Bank of Montreal (BMO) vs Desjardins Group
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
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.
Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.
Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.
Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.
As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.
Overall rating
4.1
4.0
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.
Desjardins is best for Canadians who want full-service banking through a cooperative financial institution. It is particularly useful for those in Quebec or Ontario where there is the largest branch and ATM presence.
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
Cooperative structure can appeal to those who prefer a member-focused financial institution
Broad lineup of products
Strong reputation as Canada’s largest cooperative financial group
Competitive chequing-account fee waivers compared with many of the Big Six Banks
Strong branch and ATM presence in Quebec with additional access in Ontario
Supports both a full-service brokerage and an online brokerage
BONUSDOLLARS program provides eligible credit cardholders a way to earn and redeem rewards
Cons
Branch and ATM network is highly concentrated in Quebec and Ontario
Savings rates may be below those of online banks and fintechs
Rewards ecosystem is less comprehensive than those from the larger banks
Premium account packages have fewer perks than some of the alternative options at the Big Six banks
Not the lowest-cost option for those who want no-fee digital banking
Top chequing accounts
Best for: Great bonus offer and unlimited transactions
on BMO's website
+ Earn up to a $1,100 cash bonus(1)(2), plus a Walmart+ membership for up to 12 months(3)
Welcome Bonus
Earn up to a $1,100 cash bonus(1)(2), plus a Walmart+ membership for up to 12 months(3)
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
STEP 1
Chequing Account Offer1
Earn $800 when you:
- Open and fund a new BMO Performance or Premium Plan Chequing Account by March 1, 2027
- Complete the qualifying criteria by April 30, 2027
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 April 30, 2027.
2. Complete one of the following by April 30, 2027:
• 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 Offer1
Earn $200 when you:
- Open a Savings Amplifier Account by March 1, 2027
- 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 $200 cash bonus.
You must complete step one to qualify for step two.
STEP 3
Credit Card Offer2
Earn $100 when you:
- Open a Chequing Account in a Performance, Premium or Practical Plan and make any deposit by March 1, 2027
- Open a Savings Amplifier Account and make any deposit within 30 days of opening your Chequing Account
- Apply for and be approved for an Eligible Credit Card within 30 calendar days of opening your Chequing Account.
- Plus, pay no annual fee in your first year
Walmart+ Offer3
Get a Walmart+ membership for up to 12 months* when you:
- Open and fund a new Performance, Premium, Practical or Plus chequing account by March 1, 2027.
- Sign up for or update your existing Walmart+ membership on Walmart.ca by April 30, 2027. 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 Savings Account cash bonus will be credited to your account by October 30, 2027. The Credit Card cash bonus will be credited by June 30, 2027.
Unfortunately if you already have a chequing account with us from November 3, 2025 to March 1, 2027 you are not eligible for this promotion.
If you close your account before March 1, 2028, 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 open and fund 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 and 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
on BMO's website
+ Earn up to $850 in value, including a tech reward worth up to $300 from Best Buy.*
Welcome Bonus
Earn up to $850 in value, including a tech reward worth up to $300 from Best Buy.*
Monthly Fee
$0
Account Type
Chequing • Student
- Students earn up to $850 in value, including a tech reward worth up to $300 from Best Buy.*
- Available between November 4, 2026 and March 1, 2027
- $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 and currency
Foreign currency conversion
2.5%
Other fees
NSF (non-sufficient funds)
$5
Overdraft interest
21% annually (if used)
Bank draft
$9.95
3.7 Our rating
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $15.95 (waived with a $4,000 minimum balance)
- No ATM fees with the AccuLink® network
- Eligible for member dividends3
- Unlimited transactions through AccèsD, an ATM 2 or teller
- $1.50 cost for Interac® e-Transfers
Account fees
Monthly fee
$15.95
eStatement
Included
on Desjardins' website
Welcome Bonus
N/A
Monthly Fee
$23.95 (waivable)
Account Type
Chequing • Personal
- Monthly fee of $23.95 (waived with a $5,000 minimum balance)
- No cost for ATM transactions in the AccuLink® network
- Member dividend3 eligibility
- No limit on transactions through AccèsD, ATM 2, cheque, or teller
- No charge for Interac® e-Transfers
Account fees
Monthly fee
$23.95
eStatement
Included
Top savings account
on BMO's website
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.
Desjardins Group has no savings account listed.
Top credit card
on BMO's website
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
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 days
Extended 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
on Desjardins' website
Welcome Bonus
N/A
Rewards Rate
No Rewards
Annual Fee
$0
Interest Rates
10.9% - 19.9 / 12.9%
RECOMMENDED CREDIT SCORE
4/5
If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.
Pros
- No annual fee
- Low interest rates
- Comprehensive insurance
Cons
- No rewards
- No benefits
- Short travel coverage
Rewards
No rewards earned on this card
Insurance
Coverage
Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
Doubled up to 1 year
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®*