BMO Bank Review (December 2022) – Pros, Cons, Features, & Pricing

Finding the right bank for you that suits your needs is important. BMO Bank is one of the best banks in Canada. It has many great features that will help you find your perfect bank with ease.

BMO Bank is a great bank for people with kids and those who like to travel. BMO offers banking that keeps up with your busy lifestyle, making it easy to stay on top of your finances.

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Last Updated: Nov 23, 2022

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BMO Bank

  • Get up to $2,500 cash back when you open your account
  • Over 900 branches and 3,300 ATMs
  • BMO's personal loans range from $5,000 up to $9,999,999

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Finding the right bank for you that suits your needs is important. BMO Bank is one of the best banks in Canada. It has many great features that will help you find your perfect bank with ease.

BMO Bank is a great bank for people with kids and those who like to travel. BMO offers banking that keeps up with your busy lifestyle, making it easy to stay on top of your finances.

What is BMO bank?

BMO Bank is a Canadian bank that offers attractive perks, lower fees, and better interest rates. They have plenty of branches across Canada and ATMs for customers to use. It’s also branch-free which can be an advantage or disadvantage depending on what you’re looking for in your banking situation.

The major benefit of banking with BMO is that it’s one of the biggest banks in Canada. It offers a wide variety of products, services, and solutions to meet customers’ needs across various sectors.

The account opening process can be done online or at any branch location throughout Canada which makes this bank very convenient for international transactions as well.

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BMO Bank Review: Chequing Accounts

BMO bank offers three chequing accounts that come with mobile banking, customizable debit cards, and online banking. BMO chequing accounts are convenient for branch locations.

BMO is a bank that offers high interest on savings accounts, cashback rewards, and automatic deposits. The account comes with a BMO bank debit MasterCard for free. There is a $25 initial deposit and a $25 monthly fee.

BMO AccountsFeatures
Smart Money Account-Monthly maintenance fee: $5
-Monthly maintenance fee if under the age of 25: $0
-NSF fees: $0
-Unlimited ATM transactions
Smart Advantage Account-Monthly maintenance fee: $0
-Unlimited ATM transactions
Premier Account-Unlimited ATM transactions
-Rebate on ATM fees of up to $25-$30 per month
-Earn interest on your chequing balance

Let’s take a look at what each specific account has to offer:

Smart Money Account

BMO has a solid Smart Money chequing account with many benefits including access to over 25,000 free ATMs and the ability to earn interest on your account balance. This account offers premier chequing rates of 0. 03%, which are higher than standard online bill pay accounts, with the ability to earn up to $10 per month in ATM fee rebates.

BMO also offers a variety of investment services like Mutual Funds, GICs, and Retirement accounts which are perfect for people who dream of having more than enough cash in the bank.

The smart money account is a great option for anyone looking to save money.

Smart Advantage Account

BMO bank has a wide range of chequing accounts, but their most popular one is the Smart Advantage Chequing Account. It comes with all of the basic features you would expect from a chequing account, such as free ATM access and check writing. The monthly fee for this account starts at $5 per month if you are under 25 years old or $0 if you are over 25 years old.

The Smart Advantage Account is designed to help you save money. With an APY of 0. 03% on accounts less than $15,000 and 0. 25% on accounts over $15,000, this account will pay more interest than the national average savings account rate of 1%.

Premier Account

BMO chequing accounts are offered with a monthly fee of $25. The minimum balance requirement to avoid the fee is set at $10,000 and your annual percentage yield (APY) is 0.03%. All other fees are waived for this account type. You will also receive a rebate on non-BMO ATM surcharges each month.

The minimum balance requirement to avoid the fee is set at $10,000. This means that you will need to maintain an average of about $5,000 in your account each month in order to avoid the $25 monthly fee.

BMO Bank Review: Credit Cards

BMO bank is a Canadian bank that offers some of the best student credit cards in Canada. These cards have excellent cash back on purchases and air miles for frequent flyer points. If you’re looking to build up your credit score early, this is a great option with low-interest rates and no annual fee.

