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BMO Review 2026: Checking and Savings
Written by Lauren Brown,
Edited by Kevin Shahnazari
Last updated on June 30, 2026
Fact Checked
FinlyWealth rating
🏅
4.1
Products they offer:
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.
Open account
on Bank of Montreal (BMO)'s website
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.
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
Product Reviews
Savings Accounts
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Earn a promotional rate of 4.75%*
Regular Interest
0.5%
Monthly Fee
$0
The BMO Savings Amplifier Account is a no-monthly-fee savings account meant for Canadians seeking flexibility. Unlike traditional savings accounts, it includes unlimited self-service transfers between eligible BMO accounts, making it easy to keep savings separate from everyday spending accounts.
While the account provides greater flexibility than some competing savings accounts, its interest rate remains lower than many of the top savings accounts available in Canada. As a result, it’s a suitable option for those prioritizing convenience and access over maximizing interest earnings.
Earn a promotional rate of 4.75%**
Earn a 0.50%*12 savings interest rate or a promotional rate of 4.75%**
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.
BMO Savings Builder Account
BMO Savings Builder Account
2.5 Our rating
OPEN ACCOUNT
on BMO's website
Welcome Bonus
N/A
Regular Interest
Up to 0.5%
Monthly Fee
$0
For those who need an added incentive to save, the BMO Savings Builder Account might be the right fit. It rewards customers who consistently grow their balance with a higher interest rate when they add at least $200 each month to the account. It’s an unconventional perk that comes with no monthly account fee.
The account structure appeals to disciplined savers who make regular contributions to their accounts and are working towards a long-term savings goal. If you cannot meet the monthly savings requirement or expect to make frequent withdrawals, the account may not be the right fit. Customers with a sole focus on maximizing interest income may find stronger savings account options elsewhere.
- Earn up to 0.550% with an additional bonus interest rate when your account balance increases by $200 or more each month*17
- No monthly fee
- One no cost transaction per month*23
- One free pre-authorized debit, transfer to BMO account or Interac eTransfer per month with a $5 charge per additional transaction
OPEN ACCOUNT
on BMO's website
Welcome Bonus
N/A
Regular Interest
0.01%
Monthly Fee
$0
The BMO Premium Rate Savings Account is for eligible BMO banking customers looking to keep their savings within the bank. Though its monthly account fee depends on the banking plan you have, it offers seamless integration with eligible BMO chequing accounts. It provides a convenient place to hold cash while keeping both your everyday banking and savings under one roof.
While the account offers convenience, its interest rate is significantly lower than many competing savings accounts available in Canada. It’s most appealing to existing BMO customers who value simplicity and account integration. Those looking to maximize interest income can find better options elsewhere.
- Earn 0.010% interest on all balances*12
- Monthly fee depends on your plan
- Transactions depend on your plan limit*7,*105
- Access your money at any time
- Add the account to your BMO Chequing Account to pay a single fee*1,*3
- Must have a BMO Chequing Account in order to open the account*100
Chequing Accounts
Best for: Great bonus offer and unlimited transactions
OPEN ACCOUNT
on BMO's website
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
The BMO Performance Chequing Account strikes a balance between affordability and flexibility. It includes unlimited transactions and Interac e-Transfers, allowing customers to manage their day-to-day banking without worrying about transaction limits. Customers who maintain a minimum balance of $4,000 can also see a waiver of the monthly fee. When that’s possible, it improves the account’s value proposition, though it may not be realistic for every customer.
Unlike many entry-level chequing accounts, the Performance Chequing Account combines everyday banking features with additional perks like BMO’s Family Bundle program. These features make the account suitable for Canadians who frequently use their account yet don’t want to pay for a premium banking package. Its combination of unlimited banking and fee-waiver potential makes it a top chequing account pick among the major Canadian banks.
