BMO Bank of Montreal Review (2026): Branch Banking + Premium Tiers

BMO is Canada’s fourth-largest bank by assets and the oldest — founded in 1817, before Confederation. They have ~900 branches across Canada, plus US operations through BMO Harris. Here’s an honest look at what you actually get for the fees, and where smarter alternatives exist.

Last reviewed: May 2026. No affiliate relationship with BMO.

Where BMO wins

AIR MILES integration. BMO is the primary banking partner for AIR MILES, so their Cash Back World Elite Mastercard + savings-account-linked miles earning is the cleanest ecosystem for AIR MILES collectors. If you fly a lot or use AIR MILES Cash at Metro/Sobeys, this is real value.
Strong branch network in Ontario + Quebec. ~900 branches, concentrated in central Canada. If you bank where you live and prefer in-person, BMO is convenient.
BMO Premium Plan economics. $30/month is waived with a $6,000 balance. In return: BMO World Elite credit card included ($150 value), no FX fees on USD purchases through the card, free safety deposit box, free certified cheques + drafts, rebates on out-of-network ATM fees, premium AIR MILES earn rate. For someone who’d otherwise pay annual fees on a premium card AND keep $6K+ liquid, the Premium Plan is genuinely well-priced.
BMO SmartFolio robo-advisor. 0.40-0.70% MER (lower than Wealthsimple Invest’s 0.40-0.50% at small balances). Five portfolios. Reasonable for hands-off investors who want to stay in the BMO ecosystem.
BMO InvestorLine self-directed. $9.95 stock trades, free ETF buys on a curated list of 80+ ETFs. Free for accounts with $250K+. Comparable to TD Direct + RBC Direct.
Cross-border banking via BMO Harris (US). Easier USD/CAD movement for snowbirds, similar to TD’s setup.

Where BMO loses

Chequing fees. BMO Performance Chequing is $16.95/month (waived at $4,000 balance). BMO Plus is $11.95/month (waived at $3,500). The free Practical Plan gives you 12 transactions/month — basically unusable for an adult. Online banks (Tangerine, EQ, Simplii) all give no-fee unlimited chequing with no minimum.
Savings rates. BMO Savings Builder pays around 0.30-1.0% in 2026. EQ Bank pays 3.0-4.0%. On $20K, BMO costs you $400-700/year vs parking the same money at EQ.
USD account fees. $1.95/month + transaction fees. Wealthsimple Cash does USD for free.
BMO Mutual Funds. 2.0-2.5% MER vs 0.20% for equivalent ETFs. If a BMO advisor pitches you their actively-managed funds for your TFSA/RRSP, decline and use BMO ETFs (the BMO ETF lineup is actually excellent — ZSP, ZAG, ZCN, ZEA, ZEM are all top picks).
Mortgage rates. BMO posted rates run 0.20-0.40% higher than what a broker can find. On a $500K mortgage that’s $10-20K over a 5-year term.

BMO’s secret weapon: their ETF lineup

This is worth calling out — BMO is one of the top three ETF providers in Canada (alongside Vanguard and BlackRock/iShares). Their ETFs are genuinely good and low-cost:

ZSP — S&P 500 (0.09% MER)
ZCN — S&P/TSX Capped Composite (0.06% MER)
ZAG — Canadian Aggregate Bond (0.09% MER)
ZEA — MSCI EAFE (0.22% MER, international developed)
ZEM — MSCI Emerging Markets (0.27% MER)
ZGRO / ZBAL / ZCON — all-in-one asset allocation portfolios (0.20% MER)

So even if BMO isn’t your bank, their ETFs probably belong in your portfolio. When my mom was looking at investing through her BMO RRSP, the advisor pitched her actively-managed BMO mutual funds. I pointed her toward ZGRO (the all-in-one growth ETF) at 0.20% MER instead of the 2.1% MER mutual fund the advisor recommended. Same broad exposure, ten times cheaper — and she still bought it through BMO InvestorLine, so the bank kept her business.

