BMO vs CIBC: A Comparison of the Banks

Canada’s banking system is well established and all the major institutions have a stake in the national market. However, it often comes as a surprise to many that not all banks offer the exact same services. 

In the following paragraphs, we’ll analyze BMO vs. CIBC. These two leading banks are among the largest institutions in Canada. Let’s see what each has to offer!

BMO (Bank of Montreal) Review

BMO offers customers products anyone would expect from a Canadian high-street bank, such as money market services, savings accounts, and checking accounts. If you’re interested in investments, Bank of Montreal gives you access to CDs (with options between 3 and 60 months) and structured IRA plans. Additionally, BMO offers a variety of other banking services, including insurance products and currency exchange. 

To open a CD account with this bank you’ll need a minimum starting balance between $1,000 to $100,000 – the amount depends on the investment you opt for. For example, for the jumbo CD product, you’ll need at least $100,000. In order to open a money market account, BMO requires a balance of $5,000. 

For checking accounts, monthly fees range between $5 and $30 – monthly service fees on checking accounts are $5. Nevertheless, if you have a minimum balance between $100 and $5,000 in your account, Bank of Montreal waives the monthly fee.

When it comes to lending, BMO offers competitive rates on its personal loan packages and credit card services. The interest rates of BMO’s savings account are in-line with other major banks. For CD accounts and money market services, the rates are competitive and the premier checking account comes with a tiered interest rate package.

CIBC (Canadian Imperial Bank of Commerce) Review

CIBC is among the “Big-Five” banks in the country’s banking system. The Canadian Imperial Bank of Commerce offers both personal and business checking accounts, private banking for high-net-worth individuals, and a wide range of lending services.

To open a regular CIBC savings account, you need a $50 minimum balance. You’ll need to go to any of the branch locations in Canada or the United States. For opening a CIBC Agility online savings account, the minimum deposit is $1,000; this account doesn’t have monthly fees and offers a competitive interest rate. 

In order to earn high-interest rates on the myChoice checking account, money market, and savings account, you must meet set balances. This means that the more money you have in your account, the higher your interest rate of return will be. 

If you want to waive your checking account fees, you’ll need your account balance to be over $5,000 in your myChoice account and over $1,000 in your iCan account. For waving service fees on savings accounts, customers need a minimum balance of $250.

You can also open an investment account with CIBC, such as one of its CD products. For that, you’ll need to visit a branch location. The minimum balance on your investments will count towards your total balance with the institution, which helps you avoid monthly fees on your CIBC accounts.

If you found this informative, you can check our other blogs, including why Blue Jays might not re-sign David Price.