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BMO Review 2024

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If you’re looking to get settled with the right financial institution, Bank of Montreal (BMO) may be a great option for you! Our extensive BMO review will cover some of the things you need to know about their large variety of products and services including chequing accounts, savings, investment options, credit cards, BMO business products, and more.

In this BMO review we will also highly consider some of the key features of each product as well as any fees that are associated so you can confidently make an informed decision that couples your financial goals. With so many options available to you, it can feel overwhelming at times. Which is why we want to provide you with all the information you need right at your fingertips

BMO Overview
The Bank of Montreal, or BMO, is one of the oldest financial institutions in Canada. With a number of product options like BMO chequing accounts, saving accounts, credit cards, loans, line of credits, and investment options, it is safe to say BMO is a reliable option to handle your financial needs.

Pros

  • Established reputation
  • Wide range of products and services
  • Strong digital banking platform

Cons

  • High fees on some accounts
BMO Chequing Accounts

BMO Student Chequing Account

Features:

The BMO Student Chequing Account is best for students who are enrolled in full time studies and want to take advantage of this low-cost banking opportunity.

With this account students get the benefit of unlimited transactions, no monthly account fees, and free Interac e-transfers.

You may also want to check out the BMO Student CashBack Mastercard

On BMOs website

BMO Practical Chequing Account

Features:

The BMO Practical Chequing Account is a great fit if you are someone who is looking for simple and low-cost banking with simple basic features.
On BMOs website

BMO Plus Plan

Features:

The BMO Plus Plan is good for someone who is looking for basic banking services and requires more than 12 transactions per month. 

This account is also good for someone who plans on keeping a minimum of $3,000 in the account at all times in order to get your account fees rebated monthly.

With this account you get free Interac e-transfer, 25 transactions per month, plus you can get a Canadian or USD saving account at no cost.

On BMOs website

BMO Performance Plan

Features:

The BMO Performance Plan is a comprehensive chequing account with more features for those who are looking for more of an advanced bank account.

With this account you start to see complimentary banking services such as Identity theft protection through OnGuard.

Plus, you also get up to $40 of your BMO annual credit card fee rebated every year.

Not to mention, if you keep $4,000 in the account at all times, you can take advantage of all the benefits for no-cost

On BMOs website

BMO Premium Plan

Features:

On BMOs website
BMO Savings Accounts

BMO Premium Rate Savings Account

Features:

On BMOs website

BMO Savings Builder Account

Features:

On BMOs website

BMO Savings Amplifier Account

Features:

On BMOs website

BMO US Dollar Premium Rate Savings Account

Features:

On BMOs website
BMO Credit Cards
BMO Business Credit Cards
BMO Investment Accounts
  • Tax Free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Margin Account
  • Registered Retirement Income Fund (RRIF)
  • Registered Disability Savings Plan (RDSP)
  • Registered Education Savings Plan (RESP)
  • First Home Savings Account (FHSA)
Other BMO Bank Products/Services
  • Guaranteed Investment Certificate (GIC)
  • Mutual Funds
  • ETFs
  • Overdraft protection
  • Unsecured Line of Credit
  • Home Equity Line of Credit (HELOC)
  • Personal Loans
  • Bonds
About the Author

tik4invest

Tik4invest aims to provide you with useful information to help you better understand your finances. We do not provide financial advice.

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