Founded in 1817, BMO is Canada's oldest and one of its largest banks, with branches and ATMs from coast to coast. It serves 13 million Canadian customers at its 1,800+ branch locations and 5,700+ ATMS, and currently has a net worth of $73.76 billion.
As a full-service Canadian bank, BMO provides clients with the ultimate financial convenience: the ability to keep all their products and services under one roof. There's a BMO product for people of all ages and backgrounds, and many valuable promos and discounts available at any given time.
Overview
- Canada's oldest bank, founded in 1817
- 5,700+ ATMs, the most of any Canadian bank
- A full-featured financial institution for full-service banking
- Many investment platforms and products to suit every type of investor
- A suite of well-rated mortgage options available
Rating methodology
BMO's overall rating is 3.6 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
BMO banking: chequing and savings accounts
BMO's chequing accounts are fairly standard, except for its premium account and student account. The BMO Premium Chequing Account and BMO Performance Chequing Account for Students are particularly well rated, offering plenty of perks and opportunities for saving on fees. Despite the disappointing interest rates, BMO's savings accounts are all well rated too, especially the BMO Savings Amplifier Account.
The BMO Business Start Account is an excellent product for new businesses, offering a low monthly fee and unlimited Moneris transactions. It's a good place to get started, but transitioning to another BMO account once the business gains momentum is also quite simple.
BMO chequing accounts
BMO's list of chequing accounts ranges from the super premium to very basic, making it easy for everyone in a household to find what they need and enjoy the savings of the BMO Family Bundle.
GC: $50
BMO Premium Chequing Account
$50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.GC: $50BMO Performance Chequing Account
$50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.BMO Performance Chequing Account for Students
Earn a $175 welcome cash bonus + no monthly plan fees while in school and one year after graduating.
BMO Performance Chequing Account for Newcomers
Get a $700 welcome bonus + a Walmart Delivery Pass subscription of up to 12 months.
BMO savings accounts
BMO's status as the oldest and one of the biggest Canadian banks means that it's a very safe and secure place to store your money. It may not boast top rates, but there's something to be said for stability and peace of mind.
BMO US Dollar Premium Rate Savings Account
Earn interest on your U.S. dollars + No added monthly fees.
BMO credit cards
From student and travel cards to cash back and business cards, BMO's extensive credit card lineup has something to suit everyone. The BMO CashBack World Elite Mastercard is a particular favourite that not only offers cashback, but comes with free roadside assistance and has quite a generous insurance package.
The student version of the BMO CashBack World Elite Mastercard is one of the best student cards available, and BMO's suite of business credit cards make excellent companions to BMO business chequing accounts.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
BMO CashBack® Mastercard®* for students  | $99.688 (Terms) | $0 | 1.01% | Apply | ||
BMO AIR MILES®† Mastercard®*  | 2,500 miles (Terms) | $0 | 0.64% | Apply | ||
BMO AIR MILES®† World Elite®* Mastercard®*  | 9,000 miles (Terms) | $120 1st year free | 1.34% | Apply | ||
BMO CashBack® Mastercard®*  | $99.688 (Terms) | $0 | 1.01% | Apply | ||
BMO CashBack® World Elite®* Mastercard®*  | $480 (Terms) | $120 1st year free | 2.05% | Apply | ||
BMO Ascend™ World Elite®* Mastercard®*  | 100,000 points (Terms) | $150 1st year free | 1.09% | Apply | ||
BMO Preferred Rate Mastercard®*  | N/A (Terms) | $29 | 0% | Apply | ||
BMO eclipse Visa Infinite* Card  | 70,000 points (Terms) | $120 1st year free | 1.6% | Apply | ||
BMO eclipse Visa Infinite Privilege* Card  | 50,000 points (Terms) | $599 | 1.87% | Apply | ||
BMO eclipse rise Visa* Card  | 20,000 points (Terms) | $0 | 0.87% | Apply | ||
BMO VIPorter Mastercard®*  | 40,000 points (Terms) | $89 1st year free | 1.16% | Apply | ||
BMO VIPorter World Elite®* Mastercard®*  | 70,000 points (Terms) | $199 1st year free | 2.25% | Apply | ||
BMO CashBack® Business Mastercard®*  | $159.75 (Terms) | $0 | 0.86% | |||
BMO AIR MILES®† No-Fee Business® Mastercard®*  | 2,000 miles (Terms) | $0 | 0.64% | |||
BMO® Ascend World Elite®* Business Mastercard®*  | 20,000 points (Terms) | $149 1st year free | 1.25% | |||
BMO AIR MILES®† World Elite®* Business Mastercard®*  | 3,000 miles (Terms) | $149 1st year free | 1.17% |
BMO investment accounts and products
If it's investment products you're looking for, BMO offers plenty of options. GICs, mutual funds, and ETFS are the popular choices, but there are also socks and options available. Opening an investment account or using one of BMO's top-tier investment platforms (BMO SmartFolio and BMO InvestorLine) can be an easy and valuable choice, especially if you're already a BMO client.
BMO's investment accounts are well-rated, solid products. In fact, the BMO TFSA is one of the best TFSAs in Canada.
BMO loans
BMO offers several different borrowing products, including lines of credit and personal loans. If you're searching for debt consolidation solutions, need funds for a big-ticket purchase, want to pad your retirement savings, or have other financial needs, BMO's lineup of loan products will have something to fit.
The BMO Personal Line Of Credit is a notable selection, with a quick and easy online application, and a secured option is available if needed. You can borrow up to $25,000 and have impressively flexible repayment options. Plus, with BMO's nationwide presence, it's easy to pop into a neighbourhood branch and talk loan details.
BMO mortgage
BMO tends to offer average mortgage rates, but its product selection is impressive. It often has a cash back offer for new qualifying mortgages – the current offer is up to $4,100 cash back – and has. With one of the longest rate guarantees offered in Canada, BMO gives you up to 130 days to make your decision.
The BMO Homeowner ReadiLine is one of the top mortgage options in Canada. Clients have the opportunity to make one prepayment each year as well as one payment increase of up to 20%, making it much easier to pay the mortgage down faster.
BMO Homeowner ReadiLine
Get a flexible mortgage from a reputable company + Competitive interest rates.
BMO Closed Variable Rate Mortgage
Get a longer 130-day rate guarantee + Online pre-approval with a reputable big bank.
BMO Closed Fixed Rate Mortgage
Pre-approval available online + Get an extra long 130-day rate guarantee.
FAQ
What makes BMO different from other banks?
BMO is Canada’s oldest bank, known for its stability and long-standing reputation. It offers a wide range of financial products, competitive promotions, and strong business banking solutions tailored to meet the needs of entrepreneurs and companies alike.
What's the best BMO chequing account?
The BMO Premium Chequing Account offers Canadians many perks for its $30.95/month price tag. Users have unlimited transactions and Interac e-Transfers, free cheques, complimentary identity theft protection, and an annual credit card rebate of up to $150.
What's the best BMO savings account?
BMO's best savings account is the BMO Savings Amplifier Account. It offers a decent base interest rate, competitive promotional rate, and has no minimum balance requirements for earning. Users also have free transfers between BMO accounts.
What are the benefits of banking with BMO?
The major benefit of banking with BMO is its incredible longevity – it's been a trusted Canadian financial institution since 1817. This full-featured bank makes it easy to keep most, even all, of your personal or business banking under one roof.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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