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The (Bank of Montreal) BMO Practical Chequing Account offers a simple and affordable banking solution for Canadians with basic needs. And if you need a straightforward banking experience, this may be the account for you.
The BMO Practical Chequing Account offers an affordable $4 monthly fee, free Interac e-Transfers, and BMO ATM withdrawals. However, it has limited free transactions and no interest on balances. Seniors enjoy waived fees, but users may face additional charges for overdraft protection and non-BMO ATM withdrawals.
This article will provide an in-depth look at the features, pros, cons, fees, special offers, and how to open this account. Let’s take a closer look.
BMO Practical Chequing Account Features
The BMO Practical Chequing Account is an excellent choice for those who want a simple, no-frills chequing account with basic features. These are the core features you can expect when opening this chequing account:
- Free transactions: With 12 free transactions per month, account holders can enjoy the convenience of electronic banking. This means they don’t have to worry about exceeding their monthly transaction limit.
- Low fees: The low monthly fee of $4 makes it affordable for most people
- Discounts for seniors: Seniors aged 60 and older can enjoy the added benefit of no monthly fees
- Additional accounts: The account comes with a No-cost Premium Rate savings account, which allows account holders to earn interest on their savings.
- Unlimited Interac e-Transfer transactions: With unlimited Interac e-Transfer transactions up to the transaction limit, account holders can easily transfer money to friends and family.
Pros of BMO Practical Chequing Account
The BMO Practical Chequing Account offers several benefits for those looking for a basic banking solution:
Affordable Monthly Fee
With a low monthly fee of just $4, the BMO Practical Chequing Account is an economical choice for individuals who don’t require extensive banking services. This cost is significantly lower than many other chequing accounts in the market.
Free Interac e-Transfers
The account allows users to send money to friends and family via Interac e-Transfers without incurring additional fees if they stay within their monthly transaction limit. This feature is particularly beneficial for those who frequently use e-Transfers for personal or business purposes.
No Monthly Fees for Seniors
Seniors aged 60 and older can enjoy the BMO Practical Chequing Account without paying any monthly fees, making it an excellent option for those looking to save on banking costs during their retirement years.
Free BMO ATM Withdrawals
Account holders can withdraw money from BMO ATMs without incurring additional fees if they stay within their transaction limit. This offers convenience and savings for those frequently using ATMs for cash withdrawals.
No-Cost Premium Rate Savings Account
The BMO Practical Chequing Account comes with a complimentary Premium Rate savings account, allowing users to earn daily interest on their savings while having easy access to their money.
Cons of BMO Practical Chequing Account
Despite its benefits, the BMO Practical Chequing Account also has some drawbacks to consider:
Limited Free Transactions
The account offers only 12 free transactions per month. Users who exceed this limit will be charged a fee of $1.25 for each additional transaction. This may not be suitable for those who require more frequent banking services.
No Welcome Bonus or Rewards
Unlike some other chequing accounts, the BMO Practical Chequing Account does not offer any welcome bonuses or reward programs for account holders.
No Interest on Account Balances
The account does not pay any interest on the money held in it, meaning users will not earn any returns on their account balances.
Overdraft Protection Fee
A $5 monthly fee applies for standard overdraft protection, which may be a drawback for users who occasionally require this service.
Non-BMO ATM Withdrawal Fees
Withdrawing money from non-BMO ATMs will incur a fee of $2 each in Canada and $5 each outside of Canada. This can add up for those who travel or need to frequently access cash from non-BMO ATMs.
BMO Practical Chequing Account Fees
The BMO Practical Chequing Account comes with a low monthly fee of $4, making it an affordable option for basic banking needs. However, there are some additional fees to be aware of:
- Excess transaction fee: If users exceed the 12 free monthly transactions, they will be charged $1.25 for each additional transaction.
- Non-BMO ATM withdrawal fees: Withdrawing money from non-BMO ATMs will cost $2 each in Canada and $5 each outside of Canada.
- Overdraft protection fee: The standard overdraft protection comes with a $5 monthly fee.
- Global money transfer fee: Users will be charged $5 per global money transfer, which may be a factor to consider for those who frequently send money internationally.
BMO Practical Chequing Account Special Offers
There are no specific special offers or bonuses for the BMO Practical Chequing Account. However, this account allows seniors aged 60 and older to enjoy no monthly fees.
Other BMO Chequing Account Options
BMO offers a variety of chequing accounts to suit different banking needs. Here are the core features of some other popular options:
BMO Plus Chequing Account
- $11.95 monthly fee
- 25 free transactions per month
- Unlimited free Interac e-Transfers
- Welcome bonus available
BMO Performance Chequing Account
- $16.95 monthly fee
- Unlimited free transactions
- Unlimited free Interac e-Transfers
- Generous welcome bonus and credit card fee rebate
BMO Premium Chequing Account
- $30 monthly fee
- Unlimited free transactions
- $350 welcome bonus
- Premium credit card fee waiver worth up to $150 per year
BMO Air Miles Chequing Account
BMO Practical Chequing Account conclusion
The BMO Practical Chequing Account is a cost-effective choice for those with basic banking needs who don’t require numerous additional features. With its low monthly fee, free Interac e-Transfers, and no-cost savings account, this account may be a suitable option for individuals seeking simplicity and affordability in their banking experience.
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