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Published January 9, 2024
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6 minutes

BMO Bank of Montreal Review

The Bank of Montreal (BMO) is one of the largest financial institutions in North America and has plenty to offer everyday consumers and businesses alike.

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BMO Bank at a glance

Bank of Montreal was founded in 1817 and is the eighth-largest bank in North America.

  • BMO account options
    Visa and Mastercard credit cards
  • Other BMO services
    Loans and lines of credit
    Financial planning
    Business accounts and financing

Bank of Montreal overview

Bank of Montreal, or BMO, began as the Montreal Bank in 1817. Headquartered in Toronto, 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.

Online banking capabilities at BMO

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.

BMO’s well-received mobile app, which earns 4.4 and 4.6 out of 5 stars in customer reviews on the Google Play and Apple App Store, is particularly noteworthy.

BMO (Bank of Montreal)

Find the best Bank of Montreal bank accounts and credit cards to meet your needs

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Is my money safe at BMO bank?

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 100% of 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.

Bank of Montreal account types

BMO savings accounts

None of BMO’s personal savings accounts charge monthly fees.

BMO chequing accounts

BMO offers special rates on its chequing accounts for kids, students, seniors, newcomers to Canada and members of the Indigenous and Canadian Defence communities. All of its chequing accounts include Interac e-transfers, up to specified transaction limits. Some accounts waive monthly fees for customers who maintain a minimum balance. 

BMO credit cards

BMO credit cards include a wide variety of Mastercard and Visa credit cards, such as:

BMO investing accounts

Other BMO services

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:

Who Bank of Montreal is best for

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 of BMO Bank

The Bank of Montreal boasts the resources of a reputable, longstanding financial institution — but it isn’t without its shortcomings.

Pros of BMO

Cons of BMO

How BMO compares to other big banks

ATMs and branchesAre deposits insured?
RBCATMs: 4,000+
Branches: 1,100+
Yes, by the Canada Deposit Insurance Corporation.
National Bank of CanadaATMs: 2,200+
Branches: 360+
Yes, by the Canada Deposit Insurance Corporation.
TD BankATMs: 3,400+
Branches: 1,000+
Yes, by the Canada Deposit Insurance Corporation.
BMOATMs: 3,200+
Branches: 800+
Yes, by the Canada Deposit Insurance Corporation.
CIBCATMs: 2,900+
Branches: 1,000+
Yes, by the Canada Deposit Insurance Corporation.
ScotiabankATMs: 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.

Bank of Montreal frequently asked questions

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?

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.


Guide to BMO Student Bank Accounts

Guide to BMO Student Bank Accounts

BMO’s student bank account options include chequing and savings accounts with low or no fees.

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BMO Mortgage Rates

Find the right BMO mortgage rate for your home buying needs.

Best BMO GIC Rates

Best BMO GIC Rates

Bank of Montreal, or BMO, is one of the Big Six banks in Canada. It offers a range of GICs starting at a $1,000 minimum deposit.

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