BMO Review: Is Bank of Montreal a Good Bank?

Introduction

BMO, the Bank of Montreal, is one of Canada’s Big Five banks with 13 million customers across Canada, the United States, and select global markets.

In independent benchmarks, BMO ranked first in eMarketer’s 2025 Canada Mobile Banking Features Benchmark and was recognized for its digital banking capabilities in J.D. Power’s studies, though specific rankings vary by category. BMO ranked first for online banking satisfaction in the 2023 J.D. Power study.

In Canada, BMO offers a full suite of chequing and savings accounts and owns the AIR MILES reward program.

You can bank at more than 850 branches and over 2,150 BMO ATMs in Canada, or use its highly rated mobile app (4.6 out of 5 stars on the Apple App Store, based on over 100,000 ratings).

What sets BMO apart is its ability to cater to a diverse range of customers. Whether you’re a modest income earner or a wealthy client, BMO has tailored products and services to meet your needs.

This review will evaluate BMO’s claims to determine if they truly stand up to their reputation.

Key Features and Claims

BMO’s flagship high-interest savings is the Savings Amplifier Account.

It has no monthly fee or minimum deposit, and as of March, 2026 the posted rate is 0.50% with a promotional interest rate of 4% for the first 120 days when opening a new account online through BMO Digital Banking. Rates and promo windows change, so check current terms before applying.

For everyday banking in Canada, BMO’s Practical Chequing Account charges a low $4 monthly fee and includes up to 12 transactions per month.

The Performance Chequing Account offers unlimited transactions and waives its $17.95 monthly fee when you keep at least $4,000 in the account. New-account cash bonuses vary by offer period.

BMO has also made strides in catering to specific groups through bundles and discounts for youth, students, seniors, families, and military members.

With the recent acquisition of the AIR MILES program, BMO aims to enhance customer rewards and solidify its position as a customer-centric bank.

This review will examine these features to see how they perform in real-life scenarios with the BMO Air Miles Mastercard.

Setting Up a BMO Account

Setting up a BMO account is straightforward and user-friendly. All you need is a Social Insurance Number and a Canadian address, and you can get started.

The online setup process is particularly noteworthy, taking under seven minutes to complete. This level of efficiency is a boon for those who prefer digital banking.

BMO also allows account openings at a branch or via phone for those who prefer traditional methods. This approach ensures accessibility for both tech-savvy and traditional customers.

Tools like BMO Savings Goals assist in tracking and achieving savings targets. This feature is particularly useful for those who need a bit of extra motivation to save. The account setup process is designed to be straightforward, catering to various preferences.

Safety and Verification Procedures

BMO prioritizes the protection of customer information through a comprehensive security framework that integrates technology, analytics, and around-the-clock monitoring.

Its Financial Crimes Unit operates 24/7 to identify and mitigate potential threats, supported by encryption, secure data exchange, and advanced fraud-detection systems.

The bank has implemented multi-factor authentication and biometric voice recognition for account access, along with real-time transaction monitoring to identify unusual activity. Certain chequing plans also include identity-theft monitoring through OnGuard® for added protection.

In 2018, BMO experienced a data breach that also affected CIBC’s Simplii Financial division, when attackers gained unauthorized access to customer information and attempted to extort both banks.

Approximately 50,000 BMO customers were impacted. Since then, BMO has significantly strengthened its cybersecurity systems, enhanced internal monitoring protocols, and increased investment in fraud prevention technology.

Today, BMO continues to demonstrate strong resilience through regular security audits, responsible disclosure practices, and active public education on digital safety. The bank’s ongoing investment in encryption and fraud analytics reflects its commitment to maintaining client trust and ensuring a secure banking environment.

User Experience and Interface Design

BMO has prioritized user-friendly digital channels to enhance modern banking experiences. The mobile banking interface features intuitive navigation for easy account access and transactions. Customizable dashboards enable users to prioritize information, adding a personal touch to the online experience.

Physical branches emphasize accessibility with wide entrances and clear signage. ATMs feature touch screens and simplified menus for straightforward transactions. These features collectively make banking with BMO hassle-free.

BMO’s mobile app is well rated: 4.6 out of 5 on the Canadian App Store, based on more than 100,000 ratings.

