TD vs BMO 2025: Comparing Canada's Top Banks

Updated March 2025. TD and BMO are both Big 5 Canadian banks with long histories and full-service offerings. TD is the second-largest bank in Canada; BMO is the oldest. Here's how they stack up for everyday banking, rewards, and cross-border needs.

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TD vs BMO: At a Glance

Feature	TD Bank	BMO
Total Assets	~$1.9 trillion	~$1.3 trillion
Branches	~1,100	~900
ATMs	~3,500	~3,300
US Banking	TD Bank USA (East Coast)	BMO Harris Bank (Midwest)
Rewards	Aeroplan (Air Canada)	AIR MILES / BMO Rewards
Basic Chequing	$10.95/mo	$11.95/mo

Chequing Fees

Tier	TD	BMO
Basic	$10.95	$11.95
Mid-Tier	$16.95	$15.95
All-Inclusive	$29.95	$30.00
Student	$0	$0
Fee Waiver	$4,000+	$4,000+

TD's basic account is $1/month cheaper. BMO's mid-tier is $1/month cheaper. Both are very close overall.

Rewards Programs

TD (Aeroplan): Ideal for Air Canada frequent flyers. TD has multiple Aeroplan Visa cards with strong travel insurance and bonus earn categories.

BMO (AIR MILES): AIR MILES is one of Canada's most popular loyalty programs with redemption at hundreds of partners including Sobeys, Shell, Rexall, Home Hardware, and more. Also redeemable for travel. BMO is the primary bank partner for AIR MILES.

TD wins for Air Canada travellers. BMO wins for everyday AIR MILES collectors and shoppers at participating retailers.

US Banking

Both TD and BMO have significant US banking operations:

TD Bank USA: Operates primarily in eastern US states from Maine to Florida. Strong for eastern US snowbirds and cross-border workers.
BMO Harris Bank: Operates primarily in the Midwest and Sun Belt. Good for Canadians with ties to Chicago, Phoenix, Milwaukee, or surrounding areas.

Your geographic ties to the US determine which bank is better for cross-border needs.

Savings Rates

Product	TD	BMO
High Interest Savings	~1.05%	~1.05%
TFSA	~1.05%	~1.05%
1-Year GIC	~3.5–4.5%	~3.5–4.5%

Mortgages

Both offer competitive mortgage products. BMO has historically been aggressive with promotional rates. TD offers US property financing through TD Bank USA. Both work with mortgage brokers — always negotiate.

Bottom Line: TD vs BMO is very close. TD wins for Air Canada flyers and eastern US banking. BMO wins for AIR MILES enthusiasts and Midwest US banking. Both charge ~$11–$30/month in fees. KOHO charges $0/month and offers cash back, making it a better deal for most Canadians.

Information current as of March 2025. Verify fees and rates with TD and BMO directly.