RBC Royal Bank and BMO Bank of Montreal are both iconic Big 5 Canadian banks. RBC holds the title of Canada's largest bank by market cap and is renowned for its Avion travel rewards ecosystem. BMO stands out for US cross-border banking through BMO Harris Bank, the AIR MILES credit card program, and the SmartFolio robo-advisor. Here's the full breakdown for 2025.
| Feature | RBC Royal Bank | BMO Bank of Montreal |
|---|---|---|
| Basic chequing fee | $4.00/mo (pay-per-use) | $10.90/mo |
| Mid-tier fee | $16.95/mo | $16.95/mo |
| Premium fee | $30.00/mo | $30.00/mo |
| Fee waiver balance | $4,000 / $5,000 (VIP) | $2,000 (basic) / $4,000 (mid) |
| ATM network | ~3,500 | ~3,300 |
| Branches | ~1,200 | ~900 |
| HISA rate | 0.01%–0.05% | 0.01% |
| 1-yr GIC | ~3.65% | ~3.65% |
| 5-yr fixed mortgage | ~6.84% | ~6.84% |
| App Store rating | 4.8 | 4.6 |
| Google Play rating | 4.5 | 4.3 |
| Rewards program | RBC Avion | AIR MILES / BMO Rewards |
| Student banking | Free unlimited | Free + SPC discounts |
| US cross-border banking | Moderate | Strong (BMO Harris) |
| Robo-advisor | RBC InvestEase | BMO SmartFolio |
| Discount brokerage | RBC Direct Investing | BMO InvestorLine |
RBC's Day to Day Banking at $4.00/month is truly pay-per-use and best for light users. BMO's Practical Plan at $10.90/month has a very low $2,000 fee waiver threshold, making it effectively free for people with modest balances. Both offer competitive unlimited plans at $16.95/month.
Edge: BMO for the $2,000 fee waiver. RBC for light/occasional users with the $4/mo base account.
RBC Avion points are among the most transferable in Canada. They can be converted to British Airways Avios, American Airlines AAdvantage, WestJet dollars, and booked through the Avion travel portal at a fixed value. Ideal for international travellers who want to maximize award redemptions across multiple airlines.
AIR MILES is one of Canada's largest loyalty coalitions. Miles are earned at Sobeys, Shell, Home Hardware, and many other partners. The BMO AIR MILES World Elite Mastercard earns 3x miles on AIR MILES partner stores. Miles are redeemable for travel (flights, hotels), merchandise, and cash back (AIR MILES Cash).
Edge: RBC for international travel flexibility. BMO for AIR MILES collectors who earn at partner stores.
Both banks offer similar savings rates — disappointingly low on standard accounts. BMO's promotional rates for new accounts are sometimes higher. For serious savers, see RBC vs EQ Bank.
Both post identical fixed rates and offer full-service mortgage advisory. BMO's Smart Fixed Mortgage includes a cash-back option on some terms. Both support FHSA and federal first-time buyer programs.
Tie on robo-advisors. Both InvestEase and SmartFolio are solid for passive investors. For commission-free trading, see Wealthsimple vs Questrade.
BMO wins decisively — BMO Harris Bank offers US dollar accounts and cross-border transfers with minimal fees.
RBC wins — Avion point transfers to multiple airline programs.
BMO wins — the premier AIR MILES credit card in Canada.
Tie — both SmartFolio and InvestEase are solid robo-advisors.
RBC wins — $4/mo pay-per-use vs $10.90 minimum.
BMO wins — $2,000 fee waiver threshold.
RBC and BMO both charge monthly fees even on mid-tier accounts. KOHO is 100% free, earns up to 5% cash back, and pays interest on balances — no minimum balance required.
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Choose RBC if you want the most branches, the best travel rewards flexibility, the best-rated app, or a light-use pay-per-use account.
Choose BMO if you bank cross-border in the US, collect AIR MILES, want a lower fee waiver balance, or prefer SmartFolio's robo-advisor features.