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 |
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
BMO Premium Chequing Account
BMO Premium Chequing Account
3.9 Our rating
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Earn up to a $900 cash bonus* and a Walmart+ membership for up to 12 months*
Monthly Fee
$30.95 (waived with $6,000 balance)
Account Type
Chequing • Personal
If you want full-service banking with few limitations, the BMO Premium Chequing Account might be for you. It includes unlimited transactions and Interac e-Transfers along with access to BMO’s branch and ATM network. Customers who maintain the required minimum balance can benefit from a fee waiver, making the account attractive if you keep a large cash balance.
In addition to everyday banking, the account includes a range of premium benefits that help distinguish it from lower-tier options. The minimum balance of $6,000 is quite high, so few customers may actually qualify to have their fee waived. For those who can, though, the combination of unlimited banking and added perks provides strong overall value.
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.
Account Features | |
|---|---|
Transaction fees | $0.00 per use |
INTERAC e-Transfer 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 | Unlimited worldwide |
Credit card fee rebate | $150.00 |
Rewards scheme | N/A |
Interest on savings | Savings Amplifier Account promotional interest rate 4.65%. Terms apply. |
Bank draft cost | $0 |
Overdraft fee & interest | $0 |
Paperless & Mailed monthly statement | $2.25 per month |
Service features (digital/in-person) | Easy, secure digital banking |
- 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 $150 rebate on the annual fee for an eligible BMO credit card
- Preferred U.S. foreign exchange rate
- Unlimited transactions and worldwide for non-BMO ATM withdrawals at no cost
- OnGuard®† Identity Theft Protection at no charge
- No-fee Global Money Transfer transactions to up to 50 countries
Account Fees
Monthly Fee
$30.95
Fee Waiver: Minimum Balance Waiver
$6,000 min. balance
Maintain a monthly balance of $6,000 to waive the full monthly fee
Credit Card Rebate
Up to $150
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$0/month
Overdraft Interest
21% annually (if used)
Bank Draft
$0
Best for: Best overall student chequing account
BMO Student Chequing Account
BMO Student Chequing Account
4.6 Our rating
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Earn up to a $200 Tech reward from Best Buy*
Monthly Fee
$0
Account Type
Chequing • Student
Giving students everyday banking access, the BMO Student Chequing Account comes without a monthly fee. It offers unlimited debit transactions and Interac e-Transfers, so it’s easy to manage your spending and pay bills without worrying about transaction limits. Combined with access to BMO's branch and ATM network, the account offers a practical banking solution for student life.
BMO provides unlimited day-to-day banking for students looking to minimize costs without sacrificing flexibility. While some competing student accounts include additional premium banking benefits, the BMO Student Chequing Account remains a solid choice for students who want straightforward banking.
- 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
Best for: Newcomers to Canada
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Earn up to $900* cash
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
The BMO NewStart Program helps newcomers establish their finances in Canada. Eligible participants can receive banking products including a chequing account and a credit card. By combining several financial tools, including BMO SmartProgress™, into a single package, the program simplifies the process of starting fresh in a new country.
Few banking programs offer the same level of support for newcomers. The inclusion of a credit card without an established Canadian credit history can help participants begin building credit, and the broader banking package includes perks like a credit card annual fee rebate, free BMO Global Money Transfers and a Family Bundle. For newcomers looking for a comprehensive banking solution, the BMO NewStart Program delivers on value.
BMO Performance Chequing Account: Newcomers get up to a $900* cash bonus and a Walmart+ membership for up to 12 months*. Also, no monthly plan fees for 2 years*.
Eligibility: To qualify for any special offer pertaining to the BMO NewStart program as set out above, a customer must be a permanent resident or foreign worker who arrived in Canada within the last five (5) years. Proof that status was obtained within the last five (5) years is required as evidenced by their Canadian Permanent Resident Card, Confirmation of permanent residency or work permit (IMM 1442).
