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ATB Financial vs Bank of Montreal (BMO)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Bank of Montreal (BMO) edges ahead on our overall rating (4.1 vs 4.0), but the right pick depends on which products and fees matter most to you.
Overview
ATB Financial is a provincially-owned bank with $110 billion in assets under management. What started as a small treasury branch has transformed into what ATB Financial calls “the largest financial institution headquartered in Western Canada.” Its operations are mainly in Alberta, though in 2023, ATB Wealth, its full-service brokerage, first expanded outside of the province. As of 2026, the wealth management arm has locations in both British Columbia and Saskatchewan.
With a range of financial services, ATB offers its customers access to chequing and savings accounts as well as credit cards, mortgages, business banking and wealth management. Its savings rates are more competitive than the biggest banks in Canada, offering slightly better returns on savings. It still trails the digital banks, though.
The institution also has several credit cards available to Alberta residents. Each of the cards has different perks, including cashback or rewards, though eligibility restrictions and constraints on rewards means their credit card offering lacks in comparison to the larger banks.
ATB also has a range of lending products as well as business banking and access to investment services through ATB Wealth and ATB Cormark Capital Markets. The bank offers more depth than many smaller regional institutions. And more than the digital banks. Its Alberta focus, however, makes it less convenient for Canadians who live outside of the province. For anyone inside its core market, ATB may be a strong full-service alternative.
The Bank of Montreal, known as BMO, is the oldest and one of the biggest banks in the country. With a comprehensive range of products, its network extends across both Canada and the United States. Its broad product lineup makes it a popular choice amongst those seeking full-service banking.
At BMO, account types cater to different customer needs and include those for students, seniors and newcomers to Canada. Customers can choose from low-cost banking services to more premium accounts that include additional benefits. Depending on the account type and balance maintained, a fee waiver might be available. Long-term savings rates are less competitive than digital institutions though.
BMO has plenty of credit cards ranging from no-fee options to premium rewards cards. The bank stands out for having one of the best cash back credit cards in Canada. Though BMO has a few Visa credit cards, it partners with Mastercard for its primary network. In terms of lending options, the bank tends to have many promotional rates and even a unique mortgage cash back incentive, making it one of the most comprehensive in Canada.
Overall rating
4.0
4.1
Customer experience
3.3
3.0
Best for
ATB Financial works best for Albertans who want a full-service banking relationship within a regional institution.
BMO is best for Canadians seeking a well-rounded banking experience that combines a broad range of financial products with the convenience of full-service banking. It’s particularly well-suited for those who prefer managing their finances within a single institution.
Pros & cons
Pros
Strong regional presence in Albera with more than 300 locations across the province
ATB Wealth expansion into areas outside of Alberta
Full-service product lineup including banking, lending, wealth management and capital markets
Competitive product lineup with unlimited banking and a no-fee digital account
Some savings accounts offer better rates than traditional Big Five savings accounts
More competitive loan and lending rates than the major banks
Cons
Primarily services Alberta so it is less convenient for those outside the province
Savings rate are still modest in comparison to digital high-interest savings accounts
Smaller credit card lineup compared to the major banks
Rewards program points are slightly less valuable than those from the bigger banks
Public customer reviews are mixed with complaints about service quality
Pros
Broad range of banking, lending and investment products
Access to over 40,000 Allpoint ATMs across Canada
Wide selection of cash back and rewards credit cards
Fee waivers available on select chequing accounts
Established reputation as one of Canada’s largest banks
Cons
Savings account rates below those of digital-first providers
Relatively high monthly account fees if you don’t meet the waiver requirements
Not always the most competitive lending rates
