Bank of Montreal Reviews
If you need high-interest savings accounts, or you require the practicality of comprehensive checking options, the only suitable option is available in the form of the Bank of Montreal.
The bank offers credible and highly secure insured deposits for the needs of the customers. BMO offers a whole range of testament with extremely fine commitment. The bank is authentic enough to support precise, balanced, and time-honored banking practices.
Additionally, it holds a deep cutting-edge financial solution. Here is the article, to describe the depths of BMO offers, its services, and some other contemporary market trends. The article will provide you with a clear picture of the competitive banking landscape of BMO.
The Bank of Montreal is one of the largest financial institutions in North America. The bank offers a wide range of banking services. The services most authentically comprise savings accounts, checking accounts, credit cards, mortgages, loans, lines of credit, investment platforms, and more.
It was formulated in 1817 and built its headquarters in Toronto. BMO is one of Canada’s Big Six banks that raises its reputation. Additionally, it is the eighth-largest bank in North America.
As per one estimate, it is known to serve almost 13 million customers globally.
Bank of Montreal Locations
Branch locations are easy to find and locate by spreading across different regions.
- In Toronto, the First Canadian Place Branch is found to be located at 100 King St. West.
- In Vancouver, the Yaletown BMO Branch is at the address of 1004 Hamilton St.
Other considerable locations include;
- The Mountain View Village Branch in North Vancouver
- The Brentwood Town Centre Branch in Burnaby
- Branches in Victoria, Kirkland, and Paris, Ontario.
Every branch is known to be operated at its specific hours. The time hours usually include the opening at 10:00 AM and closing time from 4:00 PM to 6:00 PM.
Like other banks, the branches are not operated on weekends. So you are required and suggested to add up a checking appointment with the bank before visiting the location.
Checking Accounts for BMO
Bank of Montreal is aligned with a large range in the category of checking account options. Each account holds its significance and considerations. Here is a quick overview of the types of checking accounts explained next;
|BMO Performance Chequing Account
|$40 rebate on BMO Mastercard annual fee, BMO Family Bundle (up to 20 accounts)
|BMO Premium Plan Chequing Account
|Up to $150 rebate on eligible BMO credit card annual fee, no-fee Global Money Transfers, safety deposit box fee discount
|BMO Practical Chequing Account
|12 per month
|Additional fees apply
|Fee waiver for seniors and RDSP beneficiaries
|BMO Air Miles Chequing Account
|Earn Air Miles with debit card use or maintaining a certain balance
|BMO Plus Chequing Account
|Tailored for teens
|BMO eBusiness Plan
|Designed for online business banking, e-commerce, and digital transactions
Same as the checking accounts, the Bank of Montreal tends to hold the most authentic overview for its checking accounts. These accounts are designed for different savings goals and financial needs.
|BMO Savings Amplifier Account
|– Ideal for long-term savings goals- No monthly fee- 1.9% interest rate- Unlimited self-service transfers to other BMO accounts with no fee- $5 fee for certain transactions like pre-authorized debits and withdrawals
|BMO Premium Rate Savings Account
|– 0.01% interest rate- No monthly minimum balance requirement- Free with Kids Account, Plus Plan Chequing Account, or discounted Performance/Premium Plan Account
|BMO U.S. Dollar Premium Rate Savings Account
|– For saving in U.S. dollars- 0.05% interest rate- No minimum balance requirement- Can be included in a BMO account plan for a single monthly fee
CDs and Money Market Accounts
Furthermore, from the perspective of BMO offers, there are available versatile standard CDs. The CDs contain varied terms that range from three months to around 60 months.
It credibly requires a minimum opening deposit for the CD account of $1,000.
As far as the matter of authentication is required, the interest rate penalties are applicable for the early withdrawal. They provide competitive rates with a high edge of 4.00% APY. This APY range falls for the term of 13 to 59 months.
On the other hand, the special CDs work with the requirement of a minimum deposit of $5,000.
