Institution profile · Big Six bank (Schedule I)
BMO Bank of Montreal
ActiveBank of MontrealCDIC
Bank of Montreal is Canada’s oldest bank and a Big Six Schedule I bank. It expanded in the United States by acquiring Bank of the West in 2023.
Profile facts checked October 30, 2026
Mitey files the BMO Bank of Montreal index card: cheapest everyday account $215 a year.
Is BMO Bank of Montreal a good bank for everyday banking?
BMO Bank of Montreal’s cheapest chequing account open to anyone, Primary Chequing Account with Performance Plan, costs $215 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $144 below the national median of $359. It scores 39/100, #12 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- Bank of Montreal
- Type
- Big Six bank (Schedule I)
- Head office
- Head office Montreal, QC; executive offices Toronto, ON
- Founded
- 1817 — Started business in Montreal in 1817; chartered under the Bank Act since 1871.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Primary Chequing Account with Performance Plan — $215 a year for the Everyday example
- Best posted savings rate
- 0.45% on $10,000 (Savings Amplifier Account)
- OBSI banking cases
- 617 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.bmo.com
Is my money safe at BMO Bank of Montreal?
CDIC member. BMO Trust Company and Bank of Montreal Mortgage Corporation are separate CDIC members.
Names CDIC lists for these members: BMO Bank of Montreal, BMO Commercial Bank, BMO Financial Group, Advisor's Advantage Trust, BMO Trust and Estate Services.
Our assessment: 39/100, #12 of 13 in our bank review
Strongest on app rating. Trails on savings rate and everyday cost. Cheapest account for everyday use: $215 a year.
Cost 32 · Savings rate 15 · App rating 79 · not scored: access, service. How the review works.
What do BMO Bank of Montreal’s chequing accounts cost?
BMO Bank of Montreal lists 5 chequing accounts with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Primary Chequing Account with Performance Plan at $215 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Primary Chequing Account with Performance Plan | $17.95/mo, or $0 with a $4,000 minimum balance | Unlimited | $215 |
| Primary Chequing Account with Blue Rewards Plan | $17.95/mo, no balance waiver | Unlimited | $239 |
| Primary Chequing Account with Premium Plan | $30.95/mo, or $0 with a $6,000 minimum balance | Unlimited | $371 |
| Primary Chequing Account with Plus Plan | $12.95/mo, or $0 with a $3,000 minimum balance | 25 a month | $449 |
| Primary Chequing Account with Practical Plan | $4.00/mo, no balance waiver | 12 a month | $537 |
- Primary Chequing Account with Performance Plan$215
- Primary Chequing Account with Blue Rewards Plan$239
- Primary Chequing Account with Premium Plan$371
- Primary Chequing Account with Plus Plan$449
- Primary Chequing Account with Practical Plan$537
- Cheapest in Canada: Personal Account · EQ Bank$0
- Median nationwide account$359
What would BMO Bank of Montreal cost a typical household?
The cheapest BMO Bank of Montreal account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at BMO Bank of Montreal | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Primary Chequing Account with Plus Plan | $155 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Primary Chequing Account with Performance Plan | $215 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Primary Chequing Account with Performance Plan | $239 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | Primary Chequing Account with Plus Plan | $188 | Basic Bank Account Scotiabank | $134 |
Worked example — Primary Chequing Account with Performance Plan (BMO Bank of Montreal), Everyday profile
| Monthly fee (not waived: needs $4,000, $3,000 more than the $1,000 low balance) × 12 | $215.40 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $215.40 |
What savings rates does BMO Bank of Montreal pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| Savings Amplifier Account | 0.45% | No monthly fee |
| Savings Builder Account | 0.05% | No monthly fee |
| Premium Rate Savings | 0.01% | No monthly fee |
Is BMO Bank of Montreal on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Bank of Montreal | OSFI — Schedule I domestic bank | Yes |
| BMO Trust Company | OSFI — trust company | Yes |
| Bank of Montreal Mortgage Corporation | OSFI — loan company | Yes |
What else should you know about BMO Bank of Montreal?
- Head office at 129 rue Saint Jacques, Montreal; executive offices at 1 First Canadian Place, Toronto.Source: bmo.com
- Completed the acquisition of Bank of the West from BNP Paribas on February 1, 2023.Source: bmo.com
- Named in Schedule I of the Bank Act and chartered under it since 1871.Source: bmo.com
Your own pattern can change the order. Put your numbers into the true-cost finder to rank BMO Bank of Montreal’s accounts against everyone else’s.
How many BMO Bank of Montreal complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 617 banking cases about Bank of Montreal in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 556, and resolved 115 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.