BMO chequing accounts

Considering the chequing account options at BMO? Dive in with Responsible Economy as we unravel the full spectrum of BMO chequing accounts and their distinct offerings. Also, see how they measure against the leading chequing accounts in the Canadian landscape. Ready to embark on this journey? Let´s get started!

Chequing accounts offered by BMO

First, we will show you a list of the 5 chequing accounts offered by BMO, and then we will go over each account in detail:

  • BMO Performance Chequing.
  • BMO Premium Chequing.
  • BMO Plus Chequing.
  • BMO Practical Chequing.
  • BMO Air Miles Chequing.

BMO Performance Chequing

The BMO Performance Chequing Account stands out as one of the premier offerings from the Bank of Montreal (BMO). This account boasts features like unlimited free transactions and e-Transfers, making daily banking seamless. Along with this, there’s an enticing up to $450 welcome bonus, albeit with certain conditions. However, potential users should be aware of the $16.95 monthly fee. Fortunately, this can be avoided by maintaining a minimum monthly balance of $4,000.

Beyond its core offerings, the account provides added advantages. Account holders can benefit from a $40 annual rebate on their BMO credit card fee. The absence of interest earnings on account balances and the stipulated monthly fee might be potential deal-breakers for some, but for those who can maintain the requisite balance or leverage the account’s unlimited transactions, the benefits are noteworthy.

In essence, while the BMO Performance Chequing Account offers a mix of rewards and functionality, prospective users should weigh its benefits against the monthly fee and the lack of interest on the money in the account before making a decision.

BMO Premium Chequing

The BMO Premium Plan Chequing Account is a flagship banking product designed for customers who value a suite of premium perks. Key attractions include unlimited transactions, free Interac e-Transfers, and unique offerings such as no monthly overdraft fees and unrestricted free non-BMO ATM withdrawals. Additionally, this account comes with a handsome welcome bonus and a yearly credit card rebate of $150. However, customers should be mindful of the $30 monthly fee, though this can be sidestepped if one maintains a balance of at least $6,000.

The account is particularly well-suited to individuals with a comfortable savings cushion who are eager to maximize their account’s advantages. While the $30 monthly fee might appear steep at first glance, the array of benefits can justify the cost, especially for those who will leverage the full spectrum of its offerings. Beyond the unlimited transactions, users can look forward to special bonuses, free banking tools, and even perks such as preferred US exchange rates and a rebate on safety deposit box rentals.

However, as with any financial product, it’s essential to assess both the positives and potential caveats. While the BMO Premium Plan Chequing Account offers a multitude of advantages, it lacks interest-earning capabilities on the held funds. Additionally, those opting for paper statements will face an extra monthly charge. Given the account’s rich features, it’s optimal for individuals who will genuinely utilize all its perks, ensuring they get optimal value for the associated fee.

BMO Plus Chequing

The BMO Plus Chequing Account is a mid-tier option designed for those who don’t frequently transact monthly. For a monthly fee of $11.95, users are entitled to 25 free transactions, unlimited free Interac e-Transfers, and a potential welcome bonus. One of the standout features is the potential to have the monthly fee waived by maintaining a minimum balance of $3,000.

This account is ideal for individuals who might not be making more than 25 transactions a month but would still like the advantage of unlimited e-Transfers. On the downside, users should be wary of the additional transaction fees after exceeding the monthly limit, lack of interest on the balance, and potential fees associated with non-BMO ATM withdrawals and overdraft protection.

Given its features and pricing, the BMO Plus Chequing Account is well-suited for those who fall between basic banking needs and those requiring more extensive benefits. It offers a balance of affordability and utility, especially for youths, students, seniors, or recent graduates who might qualify for additional discounts or waivers.

BMO Practical Chequing Account

The BMO Practical Chequing Account is tailored for those who only require basic banking functionalities and don’t frequently transact. With a low monthly fee of $4, users get 12 free transactions monthly, inclusive of Interac e-Transfers up to this threshold. An attractive feature is the waiving of this fee for senior citizens. However, this account’s simplistic nature means it lacks some of the bells and whistles: there’s no welcome bonus, no interest earned on balances, and extra charges apply once the monthly free transaction limit is surpassed.

For those not consistently using their chequing account, this option provides a balance of essential features with cost-efficiency. While it does permit free BMO ATM withdrawals and includes a complimentary BMO Premium Rate Savings Account, users should be mindful of additional fees, notably for overdraft protection and non-BMO ATM withdrawals. The absence of bonuses and limited additional benefits might deter some, but its affordability makes it a sensible choice for basic banking needs, especially for seniors who can enjoy the account without any monthly charge.

BMO AIR MILES Chequing Account

The BMO AIR MILES Chequing Account is tailored for avid AIR MILES enthusiasts, allowing them to accumulate miles through regular banking activities. It offers unlimited transactions, free Interac e-Transfers, and the opportunity to earn 1 Mile for every $30 spent. Furthermore, when paired with the BMO AIR MILES World Elite Mastercard, users can earn an extra 25 miles monthly.

However, these benefits come at a cost: a monthly fee of $16.95 that cannot be waived. In addition to not earning interest on balances, users face extra charges for overdraft protection and for withdrawing money from non-BMO ATMs, both domestically and abroad.

In summary, while the BMO AIR MILES Chequing Account might be an excellent choice for AIR MILES collectors, the monthly fee and potential extra costs must be considered. This account is ideal for those who will maximize reward points, thus offsetting the monthly fees.

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the BMO chequing accounts:

Logo BMO Canada
  • $0 monthly fee with $4,000 balance.
  • Welcome bonus up to $450.
  • Unlimmited transactions.
  • More than 2,200 ATMs in Canada
TD Bank logo Canada
  • $0 monthly fee with $5,000 balance.
  • Welcome bonus up to $450.
  • More than 2,600 ATMs in Canada.
  • Unlimmited transactions.
RBC logo
  • $5-16,95 monthly fee.
  • Welcome bonus up to $599.
  • More than 4,200 ATMs in Canada.
  • Unlimmited transactions.
National Bank of Canada Logo
  • $0 monthly fee with $6,000 balance.
  • More than 2,300 ATMs in Canada.
  • No Welcome bonus.
  • Unlimmited transactions.

Other BMO products

We’ve also provided a list of all the BMO products we have analyzed:

Interesting information about BMO

We have created a table with relevant information about BMO:

Interesting information about BMO

To conclude, you have more related content about chequing accounts:

Actualizado el día 7 September, 2023 por Alfredo Barandiarán

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Alfredo Barandiarán
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