Some premium account benefits require maintaining a significant balance
Top chequing accounts
OPEN ACCOUNT
on ATB's website
Welcome Bonus
N/A
Monthly Fee
$0
Account Type
Chequing • Personal
- No monthly fee with line of credit approval
- Line of credit for the amount of $5,000 to $50,0001
- Unlimited digital transactions (in-branch transactions cost an additional $5 each)
- No cost Interac e-Transfers
- No minimum balance requirement
- Reimbursement of up to $4.50 for an ABM withdrawal outside of Alberta but still in Canada (up to two withdrawals each month)
- Reimbursement of $8 for one monthly ABM withdrawal in the US2
Account Fees
Monthly Fee
$0
eStatement
Included
ATB Advantage Account
ATB Advantage Account
4 Our rating
OPEN ACCOUNT
on ATB's website
Welcome Bonus
Earn up to $900* for new customers
Monthly Fee
$24.95 (waivable)
Account Type
Chequing • Personal
- Select your banking package. By opening a chequing account with ATB Financial and a credit card, you can follow the steps to get up to $900*
- Fund your chequing account. Within 60 days, move your direct deposit to your new account and complete two eligible payments.*
- Activate your credit card. Complete a purchase on the card to receive your welcome bonus. Meet the spending goal and complete a credit card payment from your ATB chequing account within 60 days. Then, get your second bonus.*
- $24.95 per month with the monthly fee waivable if you meet a $6,000 daily balance requirement
- Unlimited no-cost Interac® e-Transfers
- No cost Alberta Lifestyle Cheques, bank drafts and stop payment service
- Receive a discount of as much as 2.5% on approved interest rates for personal lines of credit (minimum rate is Prime + 3%)2
- Reimbursement of up to $4.50 for an ABM withdrawal outside of Alberta but still in Canada (up to five withdrawals each month)
- Credit card fee waiver on premium credit cards1
- Save $12 on the annual fee of a safety deposit box
- Optional overdraft protection
Account Fees
Monthly Fee
$24.95
eStatement
Included
Best for: Great bonus offer and unlimited transactions
GET OFFER
on BMO's website
Exclusive · From FinlyWealth$100 rebate
+ Earn up to a $900 cash bonus* and a Walmart+ membership for up to 12 months*
Welcome Bonus
Earn up to a $900 cash bonus* and a Walmart+ membership for up to 12 months*
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
Earn up to a $900 cash bonus*
Plus a Walmart+ membership for up to 12 months*
STEP 1
Chequing Account Offer
Earn $700 when you:
- Open and fund a new BMO Performance or Premium Plan Chequing Account by August 6, 2026
- Complete the qualifying criteria by September 30, 2026
1. Set up a recurring direct deposit of $500 or more from your employer, the government, or your pension, and have the first deposit appear by September 30, 2026.
2. Complete one of the following by September 30, 2026:
• Make two (2) bill payments of $50 or more to two (2) different payees through BMO Online Banking or the BMO Mobile Banking app; and
• Set up two (2) pre-authorized debits (PADs) of $50 or more from two (2) different payees.
STEP 2
Savings Account Offer
Earn $150 when you:
- Open a Savings Amplifier Account by August 6, 2026
- Complete the following:
• Deposit a total of $10,000 or more into the Savings Amplifier Account within the first 30 calendar days of opening the account;
• Maintain a daily closing balance of $10,000 or more for 120 calendar days from the date of deposit to earn the 4.65% promotional interest rate** on balances up to $1,000,000;
• After the initial 120-day promotional period, continue to maintain a daily closing balance of $10,000 or more for an additional 90 calendar days to qualify for the $150 cash bonus.
You must complete step one to qualify for step two.
STEP 3
My Financial Progress Offer
Earn $50 when you:
- Sign in to BMO Online Banking or BMO Mobile Banking to access My Financial Progress and complete the following:
• Create one (1) Goal in My Financial Progress Plan by September 30, 2026;
• Go to the Planning Tab and apply one (1) Strategy to the plan by September 30, 2026.
You must complete step one to qualify for step three.
Get a Walmart+ membership for up to 12 months* when you:
- Open and fund a new Performance, Premium, Practical or Plus chequing account by August 6, 2026.
- Sign up for or update your existing Walmart+ membership on Walmart.ca by September 30, 2026. You’ll have to select Debit Mastercard as the payment option and enter your new BMO debit card number
Eligibility criteria (open account or switching eligibility)
If you meet the eligibility criteria, the Chequing Account and My Financial Progress cash bonus will be credited to your account by October 31, 2026. The Savings Account cash bonus will be credited by April 30, 2027.
