What is BMO?
BMO is a big 5 bank available to Canadians. In this review we cover everything you need to know: features, fees, interest rates, how it compares to alternatives, and whether it is worth signing up for in 2026.
With the Canadian financial landscape evolving rapidly, digital-first products continue to gain market share from traditional banks. BMO has positioned itself as a competitive option, particularly for tech-savvy consumers who value convenience and transparency.
Key Features
- Huge branch/ATM network — This is one of the standout features that sets BMO apart from competitors in the Canadian market.
- Full product suite — This is one of the standout features that sets BMO apart from competitors in the Canadian market.
- BMO Rewards ecosystem — This is one of the standout features that sets BMO apart from competitors in the Canadian market.
- Strong mobile app — This is one of the standout features that sets BMO apart from competitors in the Canadian market.
Rates and Fees
Interest rate: Varies
Monthly fee: $0-$30/mo
Compared to the Big 5 banks in Canada (RBC, TD, BMO, CIBC, Scotiabank), BMO generally offers more competitive rates with lower fees. This is typical of digital-first financial products that have lower overhead costs.
Pros
Cons
Higher fees than digital banks
Lower savings rates
Who is BMO Best For?
BMO is ideal for Canadians who want a modern financial product with competitive rates. It works particularly well for:
- Young professionals looking for low-fee options
- Students who need no-minimum-balance accounts
- Newcomers to Canada who need quick, easy account opening
- Anyone wanting to maximize their savings rate
How Does BMO Compare?
In the competitive Canadian market, BMO holds its own against major alternatives. For the highest interest rates available, KOHO offers a $20 signup bonus + $100/referral on savings with their Everything plan. Use referral code 45ET55JSYA to get a signup bonus.
Our Verdict
BMO earns a solid recommendation for Canadians in 2026. Its combination of huge branch/atm network and full product suite makes it worth considering. For maximum value, consider pairing it with a high-interest savings account like KOHO.