BMO bank offers business credit cards as well to help companies manage their finances. BMO has four different Mastercard credit cards, which are meant for both personal and business use. They offer rewards, cardholder benefits, promotional offers, and more to keep your company thriving.

The fact that it’s an American-based bank makes this option attractive because there are no foreign transaction fees or exchange rates involved in the process of using these credits cards.

You can be sure that your money is safe and secure with BMO bank. The bank protects every credit purchase made through their cards, so you won’t have to worry about fraudulent purchases.

The three BMO credit cards available to bank members are the Cash Back Mastercard, Platinum Mastercard, and the Platinum Rewards Mastercard.

BMO Credit CardsFeatures
Cash Back Mastercard-Earn 1.5% cash-back with purchases for internet & phone bills, office supplies, and gas.
-Purchase Interest Rate: 19.99%
-Cash Advance Rate: 22.99%
-Balance Transfer Rate: 22.99%
-Interest-Free Period: 25 days
Platinum Mastercard-Annual Fee: $0
-Pay with your smartphone
-0% APR until 15 months after account opening date
-After 15 months, 12.24%-20.24% APR
Platinum Rewards Mastercard-Annual Fee: $0
-0% APR until 12 months after account opening date
-APR: 12.24%-22.24%
-2 points earned for every $1 spent on groceries and gas
-1 point earned for every $1 spent on other eligible purchases
-Yearly 10% anniversary bonus points

Cash Back Mastercard

BMO bank is a Canadian bank. It offers credit cards that offer generous cashback benefits on groceries and gas purchases, with no annual fees to worry about.

The cardmembers get a $200 sign-up bonus when they spend at least $2,000 in the first 3 months of account opening.

The Cash Back MasterCard is a credit card that provides 15 months of no interest on purchases and 6 months of no interest on balance transfers. There are also other features like cash back, points, travel insurance, etc.

Platinum Mastercard

The BMO Platinum Mastercard is a no-annual-fee card that offers 15 months of no fees on balance transfers. The card has 25,000 bonus points if you spend $2,000 within the first three months of account opening. There’s also a 10% points bonus on your enrollment anniversary every year and an intro APR of 0% for 12 months.

Platinum Rewards Mastercard

Platinum Rewards is a no-annual-fee card. For those who want to earn rewards points, the Platinum Rewards Mastercard is an option. It offers a 10% bonus on the anniversary of enrollment every year and no cashback or reward point options.

The card does offer 15 months of no-fees balance transfers and 6 months of interest-free purchases in addition to three points for every dollar spent on dining, hotels, and flights.

BMO Bank offers a no-annual-fee card, most of the time. They offer an interest-free balance transfer for 18 months and most purchases are also interest-free for six months. The best part is, the card offers 5 points for every dollar spent on groceries and gas.

The Platinum Rewards Mastercard is one of the most favored credit cards for frequent travelers. It offers a points system that converts into travel rewards, no annual fee with foreign transactions, and 35,000 bonus points if spend $5,000 in the first three months of account opening.

BMO Bank Review: Investment Accounts

BMO bank offers a variety of investment accounts for investors of all types. They offer bank, savings, and retirement accounts that are designed to fit the needs of any investor. These investments can be done online or in-person at their local branches.

Investment Products Ratings

BMO bank offers a variety of investment accounts, ranging from their low-risk bank account up to their high-yield investment products. BMO’s mutual funds have an average rating of 3.5 stars and their GICs have an average rating of 3.0 stars on the CMT site. Their wide range of investments offers something for everyone, whether you’re just starting out or want to take your investing up a notch!

Why choose BMO?

BMO is a bank that has many benefits. One of the main advantages of choosing BMO is its competitive rates and online banking options.

Other benefits include:

  • Competitive rates
  • Online banking options
  • International locations
  • A wide variety of branches and ATMs
  • Air miles products

BMO Bank Review: CDs

BMO bank offers a range of CD accounts for different needs and risk levels. They have flexible terms, no maintenance fees, and early-withdrawal penalties.

The Key Features include the following:

1) Details: Information about your account including interest rate, minimum deposit amount, special rates CDs, standard CDs as well as step rate CDs.

