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The BMO Performance Chequing Account is a popular mid-level account offered by the Bank of Montreal (BMO). It provides various benefits for a competitive price, making it a sought-after chequing account option.
The BMO Performance Chequing Account offers unlimited transactions, Interac e-Transfers, and a welcome bonus. However, it has a $16.95 monthly fee, waived with a $4,000 minimum balance.
Account holders can enjoy special discounts and a $40 annual credit card rebate. Opening the account is a simple online or in-person process.
This post will explore the features, pros, cons, fees, special offers, and how to open a BMO Performance Chequing Account.
BMO Performance Chequing Account Features
The core features of this chequing account include the following:
- Unlimited everyday banking transactions
- Family Bundle option for no-fee daily banking for family members
- Up to $40 rebate on the annual fee for eligible BMO credit cards
- OnGuard Identity Theft Protection at no charge
- Opening cash bonus of $350
- Savings Amplifier Account with a bonus interest rate of 4.00%
- Standard overdraft protection for $5/month
- Global Money Transfer at $5.00/transfer
- Additional accounts in Canadian and US Dollar savings at no cost
Pros of the BMO Performance Chequing Account
The BMO Performance Chequing Account offers a variety of advantages that make it an attractive option for many customers:
No Monthly Fee with Minimum Balance
The monthly fee of $16.95 can be waived if you maintain a minimum monthly balance of $4,000, providing a cost-saving option for those able to meet this requirement.
With unlimited free transactions and Interac e-Transfers, this account allows users to easily manage their daily finances without worrying about incurring extra costs.
New customers can enjoy a welcome bonus of $350. And by adding a second member to create a BMO Family Bundle, they can receive an additional $50 bonus.
Ideal for Families
The BMO Family Bundle feature enables family members to benefit from the account without incurring additional fees, promoting financial management within the household.
Account holders can receive a $40 annual credit card rebate on eligible BMO Mastercards, helping to offset some of the card’s fees.
Special discounts are available for youths, students, seniors, and recent graduates, making the account more accessible and affordable for a broader range of individuals.
Cons of the BMO Performance Chequing Account
While the BMO Performance Chequing Account has numerous benefits, there are some potential drawbacks to consider:
High Account Fee for Some Clients
If the minimum balance of $4,000 is not maintained, the monthly fee of $16.95 can burden some users.
Zero Interest Earned
The account does not offer interest on the balance, which means that account holders won’t earn any return on their funds.
Overdraft Protection Fee
Overdraft protection, which can help prevent declined transactions and insufficient funds fees, comes with a $5 monthly fee.
Those who prefer paper statements will be charged an additional $2 monthly fee for this service.
Non-BMO ATM Withdrawal Fees
Fees apply for non-BMO ATM withdrawals after the first withdrawal per month, which can be inconvenient for those who often rely on non-BMO ATMs.
BMO Performance Chequing Account Fees
When considering the BMO Performance Chequing Account, it’s essential to be aware of the following fees:
- Monthly plan fee: $16.95, but this can be waived if you maintain a minimum balance of $4,000.
- Non-BMO ATM withdrawal fees: One Canadian withdrawal is included per month, after which there is a $2 fee for each withdrawal in Canada and a $5 fee for each withdrawal outside of Canada.
- Standard overdraft protection is available at $5 per month. It provides a safety net for account holders who may occasionally overdraw their accounts.
- The Global Money Transfer service comes with a $5 fee per transfer for those who need to send money internationally.
- A paper statement fee of $2 per month applies for customers who prefer to receive their account information in a physical format.
BMO Performance Chequing Account Special Offers
Currently, the BMO Performance Chequing Account has a few special offers:
- Opening cash bonus of $350
- Family Bundle bonus of $50
- Savings Amplifier Account with a bonus interest rate of 4.00% for a limited time
- 0.10% bonus on top of the posted interest rate when purchasing or renewing a GIC with a 1-to-5-year term
Alternative BMO Chequing Accounts
If the Performance Chequing Account doesn’t meet your financial needs, you may want to consider these other BMO chequing accounts.
BMO Premium Chequing Account
This high-end account offers unlimited transactions, free Interac e-Transfers, and a comprehensive suite of premium benefits, such as free personalized cheques, a safety deposit box, and travel insurance. The monthly fee of $30 can be waived if you maintain a minimum balance of $6,000.
BMO Plus Chequing Account
Designed for moderate banking needs, the Plus account provides 25 free monthly transactions and a $4,000 minimum balance to waive the $11.95 monthly fee. This account also offers access to BMO Family Bundle options.
BMO Practical Chequing Account
Ideal for those with basic banking needs, the Practical account includes 12 free monthly transactions and a $4 monthly fee, which can be waived with a minimum balance of $1,500. This account also offers discounts for seniors and students.
BMO Air Miles Chequing Account
Tailored for Air Miles collectors, this account allows customers to earn reward miles on their everyday banking transactions. The account features a varying monthly fee based on the chosen plan. Still, it includes all the standard BMO chequing account services, such as Interac e-Transfers and access to BMO Family Bundle options.
How to Open a BMO Performance Chequing Account
Follow these step-by-step instructions to open a BMO Performance Chequing Account:
- Check eligibility: Ensure you meet the eligibility criteria as a Canadian citizen or permanent resident, are at least 18 years old (19 in some provinces), and opening a sole account in your name.
- Gather necessary information: Collect the required information, including your name, residential status, contact information, Social Insurance Number (optional), date of birth, email address, and phone number.
- Choose application method: Decide whether you want to apply for the account online or in person at a BMO branch.
- For online applications:
- Visit the BMO website and navigate to the Performance Chequing Account page.
- Click the “Open Account” button and follow the prompts to complete the application process.
- For in-person applications:
- Locate your nearest BMO branch using the branch locator on the BMO website.
- Visit the branch and ask a representative to help you open a Performance Chequing Account. They will guide you through the application process.
- Complete the application: Provide the necessary information and submit your application. BMO may require additional documents or verification, so be prepared to provide these if requested.
- Activate your account: Once your account is open and approved, you can deposit and withdraw money at BMO ATMs, branches, or via online and mobile banking. Sign up for online banking and download the BMO mobile app to access your account conveniently from your devices.
BMO Performance Chequing Account conclusion
The BMO Performance Chequing Account is a versatile and feature-rich option for Canadians seeking a comprehensive banking solution. With unlimited transactions, special offers, and the potential to waive the monthly fee, this account may be an excellent choice for individuals and families.
However, it’s essential to consider the account’s drawbacks, such as the lack of interest earned and fees for certain services. Ultimately, you can determine if the BMO Performance Chequing Account aligns with your financial needs and goals by weighing the pros and cons.
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