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The (Bank of Montreal) BMO Premium Chequing Account may come with a steep monthly fee. But it also boasts a range of valuable perks and features that may make it worth considering.
The BMO Premium Chequing Account offers unlimited transactions, global ATM withdrawals, and a $150 credit card fee waiver. Special offers include a $350 opening cash bonus and family bundle discounts.
A $30 monthly fee applies but can be waived with a $6,000 minimum balance. Explore other BMO account options to find the best fit for your needs.
In this blog post, we’ll take a closer look at this account’s pros, cons, and features to help you determine whether it’s the right fit for your financial needs.
BMO Premium Chequing Account Features
The BMO Premium Chequing Account has many attractive features that make it an appealing option for those who can afford the monthly fee. Some of the standout features include:
- Unlimited worldwide non-BMO ATM withdrawals without BMO fees, allowing you to save up to $5 per ATM withdrawal outside Canada and the U.S.
- No-fee global money transfers, enabling you to transfer funds securely to up to 50 countries in multiple currencies
- A $150 annual rebate on eligible BMO credit cards, reducing their fees
- A preferred U.S. exchange rate when transferring funds between Canadian and USD accounts (both ways) for up to USD 5,000
- Complimentary OnGuard® Identity Theft protection, saving you over $150 per year
- Your $30 monthly fee could be waived if you ensure a balance of at least $6,000 in your account at all times.
Pros of the BMO Premium Chequing Account:
Unlimited Transactions, e-Transfers, and Global ATM Withdrawals
The BMO Premium Plan chequing account offers unlimited account transactions, Interac e-Transfers, and global ATM withdrawals, saving you money on fees that can accumulate quickly with non-affiliated ATMs.
$150 Annual Credit Card Fee Waiver
The account includes up to a $150 annual credit card fee waiver for any of the BMO World Elite credit cards. These include the BMO Ascend World Elite, BMO Eclipse Visa Infinite, BMO AIR MILES World Elite, and the BMO CashBack World Elite Mastercards.
Safety Deposit Box Discount
Opening this chequing account gives you a $12 discount on the price of an annual safety deposit box fee. This could be a convenient way to keep crucial documentation and valuable items safe.
Added Freebies
In addition to these perks, the account provides free identity theft protection, cheques, money orders, and drafts. It also offers a preferred U.S. foreign exchange rate for transfers between BMO U.S. bank accounts.
$350 Opening Cash Bonus
The BMO Premium Chequing Account offers a generous $350 Opening Cash Bonus as an incentive for new account holders. This bonus is designed to provide a financial boost and welcome customers to the BMO family, giving them a head start on achieving their financial goals.
Cons of BMO Premium Chequing Account:
Extremely High Monthly Fee:
The $30.00 monthly fee, amounting to $360 per year, is relatively high compared to other premium credit cards that typically offer better perks, insurance, and rewards-earning opportunities.
High Minimum Balance Requirement to Waive the Fee:
To have the monthly fee waived, you must maintain a minimum balance of $6,000 at all times. If your balance drops below this threshold, you’ll incur the $30 account fee that month. Keeping such a large sum in a low-interest chequing account may not be the most financially savvy decision. Your money could earn more in a high-interest savings account or an investment account.
BMO Premium Chequing Account Fees
The BMO Premium Chequing Account has a $30.00 monthly fee, which amounts to $360 per year. This is fairly pricey as far as premium credit cards and accounts go. However, you won’t incur this monthly fee if you retain a minimum balance of $6,000 in the account.
BMO Premium Chequing Account Special Offers
For a limited time, BMO offers up to $1,200 in value, including a 4% promotional interest rate, when opening a new chequing and Savings Amplifier Account.
The BMO Family Bundle is a no-fee daily banking solution offering separate chequing accounts to family members living under one roof. To simplify things, families are conveniently charge one monthly fee for the bundle.
The BMO Premium Chequing Account includes a $350 opening cash bonus and a $50 Family Bundle bonus.
Additional offers are available for students, seniors, newcomers to Canada, members of the Canadian Defence Community, and children or teenagers under 18 years old. These offers provide a $0 Monthly Plan Fee, making the account more accessible and affordable to various population segments.
Other BMO Chequing Account Options
BMO offers a variety of chequing account options to cater to the diverse needs of its customers. Here’s a brief breakdown of these accounts:
- BMO Practical Plan: Designed for those who need a basic, low-cost banking solution, this plan provides 12 transactions per month, with a $4 monthly fee. Bit this fee could fall away if you meet the minimum balance requirement.
- BMO Plus Plan: An excellent option for individuals with moderate banking needs, this plan includes 25 free monthly transactions, Interac e-Transfers, and an $11.95 monthly fee. But BMO offers the option to waive this fee when you maintain a specified minimum balance.
- BMO Performance Plan: This plan is ideal for customers with more frequent banking needs, offering unlimited transactions, Interac e-Transfers, and a $16.95 monthly fee. This account also comes with the opportunity to bypass the fee should a minimum required balance remain in your account. OnGuard® Identity Theft protection is also included at no charge.
- BMO Air Miles Chequing Account: This account is perfect for customers who want to earn Air Miles Reward Miles on their everyday banking transactions. With this account, you can earn miles for every transaction, including bill payments and debit card purchases. You can also enjoy exclusive bonus offers and earn miles faster with BMO Air Miles credit cards.
BMO also provides tailored plans for those in the Canadian Defence Community. And it offers benefits and cost savings opportunities to students, new Canadian residents, and senior citizens. Review all available options to find the best chequing account for your financial needs.
How to Open a BMO Premium Chequing Account
Opening a BMO Premium Chequing Account is easier than you might imagine. Here are the steps to help you set up your account:
- Step 1: Visit the BMO website and navigate to the chequing accounts section.
- Step 2: Select the BMO Premium Chequing Account and click “Open Now.”
- Step 3: If you’re an existing BMO customer, log in to your account. If you’re a new customer, click “Get Started” to create a new account.
- Step 4: Provide the required personal information, such as your address and SIN (Social Insurance Number).
- Step 5: Choose a funding method for your initial deposit, such as transferring funds from another bank account, using a credit card, or making a cash deposit at a BMO branch.
- Step 6: Review and agree to the terms and conditions associated with the account.
- Step 7: Now you can submit the account application. But you’ll need to wait for confirmation from BMO. Once your account is confirmed, you can deposit funds and begin using it.
BMO Premium Chequing Account conclusion
The BMO Premium Plan chequing account offers a variety of perks and features. But its high monthly fee and minimum balance requirement may not suit everyone’s financial situation.
Carefully weigh the benefits against the costs to determine if this account is the right fit for you. If you find that the fee and minimum balance are too steep, consider exploring other BMO chequing accounts. These may better align with your life and spending habits.
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