BMO Bank of Montreal is Canada's oldest bank, founded in 1817, and the fourth-largest bank in the country by assets. With over 900 branches and a growing digital presence, BMO serves both everyday Canadians and institutional clients across North America. This review covers BMO's accounts, fees, savings rates, mortgages, and credit cards — with an honest verdict on whether BMO is worth it in 2025.
BMO Bank of Montreal at a Glance
BMO Products Overview
| Product | Details | Bremo Take |
|---|---|---|
| BMO Plus Plan | $10.95/month, 12 transactions | Below-average value — switch to KOHO ($0) |
| BMO Performance Plan | $15.95/month, unlimited transactions | Reasonable for heavy users, still overpriced |
| BMO Premium Plan | $30/month — full package with extras | Only justified if you use all features |
| BMO Savings Amplifier | High-interest savings, rate varies (~3%+ promos) | Promo rates are good; check ongoing rate carefully |
| Mortgages | Competitive rates; strong first-time buyer programs | Good choice — competitive among Big Five |
| BMO CashBack World Elite | 5% cash back on groceries, 4% transit | Excellent grocery card in Canada |
| BMO eclipse Visa Infinite | 5x points on dining, groceries, transit, streaming | Top everyday rewards card for spenders |
| BMO InvestorLine | Self-directed brokerage platform | Solid platform; competitive commissions |
| Business Banking | Full suite of business accounts and lending | Strong for SMEs; good advisor network |
BMO's Strongest Product: Credit Cards
BMO has arguably the best everyday credit card lineup of any Big Five bank. The BMO CashBack World Elite Mastercard earns 5% cash back on groceries (up to $500/month), 4% on transit and recurring payments, and 2% on gas — making it the top grocery cash-back card available through a major Canadian bank. The BMO eclipse Visa Infinite offers 5x BMO Rewards points on dining, groceries, transit, and streaming, providing excellent value for urbanites with high spending in those categories.
BMO Mortgages: Competitive With Special Programs
BMO consistently offers competitive mortgage rates and has specific programs for first-time home buyers, including cash-back mortgage offers that provide upfront cash at closing. While BMO's posted rates aren't always the lowest, their mortgage specialists are generally well-regarded and willing to negotiate. BMO also has a strong presence in new construction financing and variable-rate products. For buyers looking to work directly with a Big Five bank, BMO is a solid option.
BMO Savings Amplifier Account
BMO offers a dedicated high-interest savings account called the Savings Amplifier. The ongoing rate has fluctuated significantly and sometimes drops well below promotional levels — always check the current rate before opening. BMO periodically runs promotional rates (occasionally around 3–4%) for new deposits, but the long-term rate tends to settle lower than what EQ Bank (3.75%) and KOHO (3.0%) offer on a permanent basis. Use BMO's savings account only if you're already banking there and actively using the promotional rate.
BMO Fees: Among the Higher Side
BMO's Plus Plan at $10.95/month for only 12 transactions is poor value. You'd hit the transaction limit quickly with daily purchases and then pay $1.25 per additional transaction. The Performance Plan at $15.95 gives unlimited transactions, which is more practical, but the fee waiver requires a $4,000 minimum balance. That's capital you could be putting in EQ Bank earning 3.75% (about $150/year). For most Canadians who don't need in-branch services frequently, the math does not support paying BMO's fees.
BMO Digital Banking
BMO's mobile app has improved significantly over the past few years. The BMO app offers mobile cheque deposit, e-Transfers, bill payments, investment portfolio views, and decent budgeting tools. BMO's digital experience still lags behind TD and RBC in terms of app polish, but it is functional and reliable. BMO also supports Apple Pay, Google Pay, and Samsung Pay. The bank's online platform is adequate for everyday banking needs.
