Savings Rates?

Both BMO Harris Bank and U.S. Bank offer multiple savings accounts, including money market accounts. However, their basic savings accounts offer broadly similar features and perks. 

You can open a BMO Harris Bank Savings Builder Account with a $25 minimum deposit. The account is free, with no monthly service fees or transaction limitations.

Meanwhile, U.S. Bank's Standard Savings accounts also require a $25 minimum deposit. However, you'll pay a $4 monthly service fee unless you are under 18 or fulfill one of the following criteria:

• Maintain a minimum daily balance of at least $300
• Maintain an average monthly collected balance of at least $1,000

Therefore, HMO Harris Bank could be the more affordable option if you want to start saving with a relatively low balance and can't commit to making regular deposits.

It's hard to determine which bank offers the better APY rate because they vary depending on your balance and where you live. Therefore, it's worth comparing rates for both banks in your area to determine which offers the best growth on your savings. However, HMO Harris Bank adds $5 to your balance for every $200 you save in your first year, which could give it a significant edge.

BMO Harris Bank vs. U.S. Bank: CDs

Comparing APY rates for BMO Harris Bank and U.S. Bank CDs is impossible because they depend on where you live. Like savings accounts, the only way to decide which bank offers the best growth is to enter your zip code into both websites to get a comparison.

However, some crucial differences between each bank's CDs could make one a better option than the other. BMO Harris Bank's Standard CDs offer terms between three months and five years and require a minimum deposit of at least $1,000. 

Meanwhile, U.S. Bank's Standard CDs offer terms between one month and five years. Therefore, it could be the better choice if you need a short-term savings option. Furthermore, you can purchase a Standard CD with a $500 minimum deposit, which could be an advantage if you have less money to save.

U.S. Bank also offers more choices. Its Step Up CDs include guaranteed APY rate increases over time, while its Trade Up CDs allow you to switch to a better APY rate once per term.

Which Is Better: HMO Harris Bank or U.S. Bank?

Whether HMO Harris Bank or U.S. Bank is better for you depends on your needs. Both banks offer similar services, but BMO Harris Bank could be a better option if you want a fee-free checking or savings account. The first-year boost to your savings could also be a big draw. On the other hand, U.S. Bank could be more suitable if you want to open a CD with a relatively low deposit or need student banking services.