Switch to BMO
Switch to BMO banking in a just a few easy steps and let us simplify your everyday banking experience. With over 200 years as a trusted financial institution and growing partnerships with top brands, we’ve got you covered for your financial needs.
Why BMO
Better banking happens with us
Solutions tailored to your needs
Visit your local branch to get expert advice on how to achieve your financial goals.
Award winning digital banking
Explore the benefits of digital banking with features like BMO Credit Coach®, BMO Savings Goals, and My Financial Progress.
Save more, seamlessly
Simplify the way you bank and save more with no-fee daily banking and no monthly fee on select account types for qualifying customers.
Steps to switch
Changing banks just got easier
Step 1: Open a BMO bank account
Check out all of BMO’s bank account options and choose one that suits your needs, whether you’re looking a competitive interest rate, no monthly fee, or simplified digital banking.Once you’ve picked one out, you can open your new bank account online or at your local branch. Make sure you also have and account details ready.
Step 2: Audit your old bank account
Review your old bank account’s transactions to update recurring payments and deposits. That way, you don’t miss payments or fall behind on recurring bills.This can include things like direct deposit payments from your employer, mortgage or rent payments, credit card or student loan payments, or monthly subscriptions.This might mean keeping the old account open for another month or so to ensure that everything is up to date and has properly transferred over.
Step 3: Transfer payments to your BMO account
Congrats on your new BMO account! Now you’ll need to ensure that all payments and deposits have been transferred from your old account to the new one. You can do this with ease using Powerswitch, online or at your local branch.
Step 4: Get set up with BMO
Create your Online Banking account, set up transfers and alerts, and get your new debit card. With BMO Powerswitch, you can get your banking set up between banks seamlessly.Plus, learn how you can enjoy even more banking benefits with BMO Ways to Bank.
I’m in! What documents do I need to get started?
When switching banks, you’ll need to provide some personal information like your full name, address, and phone number. Make sure to have the following on hand:
Government-issued photo ID- Two non-photo IDs from a valid source
- Account numbers from your old bank (so you can make a deposit)
Make sure you’re also comparing for any balance requirements, account fees, interest-earning potential, digital banking options and general access to branches and ATMs.
Mobile
Easy, secure digital banking
Award-winning mobile banking
Recognized for Excellence in Digital Banking for a third year in a row.
Honoured for digital money management features and account alerts.
Awarded for BMO CashTrack, an artificial intelligence (AI) driven capability.
Switch to BMO FAQs
Yes, you can switch banks without it affecting your credit score. When it comes to bank accounts like chequing and savings, you can make the switch without needing to go through any sort of credit checks. The only time you’ll need to be aware of any potential impact to this is when you apply for credit accounts, such as loans and credit cards.
Yes, switching banks can affect your ability to get a mortgage, especially if you’ve already started a mortgage application with your previous bank. Switching will require a new mortgage application and a credit check with a new lender.
When you apply for a BMO debit card, you’ll be prompted to activate BMO PowerSwitch®: this a free service that transfers your pre-authorized payments from a different financial institution and notifies your pre-authorized billers that you’ve switched to BMO.If you already bank with BMO, you can also use BMO PowerSwitch® to manage pre-authorized payments, which can be set up in three steps:
- Step 1: Sign into your BMO chequing account through BMO Online Banking
- Step 2: Select the Bank Services tab from the top menu.
- Step 3: Go to the General section and select 'PowerSwitch' to set up pre-authorized payments.
Ready to get started?
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Check out all of our banking options for your needs.
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