No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Updated March 2025. BMO (Bank of Montreal) is Canada's oldest bank, founded in 1817. It's the fourth-largest Canadian bank by assets and one of the top 15 banks in North America. With significant US operations through BMO Bank (formerly BMO Harris), it's a strong choice for Canadians with cross-border needs.
KOHO offers $0 monthly fees, cash back on groceries and gas, and better budgeting tools. Use code BREMO2026 for a sign-up bonus.
Get KOHO Free — Use Code BREMO2026| Category | Details |
|---|---|
| Full Name | Bank of Montreal |
| Founded | 1817 (Canada's oldest bank) |
| Total Assets | ~$1.3 trillion CAD |
| Canadian Branches | ~900 |
| ATMs (Canada) | ~3,300 |
| US Banking | BMO Bank USA (formerly BMO Harris) |
| Mobile App (iOS) | 4.5/5 |
| Account | Monthly Fee | Transactions | Fee Waiver |
|---|---|---|---|
| BMO Performance Chequing | $11.95 | 12/month | $3,000 balance |
| BMO Plus Chequing | $15.95 | Unlimited | $3,000 balance |
| BMO Premium Chequing | $30.00 | Unlimited | $6,000 balance |
| BMO Student Chequing | $0 | Unlimited | Student status |
BMO's mid-tier Plus Chequing at $15.95 is cheaper than TD ($16.95) and Scotiabank ($18.95) for comparable features.
BMO is Canada's primary bank partner for the AIR MILES program. AIR MILES is earned at:
Redeemable for flights, hotels, merchandise, and instant in-store rewards (AIR MILES Cash). The BMO AIR MILES World Elite Mastercard is the flagship AIR MILES credit card in Canada.
| Account | Rate |
|---|---|
| BMO Premium Rate Savings | ~1.05% |
| BMO TFSA Savings | ~1.05% |
| BMO 1-Year GIC | ~3.5–4.5% |
BMO acquired Bank of the West in 2023, creating BMO Bank USA with a significant presence across the US Midwest and Sun Belt. For Canadians with ties to Illinois, Indiana, Wisconsin, Arizona, California, or other western US states, BMO offers genuine cross-border banking.
Information current as of March 2025. Verify all fees and rates directly with BMO.