BMO Bank of Montreal Review
BMO Bank overview
🏦 Bank of Montreal was founded in 1817 and is the eighth-largest bank in North America.
BMO ACCOUNT OPTIONS
Savings
Chequing
Visa and Mastercard credit cards
Investing
OTHER BMO SERVICES
Mortgages
Loans and lines of credit
Financial planning
Insurance
Business accounts and financing
Canadians who want to keep all their financial accounts in one place.
With its full complement of banking services for everyday customers and businesses alike, the Bank of Montreal is a practical choice for anyone who wants to keep their financial accounts in one place.
There isn’t much missing from BMO’s lineup of products and services — accounts, lending products, investment platforms, you name it. And consumers can easily manage their finances on the go courtesy of its online and mobile banking platforms.
Customers should be on the lookout for account fees, limited account transfers and transaction limitations.
PROS AND CONS
The Bank of Montreal boasts the resources of a reputable, longstanding financial institution — but it isn’t without its shortcomings.
Pros
- Well-established financial institution with a long history.
- Well-reviewed mobile app.
- Big selection of personal and business accounts.
- Impressive roster of credit cards.
Cons
- Monthly fees and transaction limits on chequing accounts.
- Transfer limits on savings accounts.
- Bank branches and BMO ATM networks don’t extend to Nunavut.
Bank of Montreal full review
Bank of Montreal, or BMO, began as the Montreal Bank in 1817. BMO is now one of Canada’s Big Six banks and the eighth
largest bank in North America with over 13 million global customers. BMO’s more than 200 years in business shows: this financial institution offers a sizable sweep of products and services, including several types of bank accounts, credit cards, mortgages, loans, lines of credit, investment platforms and more.
Its bank branches and ATMs can be found in every province and territory in the country, with the exception of Nunavut. It’s well-equipped for digital banking, too, with a robust online banking portal and well-reviewed mobile app. Overall, BMO has the resources to provide a one-stop shop for customers who seek to organize all of their finances under one roof.
WHAT ONLINE BANKING FEATURES DOES BMO OFFER?
For those who prefer to manage their finances digitally, BMO’s online banking portal and mobile app are capable of performing a wealth of financial services and transactions. From a computer, tablet or mobile device, customers can send and receive money, pay bills, deposit cheques, manage accounts, schedule payments and more.
IS MY MONEY SAFE AT BMO?
BMO customers are protected from losses incurred via unauthorized transactions, bank failure, fraud, and physical and cyber security threats.
Like many major Canadian financial institutions, the Bank of Montreal carries Canada Deposit Insurance Corporation (CDIC) insurance, which insures up to $100,000 of eligible deposits in the event that BMO goes bankrupt.
BMO’s 100% Security Guarantee pledges to reimburse BMO customers for any losses incurred via unauthorized account transactions. However, you may be liable for account losses if you fail to comply with your BMO account service agreement, so read the fine print carefully before you sign up.
BMO’s Financial Crimes Unit further protects its customers with physical and cyber security technology designed to monitor and manage security threats around the clock. Free security software is also available for interested customers.
NerdWallet Bank reviews
Compare the pros, cons and perks of Canadian financial institutions.🚩 Customer ratings
We gather consumer feedback to understand how users feel about banking with BMO. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.
As of this writing, BMO had the following ratings:
4.6 stars on the Apple App Store and 4.6 stars on the Google Play Store.
1.4 out of 5 possible stars, based on more than 1,000 customer reviews on Trustpilot.
1.12 out of 5 possible stars, based on over 160 customer reviews on the Better Business Bureau’s website.
What Reddit users are saying
There’s less BMO-specific chatter on Reddit, as many threads lump the Big Banks together. In recent posts, some Reddit users say BMO’s AI support often fails to answer their questions and is hard to bypass when they want a human.
Reddit discussions include:
Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.
Bank of Montreal account types
As one of Canada’s biggest banks, BMO offers a wide selection of accounts for you to choose from. NerdWallet's picks for best banking products include:
NerdWallet's take
NerdWallet's take
Product details
Product detailsNerdWallet's take
NerdWallet's takeProduct details
Product detailsBMO savings accounts
🤓 OUR TAKE
BMO savings accounts earn average interest rates usually from 0.01% to 0.95% across various balance tiers. The BMO Savings Amplifier Account often holds its spot among our top picks for limited-time promotional interest. If you're seeking a savings account with steadier long-term growth, shop around for online higher-yield online options.
