BMO Review 2026 | Bank of Montreal Accounts, Fees & Is It Worth It?

BMO (Bank of Montreal) is Canada’s oldest bank, founded in 1817 in Montreal. It holds institution number 001 — the first institution number issued in the Canadian banking system. Today BMO is the fourth-largest Canadian bank by assets, with approximately 900 branches and 3,300+ ATMs across Canada and a significant US retail banking presence through BMO Harris Bank.

What sets BMO apart from the other Big Five is its ETF lineup and no-fee credit cards. BMO offers the most comprehensive bank-issued ETF catalogue in Canada — ZSP, ZAG, ZEB, and more than 100 others — making BMO InvestorLine a natural home for Canadian investors who want the ETF-banking integration in one account. The BMO CashBack Mastercard, with 3% cash back on groceries and no annual fee, is one of the best no-fee grocery cards in Canada from any issuer.

The drawbacks are standard Big Five: monthly account fees (though the $3,000 balance waiver on the Plus Plan is among the most achievable in the category), savings rates that trail EQ Bank and Wealthsimple Cash, and investing commissions higher than discount brokerages.

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BMO at a Glance

Chequing Accounts

BMO’s chequing lineup follows the standard Big Five tiered structure. The Plus Plan is the flagship unlimited account, and its $3,000 minimum balance waiver is the lowest among comparable Big Five unlimited chequing accounts — TD Every Day Chequing requires $4,000 and Scotiabank Preferred Package requires $4,000 to waive the same fee tier.

Performance Plan at $4/month is the lowest flat-fee Big Five account, covering 12 transactions per month — suitable for very light banking use such as a dedicated bill payment account. Additional transactions are charged per item.

Plus Plan at $15.95/month is the most commonly chosen BMO chequing account. Unlimited transactions, unlimited e-Transfers, and the $3,000 minimum balance waiver make it the most accessible fee-waived unlimited chequing account in the Big Five.

Premium Plan at $30.95/month adds extras including a US dollar account, free bank drafts, certified cheques, overdraft protection, and a discounted BMO Mastercard annual fee. The $6,000 balance waiver is achievable for clients who hold the bulk of their liquid assets at BMO.

BMO also offers a US Dollar Account — useful for Canadians who receive income in USD, own US property, or travel frequently to the United States. This eliminates the 2.5% currency conversion fee on USD transactions.

Savings Accounts

BMO savings rates follow the Big Five pattern — promotional rates for new deposits with lower ongoing rates thereafter.

*Promotional rates expire; confirm current rates at bmo.com or by calling 1-877-225-5266.

For clients focused on maximising savings interest, EQ Bank’s everyday savings account and Wealthsimple Cash offer rates that consistently exceed what BMO’s ongoing (non-promotional) rates deliver. The practical approach for BMO clients is to use BMO for chequing, credit, and investing — and a high-interest account elsewhere for savings.

Credit Cards

BMO’s credit card lineup is one of its genuine strengths. The BMO CashBack Mastercard is the standout — a no-fee card earning 3% on groceries, which matches or beats most premium paid cards in that category.

BMO CashBack Mastercard is the most compelling argument for BMO. A 3% earn on groceries with zero annual fee is genuinely exceptional — most no-fee cards cap grocery cash back at 1–2%. A household spending $700/month on groceries earns $252/year in cash back from a card that costs nothing. The 0.5% earn on all other spending is modest, making the card best as a dedicated grocery card paired with a stronger general-spend card.

BMO eclipse Visa Infinite at $120/year earns 5x BMO Rewards points on groceries, dining, gas, and transit. At the equivalent of approximately 5 cents per dollar in value, this is a competitive earn rate in those categories. BMO Rewards points redeem for travel, merchandise, and cash deposits to your account.

The weakness of BMO’s premium cards relative to Scotiabank and TD is the travel rewards ecosystem. BMO Rewards and the Ascend card lack the Aeroplan integration of TD’s cards or the lounge-access perks of Scotiabank’s Passport Visa Infinite.

BMO InvestorLine (Investing)

BMO InvestorLine is BMO’s self-directed brokerage platform. It is the natural home for investors who hold BMO ETFs — ZSP, ZAG, ZEB, ZMID, and the broader BMO ETF catalogue — and want their banking and investing under one login.

BMO ETFs are among the most widely held funds in Canada. ZSP — BMO’s S&P 500 Index ETF at a 0.09% MER — is a benchmark holding in many Canadian TFSA and RRSP portfolios. ZAG (Aggregate Bond, 0.09%) and ZEB (Equal Weight Banks) round out the most commonly held names. For Canadian index investors, InvestorLine provides a clean integration between the ETFs and the brokerage.

BMO SmartFolio is BMO’s robo-advisor, charging 0.40–0.70% in management fees with no account minimum. It invests entirely in BMO ETFs. For investors who want hands-off managed investing but stay within the BMO ecosystem, SmartFolio is a reasonable option — though Wealthsimple’s robo-advisor charges similar fees with a more polished platform.

US Banking — BMO Harris Bank

BMO operates a full retail bank in the United States under the BMO Harris brand, with branches concentrated in Illinois, Wisconsin, Indiana, Kansas, Minnesota, Missouri, and Arizona. Following BMO’s acquisition of Bank of the West in 2023, the US presence expanded significantly.

For Canadian BMO clients, this means:

• Access to BMO Harris ATMs in the US without the standard Scotiabank/RBC $2 foreign ATM fee
• A BMO US dollar account that can hold USD and fund US transactions without conversion
• A single banking relationship for clients who split time between Canada and the US

This cross-border convenience is comparable to TD’s TD Bank USA network, which covers the entire US eastern seaboard. BMO’s US geographic footprint is concentrated in the Midwest rather than distributed nationally, making the TD advantage more pronounced for Canadians who spend time on the East Coast or in the Sun Belt.

Mortgages

BMO is a major Canadian mortgage lender offering fixed and variable rate mortgages, HELOCs, and readvanceable mortgage products. BMO is known for running promotional mortgage rate campaigns — frequently offering discounts on 5-year fixed rates through its Everyday Banking promotions. Posted rates are negotiable, as with all Big Five lenders.

BMO offers a Smart Fixed Mortgage with a cash-back option and a Homeowner ReadiLine HELOC. Standard terms from 6 months to 10 years are available in both open and closed formats.

Who Should Bank with BMO

Canadian index investors using BMO ETFs. If your portfolio is built on ZSP, ZAG, ZEB, or other BMO-issued funds, holding your investment accounts at BMO InvestorLine provides seamless integration. No other Big Five platform has the same depth of proprietary ETF offerings.

Grocery spenders who want no-fee cash back. The BMO CashBack Mastercard delivers 3% on groceries at no cost. For many Canadian households, this alone justifies a BMO relationship — even if you do your day-to-day banking elsewhere.

Clients who regularly transact in USD. The US dollar account and BMO Harris access make BMO one of the more useful Big Five banks for Canadians with regular US financial activity.

Anyone prioritising savings rates. BMO is not the right fit. EQ Bank, Wealthsimple Cash, and Tangerine offer consistently higher rates on everyday savings. The appropriate strategy is a BMO credit card and InvestorLine account paired with an online bank for savings.

BMO vs the Big Five

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