Bank of Montreal (BMO) vs Manulife Bank of Canada
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 3.8), 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.
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
Overall rating
4.1
3.8
Customer experience
3.0
3.2
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.
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
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
Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
Integration with Manulife Financials’ broader offering
CDIC insurance coverage on eligible deposits
Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
Hybrid banking, which combines interest with everyday banking features
Cons
No physical branch locations
Less banking options compared to the Big Six Canadian banks
Mixed customer reviews
Business banking is not a complete offering
Rewards ecosystem is less competitive
Regular savings rates are not market-leading
Top chequing accounts
Best for: Great bonus offer and unlimited transactions
on BMO's website
+ 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
on BMO's website
+ 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:
- 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
Manulife Bank of Canada has no chequing account listed.
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.
3.9 Our rating
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
- Earn interest on your entire account balance
- $1.00 per Interac® debit transaction, Interac e-Transfer or bill payment
- $1.50 to withdraw your money
- Access to 2,600 Manulife Bank or The Exchange Network ATMs in Canada
- Fees waived on all banking transactions with a minimum account balance of $1,000
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
Manulife Bank of Canada has no credit card listed.
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®*
1 product
Savings
Manulife Advantage Account