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BMO Review 2024
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Banking Canada
- Last Updated:
If you’re looking to get settled with the right financial institution, Bank of Montreal (BMO) may be a great option for you! Our extensive BMO review will cover some of the things you need to know about their large variety of products and services including chequing accounts, savings, investment options, credit cards, BMO business products, and more.
In this BMO review we will also highly consider some of the key features of each product as well as any fees that are associated so you can confidently make an informed decision that couples your financial goals. With so many options available to you, it can feel overwhelming at times. Which is why we want to provide you with all the information you need right at your fingertips
BMO Overview
The Bank of Montreal, or BMO, is one of the oldest financial institutions in Canada. With a number of product options like BMO chequing accounts, saving accounts, credit cards, loans, line of credits, and investment options, it is safe to say BMO is a reliable option to handle your financial needs.
Pros
- Established reputation
- Wide range of products and services
- Strong digital banking platform
Cons
- High fees on some accounts
BMO Chequing Accounts
BMO Student Chequing Account
Features:
- Online Banking
- Online Statements
- 24/7 Customer Service
- Free E-Transfer
- Unlimited Transactions
- Complimentary OnGuard
Monthly Fee
$0 monthly fee until the age of 23. After 23 you will be required to show proof of enrolment to keep the account. Also enjoy this account for free one year after you graduate.
Transactions
Unlimited Transactions
Rebate
Get $40 towards your credit card annual fee
Additional Benefits
Get complimentary access to OnGuard ($150 value per year), and first accidental bank fee waived.
The BMO Student Chequing Account is best for students who are enrolled in full time studies and want to take advantage of this low-cost banking opportunity.
With this account students get the benefit of unlimited transactions, no monthly account fees, and free Interac e-transfers.
You may also want to check out the BMO Student CashBack Mastercard
On BMOs website
BMO Practical Chequing Account
Features:
- $4.00 monthly account fee
- 12 Transaction included per month; $1.25 for each additional transaction
- Free Interac e-transfer
- No monthly account fees if you are 60 or older
The BMO Practical Chequing Account is a great fit if you are someone who is looking for simple and low-cost banking with simple basic features.
On BMOs website
BMO Plus Plan
Features:
- $11.95 monthly account fee; waived if you maintain minimum balance of $3,000
- 25 transactions/month. $1.25 for each additional transaction
- Free Interac e-transfer
- Free Canada and U.S. savings account
The BMO Plus Plan is good for someone who is looking for basic banking services and requires more than 12 transactions per month.
This account is also good for someone who plans on keeping a minimum of $3,000 in the account at all times in order to get your account fees rebated monthly.
With this account you get free Interac e-transfer, 25 transactions per month, plus you can get a Canadian or USD saving account at no cost.
On BMOs website
BMO Performance Plan
Features:
- $16.95 monthly account fee; waived if you maintain minimum balance of $4,000
- Unlimited transaction and free Interac e-transfer
- Get up to $40 of your BMO credit card annual fee rebated annually
- Free theft protection with OnGuard
The BMO Performance Plan is a comprehensive chequing account with more features for those who are looking for more of an advanced bank account.
With this account you start to see complimentary banking services such as Identity theft protection through OnGuard.
Plus, you also get up to $40 of your BMO annual credit card fee rebated every year.
Not to mention, if you keep $4,000 in the account at all times, you can take advantage of all the benefits for no-cost
On BMOs website
BMO Premium Plan
Features:
- $30.00 monthly account fee; waived if you maintain minimum balance of $6,000
- Unlimited transaction and free Interac e-transfer
- Get up to $150 of your BMO credit card annual fee rebated annually
- Free theft protection with OnGuard
- Get preferred rates when converting CAD to USD and USD to CAD
- No-fee global money transfers
- No monthly fee on Overdraft Protection
On BMOs website
BMO Savings Accounts
BMO Premium Rate Savings Account
Features:
- $0 monthly account fee
- Transaction limit and fees vary on chequing account type
- 0.01% interest rate. No minimum balance required.
On BMOs website
BMO Savings Builder Account
Features:
- $0 monthly account fee
- 1 free transfer to another account per month
- Up to 2.5% interest rate. No minimum balance required
On BMOs website
BMO Savings Amplifier Account
Features:
- $0 monthly account fee
- Unlimited online transfers to other BMO accounts
- 1.9% interest rate. No minimum balance required
On BMOs website
BMO US Dollar Premium Rate Savings Account
Features:
- $0 monthly account fee
- Transaction limit and fees vary on chequing account type
- 0.05% interest rate. No minimum balance required.
On BMOs website
BMO Credit Cards
- BMO Cash Back Mastercard
- BMO Air Miles Mastercard
- BMO Rewards Mastercard
- BMO Preferred Rate Mastercard
- Student BMO Cash Back Mastercard
- Student BMO Air Miles Mastercard
- BMO Secured Mastercard
- BMO Cash Back World Elite Mastercard
- BMO Air Miles World EliteMastercard
- BMO Ascend World Elite Mastercard
- BMO Eclipse Visa infinite
- BMO Eclipse Visa infinite Privilege
BMO Business Credit Cards
- BMO Business Cash Back Mastercard
- BMO World Elite Business Mastercard
- BMO Air Miles World Elite Business Mastercard
- BMO Air Miles No-Fee Business Mastercard
BMO Investment Accounts
- Tax Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Margin Account
- Registered Retirement Income Fund (RRIF)
- Registered Disability Savings Plan (RDSP)
- Registered Education Savings Plan (RESP)
- First Home Savings Account (FHSA)
Other BMO Bank Products/Services
- Guaranteed Investment Certificate (GIC)
- Mutual Funds
- ETFs
- Overdraft protection
- Unsecured Line of Credit
- Home Equity Line of Credit (HELOC)
- Personal Loans
- Bonds
About the Author
Banking Canada
Banking Canada aims to provide you with useful information to help you better understand your finances. We do not provide financial advice.
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