BMO Bank of Montreal Review 2026: Accounts, Fees, and Is It Worth It?

BMO Chequing Accounts

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BMO's chequing lineup follows the standard Big Six tiered structure, with monthly fees ranging from $4 to $30.95, most of which can be waived by maintaining a minimum daily balance.

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Practical Chequing Account — $4/month: BMO's most basic option. Includes up to 12 free transactions per month and unlimited Interac e-Transfers. Monthly fee is waived entirely for seniors aged 60 and older. Good for light users who primarily bank digitally and don't need unlimited transactions.

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Performance Chequing Account — $16.95/month: BMO's most popular account. Unlimited everyday transactions, an annual credit card fee rebate of up to $40 on eligible BMO cards, and a Family Bundle option that allows additional household members to bank fee-free. Monthly fee is waived with a $4,000 minimum daily balance. Currently offering up to $900 in welcome bonuses for new account holders (offer valid until August 6, 2026).

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Premium Plan Chequing Account — $30.95/month: The top tier. Adds a US dollar account, free bank drafts and certified cheques, overdraft protection, no BMO fees at non-BMO ATMs worldwide, free global money transfers, and annual fee rebates of up to $150 on eligible BMO credit cards. Monthly fee waived with a $6,000 minimum daily balance.

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Worth noting: BMO's $3,000 minimum balance waiver on the Plus Plan is the lowest among comparable Big Six unlimited accounts — lower than TD's $4,000 and Scotiabank's $4,000 thresholds for equivalent tiers.

BMO Savings Accounts

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BMO's standard savings rates are not competitive with digital-first banks like EQ Bank or Wealthsimple Cash. However, promotional rates for new customers can be attractive in the short term.

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Savings Amplifier Account: No monthly fee, no minimum deposit. The posted rate as of early 2026 is 0.50%, but new customers who open the account alongside a qualifying chequing account receive a promotional rate of up to 4.65% for the first 120 days. After the promotional period, the rate drops significantly — plan accordingly.

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The practical approach: Use BMO for chequing and everyday banking, and hold your savings in a high-interest account elsewhere (EQ Bank, Wealthsimple Cash) where rates are consistently competitive without the promotional window.

BMO Mortgages

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BMO is a major Canadian mortgage lender and one of the most competitive among the Big Six for prepayment flexibility. Cardholders can make lump-sum prepayments of up to 20% of the original principal annually and increase regular payments by up to 20% per year — the most generous prepayment terms among the Big Six.

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BMO Smart Fixed is the flagship no-frills mortgage product with competitive pricing. A cash-back mortgage option is available, as is a dedicated Self-Employed mortgage program with flexible income verification for applicants who can't show traditional T4 income. BMO also frequently runs promotional rate campaigns on 5-year fixed mortgages as part of broader Everyday Banking promotions.

BMO Investing — InvestorLine

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BMO InvestorLine is the bank's self-directed investing platform, accessible directly through the same online banking portal as your everyday accounts. It offers Canadian and US stocks, ETFs, options, GICs, and mutual funds. The standout differentiator is BMO's ETF catalogue — the most comprehensive bank-issued ETF lineup in Canada, including widely-held products like ZSP (S&P 500 index), ZAG (Canadian bond), and ZEB (Canadian banks). For investors who want to keep banking and ETF investing fully integrated, InvestorLine removes the need to transfer funds to a separate brokerage.

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The trade-off is cost. Trading commissions on InvestorLine run higher than discount platforms like Questrade or Wealthsimple Trade, so active traders or cost-focused investors will find better value elsewhere. For passive, buy-and-hold investors already banking with BMO, the convenience is a genuine advantage.

BMO Credit Cards

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BMO's credit card lineup is one of its genuine strengths. Following the end of the AIR MILES partnership in January 2026, the lineup now centers on two reward systems: BMO Rewards points and cash back.

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• BMO CashBack® World Elite® Mastercard® (BMO Harris Bank Cash Back Mastercard)
• BMO Ascend™ World Elite® Mastercard®
• BMO eclipse Visa Infinite Card

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For BMO banking customers, the integration is particularly strong — the Performance Plan waives up to $40 of credit card annual fees, and the Premium Plan waives up to $150, meaningfully reducing the cost of holding a premium BMO card.