Unfortunately if you already have a chequing account with us from May 21, 2025 to August 6, 2026 you are not eligible for this promotion.
If you close your account before August 6, 2027, you will not be eligible for this promotion.
Each bill payment is required to be paid to a different biller account number. For example, if you are paying a cell phone bill it has to be paid to different accounts numbers to be counted as 2 different bill payments.
- Get accounts for family members without paying an additional monthly fee
- Get a promo interest rate when you add a Savings Amplifier Account
- Up to $40 rebate on the annual fee for eligible BMO credit cards
- OnGuard®† Identity Theft Protection at no charge
- Unlimited transactions
- No-fee Global Money Transfer transactions to up to 50 countries
Transaction Fees | $0.00 per use |
|---|---|
Interac e-transer fee | $0.00 per use |
Number of self-serve transactions | N/A |
Number of Interac e-transfers | Unlimited |
Global Money Transfer | $0.00 per use |
ATM withdrawals | 1 Canadian withdrawal included per month then $2 each in Canada, $5 each outside of Canada |
Credit card fee rebate | $40 |
Rewards scheme | N/A |
Interest on savings | Savings Amplifier Account promotional interest rate 4.65%. Terms apply |
Bank draft cost | $9.95 |
Overdraft fee & interest | $5 per month |
Paperless & Mailed monthly statement | $2.25 per month |
Service features (digital/in-person) | Easy, secure digital banking Move money on the go, track your savings goals and deposit cheques |
Account Fees
Monthly Fee
$17.95
Fee Waiver: Minimum Balance Waiver
$4,000 min. balance
Maintain $4,000 minimum monthly balance to waive the monthly fee
Credit Card Rebate
Up to $40
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$5
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$5
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$9.95
Best for: Best overall student chequing account
BMO Student Chequing Account
BMO Student Chequing Account
4.6 Our rating
GET OFFER
on BMO's website
Exclusive · From FinlyWealth$75$100 rebate
+ Earn up to a $200 Tech reward from Best Buy*
Limited offer · ends
Welcome Bonus
Earn up to a $200 Tech reward from Best Buy*
Monthly Fee
$0
Account Type
Chequing • Student
- Open a new BMO Student Chequing Account and get a tech reward from Best Buy worth up to $200*
- Offer expires November 3, 2026
How to redeem Best Buy rewards
Follow these three easy steps:
- Open an account: Open a Student Chequing Account and make sure you are enrolled in a university, college or vocational school.
- Meet eligibility: Complete the required steps to unlock your reward.
- Redeem your reward: Receive an email within 3 weeks with your reward options and make your selection.
- $0 monthly fee while you're a full-time student, and for up to one year after graduation
- Unlimited everyday transactions, including debit purchases and INTERAC e‑Transfers
- One free non-BMO ATM withdrawal per month in Canada; $2 for additional withdrawals
- Unlimited free Global Money Transfers
- Up to $40 annual rebate on eligible BMO credit card annual fees
- Overdraft protection available for $5/month per linked account
- No minimum balance required
Account Fees
Monthly Fee
$0
Credit Card Rebate
Up to $40
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$5
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$5
Overdraft Interest
21% annually (if used)
Bank Draft
$9.95
Top savings account
ATB Climber Savings Account
ATB Climber Savings Account
2.55 Our rating
OPEN ACCOUNT
on ATB's website
Welcome Bonus
Earn total interest of up to 4.60%* for your first 90 days
Regular Interest
Up to 0.6%
Monthly Fee
$0
Eligible clients can get a total interest rate of 4.60%* during their first 90 days from a special bonus of 4.10%.
- Get a premium interest rate for each premium period in addition to the base interest rate
- No restrictions on withdrawals, though your premium period resets to day one. Any interest you already earned gets prorated and paid to you at month’s end.
- $1.50 per Interac e-Transfer
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Earn a promotional rate of 4.55%*
Regular Interest
0.55%
Monthly Fee
$0
Earn a promotional rate of 4.55%**
Earn a 0.50%*12 savings interest rate or a promotional rate of 4.55%**
Get a promotional interest rate when you also open a Performance, Premium, AIR MILES®†, Plus or Practical Chequing Account.
