BMO InvestorLine review

Who BMO InvestorLine suits

BMO InvestorLine is the self-directed brokerage of Bank of Montreal. It suits investors who want $0 stock and ETF commissions from a bank-owned firm, especially BMO clients: non-registered accounts include AccountLink, which connects your BMO chequing account. More active investors can qualify for BMO’s 5 Star Program with 15 or more trades a quarter or more than $250,000 invested.

Trading costs

BMO’s September 2026 fee schedule says it does not charge commissions for online or agent-assisted stock and ETF trades on Canadian and US exchanges, and BMO describes the change as having no limits and no end date. Other costs to know:

• Options: $0 base commission plus $0.90 per contract, down from $1.25; on trades with a principal value of $2,000 or less, the fee is capped at $12.50 per leg
• Option exercise and assignment: $0 per the fee schedule, though a BMO FAQ page still lists a $43 minimum, so confirm before relying on it
• Mutual funds: no commission to buy, sell or switch, though fund minimums and early-redemption fees may apply
• Exchange-traded bonds: $40 plus $1.50 per $1,000 of par value below $50,000

Account fees and how to avoid them

BMO removed its account administration and low-balance fees on September 14, 2026. The fee schedule now lists $0 for the annual administration fee and the minimum balance fee on all accounts, and transfers out, internal transfers and RRSP deregistrations are also $0. A few service fees remain: mailed paper statements at $2 a month per account, cheque requests at $10 each and security registration at $100 per security. Choosing electronic statements avoids the most common one. BMO also runs promotions for clients who move assets in.

Accounts offered

BMO says registered accounts other than the RESP, along with cash and margin accounts, can hold US dollars, and trades can settle in either currency. RESP trades settle in Canadian dollars only. The account list includes:

• Tax-sheltered: TFSA, FHSA, RRSP and RESP
• Retirement and locked-in: RRIF, LIRA, LRSP, RLSP, LRIF and LIF
• Taxable: individual, joint and cash accounts, plus margin
• Corporate, trust, estate, association, investment club, partnership and holding company accounts

Protection and currency exchange

BMO InvestorLine is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF), and BMO’s FAQ says client accounts are covered by CIPF up to $1,000,000. That protection applies if a member firm becomes insolvent, not if your investments lose value.

BMO acts as principal on currency conversions and earns its revenue through the exchange rate. Its disclosed spreads by USD transaction size, with percentages BMO calls illustrative:

• Under $25,000: 220 bps (about 1.6%)
• $25,000 to $74,999.99: 130 bps (about 0.9%)
• $75,000 to $99,999.99: 105 bps (about 0.8%)
• $100,000 to $249,999.99: 75 bps (about 0.5%)
• $250,000 and above: no more than 55 bps (about 0.4%)