BMO Bank of Montreal and CIBC are Canada's fourth and fifth largest banks — often overshadowed by RBC, TD, and Scotiabank in media coverage, but serving millions of Canadians with full-service banking. Both offer competitive products and have invested in digital modernization. This complete comparison covers fees, accounts, rewards, digital tools, and which bank suits different types of Canadians in 2025.
| Feature | BMO | CIBC |
|---|---|---|
| Entry monthly fee | $6.95 (Practical Plan) | $6.95 (Everyday Chequing) |
| Mid-tier fee | $16.95 (Performance Plan) | $14.95 (Smart Account) |
| Premium fee | $30.00 (Premium Plan) | $29.95 (Smart Plus) |
| Premium fee waiver | $6,000 balance | $6,000 balance |
| NSF fee | $48 | $45 |
| Rewards program | BMO Rewards + AIR MILES | Aventura |
| U.S. banking | Strong (post-Bank of the West) | Standard |
| Unique account feature | Savings Builder structure | Smart Account dynamic pricing |
| Student account | Free unlimited | Free unlimited |
| App rating | Strong | Strong |
Both banks offer the same $6.95/month entry-level chequing account — tied for the lowest among Canada's Big 5. At the mid-tier, CIBC's Smart Account at $14.95 is slightly cheaper than BMO's Performance Plan at $16.95, though the Smart Account's dynamic pricing model is more complex. At the premium tier, both cost essentially the same ($30.00 BMO vs $29.95 CIBC) with identical $6,000 balance waivers.
CIBC's NSF fee of $45 is $3 cheaper than BMO's $48 — a minor but real difference if overdrafts occasionally occur.
CIBC's Smart Account is unlike any other big bank chequing product. Rather than a fixed unlimited or transaction-limited account, the Smart Account charges $14.95/month for up to 12 transactions, then adds $1.25 per additional transaction up to a monthly cap of $22.45. Once you hit the cap, all further transactions are included free. This structure means light users pay near-entry-level rates while heavy users automatically get effectively unlimited banking — and moderate users pay proportionally. It's genuinely flexible and eliminates the awkward choice between tiers.
BMO is one of two major bank partners in the AIR MILES program alongside Scotiabank's issuing partner. For established AIR MILES collectors with significant balances, BMO's co-branded cards add to an existing rewards store. However, the AIR MILES program has seen declining redemption values over the years, making it less compelling for new collectors than it once was.
CIBC's Aventura program is travel-focused with flexible redemption options — bookings through the Aventura Travel Assistant, statement credits on travel purchases, or transfers to Aeroplan at a set ratio. The CIBC Aventura Visa Infinite and Gold Visa earn strong rates on groceries, gas, and travel. Aventura points don't expire while your account is open. For new rewards program participants, Aventura offers better long-term flexibility than AIR MILES.
Following BMO's 2023 acquisition of Bank of the West, BMO became a major U.S. retail bank with hundreds of branches across California and the Midwest. For Canadians who split time between Canada and the U.S., snowbirds who winter in the Sun Belt, or those with American business interests, BMO's ability to hold both Canadian and U.S. dollar accounts under one banking relationship is a meaningful advantage. CIBC offers standard international banking capabilities but has no comparable U.S. retail presence.
CIBC's mobile app has earned strong marks for its clean design and feature set. Spending categorization, bill management, account freezing, and biometric login are all well-implemented. BMO's app has improved considerably and includes BMO Insights spending summaries and SmartProgress goal-tracking tools. Both apps support mobile cheque deposit, Interac e-Transfer management, and real-time alerts. For everyday digital banking, the gap between them is minimal.
BMO's Savings Builder Account is worth calling out — it rewards consistent monthly deposits with bonus interest on top of the base rate. If you deposit a set minimum each month, the bonus rate activates, making it useful for disciplined savers building toward a goal. CIBC's eAdvantage Savings Account is straightforward with standard rates. Neither competes with dedicated online savings platforms for rate, but BMO's Savings Builder structure encourages healthy saving habits.
Both BMO and CIBC are competitive mortgage lenders. BMO InvestorLine and CIBC Investor's Edge are both solid self-directed investing platforms. BMO SmartFolio and CIBC's managed investment options serve hands-off investors. For active traders, CIBC Investor's Edge has slightly lower commissions on some trade types. Both integrate investing with everyday banking in their apps.
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