BMO chequing accounts: Comparing them all to help you decide
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Updated: July 04, 2024
There’s probably no more versatile and convenient financial product than the mighty chequing account.
It’s one of the first accounts every young Canadian opens, offering a safe place to keep their hard-earned allowance and, as they grow, a place to have their paycheques directly deposited.
Chequing accounts are also great for receiving and sending e-transfers, paying bills, making day-to-day purchases, setting up automatic payments and managing monthly expenses.
There are many different chequing accounts to choose from—dozens, in fact. Each bank has a bunch of its own, and with new fintech companies springing up (e.g. EQ bank, Simplii, or Tangerine to name a few), options are set to continue growing.
That’s where we come in. We’ve gathered all of BMO’s options to help you decide which, if any of these BMO chequing accounts, is suitable for you.
Comparing BMO chequing accounts
| Product | Cost, features, who it’s for | Get started |
|---|---|---|
| Performance Chequing Account |
• Cost: $17.95 per month ($0 with $4,000 daily balance)
• Features: Unlimited transactions and e-transfers, BMO family bundle (no-fee daily banking for your family), $40 rebate on annual fee credit cards • Who it’s for: Adults with a family. Ideally people who have at least $4,000 to keep in their account at all times, perhaps as an emergency fund |
Go to site |
| Premium Chequing Account |
• Cost: $30.95 per month ($0 with $6,000 minimum balance)
• Features: Unlimited transactions, e-transfers and non-BMO withdrawals worldwide, BMO family bundle (no-fee daily banking for your family), $150 annual fee rebate for BMO credit cards • Who it’s for: The traveller who will take advantage of worldwide transactions as well as the annual rebate for BMO credit cards |
Go to site |
| Newcomer Performance Chequing Account |
• Cost: $17.95 per month ($0 with $4,000 daily balance). The fee is waived in the first year for newcomers
• Features: Unlimited transactions and e-transfers, unlimited BMO global money transfers, BMO family bundle (no-fee daily banking for your family), $40 rebate on annual fee credit cards • Who it’s for: Canadian newcomers looking to develop a relationship with a particular bank |
Go to site |
| Student Performance Chequing Account |
• Cost: $0 for eligible full-time college, university and private vocational school students
• Features: Unlimited transactions and e-transfers, $40 rebate on annual fee credit cards • Who it’s for: Full time post-secondary students |
Go to site |
| CDCB (Canadian Defence Community) Chequing Account |
• Cost: $0 for eligible Canadian Defence Community members
• Features: Unlimited transactions and e-transfers, five non-BMO ATM withdrawals per month • Who it’s for: Members of the CDCB |
Go to site |
| Plus Chequing Account |
• Cost: $11.95 per month ($0 with $3,000 minimum balance)
• Features: Canada and US Dollar Savings Account at no cost, 25 transactions per month • Who it’s for: Someone who doesn’t require unlimited transactions and wants to pair a chequing account with a savings account |
Visit BMO for details |
| AIR MILES Chequing Account |
• Cost: $17.95 per month
• Features: Unlimited transactions and 1 AIR MILE for every $30 spent using your BMO debit card • Who it’s for: The frequent traveller who wants to supercharge their AIR MILES earning potential |
Visit BMO for details |
| Practical Chequing Account |
• Cost: $4 per month
• Features: 12 transactions per month, Premium rate savings account at no cost • Who it’s for: Seniors or younger Canadians who aren’t using their debit card for a lot of spending every month |
Visit BMO for details |
BMO void cheque: How to read and write a cheque
At some point, you may need a void cheque.
- Maybe you've started a new job, and your employer needs your account information to automatically deposit your paycheques (yay!).
- You may be signing up for a new vehicle, and the finance department needs your information to automatically take monthly payments (the new car is exciting! The payments, not so much).
Whatever the reason, it's a good idea to know how a BMO void cheque works. We've attached an example above. The important things to note are the transit number, bank code and account number. Here's what they mean.
- Transit number: This five-digit code specifies which branch you opened your account.
- Bank code: This is BMO's institution number. It specifies that the account is a BMO account.
- Account number: We'll give you five guesses as to what this one means, but you'll only need one. Yep, this is the number unique to your specific account. No two are alike. This code ensures the money moving to and from your account is going to the right place.
Don't worry if you've got a chequebook and need to provide a void cheque. It's super easy—just scrawl "VOID" across it using a pen or marker. Ensure the important numbers on the bottom (transit number, bank code and account number) are still eligible. A voided cheque means it can't be cashed, so it's a safe way to share your account info.
