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Get up to a $600 cash bonus plus 5.5% promo interest rate when you add the Savings Amplifier account to your BMO Performance Chequing account - Claim this offer

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  • $16.95 Monthly Fee
  • $0 Welcome Bonus
  • 100+ Transactions
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Get up to a $600 cash bonus plus 5.5% promo interest rate when you add the Savings Amplifier account to your BMO Performance Chequing account - Claim this offer

BMO Performance Chequing Account Overview

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**Limited time offer: Get up to a $600* cash bonus with BMO. Plus, a 5.5% promo interest rate** when you open a performance chequing and a Savings Amplifier Account.**

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 5.5%
  • 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.

Free Transactions

With unlimited free transactions and Interac e-Transfers, this account allows users to easily manage their daily finances without worrying about incurring extra costs.

Welcome Bonus

BMO isn’t currently offering any welcome bonus offers for this account, but check back soon as things may change!

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.

Annual Rebate

Account holders can receive a $40 annual credit card rebate on eligible BMO Mastercards, helping to offset some of the card’s fees.

Excellent Discounts

Special discounts are available for youths, students, seniors, and recent graduates, making the account more accessible and affordable for a broader range of individuals.

bmo performance chequing accoung - comparewise

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.

Printing Charges

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 $600
  • Savings Amplifier Account with a bonus interest rate of 5.5% for a limited time

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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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FAQs about the
BMO Performance Chequing Account

Can I open a joint BMO Performance Chequing Account with my spouse or partner?

Yes, you can open a joint account and may even qualify for the BMO Family Bundle, which offers additional benefits.

Is there a fee for closing the BMO Performance Chequing Account?

No, BMO does not charge a fee for closing the account. However, ensure all outstanding transactions are cleared before closing.

Are any promotions or referral bonuses available for the BMO Performance Chequing Account?

Promotions and referral bonuses may be available from time to time. Check the BMO website or contact a representative for current offers.

BMO Performance Chequing Account Details

Monthly Fee
$16.95
Transaction Fee
No fee
E-Transfer Fee
No fee
Monthly Self Serve Transactions
Unlimited
Monthly Cheque Transactions
Unlimited
Monthly E-Transfers
Unlimited
Number of Monthly Transactions
Unlimited
Rewards
Cashback
Bank Draft Cost
No fee
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Overdraft Fee
$5.00
Overdraft Interest Rate
5%
Paperless Statements
No fee
Mailed Monthly Statements
$2
Foreign Transaction Fee
2.5%
Other Features

BMO Performance Chequing Account Contact

Phone Number
1-877-225-5266
Email
contact@bmonb.com
Hours
Monday - Friday: 9AM - 5PM
Website
bmo.com
Address
119, Saint Jacques Street Montreal Quebec M5X 1A1 Canada
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BMO Performance Chequing Account Details
  • Account Type : Chequing
  • Monthly Fee : $16.95
  • Monthly Transactions : Unlimited
  • Other Features :
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