Menu Toggle
  1. Home
  2. Banking
  3. BMO Bank of Montreal Review
Published March 8, 2023

BMO Bank of Montreal Review

The Bank of Montreal (BMO) is one of the largest financial institutions in North America and has plenty to offer everyday consumers and businesses alike.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

BMO Bank at a glance

Bank of Montreal was founded in 1817 and is the eighth-largest bank in North America.

  • BMO account options
    Visa and Mastercard credit cards
  • Other BMO services
    Loans and lines of credit
    Financial planning
    Business accounts and financing

Bank of Montreal overview

Bank of Montreal, or BMO, began as the Montreal Bank in 1817. Headquartered in Toronto, BMO is now one of Canada’s Big Six banks and the eighth largest bank in North America with over 12 million global customers. BMO’s more than 200 years in business shows: this financial institution offers a sizable sweep of products and services, including several types of bank accounts, credit cards, mortgages, loans, lines of credit, investment platforms and more. 

Its bank branches and ATMs can be found in every province and territory in the country, with the exception of Nunavut. It’s well-equipped for digital banking, too, with a robust online banking portal and well-reviewed mobile app. Overall, BMO has the resources to provide a one-stop shop for customers who seek to organize all of their finances under one roof.

Online banking capabilities at BMO

For those that prefer to manage their finances digitally, BMO’s online banking portal and mobile app are capable of performing a wealth of financial services and transactions. From a computer, tablet or mobile device, customers can send and receive money, pay bills, deposit cheques, manage accounts, schedule payments and more.

BMO’s well-received mobile app, which earns 4.2 and 4.6 out of 5 stars from Google Play and Apple App Store reviews respectively, is particularly noteworthy.

BMO (Bank of Montreal)

Find the best Bank of Montreal bank accounts and credit cards to meet your needs

Ad Icon

Is my money safe at BMO bank?

BMO customers are protected from losses incurred via unauthorized transactions, bank failure, fraud, and physical and cyber security threats.   

Like many major Canadian financial institutions, the Bank of Montreal carries Canada Deposit Insurance Corporation (CDIC) insurance, which insures up to $100,000 of eligible deposits in the event that BMO goes bankrupt. Investor portfolios are covered by the Canadian Investor Protection Fund (CIPF), which protects funds in the event of insolvency. 

BMO’s 100% Security Guarantee pledges to reimburse BMO customers for 100% of any losses incurred via unauthorized account transactions. However, you may be liable for account losses if you fail to comply with your BMO account service agreement, so read the fine print carefully before you sign up.

BMO’s Financial Crimes Unit further protects its customers with physical and cyber security technology designed to monitor and manage security threats around the clock. Free security software is also available for interested customers.

Bank of Montreal account types

BMO savings accounts

None of BMO’s personal savings accounts charge monthly fees.

BMO chequing accounts

BMO offers special rates on its chequing accounts for kids, students, seniors, newcomers to Canada and members of the Indigenous and Canadian Defence Communities. All of its chequing accounts offer unlimited Interac e-Transfers with the exception of the Practical account. Some accounts waive monthly fees for customers who maintain a set minimum balance. 

BMO credit cards

BMO credit cards include a wide variety of Mastercard and Visa credit cards, but are not limited to:

BMO investing accounts

Other BMO services

Bank of Montreal fees

Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Bank of Montreal’s financial products and services:

Who Bank of Montreal is best for

Canadians who want to keep all their financial accounts in one place.

With its full complement of banking services for everyday customers and businesses alike, the Bank of Montreal is a practical choice for anyone who wants to keep their financial accounts in one place. 

There isn’t much missing from BMO’s lineup of products and services — accounts, lending products, investment platforms, you name it. And consumers can easily manage their finances on the go courtesy of its online and mobile banking platforms. 

Customers should be on the lookout for account fees, limited account transfers and transaction limitations.

Pros and Cons of BMO Bank

The Bank of Montreal boasts the resources of a reputable, longstanding financial institution — but it isn’t without its shortcomings.

Pros of BMO Bank

Cons of BMO Bank

How BMO compares to other big banks

BMO BankRBC BankTD Bank
Number of countries servedMore than 1029Global
Number of branches in CanadaMore than 900More than 1,200More than 1,000
Mobile app?YesYesYes
Are deposits insured?Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.

Bank of Montreal frequently asked questions

Is the Bank of Montreal Canadian?

Yes. Bank of Montreal was Canada’s first bank and its operational head office is located in Toronto, Ontario.

How do I call BMO or contact someone at the bank?

You can speak to a member of the bank’s customer care team in a few ways:

  • Call the BMO contact number: 1-877-225-5266.
  • Visit a bank branch during business hours to speak to a BMO representative in person.

About the Author

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. Previously, she was a writer, editor and video host for…

Read More
Best RRSP Accounts and Rates in Canada for 2023

Best RRSP Accounts and Rates in Canada for 2023

Use these high-interest RRSPs to make contributions in the short term before deciding how to invest your retirement funds in the long term.

How to Open a Bank Account

How to Open a Bank Account

Are you ready to open a bank account? Almost everyone can open a bank account at a Canadian bank or credit union, including non-residents living, working or going to school in Canada. It’s an easy process that can be done in person or online in just a few steps. Here’s what you need to know […]

Best Tax-Free Savings Account Rates in Canada for 2023

Best Tax-Free Savings Account Rates in Canada for 2023

The best high-interest tax-free savings accounts (TFSAs) have minimal fees and earn high rates of interest

5 Advantages to Setting Up Multiple Bank Accounts

5 Advantages to Setting Up Multiple Bank Accounts

Bank accounts are not one-size-fits-all. Most Canadians have a chequing account to handle their daily bills and expenses and a savings account for emergencies. Are two accounts really enough? Here’s why it might make sense to set up multiple bank accounts. 1. To use different accounts for different purposes Bank accounts are not all created […]

Back To Top