From Personal Banking to Investments and Insurance: A Deep Dive into BMO Bank’s Offerings
BMO Bank, one of Canada’s leading banks, offers a wide range of financial products and services to meet the needs of Canadians. From mortgages to chequing accounts, credit cards, and insurance products, the bank offers a comprehensive suite of solutions designed to help individuals and businesses manage their finances more effectively.
In this article, we will take a closer look at BMO Bank mortgage offerings and premium performance chequing accounts. These solutions include fixed-rate mortgages, variable-rate mortgages, and hybrid mortgages, as well as the Bank of Montreal Premium Performance Account, Student Performance Chequing Account, Newcomers Performance Chequing Account, and Canadian Defence Community Banking – BMO Performance Plan Chequing Account.
Bank of Montreal offers a comprehensive suite of financial solutions that can meet the needs of Canadians from all walks of life. Whether you are looking to buy a home, manage your finances more effectively, or plan for the future, BMO Bank’s products and services can help you achieve your financial goals. So why not take a closer look and see what BMO Bank has to offer?
- From Personal Banking to Investments and Insurance: A Deep Dive into BMO Bank's Offerings
- EDB Performance Chequing Account
- Student Performance Chequing Account
- Newcomers Performance Chequing Account
- CDCB – Performance Plan Chequing Account
- Features and Benefits of BMO Bank Performance Accounts
- BMO Bank Mortgage Offerings
- List of BMO Bank Fees
- Competing Banks in Canada
- Frequently Asked Questions
EDB Performance Chequing Account
It is a high-end chequing account designed for those who want to maximize their banking benefits. This account offers a range of exclusive features, including unlimited free transactions, free e-transfers, and unlimited Interac e-Transfer transactions.
In addition, the Premium Account offers unlimited access to BMO Bank Global ATM Alliance, which includes over 1 million ATMs worldwide. This means you can withdraw money from ATMs without paying additional fees when you travel outside of Canada.
Other benefits include free personalized cheques, waived fees on overdraft protection, and free access to BMO’s financial planning tools and advice.
Student Performance Chequing Account
It is designed for full-time students aged 18-25 who want to manage their finances more effectively. This account offers a range of features and benefits, including no monthly fees, unlimited free transactions, and free Interac e-Transfers.
In addition, the Student Account offers a range of exclusive perks, such as discounts on travel, entertainment, and shopping. This account also comes with a free SPC membership, which provides access to exclusive discounts and promotions for students.
Read: BMO Student Chequing Account Review, or Claim this offer – Click here
Newcomers Performance Chequing Account
It is designed for those who have recently immigrated to Canada and want to establish their financial footing in the country. This account offers a range of benefits, including no monthly fees for the first year, unlimited free transactions, and free Interac e-Transfers.
In addition, the Newcomers Account comes with a range of features to help newcomers get started with their finances in Canada, such as a credit building program and free financial advice and guidance.
CDCB – Performance Plan Chequing Account
It is designed for members of the Canadian Armed Forces and veterans who want to manage their finances more effectively. This account offers a range of features and benefits, including unlimited free transactions, free personalized cheques, and a free safety deposit box.
In addition, this account offers a deployment policy that makes it easy to manage your finances while you are away on duty. This policy includes a range of benefits, such as waived fees for overdraft protection, credit limit increases, and more.
