BMO at a Glance
| Feature |
Details |
| Full name |
Bank of Montreal |
| Founded |
1817 (Canada’s oldest bank) |
| Headquarters |
Montreal, Quebec |
| Branches |
900+ |
| ATMs |
3,300+ |
| CDIC insured |
✅ Yes |
Chequing Accounts
| Account |
Monthly Fee |
Fee Waiver |
Transactions |
| Performance |
$4 |
$1,500 balance |
12/month |
| Plus |
$15.95 |
$3,000 balance |
Unlimited |
| Premium |
$30.95 |
$6,000 balance |
Unlimited + extras |
Credit Cards
| Card |
Annual Fee |
Key Benefit |
| BMO CashBack Mastercard |
$0 |
3% groceries |
| BMO CashBack Elite MC |
$120 |
3% groceries, gas, transit |
| BMO eclipse Visa Infinite |
$120 |
5x groceries, dining |
| BMO Ascend World Elite MC |
$150 |
Flexible travel rewards |
Investing
| Service |
Details |
| BMO InvestorLine |
Self-directed trading |
| BMO SmartFolio |
Robo-advisor (no minimum) |
| BMO ETFs |
Large ETF lineup (ZSP, ZAG, ZEB, etc.) |
BMO is one of Canada’s largest ETF providers, offering popular products like ZSP, ZAG, and ZEB.
Pros and Cons
| Pros |
Cons |
| Strong no-fee credit cards |
Monthly account fees |
| Large ETF lineup (BMO ETFs) |
Savings rates below online banks |
| Full-service banking |
Fewer branches than RBC/TD |
| Good robo-advisor (SmartFolio) |
Higher trading fees than Wealthsimple |
Who Should Bank with BMO
| Profile |
Recommendation |
| Want BMO ETFs + banking combo |
✅ Good integration |
| Want no-fee credit card |
✅ BMO CashBack MC is solid |
| Prefer in-person banking |
✅ 900+ branches |
| Want lowest fees |
❌ Choose online banks |