Best BMO Chequing Accounts - Comparewise

Best BMO Chequing Accounts

**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.** 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: May 15, 2024

Compare 5 Best BMO Chequing Accounts

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BMO Performance Chequing Account

Monthly Fee
  • Unlimited transactions per month
  • Waive fee with $4k balance
  • No-fee Interac e-Transfers
Pros & Cons
Extra Details
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BMO Practical Chequing Account

Monthly Fee
  • $4 monthly fee
  • 12 transactions per month
  • No-fee Interac e-Transfers
Pros & Cons
Extra Details
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BMO Plus Chequing Account

Monthly Fee
  • Waive monthly fee with balance of $3k
  • 25 transactions per month
  • CAD and USD savings options
Pros & Cons
Extra Details
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BMO Air Miles Chequing Account

Monthly Fee
  • Unlimited transactions per month
  • Earn air miles with your debit card
  • Unlimited Interac e-Transfers
Pros & Cons
Extra Details
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BMO Premium Cheqing Account

Monthly Fee
  • Unlimited Interac e-Transfer transactions
  • Monthly fee waived with $6k balance
  • Unlimited no fee global money transfers
Pros & Cons
Extra Details

Best BMO Chequing Accounts

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.

What chequing accounts does BMO have?

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:

BMO Performance Chequing Account

  1. An unlimited number of current banking transactions.
  2. Eligible BMO credit cardholders can receive up to $40 off their annual fee.
  3. Monthly fee of $16.95.
  4. A minimum balance requirement of $4,000 to avoid the monthly fee.
  5. Online management of finances.
  6. Efficient and easy banking.
  7. It provides access to BMO online banking.
  8. Suitable for those who require frequent banking transactions.
  9. Offers various discounts and benefits to eligible customers

BMO Practical Chequing Account

  1. The account offers online banking services provided by BMO.
  2. The account comes with a free Premium Rate Savings Account.
  3. The account has low monthly fees of $4
  4. It provides a simple and effective way to handle finances.

BMO Chequing Plus Account

  1. Convenient management through BMO online banking.
  2. It allows up to 25 transactions per month.
  3. Zero fees for Interac transfers.
  4. Monthly fee of $10.95 for all features access.
  5. It waives monthly fees with a BMO chequing account minimum balance of $3,000.

BMO AIR MILES Chequing Account

  1. Earn AIR MILES Reward Miles through transactions using BMO Debit Card.
  2. It gives a monthly bonus of 25 AIR MILES for holding a BMO AIR MILES Mastercard World Elite.
  3. Unlimited transactions and free Interac transfers.
  4. It provides access to a convenient online banking platform for managing the account.
  5. Monthly fee of $15.95 for accessing the account’s benefits
  6. A particular benefit of receiving 1,500 miles when you use the BMO AIR MILES Mastercard!

BMO Premium Chequing Account

  1. Offers Unlimited ATM Withdrawals from financial firms globally
  2. Exchange rate of choice when transacting between the U.S. and Canadian dollar accounts.
  3. Account holders can save up to $150 of the annual fee for an eligible BMO credit card.
  4. This Premier Chequing Account charges a monthly service fee of $30.
  5. It offers zero monthly fees for customers able to maintain a minimum of $6,000.
  6. The account allows for Online management of finances.

Students’ BMO Performance Chequing Account

  1. You can quickly and efficiently manage your finances with BMO online
  2. The number of current banking transactions is unlimited.
  3. Annual fee reduction of up to $40 for eligible BMO credit cards
  4. There are no monthly account fees while you are in school or for the first year after graduation.
bmo best chequing accounts - comparewise

The BMO Family Plan

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.

  • Firstly, you must open BMO chequing account that qualifies, such as Performance or Privilege.
  • Then, you invite a family member to complete the BMO sign in process.

The Key Offers

  • Save on banking fees since family members won’t have to pay monthly fees.
  • Enjoy unlimited free transactions, including Interac e-Transfer transactions.
  • Ensures that each family member’s accounts remain private and confidential, with access limited only to accounts registered in their name.

Features of BMO chequing accounts

Regardless of your choice of a BMO Chequing Account plan, BMO Chequing Account has the following features:

  • It features different Chequing plans.
  • The family package lets household members open multiple accounts while enjoying unlimited transactions and zero monthly charges. Each account is private to its owner.
  • Students enjoy one-off fee reversal for students. That means that the first fee incurred on student plans, including NSF fees, overdraft fees, over-the-limit transaction fees, and missed monthly payments, will be reversed.
  • The viewing of cheque images is free for all BMO customers.
  • A BMO welcome bonus of up to $400. You’ll need to sign up for an eligible chequing account plus link a direct deposit and 2 bill payments of at least $50 to get up to $350. Then you can get an extra $50 if you add a family member Performance or Premium Plan account as part of a Family Bundle.
  • BMO allows you to make secure payment gateways like Google Pay or Apple Pay.
  • The BMO Mobile Banking app is available for Android and iOS to manage your finances conveniently.