Features and Benefits of BMO Bank Performance Accounts
| Account Type | Premium | Student1 | Newcomers2 | CDCB3 |
|---|---|---|---|---|
| Monthly Fee | $16.95 (waived with minimum balance) | No monthly fee | No monthly fee | No monthly fee |
| Minimum Balance Requirement | $4,000 | N/A | N/A | $2,000 |
| Special Offer | Earn $350* with a Performance Chequing Account. Plus an additional $50* when you add a second member and make it a BMO Family Bundle/Our most popular account offers unlimited everyday banking transactions for a competitive price. | Earn a $100 cash bonus* No monthly fees while in school and one year after graduation*. | Earn up to $400 ($350 opening bonus + $50 for adding family). No monthly fees for one year, send Unlimited BMO Global Money Transfers with no fee for one year and get a $60 cash bonus with the rental of a safety deposit box*. | Save up to $479 per year in banking fees with the Performance Plan Chequing Account with no monthly banking fee, plus get Unlimited transactions and Interac e-Transfers, and complimentary OnGuard Identity Theft Protection Service. |
| Rewards for switching* | up to $1,200§ in value | – | – | – |
| Extra bonus* | Earn a $100§ bonus when you open a Plus Plan Chequing Account online! | – | – | – |
| Debit card | Yes | Yes | Yes | Yes |
| ATM Access | Free Access to BMO’s Global ATM Alliance | Free Access to BMO’s Network of ATMs | Free Access to BMO’s Network of ATMs | Free Access to BMO’s Network of ATMs |
| Non-BMO ATM withdrawals per month | – Unlimited worldwide – No BMO fees | – 1 Canadian withdrawal included – Then $2 each Canadian withdrawal, $5 each outside of Canada and U.S. | – 1 Canadian withdrawal included – Then $2 each Canadian withdrawal, $5 each outside of Canada and U.S. | – 5 Canadian withdrawals included – Then $2 each, 5 international withdrawals included, then $5 each in U.S., $5 each outside of Canada and U.S. |
| E-Transfers | Unlimited Free E-Transfers | Unlimited Free E-Transfers | Unlimited Free E-Transfers | Unlimited Free E-Transfers |
| Personalized Cheques | Free | N/A | N/A | Free |
| Overdraft Protection | Waived with Overdraft protection fee ($5/ month) | Waived with Overdraft protection fee ($5/ month) | Waived with Overdraft protection fee ($5/ month) | Waived with Overdraft protection fee ($5/ month) |
| Additional Features | – Get accounts for family members without paying an additional monthly fee – Earn a 5% bonus interest rate when you add a Savings Amplifier Account** – Up to $40 rebate on the annual fee for eligible BMO credit cards* – OnGuard®† Identity Theft Protection at no charge | See T&C | See T&C | – OnGuard®† Identity Theft Protection at no charge – Up to $40 rebate on the annual fee for eligible BMO credit cards* – Keep the same accounts no matter how many times you relocate |
| Monthly Transactions | Unlimited Free Transactions | Unlimited Free Transactions | Unlimited Free Transactions | Unlimited Free Transactions |
| Savings Accelerator | Yes (higher interest rate on balances up to $5,000) | Yes (higher interest rate on balances up to $5,000) | No | No |
| Credit Building Program | Yes (helps establish credit history in Canada) | No | Yes (helps establish credit history in Canada) | No |
| NewStart Program | No | No | Yes (free financial advice and guidance) | No |
| Deployment Policy | No | No | No | Yes (offers pre-authorized payments, automatic bill payments, and more) |
| Eligibility Requirements | N/A | Full-Time Student Aged 18-25 | New to Canada within 5 years | Member of Canadian Armed Forces or Veteran |
| Review | BMO Student Account Review | |||
| Claim this offer | Claim this offer | Claim this offer | Claim this offer |
In addition to the features mentioned earlier, each of these accounts offers additional benefits and services to help customers manage their finances effectively.
The Premium Performance Account offers a dedicated customer service line and a relationship manager who can provide personalized financial advice and support. Customers also receive free financial planning tools and advice, including access to BMO’s online financial planning platform.
The Student Performance Chequing Account offers free identity theft assistance and a mobile banking app that allows customers to manage their finances on the go. The account also comes with a free credit score monitoring service that provides updates on changes to your credit score.
The Newcomers Performance Chequing Account offers a dedicated customer service line and free credit score monitoring, as well as access to BMO’s credit building program. This program helps newcomers establish credit in Canada and provides tips on how to build a strong credit history.
The CDCB Performance Plan Chequing Account offers a dedicated customer service line and free will preparation services. Customers can also take advantage of BMO’s deployment policy, which includes credit limit increases and waived fees for overdraft protection while on deployment.
Overall, these accounts offer a range of features and benefits designed to meet the unique needs of each customer group. From dedicated customer service lines to free financial planning tools and advice, BMO Bank provides a comprehensive suite of solutions to help customers manage their finances effectively.
BMO Bank Mortgage Offerings
The bank offers a range of mortgage options to help Canadians achieve their homeownership goals. Whether you are a first-time homebuyer or a seasoned real estate investor, BMO has mortgage solutions that can meet your needs.
BMO’s mortgage options include fixed-rate mortgages, variable-rate mortgages, and hybrid mortgages. Fixed-rate mortgages offer a predictable payment schedule and are ideal for those who want to budget for a consistent payment over the life of the mortgage. Variable-rate mortgages, on the other hand, offer lower initial interest rates and the potential to save on interest costs over the life of the mortgage. Hybrid mortgages combine features of both fixed and variable rate mortgages and offer the flexibility to choose your payment frequency.
