BMO Review 2026 | Bank of Montreal Accounts, Fees & Who It Suits

BMO (Bank of Montreal) is Canada’s oldest bank, founded in 1817 in Montreal. It holds institution number 001, the first institution number in the Canadian payment system, and runs a large US retail bank, BMO Bank N.A. (formerly BMO Harris Bank).

What sets BMO apart is its investing side (its own ETF family and the BMO InvestorLine brokerage), its no-fee cash back card and its US banking. The drawbacks are the usual Big Five ones: monthly account fees unless you hold the waiver balance, and low posted savings rates. Other Canadian banks are reviewed in the bank and fintech reviews.

BMO Quick Reference

BMO at a Glance

Chequing Accounts

BMO’s chequing lineup follows the Big Five tiered pattern, with five plans from a low-fee basic account to a premium plan. The mid and upper plans waive the monthly fee above a minimum balance, and BMO builds its offers for students, newcomers, seniors, children and teens, Indigenous Peoples and RDSP beneficiaries on top of these plans rather than as separate account types. Two carry their own branding: the BMO Student Performance Chequing Account and the BMO NewStart Program for newcomers.

• Practical is the low flat-fee plan for light use, such as a bill-payment account; transactions beyond its allowance are charged per item.
• Plus adds a larger transaction allowance and a balance waiver.
• Performance is the flagship unlimited plan, and Blue Rewards Chequing is the version for clients who collect Blue Rewards points.
• Premium adds a US dollar account, free bank drafts and certified cheques, overdraft protection and a discounted BMO Mastercard annual fee.

BMO also offers a US Dollar Account for people who earn in US dollars, own US property or travel to the US often. The full fee schedule is on the BMO fees page.

Savings Accounts

Rates posted as of October 5, 2026. BMO regularly runs promotional rates on new deposits, including on the Savings Amplifier Account; BMO’s site has the current offer. Many BMO clients pair BMO chequing, cards and investing with a higher-rate savings account elsewhere: posted rates at every bank are compared in the best savings accounts in Canada, with online banks such as EQ Bank and Tangerine reviewed separately.

Credit Cards

BMO’s best-known card is the no-fee BMO CashBack Mastercard, which pays a higher cash back rate on groceries up to a monthly cap: see the BMO CashBack Mastercard review. The lineup also includes the BMO CashBack World Elite Mastercard, the BMO eclipse Visa Infinite (BMO Rewards points) and the BMO Ascend World Elite Mastercard for travel. Other no-fee cards are compared in the best no-annual-fee credit cards.

BMO InvestorLine and BMO ETFs

BMO InvestorLine is BMO’s self-directed brokerage, and it is a natural home for investors who hold BMO’s own ETFs (such as ZSP, ZAG and ZEB) and want banking and investing under one login. Its commissions, account fees and platform are covered in the BMO InvestorLine review.

BMO SmartFolio is BMO’s robo-advisor, investing in BMO ETFs for a tiered management fee with a minimum investment; robo-advisors and their fees are compared in robo-advisors in Canada.

US Banking

BMO runs a full US retail bank, BMO Bank N.A., which grew substantially after BMO acquired Bank of the West in 2023. For Canadian BMO clients that means US ATM access through BMO’s own US network, a BMO US dollar account that can fund US transactions without conversion, and one banking relationship for people who split their time between Canada and the US. Which bank’s US network fits depends on where in the US you spend time; TD and RBC have their own US banks, and cross-border options are compared in the comparisons hub.

Mortgages

BMO is a major Canadian mortgage lender, with fixed and variable-rate mortgages, HELOCs and readvanceable products, and it runs promotional mortgage rate campaigns. Its Smart Fixed Mortgage has more flexible prepayment terms than a traditional closed fixed mortgage, and its Homeowner ReadiLine combines a mortgage with a revolving secured line of credit that grows as the mortgage is paid down. Terms run from 6 months to 10 years, open and closed, and posted rates are negotiable.

Who BMO Suits

Investors who use BMO ETFs and want them at the same institution as their banking.

Grocery spenders who want no-fee cash back: the BMO CashBack Mastercard can be worth holding even with day-to-day banking elsewhere.

People who bank regularly in US dollars, through the US dollar account and BMO’s US bank.

Less suited to: people focused on savings rates, who usually pair a BMO card or InvestorLine account with an online savings account. BMO against the other big banks is covered in the best banks in Canada; Scotiabank and CIBC have their own reviews.

Related Resources

• BMO customer service
• BMO fees
• BMO routing number
• Online brokers in Canada
• Bank and fintech reviews