Although having plenty of choices is great, choosing the bank that best suits your needs can be a bit challenging. No matter where you are, you need to always have quick and convenient access to your bank’s services.
We sometimes tend to put all banks into the same basket and think that all offer the exact same services and charge the same fees. Well, this isn’t really the case. Each bank operates independently and establishes its own procedures and policies. Considering all the main options in the banking industries, RBC and BMO are two of the largest and most popular ones in Canada.
RBC (Royal Bank of Canada) is known mostly to Canadians and is one of the Big Five – a name colloquially given to the five key banks that dominate the Canadian banking industry. BMO (Bank of Montreal) is another leading bank, also part of the Big Five.
In this review, we’ll be examining the differences between RBC and BMO.
With RBC, you get access to all the services you would expect from a Big Five Canadian bank, including savings and checking accounts, as well as customizable debt reduction plans, business banking, and unsecured loans.
Many clients who need banking services for their business are satisfied with RBC’s Better Business Banking services, which include good interest rates and helpful advice.
RBC also offers you the option of having a high-interest savings account with no monthly fee, which is one of the most important reasons a lot of us choose a certain bank.
With RBC, you can create a personalized debt reduction plan, which those in need of debt relief will definitely appreciate since other banks don’t have this service in their portfolio.
While many banks are pretty reluctant to offer unsecured loans, especially to new customers, RBC makes the entire credit process easy from start to finish. The bank might be able to offer clients a personal or business loan at decent terms.
Those who want to establish a personal connection with their bank can choose to side with RBC, which has experienced and friendly bank specialists on call.
BMO offers you a wide range of services, such as checking and savings accounts, currency exchange of Canadian Dollar, and insurance products together with money market services. Investment-wise, BMO clients have access to CD’s, with options between 3 and 60 months, as well as structured IRA plans.
BMO offers many lending options, such as personal loans and credit card facilities, all of which have competitive rates.
Monthly service fees for checking accounts are $5 and the general monthly fees vary between $5 to $30. Nonetheless, if you keep your account’s minimum balance between $100 to $5,000, BMO will waive the monthly fee.
BMO offers competitive interest rates on money market services and CD accounts. Moreover, the premier checking account comes with a tiered interest rate package. For savings accounts, the interest rates are in-line with other leading banks.
For opening a CD account with Bank of Montreal, you’ll need a minimum starting balance of $1,000 to $100,000 – it depends on the investment you choose. You need a balance of $5,000 to open a money market account.
You can open BMO accounts online or in the branch – this is a service that many clients appreciate. It’s very convenient and other banks don’t offer it.
Our Offices
Main office (Appointment only)
First Canadian Place
100 King Street West
Suite 5700 Toronto, ON,
M5X 1C7
(416) 479-0834
Toll-Free: 1-877-355-5239
Fax: 1-877-355-5239
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