Bank of Montreal is Canada's first bank and its fourth largest. Founded in 1817, this domestic chartered bank operates under the corporate trade name BMO Financial Group. It is now known in Canada as BMO Bank of Montreal. It also has solid operations in the United States, especially in the Chicago area, where it serves clients through Harris Bank, a huge Midwest financial organization. This international bank is proud of its 1,100 branches throughout Canada and the rest of the world.

Client Groups

The BMO Financial Group is composed of three client groups:

Personal and Commercial Banking (P&C): P&C offers fully integrated business and personal banking solutions to more than eight and a half million clients throughout Canada and in the US. These services include loans and credit cards, deposit accounts, insurance products, mutual fund and guaranteed investment certificate (GIC) investments and savings plans for retirement (RRSPs) and education (RESPs) as well as registered retirement income funds (RRIFs). Clients are served by a highly trained team through more than 1,140 BMO branches and a network of over 2,290 automated banking machines.

Private Client Group (PCG): PCG offers a wide range of finance management solutions and products such as full-service and direct investing to clients in Canada and the US. Its team of professionals is dedicated to meeting the needs and achieving the goals of customers in accumulating, protecting and expanding their financial assets.

BMO Capital Markets: This client group provides its government, institutional and corporate clients with access to a full range of financial services and products including project financing, corporate lending, debt and equity underwriting, acquisitions and merger advisory services and institutional sales and trading. With a workforce of more than 2,000 highly trained professionals posted in 26 locations all over the globe, BMO Capital Markets offers its clients innovative financial solutions.

History

The first bank in Canada, the Bank of Montreal opened on November 3, 1817. It provided the country's first sound currency. In 1880s, it took part in the funding of the first transcontinental railway. Since then, it has played a significant role in the development of the economy of the country. In 1867, it also participated in the creation of Canadian Confederation and served as the country's central bank until 1935. It also takes pride in being the first Canadian bank to open a branch overseas. Today, the Bank of Montreal is a major force in both the US and the world markets.

Opening a bank account

If you want to open a personal account, you have three options to choose from: primary checking, interest checking and premium rate savings. Each comes with numerous features. The Bank of Montreal also offers multiple accounts under just one Banking plan.

Primary Checking: A primary checking account is what you need for your daily banking needs, such as bill payments, withdrawals, and transfers. If you set up an account, it will be directly connected to an Everyday Banking Plan. To save money, you can choose the best banking plan that suits your needs. As long as you maintain the minimum balance per month, there will be no monthly charge. You can also attach multiple accounts to your chosen plan.

Interest Checking: If you want to make debit card purchases, ABM withdrawals and bill payments while earning interest at the same time, you need an interest checking account. You can also use it for day-to-day transaction while the balance maintained earns some interest. You can also add multiple accounts to your chosen banking plan for a monthly fee.

Premium Rate Savings: This account is a traditional savings account. It includes withdrawals, deposits and transfers. Note, however, that bill payments and debit card purchases are excluded. This account earns an interest rate higher than most accounts. It is paid on every dollar and calculated on your closing credit balance every day. The interest is paid every month.

Once you have chosen which suits you best, it's time to open an account. You can do so easily by simply logging in to the Bank of Montreal website.

Applying for a Mortgage

If you want to apply for a mortgage, you have to know a number of things. First, the conventional mortgage requires a 20 percent down payment or higher of the purchase price. If an authorized insurer like Genworth Canada or Canada Mortgage and Housing Corporation insures the mortgage against default, you may get one as low as 5 percent. Bear in mind that you need to pay this insurance premium as it becomes part of the regular mortgage payment.

You should also be aware of the costs. Aside from the purchase price, expect closing costs that may be indicated in your purchase agreement such as appraisal fees, survey fees, legal fees, land transfer tax and property taxes.

Applying for a Loan

The BMO Bank of Montreal also offers services to meet your borrowing needs. The good news is that you can apply for up to five different personal lending products online. These include personal or homeowner's line of credit, mortgages and personal loan plans. The online application process usually takes around 20 minutes, depending on the products you choose. Before you start your application, you should have the following information on hand:

· your monthly income

· your monthly rent or housing expenses

· the value of any properties, vehicles, savings or investments you have

· the monthly payments and balances of your mortgage, credit lines or loans

Once you have these data and you meet all the other requirements, you can now apply for a loan online.

Getting Investment Advice

If you need help when it comes to your financial needs, banking transactions, investment or retirement planning, you can reach out to the Bank of Montreal and they will be willing to lend a hand. The BMO Bank of Montreal offers planning advice and assistance in making wise investment choices and helping you achieve your financial goals. BMO professionals can help you get a thorough and sound evaluation of your investments, make the most of your money and minimize the risks with their proven effective strategies.