Robert McLister·General·September 11, 2007BMO Offers Free Banking BMO is raising the ante among big banks. Starting October 31 they’ll offer free banking for 5-year mortgage customers. They claim an $800 cost savings–but that depends on how much you bank. Don’t be surprised if other banks follow suit. The mortgage industry is about to get a whole lot more competitive in the next 12 months. Keep in mind, however, that in most cases you’re better off finding a lower rate mortgage, or one with more flexible terms. $800 savings is peanuts if your rate is 1/4 point higher on a big mortgage. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.