A full breakdown of fees, bonuses, cash back, savings rates, and which account wins for Canadian residents.
Side-by-Side
Every major feature compared. Green cells indicate the better value.
| BMO | RBC | |
|---|---|---|
| Signup Bonus | None (occasional $200–$350 promos) | None (occasional $200–$400 promos) |
| Monthly Fee | $6.95–$30.00/month | $10.95–$30.00/month |
| Cash Back | Via BMO credit cards | Via RBC Avion and Cashback credit cards |
| Credit Check | Hard credit check for most products | Hard credit check |
| Savings Interest | 0.01–0.05% standard | 0.01–0.05% standard |
| Credit Building | Yes — credit card products | Yes — extensive credit card products |
| Mobile App | ⭐⭐⭐⭐ (4.2 App Store) | ⭐⭐⭐⭐½ (4.5 App Store) |
| CDIC Protected | Yes — CDIC member | Yes — CDIC member |
Deep Dive
The key strengths and weaknesses of each account.
Our Verdict
Both BMO and RBC have their strengths. BMO is the better fit for most Canadians, but your choice depends on your specific needs.
Get Started
Compare both options and claim any available signup bonuses below.
FAQ
It depends on what you need. BMO (Big 5 bank with full branch and ATM network) vs RBC (Canada's largest bank by assets). For a signup bonus, BMO offers None (occasional $200–$350 promos) while RBC offers None (occasional $200–$400 promos). For monthly fees, BMO charges $6.95–$30.00/month vs RBC's $10.95–$30.00/month. See the full comparison table above for a complete breakdown.
BMO signup bonus: None (occasional $200–$350 promos). RBC signup bonus: None (occasional $200–$400 promos). If neither offers a cash bonus, consider also opening KOHO (code 45ET55JSYA for $80 free) or Neo Financial (code J4C9H3K5 for $50 free) — the two biggest free bonuses available to Canadians right now.
BMO: Yes — CDIC member. RBC: Yes — CDIC member. CDIC coverage protects deposits up to $100,000 per category at member institutions. Always verify current coverage details on the CDIC website.
Yes — there is no rule preventing Canadians from holding multiple bank accounts simultaneously. Many people keep one account for savings and another for spending. You can open both BMO and RBC to take advantage of each account's best features.
BMO monthly fee: $6.95–$30.00/month. RBC monthly fee: $10.95–$30.00/month. Monthly fees are one of the biggest differences between accounts — even $15/month adds up to $180/year.
BMO cash back: Via BMO credit cards. RBC cash back: Via RBC Avion and Cashback credit cards. Cash back rates can vary significantly depending on spending categories. Check each bank's current promotions as rates change.
🔥 Canadians are claiming $80 free from KOHO right now
Claim $80 Free →