BMO Bank Of Montreal Review 2024: Best Customer Service Of The Big Six Banks

Chequing Accounts

BMO Bank of Montreal has five main chequing accounts to choose from.

Its most basic account is called the Practical Plan, which meets Canada’s minimum standards for affordable banking. For a $4 monthly fee, this account includes 12 monthly transactions, unlimited Interac e-Transfers, and an included monthly paper statement. Additional transactions cost $1.25 each, and out-of-network ATM withdrawals cost $2 each.

The next level up is the Plus Plan, which comes with 25 transactions per month. This account also offers unlimited Interac e-Transfers, but dings clients $2.25 to receive a paper statement in the mail. The monthly fee of $11.95 is waived if you keep a minimum daily balance of $3,000, and you can get a $100 welcome bonus when you sign up by February 29, 2024, and complete a number of required transactions by April 30, 2024.

For unlimited banking, BMO offers two packages at the $16.95 price point: the AIR MILES Plan and the Performance Plan. Both plans come with unlimited transactions and unlimited Interac e-transfers, but make some small trade-offs when it comes to other features. The AIR MILES Plan offers 1 Mile per $30 spent using your debit card, plus 25 bonus Miles when you also have a BMO Air Miles Mastercard. The Performance Plan doesn’t come with any rewards, but offers a $40 annual fee rebate on BMO credit cards, one free out-of-network ATM withdrawal per month, and the opportunity to skip the monthly fee by keeping a minimum daily balance of $4,000. The Performance Plan also offers a cash bonus worth up to $350 when you open an account by July 2, 2024 and complete a number of required transactions by August 30, 2024.

BMO Bank of Montreal’s most complete chequing package is the Premium Plan. This account costs $30 per month and comes with unlimited transactions including Interac e-Transfers, unlimited out-of-network ATM withdrawals worldwide, free standard overdraft protection and free cheques and bank drafts. It also offers a $150 annual fee rebate on BMO credit cards and a $12 annual discount on safety deposit boxes. The monthly fee is reduced to $0 when you keep a minimum daily balance of $6,000, and the account is eligible for a $600 opening cash bonus and 5.50% promo interest rate when you open a chequing and a Savings Amplifier Account when you sign up by July 2, 2024.

BMO offers chequing discounts to a number of special groups. Youth, students and recent graduates can get the Performance Plan for no monthly fee, or apply the $16.95 discount to the Premium Plan. The same offer is available as a military discount to members of the Canadian armed forces and their families, as well as staff of the RCMP, Canadian Coast Guard, and other members of the defense community. Newcomers to Canada can access the Performance Plan free for one year. And seniors and people with disabilities can get the Practical Plan for free, or apply the $4 discount to any other plan.

All of BMO’s chequing plans come with unlimited Interac e-Transfers, access to spending insights with the BMO app, free credit score checks and a preferred rate on savings accounts.

Related: Best chequing accounts

Savings Accounts

For saving money, BMO Bank of Montreal offers four savings account plans with no monthly fees and no minimum balances.

BMO chequing customers can add the Premium Rate Savings Account to their plan and share the same transaction limits for both accounts, making it particularly useful if you want the option to make payments directly from your savings account. But with 0.01% interest, this account isn’t going to help you grow your savings.

If you want to earn more interest in your savings account, the Savings Builder Account is BMO’s best offer. This account pays a base interest rate of 0.50% plus 2% bonus interest when you increase your monthly balance by at least $200 each month. This account includes one free transfer out per month, but additional transfers are subject to a hefty $5 fee that’s sure to erase any interest you might have earned.

For a more balanced savings plan, the Savings Amplifier Account pays a high everyday interest rate of 1.90% and includes unlimited transfers to your other BMO accounts. ATM withdrawals and pre-authorized debits are billed at $5 each.

Related: Best savings accounts

GICs

BMO offers a wide variety of GICs to help you reach your savings goals.

Its standard non-redeemable GICs have competitive rates, and terms ranging from 1 to 10 years. Monthly, annual and annual compound interest options are available, and a minimum investment of $1,000 is required.

BMO’s lineup also includes a few step-rate (or “elevator”) GICs. The BMO RateRiser Max GIC is available in two-year, three-year and five-year terms and guarantees a higher interest rate each year. Another option, the BMO RateOptimizer Max GIC, works like an automated GIC ladder by reinvesting 20% of your initial deposit each year at current market rates.

