Bank of Montreal (BMO) vs Royal Bank of Canada (RBC)
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) and Royal Bank of Canada (RBC) 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.
As one of the largest and most established financial institutions in Canada, RBC stands out for its size and lineup of products. Its full-service approach allows customers to manage their everyday banking in the same place where they have their credit cards, mortgages, investments, and insurance.
RBC provides a large selection of products for everyday banking needs. It offers chequing accounts for specific groups like students, seniors, and newcomers. Premium banking options are also available. While its savings account lineup is less competitive, especially compared to fintechs, the firm periodically has valuable promotions. Long-term rates tend to lag behind other digital providers, though.
Not only does RBC have a wide range of bank account options, it also has one of the largest credit card lineups in Canada. Options range from cashback and rewards to travel and business. FinlyWealth recently ranked the RBC Avion Visa Infinite Card amongst the best travel credit cards in Canada.
In terms of mortgage and lending products, the bank provides many options. But posted rates at RBC are not always the lowest in comparison to other banks and fintechs. While rates may be less competitive, the bank benefits from its widespread product offering as well as strong brand trust and broad advisor access.
Overall rating
4.1
4.1
Customer experience
3.0
2.8
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.
Those who want full-service banking with access to both physical branches and a wide range of financial products. The bank also boasts strong digital banking tools and one of the largest ATM and branch networks in Canada, making it ideal for Canadians who value integrated banking as well as established customer support.
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
In-person service available through one of the largest branch networks in Canada
More than 4,000 ATMs across the country
Strong integration between banking, lending, and investing
Robust product offering for savings and chequing accounts
Numerous credit card options with varying rewards
Established brand with broad access to customer support
Mobile app quality ranks well amongst the Big Six Canadian banks
Cons
Fees are typically higher than competitors
Monthly fees on many chequing accounts
Savings products pay a lower interest rate
Higher mortgage and loan rates comparatively
Some premium banking benefits require high balances or bundled products
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
4.5 Our rating
on RBC's website
Welcome Bonus
Open an eligible RBC Chequing Account and get the new iPad(1)
Monthly Fee
$30 (rebates available)
Account Type
Chequing • Personal
- Open an eligible RBC Chequing Account and get the new iPad(1)
- Offer ends November 2 , 2026
- Qualifying Criteria and other Conditions Apply
How to Get Your RBC iPad Offer
Once you’ve opened your the RBC Signature No Limit Banking account or the RBC VIP Banking account by November 2, 2026, complete at least two of the following within 90 days:
- Set up your full payroll or pension as a direct deposit (no splitting)
- Set up two pre-authorized monthly payments
Make two eligible bill payments using RBC Online Banking, the RBC Mobile app, an ATM or telephone banking. Other terms and conditions apply.
- Unlimited tap, swipe and debit transactions Worldwide(6)
- $30/month(2), as low as $17.05/month with the Value Program Rebate(14), or $22.50/month after the Seniors(13) Rebate
- No minimum balance requirement
- No monthly fee for up to two additional CAD accounts and one USD account(7)
- Save up to $120 on eligible credit card annual fee(10,38)
- Free Interac e-Transfer transactions(4,5)
- Earn Avion points(15) on everyday purchases
- Save 3c/L on gas at Petro-Canada(6)
- If you're not satisfied within the first 4 months, we'll refund up to 3 months of monthly fees(11)
- Free cross-border debits(9,19,20)
Pros
- Unlimited transactions + e-Transfers
- Global ATM fee waivers (RBC side)
- High credit card rebate ($120)
- Strong bundle of premium perks
- Great for frequent travellers
Cons
- Very high $30 monthly fee
- No full fee waiver option
- FX fee still applies (2.5%)
- Overkill if you don’t use premium perks
- Not competitive vs free / low-cost banks
Account Fees
Monthly Fee
$30
Fee Rebate: Eligible Personal Credit Card, Personal Investment and Small Business Account
Save $12.95/mo
As low as $17.05/month with the Value Program Rebate(14)
Fee Rebate: Eligible Personal Credit Card, Personal Investment and Residential Mortgage
Save $12.95/mo
As low as $17.05/month with the Value Program Rebate(14)
Credit Card Rebate
Up to $120
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Cross-Border Debit Fee
$0
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$0/month
Overdraft Interest
22% annually (if used)
Bank Draft
$0
Best for: Full time students
on RBC's website
Welcome Bonus
Open a No Monthly Fee RBC Advantage Banking Account for Students and Get AirPods 4.(1)
Monthly Fee
$0
Account Type
Chequing • Personal
- Open a No Monthly Fee RBC Advantage Banking Account for Students and Get AirPods 41
- Bonus! Get 3 months of Apple Music with your new AirPods.