Requirements to open BMO chequing accounts

Though opening a BMO Chequing account is a straightforward process, these are the eligibility requirements you must satisfy:

  • Age: You must not be younger than the majority in your province, usually 18 or 19. For ages younger than 13, a visit to the nearest BMO branch is necessary.
  • Resident status: Only Canadian residents can apply for any BMO account.
  • To apply in person, you need a valid means of identification. However, the bank will verify your identity for online application by running a credit check.
  • Your Social Insurance Number (SIN).
  • Other personal details include name, date of birth, address, employment status, etc.

How to open a BMO chequing account

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:

  1. Go to the nearest Bank of Montreal Branch or the BMO website.
  2. Choose the plan that best satisfies your purpose from the best BMO Chequing Accounts.
  3. Get the necessary documents like your means of identification and proof of address.
  4. Fill out the application form, depending on your mode of application (either online or in person).
  5. Read through, understand and sign the applicable terms and conditions.
  6. Submit your application and wait for your account details after approval.

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.

BMO online banking services

Bank of Montreal offers the following online services to Chequing Accounts holders and all other customers:

  1. 24/7 access to BMO Online Banking
  2. Online payments for transactions and bills
  3. Interac e-Transfer to send money quickly
  4. CRA Direct Deposit to receive government assistance
  5. Cheque deposits using the Bank of Montreal mobile application
  6. Credit card blocking, unblocking, or replacement through BMO Online Banking
  7. Special offers for different groups, including:
    • Newcomers
    • Students
    • Members of the Canadian Defence community
    • Children and teenagers
    • Seniors
    • Doctors and dentists

Pros and cons of BMO chequing accounts

Pros of BMO chequing accounts

  • A welcome bonus of up to $400.
  • Free and unlimited e-Transfers.
  • Multipurpose Debit card.
  • The special credit card offers for the Air Miles and Premium Plans
  • Access to BMO ATMS and other ATMs globally.
  • Special perks for students, seniors, and teens.
  • Alternative to waive the monthly fee
  • Own multiple accounts under a family package

Cons of BMO chequing accounts

  • A monthly charge for inability to maintain a minimum balance.
  • They require keeping thousands of dollars as a minimum balance without earning interest.
  • Transactions are limited on Practical and Plus accounts.

BMO primary chequing account fees

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.

  • Paper Statements: If you opt to receive paper statements, you will be charged $2.00 per month. However, this is free for BMO Practical Chequing Account holders and associated account holders (if any) over 65 years.
  • Cheque Image Viewing: The viewing of cheque images is free for all accounts in Canada but not for free in other countries.
  • Overdraft Protection: If your overdraft protection is approved, you have to pay a monthly fee of $5 plus interest. However, the BMO Premium Plan Chequing Account enjoys this feature for free. You can also opt for overdraft services to avoid this charge.
  • BMO NSF: A BMO NSF will cost you an average of $48.
  • BMO Global Transfers: For every BMO Global transfer, you’ll be charged $5, though this fee is also waived on the premium plan.
  • Money Order or Bank Draft: For every money order or bank draft issued, you’d pay $9.95. Although, this is a free offer for the Premium Plan Chequing Account holders.
  • ATM Withdrawals: Every withdrawal from ATMs other than BMO ATMs will cost you $2 in Canada but $3 to $5 outside Canada. However, with the premium plan, you can make unlimited withdrawals from any ATM at no cost.
  • Still, on ATM withdrawals, the Performance Plan holders in Canada can enjoy one free withdrawal from non-BMO ATMs monthly. Subsequently, the $2 charge applies.

Special discounts on BMO chequing accounts

Aside from the monthly fee waiver granted on some Chequing Accounts types, here are special discounts for specific groups:

  • Gives a BMO welcome bonus of up to $600. You’ll need to sign up for an eligible chequing account plus link a direct deposit and 2 bill payments of at least $50 to get up to $350. Then you can get an extra $50 if you add a family member Performance or Premium Plan account as part of a Family Bundle.
  • Canadian Defence Community: Get a discount of $16.95 off the Premium and Performance plans.
  • Students: Get the Performance plan for free during the first year.
  • Kids and Teens: Enjoy a discount of $10.95 off the Premium, Plus, and Performance plans.
  • Seniors: Receive a $4 discount on all chequing accounts.
  • Newcomers to Canada: Get the Performance plan for free during the first year.

Best BMO chequing accounts conclusion

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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FAQs about the best BMO chequing accounts

Does the Bank of Montreal offer free Chequing Accounts?

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.

What are the best BMO Chequing Accounts?

Each BMO Chequing Account is the best option depending on your needs. However, based on our review:

  • BMO Performance Chequing Account is the best for no-fee transactions;
  • BMO Premium Plan Chequing Account is the best for active spenders;
  • BMO Practical Chequing Account is the best for basic banking needs;
  • BMO Plus Chequing Account is the best for teens,
  • and BMO AIR MILES Chequing Account is the best for earning AIR MILES rewards.

What's the difference between a BMO chequing and a Savings account?

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.

How to close BMO Chequing Accounts

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.

What is BMO Chequing Accounts' minimum monthly balance?

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.

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