BMO Pros and Cons
BMO Pros
- Best Big Five credit cards — especially for groceries (CashBack World Elite)
- BMO eclipse Visa — top everyday rewards card
- Competitive mortgages with cash-back options for first-time buyers
- Savings Amplifier — good promo rates periodically
- 900+ branches and 3,400+ ATMs across Canada
- Strong business banking and SME support
- CDIC insured up to $100,000 per category
BMO Cons
- Monthly fees $10.95–$30 with low transaction limits on base plan
- Savings rates near zero (unless on a promo)
- App and digital experience lags behind RBC and TD
- $4,000 minimum to waive monthly fees
- Smaller ATM network than RBC
- Customer service wait times can be frustrating
Canada's Oldest Bank — But KOHO Is Better for Daily Banking
BMO charges $10.95+/month and pays near-zero on savings. KOHO charges $0 and pays 3.0% — plus a $100 welcome bonus with code 45ET55JSYA. Keep BMO for your credit card or mortgage; use KOHO for everything else.
Referral code: 45ET55JSYA • Works everywhere in Canada
BMO vs. Alternatives
| Feature | BMO | KOHO | EQ Bank |
|---|---|---|---|
| Monthly Fee | $10.95–$30 | $0 | $0 |
| Savings Rate | ~0.01% (standard) | 3.0% | 3.75% |
| Cash Back / Rewards | Excellent credit cards | 0.5–2% on spending | 0.5% on debit |
| Mortgage | Yes — competitive | No | No |
| Branches | 900+ across Canada | Digital only | Digital only |
| CDIC Insured | Yes | Yes (via Peoples Bank) | Yes |
| Best For | Credit cards, mortgages | Daily spending, savings | High-interest savings |
Bremo Verdict: 3.3/5 — Strong Cards, Weak Daily Banking
BMO earns its rating through genuinely excellent credit cards — the CashBack World Elite and eclipse Visa Infinite are among the best in Canada. Mortgages are competitive, and the branch network is solid. However, BMO's fees for everyday banking are high relative to the value delivered, and savings rates are poor outside of promotional windows. Our recommendation: use BMO for its credit cards and mortgage product if those suit your needs, but hold your day-to-day spending and savings accounts with KOHO (free, 3% interest) and EQ Bank (3.75% interest). The combination beats BMO alone on every financial metric that matters for most Canadians.
Frequently Asked Questions — BMO Bank of Montreal
BMO is a solid bank for credit cards and mortgages, but its everyday banking fees are high and savings rates are poor. Overall we rate it 3.3/5. For most Canadians, BMO is best used as a secondary bank for its credit card products while keeping daily spending and savings at no-fee alternatives like KOHO and EQ Bank.
BMO's two standout cards are the BMO CashBack World Elite Mastercard (5% cash back on groceries, 4% on transit and recurring bills) and the BMO eclipse Visa Infinite (5x BMO Rewards points on dining, groceries, transit, and streaming). The CashBack World Elite is among the best grocery cash-back cards in Canada regardless of issuer.
Yes. BMO generally offers competitive rates and has first-time buyer programs including cash-back mortgage options that provide upfront funds at closing. BMO's mortgage specialists are flexible on rate negotiation. That said, mortgage brokers can often source better rates by shopping across multiple lenders, so compare options before committing.
BMO waives monthly fees on most accounts if you maintain a minimum daily balance, typically $4,000 for the Plus Plan and higher for premium plans. Alternatively, students and seniors may qualify for reduced or waived fees. However, locking up $4,000 to avoid a $10.95 fee is rarely optimal — that capital earns $150/year at EQ Bank (3.75%), far exceeding the fee saved.
Scotiabank edges BMO overall (Bremo: Scotiabank 3.4/5 vs BMO 3.3/5) mainly due to Scotia's stronger Scene+ rewards program and better global banking access for international clients. BMO wins on pure credit card value with the CashBack World Elite and eclipse Visa Infinite. If credit cards are your priority, BMO is better; for overall banking value and international use, Scotiabank has a slight edge.
Yes. BMO Bank of Montreal is a CDIC member institution. Eligible deposits are protected up to $100,000 per depositor per category (e.g., deposits in one name, joint deposits, RRSPs, TFSAs, etc.). This protection applies to chequing accounts, savings accounts, and GICs with terms up to 5 years.