BMO Bank Review scores on this page pull from a genuinely open feedback system, where anyone who's actually banked with BMO in Chicago or elsewhere can weigh in on what worked and what didn't. Adding a review is straightforward: write about a real experience, positive or negative, in a straightforward tone, and it goes through moderation before it becomes part of the overall rating.
Not every submission makes it onto the page. Reviews need to be based on an actual experience with the bank rather than a general complaint, and anything that isn't written in good faith or doesn't hold up to a basic tone check gets filtered out during moderation.
What follows is a full breakdown of BMO Bank Ratings, the honest pros and cons, and how BMO stacks up against Chase, Bank of America, Wells Fargo and a handful of online-only competitors, so anyone asking is BMO Bank good has a real answer to work from.
BMO Bank Review Overview
BMO Bank Review results land somewhere in the solid-but-unremarkable range once all the individual factors get weighed together. Is BMO Bank good depends heavily on what someone's actually looking for: strong marks for regional service and a surprisingly large ATM network, weaker marks for savings rates and branch access outside its core states.
None of that makes BMO a bad choice outright. It just means the bank fits some situations noticeably better than others, which is really true of most banks once you look past the marketing.
BMO Bank at a glance
BMO bank review summary facts start with the basics: founded as Bank of Montreal in 1817, with its US roots tracing to Harris Bank in Chicago in 1882. BMO Financial Group now holds roughly $1.5 trillion in combined assets and serves close to 13 million customers across the US and Canada, making it the eighth largest bank in North America by assets.
BMO bank quick facts worth knowing upfront include FDIC insurance on US deposit accounts and a US branch footprint concentrated in the Midwest, expanded westward after the 2023 Bank of the West acquisition. Those two acquisitions, decades apart, are really what shaped the bank people interact with today.
BMO Bank market position
BMO bank ranking within North America sits at eighth by total assets, putting it well behind the largest four US banks but ahead of most true regional players. Its US expansion has leaned heavily on acquisitions rather than slow organic branch growth, which explains why its footprint looks patchier than a bank that grew one branch at a time.
BMO bank market share in the Midwest remains genuinely strong, a legacy of the original Harris Bank and M&I Bank networks BMO absorbed over the years. Digital innovation and AI-powered tools have picked up some industry recognition too, though BMO isn't typically mentioned in the same breath as the biggest tech-forward banks on that front.
BMO Bank Pros and Cons
BMO Bank Pros and Cons really come down to a tradeoff between regional strength and limited national reach. BMO Bank Review feedback consistently praises the bank's ATM network and fee structure while flagging its narrower branch footprint as the most common complaint.
Weighing these against a personal banking situation matters more than any single overall score. A strength for one person is often irrelevant, or even a drawback, for someone else depending on where they live and bank.
BMO Bank advantages
BMO bank pros start with a genuinely large ATM network, roughly 40,000 machines nationwide through the Allpoint partnership, despite BMO's own branch footprint being comparatively modest. Fees also tend to run lower than the biggest national banks on several checking products, and digital tools cover most day-to-day banking needs without requiring a branch visit.
BMO bank benefits extend to customer service quality within its core states, where branch staff serve a smaller, more concentrated customer base than at the largest national chains. Financial stability backed by Bank of Montreal's broader resources rounds out the list, giving BMO more institutional weight than a typical regional bank.
BMO Bank disadvantages
BMO bank cons start with the obvious one: branch access outside the Midwest and West Coast remains limited, ruling BMO out entirely for anyone who wants in-person banking and doesn't live near its footprint. Savings rates also lag well behind dedicated online banks, sitting at a fraction of what competitors like Ally or Marcus currently pay.
BMO bank drawbacks include account requirements that can catch people off guard too, like the six-month account history needed before qualifying for a personal loan. Regional focus is really the throughline across most of these complaints, since BMO's strengths and weaknesses both trace back to being a Midwest-rooted bank still building out its national presence.
BMO Bank vs Chase
BMO Bank vs Chase comparisons come up constantly, mostly because Chase represents the kind of national scale BMO doesn't quite match. BMO Bank Review scores tend to favor BMO slightly on fees, while Chase wins clearly on branch and ATM footprint size.
Digital banking tools are close enough between the two that it rarely becomes the deciding factor. Checking account structure and national reach matter a lot more in practice.
BMO vs Chase checking comparison
BMO bank vs chase checking shows BMO's Smart Advantage account charging no monthly fee at all, while Chase's comparable accounts typically require a qualifying direct deposit or minimum balance to waive their fee. Overdraft fees run similarly between the two, and bonus offers shift often enough on both sides that checking current promotions matters more than relying on either bank's historical numbers.
Bmo vs chase bank differences also show up in ATM access, where Chase runs a much larger proprietary network compared with BMO's reliance on the Allpoint partnership. Account requirements are fairly comparable otherwise, with both banks asking for standard identification and a modest opening deposit.
