BMO RRSPs give you a variety of options for investing in your retirement, including portfolios, 3 types of GICs, mutual funds, and more. You can even open an RRSP account through BMO InvestorLine, if you prefer a more hands-on approach to investing.
All of these options give you the standard benefit of an RRSP – tax-sheltering for your contributions, plus the ability to withdraw early without penalty for education and your first home. But with no special features to set BMO apart from your other big bank options, should you go with a BMO RRSP?
BMO RRSP features
Here’s an overview of what you’ll get with a BMO RRSP.
Why You Want It
Secure your retirement with a big bank + Track your investments in one place.
Eligibility
- Age of majority
- Canadian citizen
- Under 71 years old
Provinces
ALL
GIC Rates
Cashable
1 Year
2.2%
Non-Cashable
1 Year
2.25%
18 Months
2.25%
2 Years
2.4%
3 Years
2.55%
4 Years
2.7%
5 Years
3%
6 Years
3.25%
7 Years
3.3%
10 Years
3.35%
Features
Self-directed RRSP Platform
BMO InvestorLine
Self Directed Base Fee (Dollar)
$9.95
Self Directed Base Fee (Percentage)
N/A
RRSP GICs List
- Cashable
- Non-cashable
- Market-linked
Self-directed Available?
RRSP GICs Available?
RRSP Mutual Funds?
RRSP Portfolios?
RRSP Savings Account?
Min RRSP Savings Account Interest Rate
0.05%
Max RRSP Savings Account Interest Rate
0.05%
Promotion
N/A
Promotion End Date
N/A
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
0%
BMO RRSP product rating: 2.4 stars
BMO RRSPs hit most of the major options offered by similar banks, including mutual funds and investment portfolios. You can also open an RRSP account through BMO InvestorLine (which we gave a middling 5.0 stars to). Finally, you can open 15 different GICs in an RRSP plan, including cashable, non-cashable, and market-linked.
The bank also doesn’t have much to set it apart from other Canadian banks, though maybe its reputation is enough for many people to pay closer attention.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a BMO RRSP
Here are the positives of BMO RRSPs.
Pros
Self-directed options for the DIY investor
If you’re the kind of person who wants to know exactly where your money is at all times, then opening an RRSP account through BMO InvestorLine is a good option for you. You’ll be able trade stocks, options, ETFs, bonds, and more – most of which have a flat $9.95 fee. Plus RRSP accounts have no minimum, so you can open it no matter how early in the savings process you are.
Get guaranteed returns with 15 GICs
BMO also has several GICs available for RRSP accounts, including 5 cashable and 4 non-cashable options. If you want a bit more of a risk for the potential of higher return, you also have the choice of 8 progressive GICs, which are linked to the stock market.
Invest with a mutual fund or portfolio for a hands-off approach
And if you want to steer clear of financial decisions, buying a mutual fund or BMO SelectTrust portfolio can give you a more laid-back approach where your money is handled by the experts.
Feel secure with a big bank
As one of the biggest banks in Canada, BMO has the rare factor of being a trustworthy household name. This is especially true if you already bank with BMO, making it easy for you to make the transition to investing with them too. Plus with many branches available across the country, you’re more likely to be able to meet with a professional face-to-face and discuss your options.
The cons of a BMO RRSP
And a couple things to keep in mind.
Cons
No special features to stand out from the crowd
BMO RRSPs don’t offer anything out of the ordinary. You’ll get lots of different options for investing your money, but nothing that you couldn’t get at a number of other banks in Canada.
Beware the various fees associated with different accounts
It’s important to keep in mind that mutual funds, portfolios, and other investment tools will involve fees – some of which can be hidden. Make sure to ask your BMO advisor for more information on what kind of fees you’re paying with each option.
BMO RRSP alternatives
So how do BMO’s RRSP options stack up against what’s offered at other banks in Canada?
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO RRSP | Scotiabank RRSP | Desjardins RRSP | TD RRSP |
| Genius Rating | ||||
| Why You Want It | Secure your retirement with a big bank + Track your investments in one place. | Grow your money tax sheltered + Get plenty of investment flexibility. | Convert BONUSDOLLARS into RRSP investments + Get flexible options. | Wide selection of investment options + Enjoy tax-deferred growth. |
| GIC Rates | Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
|
| Self-directed RRSP Platform | BMO InvestorLine | Scotia iTrade | Desjardins Online Brokerage | TD Direct Investing |
| Self Directed Base Fee (Dollar) | $9.95 | $9.99 | $0 | $9.99 |
| Self Directed Base Fee (Percentage) | N/A | N/A | N/A | N/A |
| RRSP GICs List |
|
|
|
|
| Self-directed Available? | | | | |
Show More | ||||
| Open an account See more BMO products Compare | Learn More See more Scotiabank products Compare | Learn More See more Desjardins products Compare | Learn More See more TD products Compare |
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FAQ
What’s an RRSP?
A Registered Retirement Savings Plan is a government-registered way to save money for your retirement. You’ll be given 2 main tax benefits: your contributions won’t be taxed while they stay in your RRSP account, and you can claim your contributions as tax deductions. Click here to see the different ways you can invest your RRSP with BMO.
What is my RRSP contribution limit?
For 2023, the maximum RRSP contribution limit is $30,780. You can see the different ways to invest your money in an RRSP with BMO right here.
What options does BMO have for investing in an RRSP?
BMO has a number of options for investing in an RRSP, including: mutual funds, portfolios, self-directed investing, and GICs. This makes it a flexible option for investing in your retirement.
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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