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Exploring BMO CD options for 2025 might be a beneficial choice for those seeking secure and competitive savings opportunities. Notably acclaimed as one of the top banks of 2025 by GOBankingRates, BMO offers versatile Certificates of Deposit (CD) with impressive interest rates.
BMO’s offerings include 10 distinct Standard CD terms, each requiring a minimum initial deposit of $1,000. Learn more about BMO and their varying Annual Percentage Yields (APYs).
| Term Length | APY |
|---|---|
| 3 months | |
| 6 months | |
| 9 months | |
| 12 months | |
| 18 months | |
| 24 months | |
| 30 months | |
| 36 months | |
| 48 months | |
| 60 months |
Furthermore, BMO provides CD Specials, which often boast even more competitive rates. Let’s delve into these attractive offers.
| Term Length | APY |
|---|---|
| 13 months | |
| 25 months | |
| 35 months | |
| 45 months | |
| 59 months |
Conditions and Penalties
Opening a CD with BMO assures you won’t face monthly fees, but a $1,000 minimum deposit is necessary. You have a 10-day window to adjust your deposit without penalties, but early withdrawal afterward incurs penalties based on the term length.
| Term | Interest Penalty |
|---|---|
| 1 month | All interest forfeited |
| 2-11 months | 90 days of interest |
| 12-23 months | 180 days of interest |
| 24-35 months | 270 days of interest |
| 36-47 months | 365 days of interest |
| More than 48 months | 545 days of interest |
Consider your term choice carefully to avoid costly penalties by withdrawing early.
Advantages and Drawbacks of BMO CDs
Understanding the pros and cons of BMO Certificates of Deposit can empower your financial decisions.
Benefits
- Attractive rates for specific terms
- FDIC insurance providing security
- A choice between physical branches and online access
Drawbacks
- Some terms are less competitive
- $1,000 minimum deposit is needed
- Limited branch locations in some regions
Potential Earnings with BMO
Your potential earnings will depend on deposit size, APY, and chosen term. Here’s an idea of possible interest from BMO CDs:
| Deposit Amount | Term | APY | Potential Interest |
|---|---|---|---|
| $1,000 | 1 year | $12.50 | |
| $5,000 | 2 years | $100.50 | |
| $10,000 | 3 years | $303.01 | |
| $20,000 | 4 years | $812.08 |
Steps to Opening a BMO CD
If you’re ready to open a BMO CD, follow these steps:
- Select your CD term and rate: Visit BMO’s website or a local branch for comparisons.
- Gather necessary documents: You’ll need identification, Social Security number, and address.
- Decide your deposit: A minimum of $1,000 is required.
- Apply online or in-person: Follow the instructions on BMO’s website or visit a branch.
- Verify your details: Confirm all details are accurate before finalizing.
Comparing BMO CD Rates to Competitors
The average 12-month CD rate stands at 1.62% in June 2025. Although BMO’s rate is slightly lower, it offers stability.
Moreover, BMO’s CD Specials, like the 13-month term with a rate, offer better opportunities. It’s wise to explore all avenues to secure the best rate available.
Are BMO CDs a Suitable Option for You?
Offering competitive rates and straightforward terms, BMO’s CDs might align with your financial needs. However, shopping around for better CD rates is a prudent step to maximize your returns.
BMO CDs: Frequently Asked Questions
Here are answers to some common inquiries about BMO CD rates:- What is the minimum deposit for a BMO CD?
- BMO requires a $1,000 minimum deposit to open a CD account.
- Do I need a BMO account to open a CD?
- No existing account is needed to open a CD with BMO.
- Can I open a CD online?
- Yes, both online and in-person options are available.
- What happens if I withdraw before maturity?
- An early withdrawal penalty will apply.
- Are BMO CD rates competitive in 2025?
- BMO CD rates are generally competitive, especially for specials.
Rates and terms are subject to change. Information is correct as of July 2, 2025.
Editorial Note: The views here are solely those of the author and aren’t endorsed by BMO or any entities mentioned.