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Bank of Montreal (BMO) vs Toronto-Dominion Bank (TD)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Toronto-Dominion Bank (TD) edges ahead on our overall rating (4.3 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.
Toronto Dominion, known as TD, delivers a strong all-around banking experience through a broad product lineup and extensive branch networks including 1,100 branches throughout the United States. The bank boasts consistency across many categories with few major weaknesses.
Offering a range of banking products, TD has accounts for Canadian newcomers, youth, students, and even international students. It provides banking starting at a cost of $0 for specific groups up to an “All-Inclusive Banking Plan” with premium features and a much higher price tag. Fee waivers are available for those who maintain a certain balance in their account. Long-term savings rates may be less competitive than online banks and fintechs though.
TD has a smaller credit card offering in comparison to some of the other biggest banks in Canada. It does, however, have some strong products, including the TD® Aeroplan® Visa Infinite Card, which FinlyWealth ranks as the best overall Aeroplan credit card.
With a broad lending offering, TD receives recognition for its Canada-US cross-border services as well as various lending products. Its mortgage and lending breadth is amongst the strongest in Canada, though the bank doesn’t always have the lowest rates.
Overall rating
4.1
4.3
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.
TD Bank is best for Canadians looking for full-service banking with a vast offering of lending products, premium chequing accounts, branch access and cross-border banking support in the US.
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
TD Canada’s mobile app ranks well with consumers
Extensive branch network
Availability of premium banking options and fee-waiver options
Stand-out credit cards despite a limited offering
Promotional pricing periodically available for better rates and rewards
Extensive mortgage and lending offerings with flexible products
Strong retail presence in the United States and cross-border support
Cons
Elevated fees compared to fintechs and digital banks (though competitive amongst the Big Six)
Monthly account fees on most chequing accounts unless minimum balance maintained
Minimum balance waiver set at a higher balance compared to the other major banks
Savings accounts have a lower interest rate, even amongst the Big Six
Elevated mortgage and loan rates in comparison to digital-first lenders
Every credit card charges a foreign transaction fee
Historically extended branch hours were pared back post-Covid
Premium banking benefits available, though they come at a cost or require high account balances
Top chequing accounts
Best for: Great bonus offer and unlimited transactions
GET OFFER
on BMO's website
Exclusive · From FinlyWealth$100 rebate
+ 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 August 6, 2026
- Complete the qualifying criteria by September 30, 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 September 30, 2026.
2. Complete one of the following by September 30, 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 August 6, 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 4.65% 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 September 30, 2026;
• Go to the Planning Tab and apply one (1) Strategy to the plan by September 30, 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 August 6, 2026.
- Sign up for or update your existing Walmart+ membership on Walmart.ca by September 30, 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 October 31, 2026. The Savings Account cash bonus will be credited by April 30, 2027.
Unfortunately if you already have a chequing account with us from May 21, 2025 to August 6, 2026 you are not eligible for this promotion.
If you close your account before August 6, 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 |
Interest on savings | Savings Amplifier Account promotional interest rate 4.65%. Terms apply |
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
BMO Student Chequing Account
BMO Student Chequing Account
4.6 Our rating
GET OFFER
on BMO's website
Exclusive · From FinlyWealth$75$100 rebate
+ Earn up to a $200 Tech reward from Best Buy*
Limited offer · ends
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
TD Student Chequing Account
TD Student Chequing Account
4.8 Our rating
OPEN ACCOUNT
on TD's website
Welcome Bonus
Receive value of up to $560 with a Student Banking Package
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Student
Get as much as $560 in value with a Student Banking Package:
- Cash offering of $125 when you open a new Student Chequing Account and complete two of the following by August 31, 2026:
Arrange a recurring direct deposit and receive payment from either your employer or the Government
Initiate or receive an e-Transfer for $30 or more
Use your Visa Debit to make an online purchase
Establish Pre-Authorized Transfer Service or Simply Save Service on your TD Savings Account
- Cash Back Dollars of up to $100 if you open an eligible TD Cash Back Visa before June 29, 2026
- Get up $250 in value when you open your first TD Direct Investing Account
- Savings of $60 with no monthly fees annually on TD Monthly Plan Overdraft Protection services on a new Student Chequing Account
- $25 gift card for Uber when you (a) establish a TD Student Chequing Account and meet eligibility criteria before August 31, 2026 (b) open a qualifying credit card before June 29, 2026. You must also keep the Student Chequing Account and your credit card active for five months after the account opening.
Offer expires June 29, 2026
- Made for students and youth under the age of 23
- No monthly fee on the account or overdraft protection
- Free Interac e-Transfers
- Minimum balance not required
- Interest earned on all balances
- Receive 0.5 bonus stars for every dollar of spending at participating Starbucks6
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
OPEN ACCOUNT
on TD's website
Welcome Bonus
Receive up to $750 in value on new accounts(§)
Regular Interest
Up to 0%
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
Earn up to $750 in value for new TD Unlimited Chequing Accounts.