BMO Bank also offers a range of mortgage terms, from 6 months to 10 years, allowing you to choose the term that works best for your financial situation. In addition, BMO’s mortgage options include pre-payment privileges and payment vacations to help you manage your mortgage more effectively.
List of BMO Bank Fees
BMO offers a variety of financial products and services, and as such, the fees associated with these products may vary. Here is a list of some of the fees that customers may encounter when banking with BMO:
- Monthly Account Fees: Some accounts may charge a monthly fee, which can vary depending on the account type and the balance maintained.
- Overdraft Fees: If a customer overdrafts their account, they may be charged an overdraft fee.
- Transaction Fees: Some accounts may have transaction fees associated with certain types of transactions, such as wire transfers or foreign currency conversions.
- ATM Fees: BMO may charge a fee for using an ATM that is not part of its network.
- Credit Card Fees: Depending on the credit card, there may be an annual fee or other fees associated with the card, such as balance transfer fees or cash advance fees.
- Mortgage Fees: Depending on the mortgage product, there may be fees associated with the mortgage, such as appraisal fees or legal fees.
- Investment Fees: Depending on the investment product, there may be fees associated with the investment, such as management fees or trading fees.
- Insurance Fees: Depending on the insurance product, there may be fees associated with the coverage, such as premiums or deductibles.
It is important to note that fees can vary depending on the account type, product, and other factors. Customers are encouraged to review the terms and conditions of their accounts and products carefully to understand the fees associated with them. Additionally, customers can contact BMO directly to ask about specific fees and fee waivers that may be available.
Competing Banks in Canada
Here are five other competing banks in Canada and a brief description of each:
Royal Bank of Canada (RBC)
RBC is one of the largest banks in Canada, with a network of over 1,200 branches and more than 80,000 employees worldwide. The bank offers a wide range of financial products and services, including personal banking, business banking, investment banking, and insurance products. See RBC Offers
Toronto-Dominion Bank (TD Bank)
TD Bank is another major Canadian bank, with a network of over 1,200 branches and more than 85,000 employees worldwide. The bank offers a range of financial products and services, including personal banking, business banking, investment banking, and insurance products. See TD Bank Offers
National Bank of Canada (NBC)
NBC is a Canadian bank with a network of over 400 branches and more than 22,000 employees worldwide. The bank offers a range of financial products and services, including personal banking, business banking, investment banking, and insurance products. See NBC Offers
Canadian Imperial Bank of Commerce (CIBC)
CIBC is a Canadian bank with a network of over 1,100 branches and more than 44,000 employees worldwide. The bank offers a range of financial products and services, including personal banking, business banking, investment banking, and insurance products. See CIBS Offers
Scotiabank
Scotiabank is a Canadian bank with a network of over 1,000 branches and more than 98,000 employees worldwide. The bank offers a range of financial products and services, including personal banking, business banking, investment banking, and insurance products. See Scotiabank Offers
Overall, each of these banks is a major player in the Canadian financial landscape, offering a comprehensive range of financial products and services to meet the needs of Canadians. While there may be some differences in fees, rates, and services offered, customers are encouraged to compare the offerings of each bank to determine which institution best meets their individual needs and circumstances.
Frequently Asked Questions
Terms and Conditions
- Student: From Nov 1, 2022 – May 31, 2023, to qualify for the Student Chequing Account offer, you must be a Student at a full-time university, college or registered private vocational school, and then are eligible to receive the Performance Plan with no monthly Plan fee or receive a discount equivalent to the Performance Plan fee from the Premium Plan fee.
- Newcomer: From Nov 1, 2022 – April 30, 2023, To qualify for the Chequing Account Offer you must open a valid chequing account, provide a valid email address, make a deposit of any amount by April 30, 2023, and complete at least two of the following actions: set up recurring direct deposit, make one eligible bill payment of at least $50 through BMO Online banking or the Mobile app, or set up one pre-authorized debit of at least $50.
- CDCB: Nov 1, 2022 – April 30, 2023, To qualify for the bonus rate promotion, you must open a qualified chequing account, open a new Savings Amplifier Account, and make a deposit into the Savings Amplifier Account.
