BMO Bank of Montreal holds the distinction of being Canada's oldest bank, founded in 1817. Despite its age, BMO has evolved into a tech-forward institution with a strong North American footprint. After acquiring Bank of the West in the US, BMO now operates across both Canada and the United States. This review examines whether BMO's products and fees in 2025 make it a compelling choice for everyday Canadians.
BMO serves approximately 12 million customers in Canada and operates over 900 Canadian branches. BMO's major differentiator in recent years has been its digital banking investment — BMO's app and online platform have received significant upgrades, and its AIR MILES partnership gives loyal banking customers a rewards pathway that many competitors lack.
BMO's basic account costs $4.00/month (waived at $2,000 minimum balance) and includes 12 monthly transactions. Simple and affordable for very occasional banking needs.
At $11.95/month (waived at $3,000), the Plus Plan includes 25 debit transactions per month and is suited for moderate banking activity. No unlimited e-Transfers included at this tier.
BMO's most popular account runs $16.95/month (waived at $4,000). It includes unlimited debit transactions, unlimited e-Transfers, and a small AIR MILES earn on eligible purchases. This is the sweet spot for most active daily banking users at BMO.
At $30.00/month (waived at $6,000), the Premium Plan adds overdraft protection, a premium credit card fee rebate, and a free safety deposit box to the unlimited transaction base. Worthwhile only if you actively use all included perks.
Free for qualifying students, the BMO Student Account offers 25 monthly transactions. A basic but serviceable option for students focused on keeping costs low.
BMO's Savings Amplifier Account positions itself as a high-interest option but typically earns in the 1.5-2.5% range under standard conditions. Like other Big 5 banks, BMO runs promotional rates for new deposits. BMO periodically launches competitive promotional savings rates (reaching 4% or higher) to attract new deposits, but these are temporary.
BMO's Smart Saver account offers a slightly simpler structure with a flat rate, while the Savings Amplifier has tiered benefits based on balances. Neither consistently matches online banks for ongoing rates.
BMO offers competitive mortgage products across fixed and variable options. BMO was one of the first Canadian banks to offer a digitally-enabled mortgage application process. Their Smart Fixed Mortgage features are straightforward with standard prepayment privileges of up to 20% annually.
BMO's Homeowner ReadiLine combines a mortgage and line of credit, similar to Scotiabank's STEP and TD's FlexLine. This product works well for clients who anticipate needing flexible access to equity over time. BMO's mortgage break penalties are calculated similarly to other Big 5 banks — using the greater of three months' interest or the IRD — and can be expensive for fixed-rate mortgages broken early.
BMO's self-directed investing platform charges $9.95 per trade (with discounts for active traders). BMO SmartFolio is its robo-advisor offering, charging 0.4% annually — slightly lower than RBC InvestEase's 0.5%. Both platforms are competent but not industry-leading for cost-conscious investors. Questrade and Wealthsimple Trade remain the better options for most self-directed investors.
BMO's credit card portfolio is solid with the AIR MILES credit card partnership historically being a key draw. The BMO eclipse Visa Infinite card is a competitive everyday rewards card, while the BMO eclipse Visa Infinite Privilege targets high-income clients. For AIR MILES collectors specifically, BMO's co-branded cards can be very rewarding. The BMO CashBack Mastercard is a decent no-fee cashback option for those who prefer simplicity.
BMO's mobile app has improved notably over the past three years and now sits among the better banking apps in Canada. It supports all standard features — mobile deposit, e-Transfers, bill payment, and investment tracking — plus BMO SmartProgress, a financial planning tool that helps set and track savings goals. BMO has also invested in open banking readiness, positioning itself well for upcoming Canadian open banking regulations.
BMO's NewStart Program for newcomers to Canada is one of the more comprehensive offerings among the Big 5. It provides free banking for one year, assistance with credit building, and dedicated newcomer banking advisors in major cities. For new Canadians establishing their financial footprint, BMO is a strong option to consider.
BMO is a strong fit for AIR MILES collectors looking to maximize points across banking and credit card spending. It's also an excellent first bank for newcomers to Canada, given the comprehensive NewStart Program. BMO's Homeowner ReadiLine is worth considering if you're a homeowner wanting flexibility beyond a standard mortgage.
For most other Canadians, BMO offers a broadly similar experience to RBC, TD, and Scotiabank at a similar price point. It won't stand out dramatically unless you're in one of the specific use cases where BMO excels.
KOHO offers free banking with no monthly fees and no minimum balance — available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — No Fees — Code 45ET55JSYABMO earns a 3.5 out of 5. The bank's digital improvements, newcomer program, and AIR MILES partnership are genuine strengths. Monthly fees remain the main weakness — like all Big 5 banks, BMO charges for the privilege of banking with a household name. For the right customer, BMO's combination of products creates real value. For most everyday Canadians, lower-cost alternatives deserve serious consideration.