Interest rates
All balances 0%
- No limit on transactions
- Full fee rebate if you meet the minimum balance requirement of $4,0001, 2
- Free Interac e-Transfers3
- No charge from TD for ATM transactions within Canada5
- Paper statement $2.00 monthly
- Account holders get a first year fee rebate on eligible TD credit cards4
Account Fees
Monthly Fee
$17.95
Fee Waiver: Full fee rebate if you meet the minimum balance requirement
$4,000 min. balance
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
Top savings account
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Earn a promotional rate of 4.55%*
Regular Interest
0.55%
Monthly Fee
$0
Earn a promotional rate of 4.55%**
Earn a 0.50%*12 savings interest rate or a promotional rate of 4.55%**
Get a promotional interest rate when you also open a Performance, Premium, AIR MILES®†, Plus or Practical Chequing Account.
Pay no monthly plan fee or minimum deposit
$0 monthly plan fee and $0 minimum deposit required to get started.
Get unlimited self-serve transfers
Make transfers to your other BMO accounts any time, including mobile and online transfers, and ATM.*99
Manage your savings with BMO Savings Goals
Save for a vacation, or a big purchase with our new Mobile Banking feature, BMO Savings Goals.
TD Growth™ Savings Account
TD Growth™ Savings Account
2.6 Our rating
OPEN ACCOUNT
on TD's website
Welcome Bonus
Earn the Boosted Rate on eligible accounts with balances over $5,000
Regular Interest
Up to 1.5%
Monthly Fee
$0
Earn a Boosted Savings Rate for eligible accounts with balances over $5,0001
- Earn a Boosted savings rate for eligible accounts with balances over $5,0001
- Interest a higher rate of interest the more you save
- No monthly account fee
- Unlimited transfers to your TD deposit accounts ($5 charge for other transactions)
Top credit card
APPLY NOW
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 2% transfer fee and no $29 annual fee for the first year.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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
APPLY NOW
on TD's website
Welcome Bonus
Earn up to $1,300 in value†, including up to 146,000 TD Rewards Points† and receive an Annual Fee rebate for the first year†.
Annual Fee
$139 $0
Interest Rates
21.99% / 22.99%□
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.7/5
The TD First Class Travel Visa Infinite Card is an excellent option for frequent travelers who book through Expedia For TD and want to maximize rewards on travel purchases. The high welcome bonus and extensive insurance coverage make this card stand out. However, the high income requirements and limited value of TD points may not make it the best fit for everyone.
Pros
- High rewards
- First-year fee rebate
- Extensive insurance
- Annual travel credit
Cons
- High income requirements
- Low point value
- Potentially week booking portal
Rewards
- Earn 8 TD Rewards Points† for every $1 you spend when you book travel through Expedia® For TD†
- Earn 6 TD Rewards Points† for every $1 you spend on Groceries, Dining, and Public Transit†
- Earn 4 TD Rewards Points† for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†
- Earn 2 TD Rewards Points For every $1 you spend on other Purchases made using your Card† plus earn an annual Birthday Bonus† of up to 10,000 TD Rewards Points
- Earn more at Starbucks: Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
Insurance
Coverage
Travel Medical Insurance (64 & under)†
21 daysTravel Medical Insurance (65 to 75)†
4 days
Trip Cancellation†
$1,500
Trip Interruption†
$5,000
Flight Delay†
$500Baggage Delay†
$1,000
Lost or Stolen Baggage†
$1,000
Common Carrier Travel Accident Insurance†
$500,000.svg?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
Car Rental Damage & Theft†
yes
Hotel Burglary Insurance†
$2,500Purchase Protection†
90 daysExtended Warranty†
Up to 1 year
Mobile Device Insurance†
$1,000
Benefits
Details
Visa Infinite Exclusive Benefits†
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Concierge Services†
Golf Benefit†
Troon Rewards Golf benefits like discounts at over 95 resorts and courses around the world plus access to select private clubs across the U.S
Extra points†
Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
Annual Birthday Bonus†
Earn a Birthday Bonus of up to 10,000 TD Rewards Points
Car Rental Discount†
10% off base rate of Avis Rent A Car and Budget Rent A Car.svg?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
Travel Credit†
Get an annual TD Travel Credit of $100 when you book at Expedia For TD
Airport Lounge - Dragon Pass†
Enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
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®*
17 products
Chequing
TD Unlimited Chequing Account
TD Every Day Chequing Account
TD Minimum Chequing Account
TD Student Chequing Account
Credit cards
TD Aeroplan® Visa Infinite* Card
TD Cash Back Visa Infinite* Card
TD Cash Back Visa* Card
TD First Class Travel® Visa Infinite* Card
TD Low Rate Visa* Credit Card
TD Platinum Travel Visa* Card
TD Rewards Visa* Card
TD® Aeroplan® Visa Infinite Privilege* Credit Card
TD® Aeroplan® Visa Platinum* Card
TD® Aeroplan® Visa* Business Card