Mortgage Loans and Other Loan Products
To have a clear overview of the BMO loan services here is the comprehensive range of loan products given next;
|– Fixed-rate and variable-rate conventional loans- Jumbo loans- Specialty loans like VA and FHA mortgages
|Home Equity Products
|– Home equity loans- Home equity lines of credit (HELOC)
|Specialty Property Loans
|– Specifically for bank-owned properties
|Unsecured Personal Loans and Lines of Credit
|– Personal loans without collateral
|Savings Secured Loans and Credit-Builder Loans
|– Loans secured by savings for those building credit history
|– Financing for new and used car purchases
|Private Student Loans and Student Loan Refinancing
|– Loans for students and graduates
Additional Products and Services
|– Various credit card options catering to different spending habits- Benefits include cash back, travel rewards, and low-interest rates
|Wealth Management Services
|– In-house wealth advisors for financial planning and investment management
|Mobile Banking App
|– Compatible with both Android and iOS devices- Supports various banking functions like bill pay, money transfers, and statement review
Advantages of Banking with BMO:
- They offer a truly free checking account with no minimum balance.
- This is unique among big banks and is backed by a leader in the HSA space, Lively.
- Available with specific accounts.
- From checking and savings accounts to loans and investment services.
Comparison Overview with Other Institutes
|BMO has a significant presence in Canada with over 900 branches, but less so internationally.
|Known as Canada’s most international bank, Scotiabank has a significant presence in Latin America and the Caribbean.
|CIBC’s information on branch presence wasn’t detailed in the sources.
|TD Bank’s information on branch presence wasn’t detailed in the sources.
|Online and Mobile Banking
|BMO is well-equipped for digital banking with a robust online banking portal and a well-reviewed mobile app.
|Scotiabank’s digital banking capabilities weren’t detailed in the sources.
|CIBC’s digital banking capabilities weren’t detailed in the sources.
|TD Bank’s information on digital banking capabilities wasn’t detailed in the sources.
|BMO offers comprehensive customer service through various channels.
|Scotiabank’s customer service approach wasn’t detailed in the sources.
|CIBC’s customer service approach wasn’t detailed in the sources.
|TD Bank’s customer service approach wasn’t detailed in the sources.
Pros and Cons Analysis
- BMO is known to stand by a large range and substantial network of ATMs. It provides even more convenient access to approach by the customers.
- One of the most credible features of BMO is its savings accounts with exceptional and competitive interest rates.
- It comprises no or very Low Fees for its Standard Accounts. The BMO tends to offer options in terms of its checking accounts that overall cover no monthly maintenance fees.
- It also focuses on online Banking Capabilities. The online banking portal of the bank, as well as the mobile app, are exceptionally functional. The apps allow customers to hold and perform various financial transactions as per their needs conveniently.
- It offers a high and overdraft fee horizon. These fee aspects credibly fall on the higher side in comparison to the competitors.
- When taken up to the broad level, it holds the Low rates for basic savings and other Money Market options of accounts. Moreover, the interest rates for basic savings accounts are not very favorable.
BMO and its mobile application are popular due to their positive reviews. Both contain high ratings on Google Play. It is equally compatible with the Apple App Store. On the whole, customers appreciate its most straightforward approach to the banking horizon. It has proven to be a solid selection of customers for products & offerings.
However, some customers have significant complaints and issues regarding the bank. It includes the difficulty in accessing funds and other challenges in closing accounts. The people are also concerned about the ATM’s cleanliness and maintenance.
Final Personal Review
BMO, no doubt stands by and aligns with high profile commitment. it ensures a secure and convenient banking experience for the consumers. Moreover, its long history and overall evolution represent its efforts to precisely adapt to the needs of customers.
It is highly exceptional in the perspective of digital banking.
However, as per the feedback from some of the customers, there is a precise need to pay attention to the bank in terms of branch accessibility in certain regions as well as the customer-centric approach.
BMO seems to be a reliable choice for customers seeking a wide range of banking services and digital banking capabilities. However, potential customers should consider their specific needs, especially regarding physical branch access and fees, when deciding if BMO is the right fit for them
One can easily approach and open a BMO account online. It can be done via phone, or by visiting a branch. All you need is to provide authentic personal identification details along with some other possible documentation, depending on the type of account you choose.
BMO comprises various account types. Some of these accounts may require monthly fees. However, some accounts can waive this fee on the extent of specific conditions. There might be a requirement for a minimum balance limit or you have to meet a certain number of transactions.
Yes, BMO provides online banking services and a mobile app, allowing you to manage your account, pay bills, transfer funds, and more.
BMO offers customer support through multiple channels, including phone, email, and in-person assistance at branches.
Yes, BMO provides a variety of mortgage and loan products, including personal loans, home equity loans, and mortgage options with different rates and terms.