With most banks, you can also download a void cheque image of your account from the banking portal, so you don't even need a paper cheque anymore.
BMO Performance Chequing Account (A Money.ca favourite)
The BMO Performance Chequing Account is the bank’s most popular product. It offers a decent mix of features at a somewhat approachable price.
Fees: $17.95 per month (fees waived with an account balance of $4,000)
Features:
- Unlimited transactions*
- Unlimited Interac e-Transfers
- No-fee global money transfers
- Up to $40 rebate on the annual fee for eligible BMO credit cards*
- No-fee daily banking for family members with the BMO Family Bundle
- OnGuard®† Identity Theft Protection at no charge
- Free Canadian and US dollar Savings Account
Details:
- One Canadian withdrawal included per month (then $2 each in Canada, $5 each outside Canada)
- Overdraft protection: $5 per month
Bonuses:
Earn $350 when you open a new BMO Performance or Premium Plan Chequing Account and make a deposit of any amount by October 31st, 2024
Earn an extra $50 when you invite a family member as part of a BMO Family Bundle and have them open their account by October 31st, 2024
Earn an additional $200 when you open a Savings Amplifier Account, make a deposit of $10,000 or more by October 31st, 2024 and maintain that balance at all times until January 31st, 2025.
BMO Premium Chequing Account
If the Performance Chequing Account is the most popular, the BMO Premium Chequing Account is the bank’s bougiest. There’s a lot to love about this account, but it comes in an expensive package.
Fees: $30.95 per month (fees waived with an account balance of $6,000)
Features:
- Unlimited world-wide transactions*
- Unlimited Interac e-Transfers
- No-fee global money transfers
- $150 BMO credit card rebate*
- No-fee daily banking for family members with the BMO Family Bundle
- OnGuard®† Identity Theft Protection at no charge
- Preferred US money exchange rate
- Free Canadian and US dollar savings account
Details:
- No-fee overdraft protection
- Free cheques, money orders and drafts
Bonuses
Earn $350 when you open a new BMO Performance or Premium Plan Chequing Account and make a deposit of any amount by October 31st, 2024.
Earn an extra $50 when you invite a family member as part of a BMO Family Bundle and have them open their account by October 31st, 2024. Our most popular account offers unlimited everyday banking transactions for a competitive price.
Earn an additional $200 when you open a Savings Amplifier Account, make a deposit of $10,000 or more by October 31st, 2024 and maintain that balance at all times until January 31st, 2025.
BMO Newcomer Performance Chequing Account
With the BMO Newcomer Performance Chequing Account, the bank has packaged its most popular chequing account with a few additional perks, just for newcomers.
Fees: $17.95 per month (fees waived in the first year for newcomers)
Features:
- Unlimited transactions*
- Unlimited Interac e-Transfers
- No-fee global money transfers
- Up to $40 rebate on the annual fee for eligible BMO credit cards*
- OnGuard®† Identity Theft Protection at no charge
Details:
- One Canadian withdrawal included per month (then $2 each in Canada, $5 each outside Canada)
- Overdraft protection: $5 per month
Bonuses
Earn up to $600* cash bonus on a new Chequing and Savings Amplifier Account. No monthly plan fees for one year, send Unlimited BMO Global Money Transfers with no fee, and get $60 cash bonus with rental of a safety deposit box*.
Offer Period: From Dec 11 2023 to October 31 2024, to qualify for the Chequing Account Offer you must open a valid chequing account, provide a valid email address, make a deposit of any amount by Oct 31, and complete at least two of the following actions: set up recurring direct deposit, make one eligible bill payment of at least $50 through BMO Online banking or the Mobile app, or set up one pre-authorized debit of at least $50.
BMO Student Performance Chequing Account
If you’re a full time post-secondary student (or maybe your kid is), the BMO Student Performance Chequing Account comes with unlimited transactions and a few student-specific treats (spoiler: it’s free pizza).
Fees: $17.95 per month (fees waived for students)
Features:
- Unlimited transactions
- Unlimited Interac e-Transfers
- Up to $40 rebate on the annual fee for eligible BMO credit cards*
- OnGuard®† Identity Theft Protection at no charge
Details:
- 1 Canadian withdrawal included per month (then $2 each in Canada, $5 each outside Canada)
- Overdraft protection: $5 per month
- Get the first accidental fee charged on account reversed
Bonuses
Get a $100 cash bonus and 6 months of pizza from Domino's.*
No monthly plan fees while in school and one year after graduation*.
