Bank of Montreal (BMO) vs Canadian Imperial Bank of Commerce (CIBC)

A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.

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BMO Bank

Bank of Montreal (BMO)

4.1

Open accountRead full review
CIBC

Canadian Imperial Bank of Commerce (CIBC)

4.1

Open accountRead full review

Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC) are evenly matched on our overall rating (4.1 each) — compare their products and fees below to decide.

Overview

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.

Known as CIBC, the Canadian Imperial Bank of Commerce sits among the biggest banks in Canada. Customers seeking full-service banking can access a range of banking, borrowing and investing options. Its product lineup is comparable to the other major banks, though some of its savings rates and fees are less competitive.


CIBC’s banking includes accounts for students, seniors, foreign workers, and newcomers to Canada. The CIBC Smart Account is one of its core everyday banking products and comes with a monthly fee rebate when customers maintain the minimum balance. While it may appeal to those who qualify, other customers might find more value elsewhere.


The bank has a wide selection of credit cards including those for cash back, travel, Aeroplan, Aventura and Costco. Its borrowing options are also comprehensive including mortgages, personal loans, lines of credit and home equity borrowing. CIBC’s product lineup as well as its highly rated online and mobile banking tools make the bank a well-rounded choice for Canadians looking to build a banking relationship with a single institution.

Overall rating

4.1

4.1

Customer experience

3.0

3.1

Best for

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.

CIBC is best for Canadians looking for a traditional banking experience with a broad range of products. It may be especially appealing for customers who value a strong mobile banking experience but still want the option to visit a branch when needed.

Pros & cons

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

Pros

  • Broad product lineup for both banking and investing options as well as borrowing

  • Strong credit card selection

  • Fee rebates available for eligible accounts

  • Highly rated mobile banking tools

  • Access to US dollar and cross-border banking


Cons

  • Monthly account fees are high for customers who do not qualify for fee rebates

  • Lower relative savings rates compared to many online banks

  • Mixed customer reviews surrounding service wait times and issue resolution

  • Few no-fee banking options

Top chequing accounts

Best for: Great bonus offer and unlimited transactions

FinlyWealth
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 November 2, 2026

- Complete the qualifying criteria by December 31, 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 December 31, 2026.

2. Complete one of the following by December 31, 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 November 2, 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 5.00% 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 December 31, 2026;

• Go to the Planning Tab and apply one (1) Strategy to the plan by December 31, 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 November 2, 2026.

- Sign up for or update your existing Walmart+ membership on Walmart.ca by December 31, 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 December 31, 2026. The Savings Account cash bonus will be credited by June 30, 2027.


Unfortunately if you already have a chequing account with us from August 7, 2025 to November 2, 2026 you are not eligible for this promotion.


If you close your account before November 2, 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

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

FinlyWealth
Exclusive · From FinlyWealth$50 rebate

+ Earn up to a $200 Tech reward from Best Buy*

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:

  1. Open an account: Open a Student Chequing Account and make sure you are enrolled in a university, college or vocational school.
  2. Meet eligibility: Complete the required steps to unlock your reward.
  3. 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

Welcome Bonus

Bundle to earn up to $850†,‡ in value


Regular Interest

Up to 0%


Monthly Fee

$16.95 (waivable)


Account Type

Chequing • Personal

Get up to $850†,‡ in value


Step 1: Open a CIBC Smart Account and set up one recurring direct deposit for a minimum of $500 within two months. The direct deposit should be from your employer, the government or a pension.


Step 2: Get $500 with your Smart Account plus as much as $350 with a CIBC Dividend Visa Infinite Card with qualifying actions†,‡ Earn 10% cashback in an amount up to $200 on net purchases of up to $2,000‡. Earn $50 in a cashback bonus by setting up your first pre-authorized payment.

  • Tiered banking depending on your eligible CIBC balance
  • Fee waiver for up to 3 accounts depending on your tier1,2
  • Unlimited transactions5
  • No fee for Interac e-Transfers6
  • Annual fee credit card rebate for higher tiers
  • US ATMs within the Plus™ or Visa™ network: $3 + 2.5%
  • US ATM network charge outside of the Plus™ or Visa™ network: $5 + 2.5%
  • Rebate on one or more non-CIBC ATM withdrawal fee each month depending on your tier8,9

Account Fees

Monthly Fee

$16.95

eStatement

Included

ATM Fees

Own Network

$0

Canadian ATMs

$2

International

$5

Welcome Bonus

N/A


Regular Interest

Up to 0%


Monthly Fee

$4


Account Type

Chequing • Personal

  • 18 transactions1, 2 included per month with an additional charge of $1.25 thereafter
  • No fee for Interac e-Transfers2
  • Receive alerts with CIBC Smart Balance Alert™, 4 
  • US ATMs within the Plus™ or Visa™ network: $3 + 2.5%
  • Outside Canada and the Plus™ or Visa™  ATM network: $5 + 2.5%

Account Fees

Monthly Fee

$4

eStatement

Included

ATM Fees

Own Network

$0

Canadian ATMs

$2

International

$5

Top savings account

Welcome Bonus

Earn a promotional rate of 5.00%**


Regular Interest

0.5%


Monthly Fee

$0

Get a 5.00% promo interest rate** when you open a chequing and a Savings Amplifier Account.

Get a promotional interest rate: You’ll get a 5.00% interest rate** guaranteed for up to 120 days† when you add a Savings Amplifier Account to a new Performance or Premium Chequing Account.


Unlimited no-fee transfers: Make no-fee transfers to your other BMO accounts any time, including mobile and online transfer, and ATM.*99

Earn money when you save: Benefit from a competitive interest rate every time you save money.*12


 No monthly fee or minimum deposit: Save money when you bank with no monthly fee and no minimum balance required.

Welcome Bonus

N/A


Regular Interest

Up to 0.6%


Monthly Fee

$0

  • Earn regular interest1 on your entire balance plus Smart Interest if you save at least $200 during the month2  
  • No monthly fee
  • $5 fee per transaction3 including debit purchases and withdrawals at CIBC
  • US ATMs within the Plus™ or Visa™ network: $3 + 2.5%
  • Outside Canada and the Plus™ or Visa™  ATM network: $5 + 2.5%

Top credit card

Welcome Bonus

Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*

Rewards Rate

No Rewards

Annual Fee

$29 $0

Interest Rates

13.99%* / 15.99%*

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring

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

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Doubled up to 1 year

Benefits

Details

  • discount

    Discount

    Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*

Eligibility

  • Credit Score

    Good
  • Annual Income

    N/A

Welcome Bonus

Balance transfer 0% interest for up to 10 months with a 1% transfer fee‡

Rewards Rate

No Rewards

Annual Fee

See Rates

Interest Rates

13.99% / 13.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring

4/5

A nice low rate card for everyday spending.

Pros


  • Low interest rates
  • Balance transfer welcome bonus

Cons


  • No rewards
  • Missing standard coverage categories

Rewards

No rewards earned on this card

Insurance

Coverage

  • heart lock

    Common Carrier Travel Accident Insurance

    $100,000

Benefits

Details

  • gas station

    Gas Discount†

    Save up to 10 cents per litre on gas at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations with CIBC and Journie Rewards.
  • discount

    Discount††

    Free Skip+ membership, welcome voucher, and monthly voucher available. Conditions apply.

Eligibility

  • Credit Score

    Good
  • Annual Income

    N/A


Compare BMO with other banks


Compare CIBC with other banks