Explore BMO savings accounts
None of BMO’s personal savings accounts charge monthly fees.
Premium Rate Savings Account: A straightforward, low-interest savings account designed to be bundled with a BMO chequing account.
Savings Builder Account: A high-interest savings account that offers bonus interest when you meet certain goals, with one free transfer between BMO accounts each month, and access to a bonus interest rate when you save at least $200 per month.
Savings Amplifier Account: A high-interest savings account with unlimited no-fee transfers between BMO accounts and no minimum balance requirements.
U.S. Dollar Premium Rate Savings Account: A USD savings account designed to be bundled with a BMO chequing account.
BMO chequing accounts
🤓 OUR TAKE
BMO offers generous bonuses and perks on chequing accounts tailored for kids, students, seniors, newcomers to Canada and more. Some accounts waive monthly fees when you maintain a minimum balance around $5,000. The Family Bundle's no-fee daily banking makes it easy to house all your finances under one roof.
Explore BMO chequing accounts
Practical: 12 transactions per month for a $4 monthly fee.
Plus: 25 transactions per month for an $11.95 monthly fee, waived if you maintain a $3,000 minimum balance.
Performance: Unlimited transactions and family account bundling options for a $17.95 monthly fee, waived with a $4,000 minimum balance.
Air Miles: Unlimited transactions plus the ability to earn Air Miles for $17.95 monthly fee.
Premium: Unlimited transactions, worldwide ATM withdrawals and more for a $30.95 monthly fee, waived with a $6,000 minimum balance.
BMO credit cards
🤓 OUR TAKE
BMO credit cards include both Mastercard and Visa, featuring reward points, cash back, travel perks and low-rate options. Purchase APRs typically range from 13.99% to 23.99%, depending on the card you choose.
Explore BMO credit cards
BMO credit cards include a wide variety of Mastercard and Visa credit cards, such as:
BMO Preferred Rate Mastercard.
BMO CashBack World Elite Mastercard.
BMO eclipse Visa Infinite Privilege Card.
BMO Rewards Mastercard.
BMO AIR MILES Mastercard.
BMO investing accounts
🤓 OUR TAKE
You can manage BMO's registered or non-registered investments on your own using its online platform, or opt for a robo-advisor or an advisor-led solution at a fee. The variety of beginner-friendly options may provide a starting point for some. If you’re just getting started, this lineup provides a few beginner-friendly options to choose from.
Explore BMO investment options
Non-registered cash account: A basic account with no tax advantages or contribution limits.
Non-registered margin account: Allows investors to borrow money for their investments.
Other BMO services
🤓 OUR TAKE
BMO is not only a full-service bank, but it also has a strong branch and ATM network globally. Plus, its online banking and mobile app support everything from banking to investing and wealth, making BMO a favourable choice for a one-stop financial hub.
Explore other services
Loans and lines of credit.
Financial planning and wealth management.
Insurance.
Bonds, mutual funds, ETFs, stocks and options.
Business bank accounts and financing options.
Bank of Montreal fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Bank of Montreal’s financial products and services:
Fees you should know about
Non-BMO ATM fee in Canada: $2
Debit transactions over an account’s limit: $1.25 each.
Overdraft fee: $5 per transaction or per month
How BMO compares to other big banks
ATMS AND BRANCHES | ARE DEPOSITS INSURED? | |
|---|---|---|
ATMs: 4,000+ Branches: 1,100+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,000+ Branches: 360+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,500+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,200+ Branches: 800+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,900+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,500+ Branches: 900+ | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Check out our Banking reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
Is the Bank of Montreal Canadian?
Is the Bank of Montreal Canadian?
Yes. Bank of Montreal was Canada’s first bank and its operational head office is located in Toronto, Ontario.
How do I call BMO or contact someone at the bank?
How do I call BMO or contact someone at the bank?
You can speak to a member of the bank’s customer care team in a few ways:
Call BMO at: 1-877-225-5266.
Visit a bank branch during business hours to speak to a BMO representative in person.
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