BMO vs Chase savings and lending
BMO bank vs chase savings comparisons don't flatter either bank much, since both post savings rates well below what dedicated online banks currently offer. CD rates follow a similar pattern, with neither bank standing out as particularly competitive against non-bank alternatives.
Bmo vs chase mortgage options are fairly similar in structure, both offering conventional, jumbo and adjustable rate loans, though Chase's larger scale generally means faster processing and a bigger network of loan officers to work with. Credit card rewards programs differ more meaningfully, with Chase's broader ecosystem generally offering more redemption flexibility than BMO's Flex Rewards program.
BMO Bank vs Bank of America
BMO Bank vs Bank of America comparisons follow a similar pattern to the Chase comparison, with Bank of America's national scale contrasting against BMO's regional concentration. BMO Bank Review feedback again tends to favor BMO on fees for smaller balances, while Bank of America wins on branch density and product range.
Investment services are where the gap widens the most, since Bank of America's Merrill Lynch integration gives it a much deeper wealth management bench than BMO currently offers to retail customers.
BMO vs Bank of America comparison
BMO bank vs bank of america checking fees favor BMO slightly for customers who can't easily meet Bank of America's balance or direct deposit requirements to waive its monthly fee. Savings APY comparisons don't favor either bank much, since both post rates far below the online banking leaders.
Bmo vs boa credit card and mortgage rates run in a similar range, priced mostly off the same underlying market conditions rather than showing a dramatic gap between the two institutions. Business banking and investment options tend to favor Bank of America simply due to scale, offering more specialized products for larger businesses and wealth management clients.
Which bank is better for you
Bmo bank vs bank of america which is better really depends on geography and priorities more than any objective ranking. Someone in BMO's core Midwest footprint who values lower fees and a smaller branch experience tends to do well with BMO, while someone who travels often or wants deep investment services usually leans toward Bank of America.
Bmo bank best choice status shifts entirely based on individual circumstances. Fee sensitivity, branch access needs and how complex a person's broader financial picture is all point toward one bank or the other more than any single blanket recommendation could.
BMO Bank vs Wells Fargo
BMO Bank vs Wells Fargo comparisons inevitably run into Wells Fargo's well-documented scandal history, which still shapes how a lot of customers view the bank years later. BMO Bank Review scores benefit somewhat by comparison here, since BMO doesn't carry that same reputational baggage.
Fees and products between the two are fairly comparable otherwise. Trust and reputation are really where this particular comparison diverges the most.
BMO vs Wells Fargo trust and reputation
Bmo bank vs wells fargo reputation comparisons lean toward BMO having a cleaner recent record, without the kind of large-scale, well-publicized account scandal that damaged Wells Fargo's reputation starting in 2016. Bmo bank trust among customers, while not perfect, hasn't been tested by the same scale of regulatory action and public scrutiny Wells Fargo faced.
Customer confidence tends to reflect that history too, with Wells Fargo still working to rebuild trust with a segment of customers who remember the fallout. Regulatory issues at Wells Fargo led to years of consent orders and asset caps, which is a very different regulatory story than BMO's more routine banking history in the US.
BMO vs Wells Fargo products and fees
Bmo bank vs wells fargo fees run fairly close on paper, with both banks charging similar monthly fees on standard checking products, waivable through comparable direct deposit or balance requirements. Overdraft and ATM fees follow a similar pattern, without a dramatic difference favoring either bank.
Bmo vs wells fargo checking account minimums and waiver options are close enough that fees alone rarely decide this comparison. Hidden fees aren't really a bigger issue at one bank versus the other, since both publish fee schedules that, read carefully, spell out most of what a customer would actually encounter.
BMO Bank vs Online Banks
BMO Bank Review scores drop noticeably once the comparison shifts to online-only banks, since that's really where BMO's biggest weakness shows up. Is BMO Bank good compared with Ally, Marcus, Discover, Capital One 360 or SoFi? Not on interest rates, where every one of those competitors currently pays several times what BMO offers on savings.
Branch access is really the only card BMO has to play in this particular matchup. For someone who values that in-person option, it's still a real advantage; for someone who doesn't, it isn't much of one.
BMO vs Ally Bank comparison
Bmo bank vs ally on interest rates isn't close: Ally's savings account currently pays around 3% APY, while BMO's Savings Builder pays a fraction of a percent. Both are FDIC insured, so safety isn't the differentiator here, just the return on money sitting in savings.
Bmo bank vs online banks broadly follows that same pattern, since online-only institutions don't carry the overhead of physical branches and generally pass more of that savings on to customers through higher rates. Customer service and digital experience are more comparable, with Ally in particular earning consistently strong marks for both.
When to choose BMO over online bank
Bmo bank vs online bank decisions really hinge on whether physical branch access matters. Someone who wants to deposit cash regularly, discuss a mortgage face to face, or values relationship banking is better served by BMO or a similar traditional bank than by an online-only option.