Independent research in 2025 also ranked BMO first for mobile banking features and second for online banking satisfaction among major Canadian banks. The app’s variety of banking features contributes to its positive reception. BMO’s user experience and interface design ensure ease of use and accessibility across digital and physical platforms, making it a contender for 5 stars.

Chequing and Savings Accounts

BMO provides a range of chequing and savings accounts to meet diverse needs. The Performance Chequing Account requires a minimum balance of $4,000 to waive its monthly fee, while the Standard Practical Plan has a low monthly fee of $4.00, allowing for 12 transactions per month.

These options offer flexibility based on your banking habits and financial situation, including minimum balance requirements.

The Savings Amplifier Account offers a promotional interest rate of 4.60% for new customers with a qualifying chequing account. With no monthly fees or minimum balances, it is ideal for maximizing savings.

Newcomers to Canada receive waived monthly fees for the first year on specific accounts. This initiative supports newcomers, ensuring a smooth transition into the Canadian banking system. Tools like PowerSwitch streamline the management of these accounts by transferring pre-authorized payments seamlessly.

BMO’s Digital Leadership and Reinvention

BMO may not always grab headlines like RBC or TD, but in 2025 it quietly topped several independent digital banking benchmarks. eMarketer ranked BMO first in Canada for mobile banking features, while J.D. Power recognized it as a top performer for online banking satisfaction (second in 2025, first in 2023).

Behind those results is a transformation that has reshaped how BMO operates. The bank’s acquisition of AIR MILES brought loyalty rewards directly into its ecosystem, while partnerships with FISPAN and Blend helped modernize payments, lending, and small-business services.

Inside BMO, agile digital teams now release updates to the mobile app every few weeks, guided by customer feedback and real-time analytics.

This blend of heritage and innovation has made BMO one of Canada’s most progressive banks. It combines the trust and stability of a 200-year-old institution with the agility and creativity of a fintech, proving that even a legacy bank can reinvent itself for the digital age.

Wealth Management and Investment Options

BMO’s wealth management services are comprehensive and tailored to diverse client needs. High-net-worth individuals receive personalized banking services, fostering strong relationships. These services include access to market research and portfolio strategies from BMO Capital Markets.

BMO InvestorLine Self-Directed charges a flat $9.95 per online stock or ETF trade, plus $1.25 per options contract. Active Trader pricing is $3.95 when you complete 150 or more trades in any three consecutive months.

BMO’s wealth management and investments options are robust, offering tools and insights for informed financial decisions regarding financial products. Whether you’re a seasoned investor or a beginner, BMO has resources to support your financial goals.

Customer Service and Support

BMO’s approach to customer service emphasizes accessibility and consistency across digital, branch, and phone channels.

In recent years, the bank has increased investment in digital self-service options and chat-based assistance, helping customers resolve issues faster without relying solely on phone queues.

For more complex needs, such as mortgages and wealth planning, BMO’s advisors are often praised for clear communication and a personalized touch.

While some users still experience delays during peak hours, overall service quality has improved as the bank shifts toward a hybrid support model that blends technology with human expertise.

Overall Value for Money

New customers can receive up to $800 in value through cash bonuses and promotional interest rates.

The Family Bundle plan, providing one monthly fee for multiple household accounts, is beneficial for families and allows them to pay a single fee.

BMO’s monthly plan fees are in line with other big banks, and extra charges can apply depending on how you bank.

Standard Overdraft Protection on eligible plans is $5 per month. Withdrawals at non-BMO ATMs on the Interac network in Canada are typically $2 per item unless included in your plan’s allowance.

Despite these fees, BMO offers competitive rates for wealth management services, maintaining transparency in portfolio management costs. Overall, BMO offers solid value, especially for those utilizing its bundled services and promotional offers.

Alternatives and Comparisons

Several alternatives stand out when comparing BMO to other major Canadian banks.

RBC remains a top choice for both personal and small business banking, offering strong online tools, dedicated advisors, and seamless integration across accounts.

CIBC is also well regarded by entrepreneurs for its business support and lending flexibility, while TD provides extended branch hours and a strong cross-border option for clients who travel or operate in the United States.

For those who prioritize low fees and higher savings rates, digital options such as EQ Bank or Tangerine can offer better value on everyday banking.

BMO continues to distinguish itself through its mix of digital innovation, in-branch expertise, and integrated wealth management, making it a solid choice for Canadians seeking both technology and personalized service.