What to Expect from the Newcomer Performance Bank Account:
- Earn up to 900* cash bonus
- Family Bundle Bonus
- Enjoy unlimited monthly transactions, including Interac e-transfers (3,000 daily maximum), with no monthly Plan fee for two years with the Performance Plan
- Up to $40 rebate on the annual fee for BMO Credit Cards
- Send BMO Global Money Transfers with no-fee
- Protect your documents in a safety deposit box and get a $60 cash bonus
- Get personalized financial advice at a branch near you
- Explore our financial wellness tool, BMO SmartProgress™
- Non-BMO ATM withdrawals per month: 1 Canadian withdrawal included. Then 2 each in Canada, $5 each in the U.S., $5 each outside Canada and the U.S.
- Standard overdraft protection: $5/month
Pros
- Generous welcome bonus
- Unlimited transactions
- Credit card rebates
- No-fee global money transfers
Cons
- Minimum balance requirement
- ATM fees
Account Fees
Monthly Fee
$17.95
Fee Waiver: Newcomer Rebate
$4,000 min. balance
No monthly plan fee for 2 years with a minimum balance of $4,000
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
OPEN ACCOUNT
on BMO's website
Welcome Bonus
N/A
Regular Interest
Up to 0%
Monthly Fee
$17.95
Account Type
Chequing • Personal
The BMO Blue Rewards Chequing Account combines everyday banking with the ability to earn rewards on eligible debit card purchases. Customers receive unlimited transactions and Interac e-Transfers while earning Blue Points on their spending. It’s a unique option compared to other chequing accounts from the major Canadian banks.
While customers can earn additional Blue Points for keeping a certain balance in the account, the bank doesn’t waive the monthly fee on this account if you maintain the minimum balance. As a result, the overall value you receive from this account will depend on how much you spend and how you use your rewards.
The account is a strong fit for existing BMO customers who value rewards and plan to take advantage of the included benefits. That said, Canadians focused on minimizing banking costs may find better value in accounts that offer fee waivers or have a lower monthly fee.
- Earn 2x Blue Points on every $2 of eligible groceries, gas, wholesale club and EV charging spending and earn 1x Blue Points on everything else9
- Get 500 Bonus Points monthly when you maintain a minimum balance of $4,000 every day106
- BMO Family Bundle available allowing no fee banking for your household’s family members90, 107
- Save more than $150 annually with free access to OnGuard® Identity Theft Protection74
- No limit on transactions52
- Free Interac e-Transfers39
Account Fees
Monthly Fee
$17.95
eStatement
Included
ATM Fees
Own Network
$0
Canadian ATMs
$2
International
$5
BMO Plus Chequing Account
BMO Plus Chequing Account
3.3 Our rating
OPEN ACCOUNT
on BMO's website
Welcome Bonus
N/A
Regular Interest
Up to 0%
Monthly Fee
$12.95 (waivable)
Account Type
Chequing • Personal
Made for Canadians who need more than a basic banking package, the BMO Plus Chequing Account offers a generous monthly transaction allowance. It’s ideal for those who use their account frequently but don’t require unlimited transactions each month. Customers can also have the monthly fee waived by maintaining a minimum balance.
While the account offers solid everyday banking value, it lacks the premium benefits and unlimited transaction features available with some higher-tier accounts. It’s most suitable for those customers with moderate banking needs who want to keep their cost down while still maintaining access to full-service banking
- Monthly fee waived with $3,000 minimum balance
- Benefit from a no additional cost Canadian and US dollar savings account
- Get up to 25 no cost transactions52, 104 and Interac e-Transfers monthly39, 101
- No limit on eligible public transit transactions104
- Overdraft protection available for $5 per month20
Account Fees
Monthly Fee
$12.95
eStatement
Included
ATM Fees
Own Network
$0
Canadian ATMs
$2
International
$5
BMO Practical Chequing Account
BMO Practical Chequing Account
2.95 Our rating
OPEN ACCOUNT
on BMO's website
Welcome Bonus
Get a cash bonus for as much as $150!*‡
Regular Interest
Up to 4.65%
Monthly Fee
$4
Account Type
Chequing • Personal
The BMO Practical Chequing Account is a straightforward option for Canadians with basic banking needs. The account includes a set number of monthly transactions and access to BMO’s branch and ATM network. It’s suitable for customers who primarily use their account for occasional purchases and prioritize a lower monthly fee versus unlimited banking transactions.
