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Selecting your ideal bank can seem like an overwhelming task. You want to be sure you’re handing your money over to an institution you can trust, as well as one with competitively priced services.
With that in mind, we’ve taken a comprehensive look at the Bank of Montreal (BMO) for a deep-dive into the chequing and savings account options, their best credit cards, as well as their investment and mortgage opportunities. Read on for our Bank of Montreal review below.
The BMO Performance Chequing Account is a great option for those looking for unlimited transfers without breaking the bank.
This account comes in at $16.95 a month, or is available free of charge with a $4,000 minimum monthly balance. Until October 31st, 2023, BMO is offering up to a $450 sign up bonus when you sign up for a Performance Account, as well as a 5.25% promotional interest rate for 120 days when you add a Savings Amplifier Account.
The account includes unlimited transactions and Interac e-transfers, making this a solid option for those with intermediate banking needs.
The BMO Performance Chequing Account is also available as a Family Bundle, allowing you to include additional family members onto the plan, free of charge.
One of BMO’s premium banking products, the BMO Premium Chequing Account offers users a wider choice of options and also carries a heftier monthly fee.
The account charges a $30 monthly fee (waived if you maintain a minimum monthly balance of $6,000), and new users can earn up to $1,200 in value when signing up. The signup bonus includes a $400 welcome bonus and a 4% promotional interest plan for 120 days when you bundle the Premium Account with a Savings Amplifier Account and sign up before September 30th, 2023.
If you’re a frequent traveller, you can take advantage of the no-fee BMO Premium ATM withdrawals worldwide, which can save you up to $5 per transaction. You’ll also receive no-fee Global Money Transfers and preferred U.S. currency exchange rates.
Our BMO review shows that the BMO Plus Chequing Account is a great option for those seeking a low fee chequing account that doesn’t skimp on the benefits.
BMO Plus users receive 25 free transactions a month, as well as unlimited Interac e-Transfers. Users are charged $11.95 a month, which is waived if you have a $3,000 monthly minimum account balance. BMO is offering a $100 welcome bonus cash offer if you apply by July 3rd, 2023, with the Plus account to help sweeten the deal.
The BMO Plus Chequing Account is suitable for the most casual banking needs, making this a sensible choice for many users.
Yes, I believe you receive one “mile” and each mile can be put towards travel purchases.
There aren’t any bells and whistles associated with the BMO Air Miles chequing account; this is strictly for Air Miles users who want to maximize their points for day-to-day banking needs.
If you’re looking to save up Air Miles for an upcoming trip, the BMO Air Miles card will help you get to your next destination even faster.
You’ll earn 1 Air Miles reward mile for every $30 you spend with your BMO debit card, and also receive unlimited transactions and unlimited Interac e-Transfers. Each Air Mile can be put toward travel purchases with the Air Miles rewards program. The monthly fee is $16.95, with no minimum account balance required.
If your banking needs are minimal and you’re looking to save some money each month, BMO’s Practical Chequing Account may do the trick.
At just $4 a month, the BMO Practical Account provides 12 free transactions per month, with additional transactions running $1.25 each. The account also includes unlimited Interac e-Transfers. ATM withdrawals from non-BMO machines will set you back $2 each in Canada, and $5 each in the U.S.
If you only require a few transactions per month, the BMO Practical Chequing Account is a no-fuss option that will save you some extra money each month.
Students, newcomers to Canada, and seniors can often receive preferential rates when opening a chequing account with BMO.
Youth 18 and under, seniors 60 and over, and students of any age can have the monthly free waived on certain BMO chequing accounts.
New permanent residents to Canada and foreign workers (within their first five years in Canada) can take advantage of BMO’s NewStart program. The program waives monthly account fees for the first year, offers a Family Bundle plan, as well as the ability to earn up to $400 (subject to criteria).
| Performance | Premium | Plus | Air Miles | Practical | |
|---|---|---|---|---|---|
| Monthly fees | $16.95 or free with a $4,000 minimum monthly balance | $30.00 or free with a $6,000 minimum monthly balance | $11.95 or free with a $3,000 minimum monthly balance | $16.95 | $4.00 |
| Sign up bonus | Earn up to $400 + 4% promotional interest rate for 120 days | Earn up to $400 + 4% promotional interest rate for 120 days | Earn up to $100 bonus | N/A | N/A |
| Features | Add accounts for family members for free and up to $40 off eligible BMO credit cards | Add accounts for family members for free and up to $150 off eligible BMO credit cards. Preferred U.S. exchange rate. | 25 free BMO transactions per month and free Interac e-Transfers. | Earn 1 Air Mile per $30 spent on your debit card and unlimited transactions. | Unlimited Interac e-Transfers |
| Minimum balance | None, but $4,000 minimum monthly balance to waive the monthly fee | None, but $6,000 minimum monthly balance to waive the monthly fee | None, but $3,000 minimum monthly balance to waive the monthly fee | None | None |
| Monthly transactions | Unlimited | Unlimited | 25 per month | Unlimited | 12 per month |
If you’re looking to ramp up your savings for an upcoming trip or for the security of having money put aside for the future, the BMO Savings Amplifier Account can help.
