Bank of
Montreal is a commercial bank, non-state-owned or joint venture, founded on June 23, 1817, headquartered in Montreal, Quebec, Canada, at 119 Saint-Jacques Street, with operational headquarters at First Canadian Place, Toronto, since 1977. The Bank is listed on the Toronto Stock Exchange and the New York Stock Exchange (ticker symbol: BMO) and its major shareholders include institutional investors and public shareholders. BMO is regulated by the Financial Consumer Protection Agency of Canada (FCAC), the Canadian Deposit Insurance Corporation (CDIC) and the Federal Deposit Insurance Corporation (FDIC) and deposits are protected by CDIC up to $100,000 per depositor in Canada and up to $250,000 in the United States by the FDIC.
Deposit & Loan Products
deposits BMO offers a wide range of deposit products to meet the savings needs of both individual and corporate customers. Demand deposits include checking accounts and savings accounts, such as Advantage Chequing and Savings Amplifier, with a minimum opening amount of $100 CAD and a base annualized rate of return (APY) of 0.05%. Term Deposits (GICs) are available in a variety of maturities (30 days to 5 years), with interest rates ranging from 0.75%-2.25% in 2025 and a minimum deposit of $1,000 CAD. Featured products include:
Savings Builder account: rewards customers who save $200 CAD per month with an additional 0.5% bonus interest rate and no minimum balance requirement.
Savings Amplifier Account: A high-yield savings account that supports unlimited free transfers with no minimum balance required.
U.S. Dollar Premium Rate Savings Account: Designed for U.S. dollar savings, bundled with a checking account.
Customers can check the latest interest rates through online banking or mobile app, and Preferred Rewards members can enjoy higher returns.
LoansBMO offers a comprehensive range of loan products, covering mortgages, car loans, and personal loans:
mortgagesFixed-rate and variable-rate mortgages up to 80% of the value of your home with tenors of 15, 20 and 25 years. In 2025, the fixed interest rate ranges from 4.5%-6.5%, and the floating rate is based on the Bank of Canada's benchmark interest rate (Prime Rate, 4.45% in 2025). Featured products such as the Home Equity Loan allow you to borrow up to 80% of the value of your home, with a minimum amount of $10,000 CAD.
Car Loans: New and used car financing is available for 48 to 72 months with competitive interest rates and discounts of 0.25%-0.50% for Preferred Rewards members.
Personal Loans: Fixed or variable rate loans are available starting at $7,500 CAD for terms up to 15 years with an annualized interest rate (APR) in consultation with the bank. The Balance Assist program offers a small loan of up to $500 CAD, with no interest and repayable over a period of 3 months.
Flexible repayment options: Mortgages and personal loans offer no penalty for early repayment and weekly or bi-weekly repayment plans, giving customers the flexibility to manage their debts.
All loans are subject to bank approval, credit history and financial documents are required from the customer, and the specific terms are subject to the loan agreement.
Digital Service
ExperienceBMO's mobile banking app (Bualuang mBanking) is the core of its digital services, supporting iOS 14.0 and above and Android 9.0 and above devices, with a rating of 4.2 on Google Play and 4.6 on the App Store, with users praising its quick launch and clean interface. Core functions include:
Face recognition: support Touch ID and Face ID to ensure transaction security.
Real-time transfers: Instant transfers with Interac e-Transfer and Zelle up to $2,500 CAD/day.
Bill management: Support online bill pay, automatic debits, and e-statements.
Investment Tool Integration: Support stocks, ETFs, mutual funds and GICs with BMO Nesbitt Burns, providing real-time market data.
The online banking platform supports multiple browsers and provides similar features to ensure that customers can manage their accounts at any time. Some users have mentioned occasional technical issues, but BMO continues to optimize the app experience.
Technological
innovationBMO is leading the way in the fintech field:
AI customer service: Erica is BMO's AI virtual assistant, launched in 2018, which supports querying transactions, Pay bills and provide financial advice, 90% of employees use the in-house version of Erica, improving operational efficiency.
Robo-advisors: BMO InvestorLine provides automated investment management and AI technology to provide clients with personalized financial advice.
Open Banking APIs: BMO supports Open Banking APIs and integrates with third-party service providers to improve account management and financial services interoperability.
Other innovations: AI for fraud detection (to reduce false positives) and contact center optimization (to improve agent efficiency). By 2025, BMO plans to invest $4 billion in AI and new technologies, accounting for one-third of its technology budget.
Featured Services & DifferentiationBMO
is known for its global operations and commitment to social responsibility:
Sustainable Finance: 2021 Signatory to the UN Principles for Responsible Banking, Committed to achieving net-zero emissions by 2050 and investing $400 million in sustainable finance projects in 2023.
Indigenous support: Establish an Indigenous Advisory Board to double Indigenous loans, and launch special account offers for Indigenous communities in 2020.
SME Support: Provide customized loan and cash management solutions to SMEs to support local economic development.
Wealth Management: Delivering high-end investment services through BMO Nesbitt Burns to meet the needs of high-net-worth clients.
Market Position & Accolades
BMO is one of the six largest banks in Canada and the eighth largest bank in North America, with total assets of $1.37 trillion in 2024 and one of the highest market capitalization in Canada. It has approximately 900 branches in Canada and more than 1,000 branches in the United States through BMO Harris Bank, serving 13 million customers. It was ranked 84th in the Forbes Global 2000 list. Key accolades include:
being named "World's Most Innovative Bank" by The Banker in 2023.
Named "Best Digital Banking Experience in North America" by Forrester for five years in a row.
Received the Customer Experience Award for SME and Mid-Sized Enterprise Banking from Greenwich Associates.
Recognized as a "Best Employer" in 2025 for employee development and community support.
SummaryThe
Bank of Montreal (BMO) is Canada's oldest commercial bank, with its innovation-driven strategy and customer-first philosophy, which occupies an important position in the North American financial market. It offers a wide range of deposit and loan products, including high-yield savings accounts, term deposits, and flexible mortgages and personal loans. The mobile banking app is critically acclaimed, with support for real-time money transfers, investment management, and AI assistant Erica. In terms of technological innovation, BMO is leading the way in AI customer service, robo-advisors and open banking APIs, and its Erica virtual assistant has become an industry benchmark. With its commitment to sustainable finance, Indigenous support and multiple industry accolades, BMO has demonstrated excellence in the global financial sector.
