A chequing account is a type of account that keeps your money within your reach for day-to-day transactions. BMO Chequing Accounts are excellent options for one that offers multiple features and benefits. This is a good choice if you frequently use your debit card and need overdraft protection and digital banking access.
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Last Updated: Nov 27, 2023
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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.
The 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.
If you’re looking for a low-fee chequing account, the BMO Plus Chequing Account might be the perfect option for you. This account provides plenty of transactions, making it an ideal choice for the frequent spender.
The BMO Plus Chequing Account offers a $100 welcome bonus, unlimited free Interac e-Transfers, and fee waivers with a minimum balance. However, it has a limited transaction count and monthly fees. This account suits youths, students, seniors, and recent graduates seeking accessible banking options.
The BMO Air Miles Chequing Account is a unique banking solution. It allows Canadians to earn Air Miles Reward Miles while using their debit card for everyday transactions.
The BMO Air Miles Chequing Account offers unlimited transactions, Interac e-Transfers, and Air Miles rewards on debit spending. However, it has a high monthly fee of $16.95 and no fee waiver option. Consider the account’s pros, cons, and fees before deciding if it’s right for you.
The 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.
The Bank of Montreal, one of Canada’s largest banks, offers Chequing Accounts to help Canadians conveniently manage their everyday financial needs.
The available accounts are Performance, Performance Students, Practice, Plus, AIR MILES, and Privilege, with a unique offering of a family package. This account has numerous features and benefits that can streamline your financial activities and make them more manageable.
A minimum balance is required to avoid monthly fees with a BMO Chequing Account. Therefore, you may be subject to monthly charges if you cannot maintain the BMO chequing account minimum balance. There is more to know before you open BMO chequing account.
The Bank of Montreal has six chequing account options, and each charges a monthly fee of $0 to $30. Also, each varies from another in features, benefits, and charges. Hence, it is recommended to review them objectively before settling on which best meets your needs.
Additionally, BMO offers the BMO Family Plan, which enables individuals to share the benefits of everyday banking services with their family members without any extra charges. This plan covers one household; a monthly fee applies to all members.
Below are the features of BMO chequing accounts:
Bank of Montreal provides the BMO Family Plan, which offers several family benefits. Once you complete the following steps, you and your family can start benefiting from the offers of the BMO Family Package.
Regardless of your choice of a BMO Chequing Account plan, BMO Chequing Account has the following features:
Though opening a BMO Chequing account is a straightforward process, these are the eligibility requirements you must satisfy:
Signing up for BMO online banking is easy. You only need a BMO Debit Card, bank account number, or BMO credit card to start. These are the simple steps to open a BMO chequing account:
Note that the step may vary slightly depending on your specific circumstances and type of account. However, you can always contact BMO customer care if you have any areas of concern.
Bank of Montreal offers the following online services to Chequing Accounts holders and all other customers:
BMO Chequing Accounts have distinct beneficial features, such as no monthly minimum balance except for a monthly fee waiver. However, there are some BMO Primary Chequing Account fees we want you to know and how to avoid some.
Aside from the monthly fee waiver granted on some Chequing Accounts types, here are special discounts for specific groups:
To effectively manage your money, you need access to the right tools. One such tool is to own a bank account. BMO Chequing Accounts have the features to carry out regular transactions without hassles effectively.
However, BMO offers different Chequing Accounts, so research the elements to know which best suits your financial lifestyle.
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No, BMO Chequing Accounts are not entirely free. However, you can enjoy a monthly fee waiver if you maintain a BMO chequing account minimum balance for whichever plan you opt for. For instance, students enjoy fee waivers on the Performance Plan and some other groups based on their BMO Chequing account plan.
Each BMO Chequing Account is the best option depending on your needs. However, based on our review:
The BMO Chequing Accounts are where you can deposit money and also make withdrawals for your Regular spending. With these accounts, you can withdraw from ATMs and send Interac e-transfer. However, a savings account is primarily meant to save money for extended periods and usually accrues interest. Think of it as a piggy bank for long-term keeping and towards more enormous expenses.
Many online sources suggest that to close your BMO Chequing Account, you could call customer care or visit a BMO branch. However, candid reviews of previous Chequing Account holders insist that visiting a branch in person is the best option. This is because they need to verify your identity, and you'd be required to sign some necessary documents.
There is no minimum monthly balance for a BMO Chequing Account. However, to enjoy a monthly fee waiver, you must maintain the minimum balance of any chequing account you operate. For instance, the minimum balance required to waive the monthly fee for BMO's Performance Plan Chequing Account is $4,000.