BMO Bank of Montreal Review

Bank of Montreal overview

Bank of Montreal, or BMO, began as the Montreal Bank in 1817. Headquartered in Toronto, BMO is now one of Canada’s Big Six banks and the eighth largest bank in North America with over 12 million global customers. BMO’s more than 200 years in business shows: this financial institution offers a sizable sweep of products and services, including several types of bank accounts, credit cards, mortgages, loans, lines of credit, investment platforms and more. 

Its bank branches and ATMs can be found in every province and territory in the country, with the exception of Nunavut. It’s well-equipped for digital banking, too, with a robust online banking portal and well-reviewed mobile app. Overall, BMO has the resources to provide a one-stop shop for customers who seek to organize all of their finances under one roof.

Online banking capabilities at BMO

For those that prefer to manage their finances digitally, BMO’s online banking portal and mobile app are capable of performing a wealth of financial services and transactions. From a computer, tablet or mobile device, customers can send and receive money, pay bills, deposit cheques, manage accounts, schedule payments and more.

BMO’s well-received mobile app, which earns 4.2 and 4.6 out of 5 stars from Google Play and Apple App Store reviews respectively, is particularly noteworthy.

BMO (Bank of Montreal)

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Is my money safe at BMO bank?

BMO customers are protected from losses incurred via unauthorized transactions, bank failure, fraud, and physical and cyber security threats.   

Like many major Canadian financial institutions, the Bank of Montreal carries Canada Deposit Insurance Corporation (CDIC) insurance, which insures up to $100,000 of eligible deposits in the event that BMO goes bankrupt. Investor portfolios are covered by the Canadian Investor Protection Fund (CIPF), which protects funds in the event of insolvency. 

BMO’s 100% Security Guarantee pledges to reimburse BMO customers for 100% of any losses incurred via unauthorized account transactions. However, you may be liable for account losses if you fail to comply with your BMO account service agreement, so read the fine print carefully before you sign up.

BMO’s Financial Crimes Unit further protects its customers with physical and cyber security technology designed to monitor and manage security threats around the clock. Free security software is also available for interested customers.

Bank of Montreal account types

BMO savings accounts

None of BMO’s personal savings accounts charge monthly fees.

• Premium Rate Savings Account: straightforward, low-interest savings account designed to be bundled with an existing BMO chequing account. 
• Savings Builder Account: high-interest savings account that offers bonus interest when you meet certain goals, with one free transfer between BMO accounts monthly and access to a bonus interest rate when you save at least $200 monthly.
• Savings Amplifier Account: high-interest savings account with unlimited no-fee transfers between BMO accounts with no minimum balance requirements.
• U.S. Dollar Premium Rate Savings Account: USD savings account that can be included in a BMO bank plan.

BMO chequing accounts

BMO offers special rates on its chequing accounts for kids, students, seniors, newcomers to Canada and members of the Indigenous and Canadian Defence Communities. All of its chequing accounts offer unlimited Interac e-Transfers with the exception of the Practical account. Some accounts waive monthly fees for customers who maintain a set minimum balance. 

• Practical: 12 transactions monthly for a $4 monthly fee. 
• Plus: 25 transactions monthly for a $11.95 monthly fee.
• Performance: unlimited transactions and family account bundling options for $16.95 monthly.
• AIR MILES: unlimited transactions plus the ability to earn Air Miles for $16.95 monthly. 
• Premium: unlimited transactions, worldwide ATM withdrawals and more for $30 monthly.

BMO credit cards

BMO credit cards include a wide variety of Mastercard and Visa credit cards, but are not limited to:

• BMO Preferred Rate Mastercard.
• BMO CashBack World Elite Mastercard.
• BMO eclipse Visa Infinite Privilege Card.
• BMO Rewards Mastercard.
• BMO AIR MILES Mastercard.

BMO investing accounts

• Non-registered cash account: basic account with no tax advantages or contribution limits.
• Non-registered margin account: investors borrow money for their investments.
• Registered retirement savings plans (RRSPs).
• Tax-free savings accounts (TFSAs).
• Registered retirement income funds (RRIFs).
• Registered education savings plans (RESPs).
• Registered disability savings plans (RDSPs).
• Locked-in retirement accounts (LIRA)
• Life income funds (LIF).

Other BMO services

• Mortgages.
• Loans and lines of credit.
• Financial planning and wealth management.
• Insurance.
• Guaranteed Investment Certificates.
• Bonds, mutual funds, ETFs, stocks and options.
• Business bank accounts and financing options.
• Corporate and non-personal accounts for associations, trusts, corporations, estates, investment clubs/partnerships and personal holding companies.

Bank of Montreal fees

Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Bank of Montreal’s financial products and services:

• Non-BMO ATM fee in Canada: $2
• Electronic funds transfer: $1 to $5
• Overdraft fee: $5
• Non-sufficient funds fee: $48

Who Bank of Montreal is best for

Canadians who want to keep all their financial accounts in one place.

With its full complement of banking services for everyday customers and businesses alike, the Bank of Montreal is a practical choice for anyone who wants to keep their financial accounts in one place. 

There isn’t much missing from BMO’s lineup of products and services — accounts, lending products, investment platforms, you name it. And consumers can easily manage their finances on the go courtesy of its online and mobile banking platforms. 

Customers should be on the lookout for account fees, limited account transfers and transaction limitations.

Pros and Cons of BMO Bank

The Bank of Montreal boasts the resources of a reputable, longstanding financial institution — but it isn’t without its shortcomings.

Pros of BMO Bank

• Well-established financial institution with a long history.
• Well-reviewed mobile app. 
• Big selection of personal and business accounts. 
• Impressive roster of credit cards.

Cons of BMO Bank

• Monthly fees and transaction limitations on chequing accounts.
• Transfer limitations on savings accounts.  
• Bank branches and BMO ATM networks don’t extend to Nunavut. 

How BMO compares to other big banks

About the Author

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial…

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