2) Minimum Deposit: The minimum deposit required to open an account is $500 at BMO bank.

3) Special Rates CDs: These are CDs that have special rates for fixed periods of time.

4) Standard CDs: These are the traditional CD accounts with a fixed rate and variable term. If you take your money out before the term ends, early-withdrawal penalties are possible.

BMO Bank Review: Personal Loans

BMO personal loans are a viable option for individuals looking to borrow money for financial needs. They offer quick loan approvals; you can get the cash you need without too much hassle. The perks of getting a BMO personal loan are the low-interest rates and the easy qualifications.

More BMO personal loan perks:

  • You can choose from flexible loan amounts of $5,000 to $40,000 with repayment terms of up to 5 years
  • You can choose your own personal and flexible repayment period
  • There is an option to set up automatic payments
  • There are competitive interest rates
  • You can use your loan for multiple different things such as debt, home renovations, buying a new car, etc.
  • You have the choice to repay your loan back as early as you want without being charged an additional fee
  • There are in-person or online banking options, as well as there is even an app you can download on your phone
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BMO Bank Review: Money Market Account

Money market accounts offer a nice mix between rates and accessibility, but they can also have high-balance requirements for the best rates. BMO’s Money Market Account offers tiered interest rates with a minimum balance of $1,000 to gain the top tier rate of 2%.

BMO Bank Review: Are you eligible to apply?

This BMO bank review will help you learn more about their eligibility requirements to apply for an account as well as how much interest you can expect on your savings accounts and loans.

It’s important that you’re eligible, as there are some requirements such as valid government-issued photo IDs and proof of employment or income. You’ll also need to provide information about what loan you want: how much money and why it’s needed in order to apply on their website.

BMO Bank Review: How do I apply for a loan?

If you would like to apply for a loan, sign in with your mobile or online banking portal and click on the “Apply For” tab. If you’re new, book an appointment at a local branch.

In order to apply for a loan, you can visit one of the various branches across Canada and click on your preferred location. You will then be able to fill out an application form with basic personal information.

After this is submitted, it’s time to wait until they contact you back about setting up a meeting or phone call so that both parties can discuss what needs to happen next in regard to getting approved for financing.

BMO Bank Review: Are their loans legit?

BMO bank is a reputable bank based in Canada with over 900 branches that provide banking services to more than 12 million customers across the country. The bank is considered one of the top 10 largest banks by assets, as well as being ranked among the best banks for customer service.

You will not have to worry about illegitimacy with BMO Bank.

BMO Bank Review: Summary

BMO bank has a lot of great features and is worth your time. It provides many ways to access your funds, including an app so you can see your account balances on the go.

You also have flexible options when it comes to repayment of loans and high-yield money market accounts. Overall, BMO bank is a good bank with a solid history and programs that interest the average customer. Thank you for reading our BMO bank review.

BMO Bank Reviews

BMO bank is a Canadian bank that provides banking services to individuals and small businesses. It has an ATM network of over 7,000 machines with the capacity for more than 1 million transactions per day and offers online banking options including mobile apps.

The average rating of BMO Bank Reviews is 8 out of 10 stars because it’s one of Canada’s biggest banks.

BMO bank is one of the 10 largest banks by assets.

BMO’s GICs have an average rating of 3.0 stars on the CMT site.

BMO’s mutual funds have an average rating of 3.5 stars.

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FAQs about bmo-bank

Can I qualify for a loan through BMO if I'm self-employed?

Yes, you can still qualify for a loan with BMO bank if you are self-employed. You just need to give self-employment information such as your income.

What is the difference between a variable interest rate or a fixed interest rate?

A variable interest rate fluctuates as there are changes in the stock market and a fixed interest rate remains the same throughout your loan term.

Is BMO bank involved in the Canadian stock market?

Yes, BMO has a big role in the Canadian market, having a total of $880 billion assets worldwide.

Does BMO bank have storefronts?

Yes, BMO bank has 900 total branches serving cutsomers.

How many customers does BMO have?

BMO bank has 12 million customers globally.

October 2, 2022
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