Bank of Montreal (BMO) is Canada's oldest bank, founded in 1817. It's Canada's fourth-largest bank by assets, serving over 12 million customers with 900+ branches and 3,400 ATMs. BMO is known for its BMO Rewards program, strong student banking, and AIR MILES credit card partnerships.
This review covers BMO's account options, fees, current bonuses, and how it compares to other Canadian banks.
Quick Verdict
| Category | Score | Notes |
|---|
| Monthly Fees | | $10.95–$30.95/mo |
| Welcome Bonus | | Up to $350 (promotional) |
| Credit Cards | | Strong AIR MILES + cashback cards |
| Branch Network | | 900+ branches, 3,400 ATMs |
| Student Banking | | Free student + SPC discounts |
| Savings Rates | | 0.01–0.05% — poor |
$350
BMO Welcome Bonus — Performance Chequing Plan
Set up direct deposit + meet requirements within 3 months
BMO Account Plans 2026
Practical Plan
$10.95/mo
- 12 transactions/mo
- e-Transfers included
- Waived: $3,000 balance
Plus Plan
$14.95/mo
- Unlimited transactions
- Free e-Transfers
- Waived: $4,000 balance
Performance Plan ⭐
$17.95/mo
- Unlimited everything
- Bonus eligible ($350)
- Free personalized cheques
- Waived: $4,000 balance
Premium Plan
$30.95/mo
- Unlimited + global ATM rebates
- Annual fee rebate on 1 credit card
- USD account included
- Waived: $6,000 balance
Student Banking
$0/mo
- Unlimited transactions
- Free for full-time students
- SPC membership discounts
BMO Credit Cards Worth Considering
| Card | Annual Fee | Best Earn Rate | Highlight |
|---|
| BMO AIR MILES World Elite MC | $120 (waivable) | 3x AIR MILES at grocery/gas | Best AIR MILES card in Canada |
| BMO CashBack World Elite MC | $120 (waivable) | 5% on groceries, 4% on transit | Highest grocery cashback |
| BMO Preferred Rate MC | $20 | — | Low 12.99% interest rate |
| BMO No-Fee CashBack MC | $0 | 3% on groceries | Best free grocery cashback card |
| BMO AIR MILES No-Fee MC | $0 | 1x AIR MILES everywhere | Free AIR MILES earning |
BMO's No-Fee CashBack Mastercard (3% on groceries, 1% on recurring bills) is one of the best no-annual-fee cashback cards in Canada.
✓ BMO Pros
- Up to $350 welcome bonus
- Best AIR MILES credit cards
- Strong grocery cashback cards
- Free student banking + SPC discounts
- 900+ branches, 3,400 ATMs
- BMO InvestorLine for self-directed investing
- Canada's oldest bank (1817)
✗ BMO Cons
- Monthly fees $10.95–$30.95
- Savings rates near 0% (0.01%)
- Bonus requires direct deposit
- Net bonus lower than face value after fees
- NSF fee: $48
- App lags behind some competitors
- No no-fee adult chequing option
BMO vs Other Canadian Banks 2026
| Feature | BMO | RBC | Scotiabank | KOHO |
|---|
| Monthly Fee | $10.95–$30.95 | $11.95–$30 | $10.95–$30.95 | $0 |
| Welcome Bonus | Up to $350 | Up to $300 | Up to $350 | $100 (code: 45ET55JSYA) |
| Best Credit Card | 5% grocery CashBack | Avion travel | 6x Scene+ grocery | 2% cashback (no fee) |
| ATMs | 3,400 | 4,500 ⭐ | 3,500 | Any ATM (fee may apply) |
| Student Banking | Free + SPC | Free | Free | Free for all ages |
| Savings Rate | 0.01% | 0.01% | 0.01–0.05% | Pair with EQ 3.75% |
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Is BMO Safe?
BMO is one of Canada's Big Five banks, regulated by OSFI and protected by CDIC up to $100,000 per depositor category. Founded in 1817, BMO is Canada's oldest chartered bank and a Domestic Systemically Important Bank (D-SIB). BMO Financial Group is publicly traded on the TSX and NYSE.
Frequently Asked Questions
What is BMO's current welcome bonus? +
BMO periodically offers welcome bonuses of up to $350 for new chequing customers who open a Performance or Premium Plan and set up recurring direct deposit. Offers change frequently — check BMO's promotions page for current terms. Net value after 3 months of fees is approximately $296–$299.
Does BMO have a free chequing account? +
BMO offers free student banking for full-time students. For adults, the lowest-fee option is the Practical Plan at $10.95/month (waived with $3,000 minimum daily balance). There is no permanently free adult chequing option without a minimum balance. Simplii Financial, KOHO, and Tangerine all offer free accounts with no minimum balance.
What is BMO's best credit card? +
For most Canadians, the BMO CashBack World Elite Mastercard offers the best value: 5% on groceries, 4% on transit/recurring bills, 2% on gas, 1% everywhere else — annual fee of $120 (waived with Premium banking plan). For AIR MILES collectors, the BMO AIR MILES World Elite Mastercard earns 3x miles on groceries and gas. For no-annual-fee, the BMO No-Fee CashBack Mastercard earns 3% on groceries.
Is BMO good for students? +
Yes. BMO's Student Banking Account is free with unlimited transactions and e-transfers — plus access to SPC (Student Price Card) discounts at hundreds of Canadian retailers. BMO also offers student credit cards with no annual fee to help build credit history.
Bottom Line: Should You Bank With BMO?
BMO is a solid choice if you want a full-service big bank with excellent AIR MILES or grocery cashback credit cards, strong student banking, and nationwide branch access. The $350 welcome bonus is competitive, though the net value is reduced by fees.
For everyday banking with $0 fees, KOHO (code 45ET55JSYA) paired with EQ Bank for savings gives you more value with no monthly cost — use BMO for the credit card and occasional branch banking.