- New subscribers only. After 3 months, subscription automatically renews until cancelled.
- Conditions apply. Offer ends November 2, 2026. Complete offer qualifying criteria by January 15, 2027.
- $0 Monthly Fee(2) for full-time students(3)
- Unlimited Debit Transactions
- Free Interac e-Transfer Transactions(4,5)in Canada
- One of the Largest Combined ATM and Branch Networks in Canada
- Up to $48 rebate on the annual fee of an eligible credit card(1)
- Earn Avion Points on debit purchases, even with your Virtual Visa Debit
- International Money Transfers - Pay no fee for U.S. and international money transfers for this offer/account
Pros
- No monthly fee for full-time students
- Unlimited Debit Transactions + Free Interac e-Transfers
- Up to $48 rebate on the annual fee of an eligible credit card
- Avion Points on debit purchases
- Large branch + ATM network
- No minimum balance required
- No RBC fee at other-bank ATMs in Canada
Cons
- Only for full-time students
- Fees kick in after graduation
- No interest on your balance
- Rewards system is limited
- Best perks require multiple RBC products
Account Fees
Monthly Fee
$0
Fee Waiver: Students Rebate
Full waiver
No monthly fee for full-time students or anyone 24 and younger(2,3)
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
International & Currency
International Transaction Fee
$0
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
22% annually (if used)
Bank Draft
$9.95
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.
2.7 Our rating
on RBC's website
Welcome Bonus
Earn 4.60% for 3 months for new High Interest eSavings account holders
Monthly Fee
$0
If this is your first RBC High Interest eSavings account, you can earn up to 4.60% in interest for 3 months. Offer expires 3pm EST on June 9, 2026.
Interest rates
All balances 0.55%
Promotional rate of 4.60%13 on your first three months12
Account fees
Monthly Fee $0
eStatement Included
Earn interest of up to 4.60%12,13
- Earn a rate of 0.55% or a promotional 4.60%13 on your first three months12
- No monthly fee with no minimum balance requirement
- No cost transfers to any of your personal RBC deposit accounts making it a practical choice for existing RBC customers
- 1 no charge ATM withdrawal per month with an additional $5 charge thereafter
- Access to your savings at any time
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 RBC's website
Welcome Bonus
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers^ and no annual fee for the first year*. Apply by November 4 2026.
Rewards Rate
N/A
Annual Fee
$20 $0
Interest Rates
12.99% / 14.99%
RECOMMENDED CREDIT SCORE
4.8/5
A low-interest credit card in case you want to carry a balance every month. This card provides no rewards on purchases, however comes with a relatively lower interest rate compared to many other credit cards, so if you're unable to pay your balance in full every month, this card will save you a lot of money in interest payments.
Awards & Recognition
Best Low Interest Credit Card
2026
Pros
- Low annual fee
- Lower interest rates
- Low interest welcome bonus
- first-year fee rebate
Cons
- No rewards
Rewards
- Get a low, fixed annual interest rate of 12.99% on purchases and 14.99% on cash advances including balance transfers1.
- Your RBC Visa Classic Low Rate Option card includes purchase security and extended warranty insurance coverage4.
- Get special partner offers from brands like Petro Canada, Rexall and DoorDash.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Doubled Up to 1 year
Benefits
Details
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall.svg)
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada and 20% more Avion points at Petro-CanadaDiscount
Get a 6-month complimentary DashPass subscription — a value of almost $60. Plus, enjoy unlimited deliveries when $0 delivery fees on orders of $15 or more when you pay with your eligible RBC 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®*
28 products
Chequing
RBC Advantage Banking Account
RBC Advantage Banking Account for Students
RBC Day to Day Banking Account
RBC Signature No Limit Banking account
RBC VIP Banking Account
Credit cards
RBC Avion Visa Infinite
RBC Avion Visa Infinite Privilege
More Rewards RBC Visa
moi RBC® Visa‡
More Rewards RBC Visa Infinite
RBC Avion Visa Platinum
RBC Cash Back Mastercard
RBC Cash Back Preferred World Elite Mastercard
RBC ION Visa
RBC ION+ Visa
RBC U.S. Dollar Visa Gold
RBC RateAdvantage Visa
RBC Visa Classic Low Rate Option
RBC Visa Platinum
RBC® British Airways Visa Infinite‡
WestJet RBC Mastercard
WestJet RBC® World Elite Mastercard®
RBC Avion Visa Infinite Business Credit Card
RBC® Business Cash Back Mastercard‡
WestJet RBC® World Elite Mastercard® for Business