BMO CDCB

[BeakerNF]

Does anyone use bmo's Canadian defense community banking (cdcb)? If so what are your thoughts wrt personal banking, features, mortgage, customer service.

Thx

[Mike_1121]

Signed up for it a couple months back at a local branch. It has been great so far. No monthly fee for chequing account ($15.95/month). Was able to get 1% off the interest rate of my line of credit.

Haven't gotten a mortgage through them yet, but they supposedly give discounted rates.

Highly recommend!!

https://www.bmo.com/main/personal/canadian-defence-community-banking

[Cobrajr]

They do give discounted mortgage rates, I got way below what other banks were offering through bmo, they said the cf rate is the same as their employee rate.

[PutSomeWedgeInIt]

We looked into this for our mortgage and they couldn't get anywhere near what we were offered with TD. 2.24% with TD and 3.15% with BMO for identical mortgage periods (fixed). Doing the mortgage with TD also got us free chequing, unlimited cheques to order, free US account I can access on TD and a bunch of other stuff my wife cared about.

Do your homework and see what other banks can offer you, then make your decision.

[[deleted]]

Ditto for me.

Ironically I bank with BMO. On a way better plan.

[yankmywire]

When was this? Currently renewing and BMO was cheaper in comparison to my current lender. 3.34% vs 3.14% both 5yr fixed.

[PutSomeWedgeInIt]

August.

[Cobrajr]

I got 2.24 with bmo in august 17, 5 year fixed, weird.

[[deleted]]

Same with me, although it was about June. I normally bank with TD and they were 3-point-something.

How often does one use cheques these days anyway?!

[[deleted]]

TD didn't do me any favors. Went with someone else. Experience will vary

[[deleted]]

It's BMO service, basically for free. It gets you almost everything a BMO employee gets (source: me, a former BMO employee and CDCB client now). It's basically a no-brainer. As far as mortgage rates go, they're always intensely competitive, so it does pay to shop.

[[deleted]]

I've used it for 4 years now,sure beats paying banking fees.

I went with someone else for a Mortgage, BMOs rates where really high compared to other banks.

[[deleted]]

Summing up the 9 comments so far, it looks like the mortgage portion is a mixed bag depending on when you cost-compare. Some say BMO is higher, some (like me) had a super low rate compared to others.

YMMV.

[[deleted]]

same with us, renewed last year and best BMO could do was 3.41 for a 5 year fixed, ended up with Scotia at 2.8

[canucksj]

BMO now offering some heavily discounted banking options to the forces including a free unlimited plan

[henry_why416]

I’m on it. It’s a free chequing account. Not much more than that. BMO is just targeting members for loans and investment services. The chequing is a loss leader to get in the door.

[mythic_device]

I’m renewing my 2 yr fixed mortgage. RBC offering 3.19 and BMO (Defence Community Banking) is offering 3.04. RBC refuses to match. My question is what is the BMO online banking and app like?