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CD Account from BMO Alto, a division of Bank of Montreal Harris with 4.50% APY

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.

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.

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.

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.

BMO Alto is making an effort to hire people to answer the phone in the US and Canada which most Americans people prefer when discussing financial matters. In their haste to get people who could answer the phone and be cordial, they forgot to train them on the products they are offering. I had a long discussion with a woman who was very pleasant, but could not answer the most simple questions about their CD product. I will move along.