BMO also offers a number of cashable GIC options, U.S. dollar term deposits and market-linked GICs that pay returns based on market performance with minimum returns.

Related: Best GIC Rates

BMO is one of Canada’s largest banks and offers everything you need to manage your money. Its products include:

• Credit cards
• Mortgages
• Home equity lines of credit (HELOCs)
• Personal loans and lines of credit
• Car loans
• Registered accounts including RRSPs and TFSAs
• Investments
• Wealth management
• Business and corporate banking

BMO clients can get the service they need anywhere in the country. BMO offers in-person banking at 900 branches and 3,300 ATMs across Canada. It also offers online banking, 24-hour telephone banking, and a top-rated mobile app.

The BMO mobile app has many useful features including:

• Account management
• Electronic transfers
• Interac e-Transfers
• Mobile cheque deposit
• Bill payments
• Account activity alerts
• Global money transfers
• Savings goal tracker
• Credit score monitoring

BMO clients have full access to mobile wallet apps like Apple Pay and Google Pay to make contactless payments using a smartphone or watch. And its debit Mastercard can be used to make purchases online, just like a credit card.

BMO vs. CIBC

BMO and CIBC are both large Canadian banks, offering a similar selection of products and services. CIBC has a comparable footprint to BMO with 1,000 branches and 3,000 ATMs.

CIBC offers a better deal for daily banking with its Smart Account that works on a “pay as you go” model, charging by transaction to a maximum monthly fee. BMO may be the better option for families, however, as a single monthly fee can cover up to 20 accounts for members of a single household.

BMO offers better rates and terms for savings accounts than CIBC, which requires you to meet tough standards in order to access its best rates.

BMO vs. TD

TD Bank is another of Canada’s Big Five Banks. It offers similar products and services to BMO, and has around the same number of branches and ATMs with 1,000 and 2,500, respectively.

TD and BMO’s chequing plans are remarkably comparable. The features and price points are pretty much the same, except for TD’s Every Day Chequing Account, which offers 25 monthly transactions for $10.95 per month – a dollar less than BMO.

BMO Bank of Montreal has an edge over TD when it comes to savings accounts. TD’s high interest savings accounts require a minimum balance of $5,000 to $10,000 before they bear interest. BMO has better interest rates and no minimum balance.

BMO vs. Scotiabank

Scotiabank is another comparable bank to BMO. It has approximately 900 branches and 3,600 ATMs across Canada.

Unlike BMO, Scotiabank doesn’t make its clients choose between rewards and features on unlimited chequing accounts. The Scotiabank Preferred Package offers unlimited chequing for $16.95 per month, and includes both the chance to earn Scene+ points and save the monthly fee when you maintain a minimum monthly balance.

Similarly to BMO, Scotiabank offers higher savings rates as an incentive to keep your money invested. However, Scotiabank penalizes customers for any withdrawal, whereas BMO simply requires the balance grow by a minimum of $200 each month.

BMO vs. RBC

RBC is Canada’s largest bank, and has more options for customer service than BMO with over 1,200 branches and 4,200 ATMs.

RBC has taken a stand and is currently the market leader among big banks for chequing accounts. Its added benefits include unlimited public transportation debits with every plan, and unlimited debits starting at $11.95 per month, compared with BMO’s $16.95.

RBC doesn’t match BMO’s savings rates, however. Its best savings account pays less interest than BMO’s, but charges the same high fees.

Forbes Advisor compared 41 banks, 20 of which are nationally available, —both traditional brick-and-mortar institutions and online-only banks—to find the best options available. To make this list, the bank had to be available to Canadians nationwide. They were rated out of five stars according to the following data points and formula out of 100%:

• Product Offerings – 11%
• APY – 25%
• Fees – 20%
• Minimum Deposit – 5%
• Minimum Balance – 5%
• Availability – 5%
• 3P Ratings – 5%
• Customer Reviews – 2%
• Live Chat – 2%
• Digital Experience – 10%
• ATM Network – 10%

BMO offers everything you need to manage your money, including a robust network of branches and ATMs.

BMO may be right for you if you have a large family and want to save money on chequing by bundling multiple accounts together under one plan. It may also be a good choice if you want to access some of the best interest rates in Canada among the big banks’ savings accounts.

You may want to look for another bank if you are comfortable with online banking only and would prefer not to pay chequing fees. You can also find better rates on savings accounts and GICs at digital banks and credit unions.