BMO Pros and Cons

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Pros

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‍✅ One of the lowest minimum balance waivers among Big Six unlimited chequing accounts ($3,000 on the Plus Plan)

✅ Highly rated mobile app — 4.6/5 on Apple App Store, 4.7/5 on Google Play

✅ Strong mortgage prepayment flexibility (up to 20% lump-sum annually)

✅ Best-in-class ETF catalogue through InvestorLine for Canadian investors

✅ Credit card annual fees can be partially or fully waived for chequing customers

✅ CDIC insured up to $100,000 per deposit category

✅ US banking presence through BMO Bank (Midwest-focused)

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Cons

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‍❌ Standard savings rates are low — promotional rates expire after 120 days

❌ Monthly account fees apply unless minimum balance is maintained

❌ Trading commissions on InvestorLine are higher than discount brokerages

❌ Customer service reviews on Trustpilot and BBB are consistently below average

❌ No longer offers AIR MILES credit cards (as of January 2026)

❌ US branch network concentrated in Midwest — limited East Coast or Sun Belt coverage

BMO vs. Other Big Six Banks

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BMO's primary edge over peers sits in three areas. On chequing, its $3,000 minimum balance waiver for the Plus Plan is the lowest among the Big Six for an unlimited account — TD and Scotiabank both require $4,000 for equivalent tiers.

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On mortgages, BMO's 20% lump-sum prepayment allowance beats TD at 15%, Scotiabank at 15%, and RBC at 10%.

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On investing, no other major Canadian bank comes close to BMO's ETF catalogue depth. Where BMO trails is mobile app ratings (TD earns 4.8 vs. BMO's 4.6 on Apple) and US branch geography — TD Bank USA covers the entire East Coast, while BMO's US presence is Midwest-concentrated, limiting cross-border utility for Canadians who spend time in the Sun Belt or on the East Coast.

Who Is BMO Best For?

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BMO makes the most sense for Canadians who want to consolidate their financial life at a single institution — chequing, credit cards, mortgages, and investing under one roof — and who can maintain the minimum balances needed to offset monthly fees. It's especially well-suited for existing BMO banking customers who can use their chequing plan to reduce or eliminate credit card annual fees, for self-employed borrowers who need flexible mortgage income verification, and for passive ETF investors who value the convenience of having InvestorLine integrated with their banking.

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BMO may not be the right fit if your priority is the highest ongoing savings rate (digital banks like EQ Bank and Wealthsimple Cash offer better rates without promotional windows), low-cost trading (Questrade and Wealthsimple Trade charge less per transaction), or US East Coast branch access (TD Bank USA has stronger geographic coverage there).

FAQs

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Is BMO a safe bank?

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‍Yes. BMO is one of Canada's Big Six banks, federally regulated, and a member of the Canada Deposit Insurance Corporation (CDIC). Eligible deposits are insured up to $100,000 per deposit category per depositor in the event of bank failure. BMO also operates a dedicated Financial Crimes Unit with 24/7 physical and cyber security monitoring.

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Can I waive BMO's monthly account fees?

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‍Yes, for most accounts. The Performance Plan waives the monthly fee with a $4,000 minimum daily balance, and the Plus Plan waives it at $3,000 — one of the lowest thresholds among the Big Six for an unlimited chequing account. Seniors have the Practical Chequing fee waived entirely, and students and recent graduates receive discounted fees on most plans.

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Does BMO have branches in the United States?

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‍Yes. BMO operates a US retail banking division — BMO Bank, formerly BMO Harris — with a network concentrated in Illinois, Wisconsin, Indiana, Kansas, Minnesota, Missouri, and Arizona. Coverage is Midwest-focused; for Canadians who spend time on the US East Coast or in the Sun Belt, TD Bank USA offers better geographic reach.

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What happened to BMO's AIR MILES credit cards?

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‍As of January 2026, BMO no longer offers new AIR MILES credit cards. Existing cardholders can continue using their current cards, but the product line is closed to new applicants. BMO's credit card focus has shifted to its BMO Rewards points program and cash back cards.

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How does BMO's mobile app compare?

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‍BMO's app is among the better-rated Big Six apps, earning 4.6 out of 5 stars on the Apple App Store and 4.7 on Google Play. Independent research in 2025 ranked BMO first for mobile banking features among major Canadian banks. The app supports full account management, bill payments, mobile cheque deposit, Interac e-Transfers, and investing through InvestorLine.

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Bottom Line

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BMO is a full-service bank that earns its place among Canada's Big Six. Its lower balance-waiver threshold on unlimited chequing, strong mortgage prepayment flexibility, best-in-Canada ETF catalogue, and well-integrated credit card lineup make it a practical all-in-one choice for customers who want to consolidate their finances.

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The trade-offs are standard for a major bank: savings rates that can't compete with digital alternatives, investing commissions higher than discount brokerages, and customer service ratings that lag its app scores. If you're comfortable using BMO for day-to-day banking and going elsewhere for high-yield savings or low-cost trading, the package holds up well.

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