Bank of Montreal (BOM) - Everything You Need to Know

Explore the Bank of Montreal (BOM), ranging from their services to coverage, pros and cons.

Bank of Montreal (BOM)
Bank of Montreal (BOM)

When it comes to financial services in Canada, the Bank of Montreal is one of the institutions that offers the best. Essentially, this bank is ranked as one of Canada’s Big Six banks and provides a wide range of financial products to both individuals and businesses. If you want to open an account with this bank, it is important to learn about the services it provides and how it operates.

Let's get down to all you should know.

An Overview of the Bank of Montreal

Bank of Montreal, also known as BMO, was first established in 1817 as the Montreal Bank. Over the next decades, the bank grew rapidly and has become one of the most prominent banks in Canada. Its headquarters is located in Toronto and the bank has numerous branches and ATMs spread across every territory and province in Canada, apart from Nunavut.

BMO is currently ranked as one of the Big Six banks in Canada and is considered the eighth biggest bank in North America. Currently, the bank has over 12 million active customers around the globe. This bank is also well-equipped for online banking and has a robust digital banking platform and a well-built mobile app. Banking from the comfort of your home is seamless with BMO.

Bank of Montreal has been in the game for over 200 years, implying that this financial institution is well-grounded in the banking industry. Hence, they offer customers a wide range of quality products and services. Some of its products include different kinds of bank accounts, mortgages, credit cards, loans, investment platforms, lines of credit, and many more.

What are the Account Types Bank of Montreal Offers?

Check out the various types of accounts you can own when you bank with BMO:

1. BMO chequing accounts

BMO offers customers unique rates on its chequing bank accounts for students, kids, seniors, associates of the Indigenous and Canadian Defence Communities, as well as newbies in Canada. All chequing accounts in this bank, except the Practical account, offer you unlimited Interac e-Transfers. Some accounts even waive the monthly fees for any customer who maintains a fixed minimum balance. Here are the different types of chequing accounts in this bank:

  • Practical: 12 transactions per month for a monthly fee of $4.
  • Plus: 25 transactions per month for a monthly fee of $11.95.
  • Performance: unlimited transfers and family account bundling alternatives for just $16.95 every month.
  • AIR MILES: unlimited transactions and the capacity to earn Air Miles for just $16.95 per month.
  • Premium: unlimited transactions, global ATM withdrawals and much more for just $30 monthly.

2. BMO savings accounts

None of Bank of Montreal’s personal savings bank accounts charges customers monthly fees. The different kinds of savings accounts include:

a. Premium Rate Savings Account

This is a straightforward savings account with a low-interest rate. It was designed to be paired with an existing chequing account in BMO.

b. Savings Builder Account

This is a high-interest rate savings account that offers customers bonus interest whenever they meet specific goals. Also, this account offers one free transaction between BMO accounts per month and instant access to a premium interest rate whenever you save a minimum of $200 monthly.

c. Savings Amplifier Account

This is another high-interest savings account that offers customers unlimited no-fee transactions between BMO accounts without any minimum balance conditions.

d. U.S. Dollar Premium Rate Savings Account

The U.S. Dollar Premium Rate Savings Account by BMO is a USD savings account that customers can include in their bank plan.

3. BMO credit cards

BMO credit cards comprise a wide range of unique Mastercard and Visa credit cards. Some of these unique credit cards include:

  • BMO Preferred Rate Mastercard.
  • BMO Rewards Mastercard.
  • BMO CashBack World Elite Mastercard.
  • BMO AIR MILES Mastercard.
  • BMO Eclipse Visa Infinite Privilege Card.

4. BMO investing accounts

The BMO investing accounts you can access as a customer includes:

  • Non-registered cash account: basic investment account with no extra tax advantages or any contribution limit.
  • Non-registered margin account: with this account, investors can borrow funds for their investments.
  • Registered retirement savings plans (RRSPs).
  • Registered retirement income funds (RRIFs).
  • Tax-free savings accounts (TFSAs).
  • Registered education savings plans (RESPs).
  • Locked-in retirement accounts (LIRA)
  • Life income funds (LIF).
  • Registered disability savings plans (RDSPs).

Other services that the Bank of Montreal offers its customers include:

  • Mortgages.
  • Financial planning and proper wealth management.
  • Loans and lines of credit.
  • Insurance.
  • Guaranteed Investment Certificates.
  • Bonds, ETFs, mutual funds, stocks and options.
  • Business bank accounts and financing options.
  • Corporate and non-personal bank accounts for trusts, associations, corporations, investment clubs/partnerships, estates, as well as personal holding companies.

Recommended - Royal Bank of Canada (RBC) - All You Should Know

What are the Bank of Montreal Fees?

BMO banking fees can differ depending on the kinds of accounts you own and how often you use them. Here is a list of some of the regular fees you may encounter when you use any of Bank of Montreal’s products and services:

  • Non-BMO ATM fee in Canada: $2
  • Overdraft fee: $5
  • Electronic funds transfer: $1 to $5
  • Non-sufficient funds fee: $48

Is my money safe at BMO Bank?

BMO customers are fully safeguarded from losses incurred through fraud, unauthorized bank transactions, bank failure, as well as cyber and physical security threats. Just like many prominent financial institutions in Canada, BMO maintains Canada Deposit Insurance Corporation (CDIC) insurance. This insurance covers up to $100,000 of qualified deposits in the occurrence that the bank goes bankrupt.

Also, all investors' portfolios are duly protected by the Canadian Investor Protection Fund (CIPF). The CIPF protects all funds in the event of bankruptcy.

BMO pledges a 100% Security Guarantee, implying that they will pay back BMO customers 100% of losses incurred through unauthorized account transactions. Nonetheless, you may be responsible for fund losses if you don't comply with your stipulated account service agreement. So ensure that you read through the terms of service carefully before you open your account.

Also, BMO’s Financial Crimes Unit provides extra protection to its customers using physical and cyber security technology. This technology was designed to scan and manage all security threats 24/7. They’ve also made security software available for customers who need it.

Who is Bank of Montreal Best For?

BMO is best for Canadians who desire to maintain all their financial accounts in just one place. However, you must be alert to its account fees, transaction limitations, as well as limited account transfers.

Read Also - ACH Transfer Limits - All You Should Know

What are the Pros and Cons of BMO Bank?

Just like other prominent banks, BMO has its advantages and shortcomings. Here are some of them.

Pros of BMO Bank

Some advantages of using BMO include:

  • A well-established and prominent financial institution with a very long history of excellence.
  • Well-reviewed and developed mobile app.
  • Wide selection of both personal and business accounts.
  • Impressive log of credit cards.

Cons of BMO Bank

Some disadvantages of using BMO include:

  • Monthly fees and certain transaction limitations on customers’ chequing accounts.
  • Transfer limitations on all savings accounts.
  • Bank branches and BMO ATM limitations. Their network doesn't extend to Nunavut.

How Can I Contact the Bank of Montreal?

You can contact BMO’s customer service through any of these ways:

Call 1-877-225-5266


Follow this link to search for any Bank of Montreal branch near you.

Final Thoughts

With its packed accessory of unique banking services for customers and businesses, the Bank of Montreal is a reasonable choice for people who wish to keep their accounts in one place. BMO’s well-reviewed online and mobile banking platform is another added advantage that makes them one of the best. Overall, we’ve concluded that this bank has enough resources to offer you quality banking and financial services.

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