The account’s limited transaction allowance means it may not be the best choice for customers using their account frequently. Those who make regular debit purchases may find better value in a higher-tier account that offers additional transactions and greater flexibility.
To qualify for the Chequing Account Bonus Offer, you must:
1) Open a new Chequing Account with an Eligible Bank Plan during the Offer Period, May 21, 2026 – August 6, 2026;
AND
2) Provide a valid email address¹ at the time of opening the Chequing Account. If the Chequing Account is a joint account, this requirement is met if one of the accountholders provides a valid email address¹;
AND
3) Make a deposit of any amount to the Chequing Account by August 6, 2026;
AND
4) Set up one (1) recurring direct deposit of $500 or more from your employer, the government, or your pension, and have the first deposit appear in the Chequing Account by September 30, 2026;
5) Complete one (1) of the following Eligible Transactions (defined below) from the Chequing Account and have the transaction appear in the Chequing Account by September 30, 2026:
a. Make two (2) bill payments of $50 or more to two (2) different payees through BMO Online Banking or the BMO Mobile Banking app;
b. Set up two (2) pre-authorized debits (PADs) of $50 or more from two (2) different payees
Eligible Transactions
• Bill payment: Make two (2) bill payments of $50 or more to two (2) different payees through BMO Online Banking or the BMO Mobile Banking app from your Chequing Account by September 30, 2026. Exclusions: A transfer from your Chequing Account to pay a BMO credit card or a BMO line of credit does not qualify as an Eligible Transaction.
• Pre-authorized debit (PAD): Set up two (2) PADs of $50 or more from two (2) different payees from your Chequing Account and have at least one (1) PAD from each payee appear in the Chequing Account by September 30, 2026. A PAD includes, but is not limited to, a pre-authorized bill payment to a service provider such as a utility bill, gym membership, or PAD to a BMO mortgage, BMO loan, BMO line of credit, or contribution to a BMO investment account. Exclusions: A PAD that is not paid and returned for any reason including non-sufficient fund, funds-not-clear, stop payment does not qualify as an Eligible Transaction.
Available until August 6, 2026
- Earn up to 4.65% with the Savings Amplifier Account promotional interest rate**
- 12 transactions per month 52, 104
- Free Interac eTransfers
- No cost withdrawals at BMO ATMs
- No limit on eligible public transit transactions104
- Overdraft protection available for $5 per month20
Account Fees
Monthly Fee
$4
eStatement
Included
ATM Fees
Own Network
$0
Canadian ATMs
$2
International
$5
Explore BMO credit cards
See our full guide to BMO's best credit cards.
Read guide
Customer Experience
3/5
Though it has an extensive branch network, BMO’s customer feedback remains mixed. On Trustpilot, the bank has a rating of 1.3 out of 5 stars based on over a thousand customer reviews. Common complaints are about “exceptionally poor” customer service with issues surrounding online banking. This is, however, similar to the other major banks in Canada. Customer feedback also suggests that many issues require an in-person branch visit.
Not all feedback is negative for the bank. Several reviewers made note of the knowledge and professionalism of staff members. While BMO does provide the convenience and resources expected from one of Canada’s largest banks, recurring customer complaints weigh on its customer experience score.
Rating Methodology
How We Rate Bank of Montreal (BMO)
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes, you can. BMO allows customers to open many different types of accounts online, though you need to provide all personal information including your identification details and a Social Insurance Number. Some customers may still need to visit a branch depending on the account type.
BMO is the oldest bank in Canada, founded in 1817 in Montreal. Today it is the fourth largest bank in Canada when ranked by size.