The BMO Premium Plan math (when it actually wins)

The $30/month Premium Plan (or $0 if you maintain $6,000 balance) bundles:

BMO World Elite Mastercard included (otherwise $150/year)
No FX fees on USD purchases via card (saves you 2.5% on every USD transaction)
Premium AIR MILES earn rate
Free safety deposit box (otherwise ~$60/year)
Unlimited free certified cheques + drafts
1.5% discount on personal lines of credit
Rebates on out-of-network ATM withdrawals up to $20/month

For someone who’d otherwise pay the $150 World Elite fee + $60 safety deposit box + occasionally buys USD on a card with 2.5% FX fee, the Premium Plan probably saves $250-400/year vs maintaining those services separately. If you can park $6K to waive the $30 fee, it’s net positive. If you can’t and pay the $360/year, the break-even is tighter — only worth it if you use most benefits actively.

Who BMO is right for

AIR MILES collectors who value the ecosystem (lots of grocery + flight earning)
Premium Plan customers who genuinely use the bundled benefits
Ontario/Quebec residents who want central branch access
InvestorLine self-directed investors with $250K+ portfolios (free trades at that level)
Anyone using BMO’s ETF lineup (even if they bank elsewhere)

Who should look elsewhere

Anyone with $5K+ in cash savings — park at EQ Bank for 3-4% vs BMO’s 0.3-1%
Mortgage shoppers — compare BMO’s offer to a broker’s quote before signing
DIY investors with under $50K — Wealthsimple Trade has free stock trades; BMO InvestorLine is $9.95
Cost-sensitive customers who don’t want the Premium Plan bundle — Tangerine + EQ saves $200-400/year

The verdict

BMO is a competent full-service bank with two genuinely strong assets: the AIR MILES integration and the ETF lineup. The Premium Plan is one of the better-priced premium bundles among Big Six banks if you actually use the benefits. The standard chequing accounts are expensive vs online banks. Best strategy for most BMO customers: keep your day-to-day banking + credit card at BMO if you value AIR MILES, but park your savings at EQ Bank for actual interest, and consider BMO ETFs even if you don’t bank with them.

Frequently asked questions

Is BMO Premium Plan worth $360/year if I can’t keep $6K liquid?

Only if you actively use the World Elite Mastercard (saves $150 vs paying the annual fee separately), buy USD on the card often (saves 2.5% per transaction), and use 3-4 of the other benefits. For most people who can’t maintain the balance waiver, the math doesn’t quite work — better to pay the $150 World Elite fee directly and skip the bundle.

Should I open a BMO mutual fund in my TFSA?

Almost never. BMO mutual funds run 2.0-2.5% MER. Open self-directed BMO InvestorLine instead and buy BMO ETFs (ZSP, ZAG, ZGRO) at 0.06-0.22% MER — same fund company, 10x cheaper. Over 25 years, that fee gap is worth $150-200K on a $100K contribution stream.

Does BMO have a newcomer banking program?

Yes. BMO NewStart bundles fee-free chequing for a year, credit card approval without Canadian credit history, and free international money transfers via BMO Global Money Transfer to ~50 countries. Less polished than TD’s newcomer package but comparable on the headline benefits. Eligibility: arrived in Canada within last 5 years.

Is BMO SmartFolio better than Wealthsimple Invest?

SmartFolio’s MER is slightly lower (0.40-0.70%) than Wealthsimple Invest (0.40-0.50% at $100K+, higher below). But Wealthsimple’s interface is dramatically cleaner, and they offer fractional ETF shares which SmartFolio doesn’t. For accounts under $100K, Wealthsimple Invest still wins on user experience. For accounts $500K+, SmartFolio is a legitimate option if you want to stay in BMO’s ecosystem.

Can I get a BMO mortgage if I’m self-employed?

Yes but it’s harder than going through a broker. BMO will require 2 years of self-employment tax returns + Notice of Assessments. Some self-employed borrowers find better rates with B-lenders (non-bank lenders that specialize in self-employed mortgages). A broker can compare BMO + 30 other lenders simultaneously and usually save you 0.2-0.5% on the rate.

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