With no monthly fees, you’ll earn 1.8% interest on your balance, and also receive free unlimited transactions to your other BMO accounts. BMO is currently offering the ability to earn up to $400 when you open a new account, as well as a promotional interest rate of 4% for the first 120 days, when you sign up before August 31, 2023.
You can track your savings progress and see how far you are from your next goal via the mobile BMO Savings Goals application. The app allows you to add goals (including a trip or a car purchase), and clearly shows you how close you are to your next savings milestone.
The Savings Builder Account is BMO’s high-interest savings account option. If you’re able to commit to a regular monthly deposit, you can earn a competitive monthly interest rate and kickstart your savings plans.
By depositing at least $200 each month into your BMO Savings Builder Account, you’ll earn a high interest rate of 2.5%, which can quickly grow your savings. If you don’t meet that minimum $200 monthly requirement, you will still earn an interest rate of 0.5%.
The plan includes one free internal transfer between accounts out of your account per month, with subsequent transfers costing $5 each. With no monthly fees, the BMO Savings Builder Account is a viable option for those who want to grow their savings and can commit to the monthly minimum deposit.
If you’re starting to save but also want the flexibility of being able to access your funds at all times, look no further than the BMO Premium Rate Savings Account.
This account has no monthly fee and will earn users 0.01% daily interest on balances, that will be paid out monthly. The account must be opened with a BMO chequing account, and you share the transaction limit with your chequing account. Those with a BMO Performance or BMO Premium chequing account will receive unlimited transactions from their savings account, whereas those with a BMO Plus chequing account will have to share the 25-per-month transaction limit between their chequing and savings account.
Think of the BMO Premium Rate Savings Account as a combination of a traditional chequing account and a savings account. You’ll get the full flexibility of being able to access your money at any time, while earning interest on the balance in your account in the meantime.
If you frequently travel to the U.S., the U.S. Dollar Premium Rate Savings Account can save you some money next time you cross the border.
Like the Canadian Premium Rate Savings Account, there are no monthly fees or minimum balance requirements. You’ll earn 0.05% interest on your balance and similar to the Premium Rate Savings Account, will have to share the transaction limit with your chequing account
The benefit of this account is being able to access your USD funds directly, without having to pay foreign transaction fees while travelling abroad (saving you 2% to 3% on your U.S. shopping bills).
| Savings Amplifier | Savings Builder | Premium Rate Savings | U.S. Dollar Premium Rate Savings | |
|---|---|---|---|---|
| Monthly fees | $0 | $0 | $0 | $0 |
| Sign up bonus | $400 + 4% promotional interest rate for the first 120 days | 2% bonus interest rate when you deposit $200 a month | N/A | N/A |
| Features | Free transfers to your BMO accounts and earn 1.8% interest | Up to 2.5% interest rate when you deposit $200 a month and earn 0.5% interest if you don’t meet the $200/month requirement | 0.01% interest | Earn 0.05% interest |
| Minimum balance | N/A | Deposit $200 monthly to earn the bonus interest rate | N/A | N/A |
| Monthly transactions | Unlimited | 1 free transfer out per month, $5 each after | Combine transactions with your chequing account | Varies by your plan |
BMO offers 13 different credit cards:
In addition to its chequing, savings accounts and credit card offerings, BMO offers a full suite of investment products, including:
For those looking to explore the stock market, BMO offers customers the ability to choose their own stocks via the BMO InvestorLine online system.
The BMO InvestorLine is an online trading platform that lets users invest in mutual funds, ETFs, and more. The easy-to-use platform also provides a number of tools to help guide you on your way, as well as the ability to track and customize your investment strategy in real-time. You can begin with the Self-Directed version ($9.95 per trade), or adviseDirect option, which carries a $10,000 minimum account balance.
If you’re in the market for a new home or looking to switch over your mortgage to lock in a lower rate, BMO has a number of options to help. They offer three and five-year fixed mortgage rates, as well as a variable-rate mortgage, where the interest rate fluctuates based on the market.
Best of all, BMO offers a 130-day mortgage rate guarantee, a welcome bit of extra security in what is always a hectic time for new homeowners.
BMO has been in business for more than 200 years, and your money is protected by the bank’s Digital Banking Security Guarantee, which will reimburse you 100% of any losses incurred by unauthorized transactions. BMO is also a CDIC member (as are Bank of Montreal subsidiaries), meaning your deposits are insured up to $100,000 per eligible account in the event of a bank failure.
Our Bank of Montreal review found that BMO offers a variety of accounts and credit cards to meet any need, as well as investment planning and mortgages opportunities.
As of April 2023, BMO holds the distinction of being the third-largest bank in Canada by market capitalization. In addition, BMO boasts a considerable customer base, serving more than 12 million clients annually.
