Working hard in the background...
Bank of Montreal (BMO) vs Meridian Credit Union
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 3.9), 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.
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
Top chequing accounts
Top savings account
Top credit card
All products offered
.svg){kind=small}
