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Bank of Montreal (BMO) vs Tangerine Bank
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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Tangerine Bank edges ahead on our overall rating (4.4 vs 4.1), 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.
Tangerine Bank, or Tangerine as it’s known, is a subsidiary of Scotiabank, formerly part of ING Direct. Operating with its own coverage from the Canadian Deposit Insurance Corporation (CDIC), Tangerine has a sound reputation. Forbes even ranked the institution as number one in Canada on its list of the World’s Best Banks 2026 for two consecutive years.
The institution has a strong lineup for a digital bank, offering no-fee chequing and savings accounts as well as highly rated credit cards. Tangerine also provides lending services to its customers with mortgages, HELOCs, and lines of credit, and even has business banking, though it’s not a complete offering.
Unlike the major Canadian banks, many of its premium services come from partners or the Scotiabank network, rather than Tangerine itself. For example, the bank has insurance through its partner Sonnet Insurance and free ABM access through Scotiabank and its Global ATM Alliance. Tangerine does, however, have an in-house offering of mortgages and lending services.
Top chequing accounts
Top savings account
Top credit card
All products offered
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