Is BMO Bank better than online banks for maximizing savings interest? No, not currently. But for complex needs like commercial lending, in-person mortgage guidance, or local business banking support, BMO's branch network still offers something online banks simply can't replicate.
BMO Bank Customer Satisfaction and Ratings
BMO Bank Ratings vary a lot depending on which platform is doing the measuring, which makes a single overall score somewhat misleading. BMO Bank Review scores on the Better Business Bureau sit at the highest possible A+ rating, while consumer review sites like Trustpilot tell a considerably less flattering story.
That gap says more about what each platform measures than it does about BMO specifically. BBB ratings largely track complaint resolution, while sites like Trustpilot skew toward people posting after a frustrating experience.
BMO Bank third party ratings
Bmo bank jd power results don't currently show BMO among the top-ranked names in the major national banking satisfaction studies, where banks like Capital One, U.S. Bank and Chase have led recent rankings. That's not necessarily a red flag, since BMO doesn't always appear as a separately ranked entrant in every study the way the largest national banks do.
Bmo bank bbb rating sits at A+, reflecting consistent complaint resolution even though the raw number of complaints isn't small for a bank BMO's size. Mobile app ratings on the App Store and Google Play run mixed, with plenty of positive reviews alongside a vocal group reporting login or mobile deposit issues, especially following the Bank of the West account conversion.
BMO Bank customer reviews analysis
Bmo bank customer reviews across most platforms surface a fairly consistent set of themes. Positive feedback tends to focus on fees, ATM access and the experience of dealing with local branch staff in BMO's core states.
Bmo bank user feedback on the negative side centers on phone wait times, account holds tied to fraud alerts, and friction during the ongoing Bank of the West systems transition. Improvement areas worth watching going forward are largely about smoothing out that transition and speeding up phone support, both of which show up repeatedly across independent reviews.
Is BMO Bank Right for You
Is BMO Bank Good enough to be worth switching to? That depends almost entirely on where someone lives and what they actually need from a bank. BMO Bank Review scores point toward a solid, if unspectacular, choice for the right customer profile rather than a universal recommendation.
Matching personal priorities against BMO's actual strengths and weaknesses is really the only way to answer this question honestly. A generic yes or no misses the point.
Who should choose BMO Bank
BMO bank best for sums up cleanly: Midwest residents who already live near a branch, digital banking users comfortable managing most things through an app, and small business owners who want a relationship bank rather than a purely digital one. Mortgage seekers exploring first-time buyer assistance programs and fee-conscious customers tired of national bank charges also tend to do well here.
BMO bank ideal customer profiles share a common thread: proximity to BMO's footprint or a preference for regional-style service over the biggest national chains. Outside that profile, the case for choosing BMO specifically gets a lot weaker.
Final verdict on BMO Bank
BMO bank final review conclusions land on solid choice rather than must-have, with competitive checking products, a genuinely useful digital platform, and real regional strength in its core markets. It's not the best option for maximizing savings interest, and it's not the best option for anyone who needs a coast-to-coast branch network either.
BMO bank recommendation, in short: worth considering seriously for anyone in or near BMO's footprint, and worth passing on for anyone chasing the highest possible savings rate or a nationwide branch presence. Like most banking decisions, the right answer depends far more on individual circumstances than on any single overall rating.
Frequently Asked Questions (FAQ)
Is BMO Bank a good bank overall? It's a solid, mid-tier choice, particularly strong for customers in its Midwest and West Coast footprint who value lower fees and a large ATM network. It's weaker on savings rates compared with online-only banks.
Is BMO better than Chase or Bank of America? It depends on priorities. BMO tends to edge out both on fees for smaller balances, while Chase and Bank of America win on branch density, product range and national reach.
Does BMO have the same reputation issues as Wells Fargo? No. BMO doesn't carry the same scandal history that damaged Wells Fargo's reputation starting in 2016, and hasn't faced comparable large-scale regulatory action.
Are BMO's savings rates competitive? Not really. Online banks like Ally, Marcus and Capital One 360 currently pay several times more in APY than BMO's standard savings products.
What is BMO's BBB rating? BMO holds an A+ rating with the Better Business Bureau, reflecting consistent complaint resolution.
Is the BMO mobile app good? Reviews are mixed. Many customers report a smooth experience, while a notable group has reported login or mobile deposit issues, particularly since the Bank of the West account conversion.
Who is BMO Bank best suited for? Customers living in or near BMO's branch footprint, people comfortable with digital banking, small business owners who want a relationship-style bank, and anyone prioritizing lower fees over the highest possible interest rate.
Should I choose BMO over an online-only bank? Only if branch access, in-person mortgage or business banking support, or relationship banking matter to you. For maximizing savings interest alone, an online bank is currently the stronger choice