Does BMO work with Lodavo? How to connect Bank of Montreal

If you bank with BMO, the short answer is yes: BMO works with Lodavo. Bank of Montreal is one of Canada’s five largest banks, with about 13 million customers and its own page on Plaid’s Canadian network. Because Lodavo connects through Plaid with read-only access, a BMO chequing, savings, or TFSA balance links in a couple of minutes, and your money never leaves BMO.

How to connect your BMO account to Lodavo

Connecting takes about two minutes inside the Lodavo app:

1. Download Lodavo (free) and create your account.
2. Tap to connect a bank and choose BMO (Bank of Montreal) from the list.
3. Sign in through the secure Plaid connection. You enter your details on the bank-connection screen, not by handing your password to Lodavo.
4. Pick the BMO account you want Lodavo to track, and you’re done.

From then on, Lodavo reads your balance each week and turns what you have saved into free tickets for that week’s draw. You move no money to set this up.

Is it safe? What Lodavo can and cannot see

Yes, and the access is deliberately narrow. BMO is a named institution on Plaid’s network with its own connection page, so linking it uses the same bank-grade Plaid (opens in a new tab) flow that thousands of Canadian apps rely on. Two things matter for you:

• Lodavo never sees your BMO sign-in. You authenticate on Plaid’s secure screen, and Lodavo receives scoped, read-only access, not your card number or password.
• Lodavo cannot touch your money. Read-only means Lodavo can check your balance to award tickets and nothing else. It cannot move, hold, withdraw, or charge a cent. Your savings stay in your BMO account, earning whatever BMO already pays you.

You can disconnect BMO from inside Lodavo whenever you want. For the full picture, here is how Lodavo keeps your money safe and the draw provably fair.

Which BMO account should you track?

Connect the BMO account where your savings actually sit. Most users link one of these:

You can connect more than one BMO account, and the balances simply add up. The one thing Lodavo cannot track yet is an investment or brokerage account, like BMO InvestorLine or a self-directed TFSA, so stick to a chequing or savings account where your money sits as a cash balance. Lodavo only reads the balance, so the more you keep saved across the accounts you choose, the more tickets you earn. There’s no minimum, and if you also bank somewhere else, you can link accounts at other Canadian banks too.

Troubleshooting a BMO connection

If a connection doesn’t go through on the first try:

• Enter your current BMO Online Banking sign-in (your card number or username and password) on the secure screen, exactly as you would on BMO’s own site.
• Complete BMO’s 2-step verification if it prompts you for a one-time code.
• If a previously linked account stops updating, reconnect it from inside Lodavo to refresh the link.

BMO is a big, well-supported bank on Plaid’s network, so most hiccups clear up with a quick reconnect.

Why prize-linked savings fits BMO customers

Canadians aren’t saving much right now. The household saving rate slipped to 3.5% in the first quarter of 2026, the lowest since early 2024, according to Statistics Canada (opens in a new tab). Prize-linked savings is built for exactly that problem: it adds a fun reason to keep money set aside, without asking you to lock it up or move it.

With Lodavo, you keep your money in your own BMO account and still get a shot at winning. Save, earn tickets, and you’re entered into a free weekly draw for up to $10,000, with a guaranteed prize of at least $100 going to a user every week. It’s a small layer of upside on top of the bank you already use. New to the idea? Start with how prize-linked savings works in Canada.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.