Offer Period: From May 1 2024 - Oct 31, 2024, to qualify for the Student Chequing Account offer, you must be a Student at a full-time university, college or registered private vocational school, and then are eligible to receive the Performance Plan with no monthly Plan fee or receive a discount equivalent to the Performance Plan fee from the Premium Plan fee.
Canadian Defence Community Performance Chequing Account
Made especially for members of the Canadian defence community, the CDCB account offers unlimited transactions and waived fees.
Fees: $17.95 per month (fees waived for CDCB members)
Features:
- Unlimited transactions
- Unlimited Interac e-Transfers
- $40 BMO credit card rebate
- Free OnGuard Identity Theft Protection
Details:
- Five Canadian withdrawals included then $2 each, five international withdrawals included then $5 each in the US, $5 each outside Canada and U.S.
- Overdraft protection: $5 per month
Bonuses
Save up to $491 per year in banking fees with the Performance Plan Chequing Account with no monthly banking fee, plus get Unlimited transactions and Interac e-Transfers, and complimentary OnGuard Identity Theft Protection Service.
Offer Period: To qualify for the bonus rate promotion, you must open a qualified chequing account, open a new Savings Amplifier Account, and make a deposit into the Savings Amplifier Account by October 31st, 2024.
BMO Plus Chequing Account
This is a lower-fee option that still offers a handful of free transactions per month.
Fees: $11.95 per month (fees waived with an account balance of $3,000)
Features:
- 25 transactions per month
- Unlimited Interac e-Transfers
- Free Canadian and US dollar Savings Account
Details:
- Each additional transaction costs $1.25
- Non-BMO ATM withdrawals cost $2 each in Canada, $5 each outside of Canada
- Overdraft protection: $5 per month
- Global money transfers cost $5 each
Bonuses:
- None
BMO AIR MILES Chequing Account
The BMO AIR MILES Chequing Account is for the frequent traveller who wants to stack points with their day-to-day banking habits.
Fees: $17.95 per month
Features:
- Unlimited transactions
- Unlimited Interac e-Transfers
- One AIR MILE for every $30 spent using your BMO Debit Card
- Free Canadian and US dollar Savings Account
- Get 25 Bonus Miles each month when you also have a BMO AIR MILES Mastercard or BMO AIR MILES World Elite Mastercard
Details:
- Non-BMO ATM withdrawals cost $2 each in Canada, $5 each outside of Canada
- Overdraft protection: $5 per month
- Global money transfers cost $5 each
Bonuses:
- 5.5% Savings Amplifier Account promotional interest rate
BMO Practical Chequing Account
The BMO Practical Chequing Account is a no-frills chequing account for the user who doesn’t need a lot of features or transactions.
Fees: $4 per month
Features:
- 12 transactions per month
- Unlimited Interac e-Transfers
Details:
- Each additional transaction costs $1.25
- Non-BMO ATM withdrawals cost $2 each in Canada, $5 each outside of Canada
- Overdraft protection: $5 per month
- Global money transfers cost $5 each
Bonuses:
- None
BMO chequing account fees
Fees for BMO chequing accounts vary. You can sign up for a no-frills chequing account – the BMO Practical Chequing Account – for just $4 per month. You can also pay as much as $30.95 per month for BMO’s Premium Chequing Account, which is jam packed with extras. They also offer a few mid-tier accounts in the $18 range, if you want a mix of affordability and features.
Does BMO offer a free chequing account?
This is a straightforward question with a not-so-straightforward answer. You can get a BMO chequing account for free if you agree to keep a minimum balance (ranging from $3,000 to $6,000, depending on the account).
You can also get a free account if you’re a member of the Canadian defence community, a post-secondary student or a newcomer. It should be noted that the newcomer and student accounts are only free for a limited time (for one year and until one year after graduation, respectively).
Bottom line
BMO accounts can be expensive, but they also offer flexibility. If you’ve got several financial products with the bank, there’s a good reason also to have a chequing account with them. On the other hand, if you’re comfortable keeping a minimum balance in your account, BMO has some great options that can empower you to manage your finances.
However, there are free alternatives that do much of the same thing as even BMO’s most premium account. For example, EQ Bank and Simplii Financial offer free accounts without requiring a minimum balance.
BMO chequing account FAQs
Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.
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