Pay no monthly plan fee or minimum deposit
$0 monthly plan fee and $0 minimum deposit required to get started.
Get unlimited self-serve transfers
Make transfers to your other BMO accounts any time, including mobile and online transfers, and ATM.*99
Manage your savings with BMO Savings Goals
Save for a vacation, or a big purchase with our new Mobile Banking feature, BMO Savings Goals.
Top credit card
APPLY NOW
on ATB's website
Welcome Bonus
40,000 points
Annual Fee
$120 $0
Interest Rates
20.99% / 22.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660Good
725⁎Very Good
760⁎Excellent
3.1/5
The ATB World Elite Mastercard offers impressive rewards and insurance coverage, making it ideal for high-income Alberta residents seeking premium travel perks. However, the low point value and high income requirements might limit its appeal for some users.
Pros
- High rewards
- Extensive Coverage
- Airport lounge access
- first-year fee rebate
Cons
- Low point value
- Alberta residents only
- High income requirement
Rewards
- 8 points for every $1 spent on eligible purchases on select travel merchants, including: airlines, hotels, motels and car rental companies
- 6 points for every $1 spent on eligible purchases on groceries, gas, digital streaming services and/or subscriptions, and entertainment
- 2 points for every $1 spent on any other purchases
The accelerated earn rate applies to the first $50,000 in annual purchases on the account, at merchants qualifying for the accelerated earn rate, per calendar year based on your statement cycle date. The annual spend cap for the accelerated earn rate resets every January. Once the combined cardholder spend exceeds this threshold in these categories, they will continue earning points at the regular earn rate of 2 points per $1 spent in purchases.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
1 year
Car Rental Accident
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Car Rental Damage & Theft
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Car Rental Personal Effects
$1,000
Travel Medical Insurance (64 & under)
22 days
Common Carrier Travel Accident Insurance
$300,000
Flight Delay
$500Baggage Delay
$500
Trip Cancellation
$1,000
Trip Interruption
$1,000
Lost or Stolen Baggage
$1,000
Hotel Burglary Insurance
$1,000Personal Effects
$1,000
Price Protection
$100 per item, $500 per account annually
Benefits
Details
Airport Lounge - Dragon Pass
4 complimentary lounge visits each year for each primary cardholder
Car Rental Discount
25% off base rate of participating Avis and Budget locations
Boingo Wi-Fi hotspot
over 1 million wifi hotspots worldwide
Eligibility
Credit Score
Very GoodAnnual Income
$80,000 personal or $150,000 household
APPLY NOW
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 2% transfer fee and no $29 annual fee for the first year.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.5/5
If you plan to carry a balance on your credit card, this card offers a very low interest rate. However, there are other cards with no annual fee and slightly lower interest rates that you might want to consider as well.
Pros
- Low interest rates
- Balance transfer welcome bonus
Cons
- Annual fee
- Lacks significant benefits
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
Benefits
Details
Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
N/A
All products offered
25 products
Chequing
BMO Performance Chequing Account
BMO Premium Chequing Account
BMO Student Chequing Account
BMO NewStart® program - Performance Account
BMO Blue Rewards Chequing Account
BMO Plus Chequing Account
BMO Practical Chequing Account
Credit cards
BMO Ascend™ World Elite®* Mastercard®*
BMO CashBack® Mastercard®
BMO CashBack Business Mastercard
BMO CashBack® World Elite®* Mastercard®*
BMO Blue Rewards Mastercard®*
BMO Blue Rewards World Elite®* Mastercard®*
BMO eclipse rise Visa* Card
BMO eclipse Visa Infinite Privilege* Card
BMO eclipse Visa Infinite* Card
BMO Preferred Rate Mastercard®*
BMO U.S. Dollar Mastercard®*
BMO VIPorter Mastercard®∗
BMO VIPorter World Elite®* Mastercard®*
BMO® Ascend World Elite®* Business Mastercard®*
Students – BMO CashBack® Mastercard®*