News Releases

BMO Bank of Montreal announced today the introduction of a new offer for prospective and existing homeowners – ‘free banking for the term of your mortgage'.

Effective until October 31, 2007 customers who take out a five-year term mortgage or renew or refinance an existing mortgage for a five-year term will receive BMO's Performance Plan with unlimited transactions for free over the term – a savings of more than $800, which in some cases could translate into an extra mortgage payment.

“Our five-year fixed term mortgage tends to be today's product of choice particularly when our customers can enjoy a five-year term at less than today's Prime Rate,” said Cid Palacio, Vice President BMO Bank of Montreal. “In addition to excellent rates and clear expert advice, we want to offer Canadians something extra to help with home ownership.”

The Bank of Canada's recent decision to hold off raising interest rates comes during a period of uncertain market conditions. For prospective home owners who are looking for peace of mind with mortgage payment predictability, a five- year fixed mortgage could be an ideal choice.

For those not sure whether to go fixed or variable, BMO's promotion extends to its popular Homeowner ReadiLine product which combines the advantages of a traditional fixed-term mortgage with the variable rate benefits of a line of credit, allowing customers to take advantage of the best of both worlds.

In addition to five years of free banking, customers will be eligible to take advantage of BMO's recently enhanced AIR MILES program – the ability to earn ongoing AIR MILES reward miles on all debit card purchases.

To help support the fall mortgage offer, BMO launched a national advertising campaign consisting of radio, billboard, transit and internet advertising.

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About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $359 billion as at July 31, 2007, and more than 35,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. BMO Financial Group serves clients across Canada through its Canadian retail arm, BMO Bank of Montreal, and through its wealth management firms BMO Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking. BMO Capital Markets, our North American investment and corporate banking division, provides a full suite of financial products and services to our North American and international clients. BMO also serves personal and commercial clients in the United States through Chicago-based Harris, an integrated financial services organization that provides more than one million personal and business clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.