BMO AIR MILES Chequing Account

Do you want to have all the information about the BMO AIR MILES Chequing Account? At Responsible Economy, we’ve conducted a thorough review of the AIR MILES Chequing Account, detailing all its features: maintenance fees, interest rates provided, transaction limits, and everything you need to know. We also offer a comparison of the top chequing accounts in Canada. Let’s get started!

Features

In this section, you can see all the features offered by the BMO AIR MILES Chequing Account:

Fees

When selecting a chequing account, one must pay close attention to the associated fees. Regardless of your account balance or the presence of direct deposits, the BMO AIR MILES Chequing Account comes with an unavoidable $16 monthly maintenance fee. This stands out as a significant drawback, especially since many Canadian chequing accounts typically offer ways to sidestep these monthly charges.

Rates

The BMO AIR MILES Chequing Account doesn’t offer interest on the funds you hold, meaning you won’t see any earnings from your balance. Consider this if you’re in the market for an account that provides interest.

Welcome bonus

The BMO AIR MILES Chequing Account does not offer any welcome bonus. This is another downside, especially considering many BMO accounts do offer a bonus and other banks in Canada also provide such incentives.

Minimum deposit

BMO does not require a minimum deposit to open the account AIR MILES Chequing Account.

Transactions per month

You can make unlimited transactions without fees.

Earn Miles

You earn one mile for every 30 dollars spent with the BMO debit card.

ATMs

Holders of the BMO AIR MILES Chequing Account can withdraw money without fees at BMO ATMs throughout Canada. However, cash withdrawals at non-BMO ATMs within Canada come with a $2 fee, and withdrawing from ATMs outside of Canada will cost you $5.

Interac e-Transfer transactions

The AIR MILES Chequing Account offers endless Interac e-Transfer transactions without any fees. It’s a handy method for electronic money transfers.

Wire transfers

BMO does not publicly disclose information about bank transfer fees.

Overdraft service

The overdraft service has a monthly fee of $5.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$16
Interest Rate0%
Interac e-Transfer transactions$0
Miles1 Point for $30 spent
Wire TransfersNo provides information
Minimum Deposit$0
ATMs0$-$5
Bonus$0
Overdraft Service$5
BMO AIR MILES Chequing Account features

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with The BMO AIR MILES Chequing Account:

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.

Requirements

To qualify for The BMO AIR MILES Chequing Account, you must meet the following criteria:

Residency in Canada: You should have a valid Canadian address and be able to provide proof of residency, like a utility bill or lease agreement. This ensures you’re eligible for the Canadian government’s deposit insurance, protecting your money up to $100,000 should the bank face insolvency.

Be at Least 18 Years Old: To open a bank account, you must be of legal age. This age requirement ensures banks can verify who you are and that you’re equipped to manage your finances.

Hold a Valid Social Insurance Number (SIN): Issued by the Canadian government, this distinct number tracks your employment and income details. It’s used by banks for both identity confirmation and to stay compliant with regulatory standards.

Pros and cons

We have created a table summarizing the advantages and disadvantages of the The BMO AIR MILES Chequing Account:

AdvantagesDisadvantages
No fees for BMO ATM withdrawalsMonthly fee of $16
No fees for Interac e-TransfersLimited number of transactions included in the monthly fee
Unlimited number of transactions included in the monthly feeOverdraft service has a monthly fee of $5
0% interest rate
Advantages and disadvantages of the BMO AIR MILES Chequing Account

Conclusion and opinions

After our review, our assessment is that the BMO AIR MILES Chequing Account isn’t a competitive chequing account due to its $16 monthly maintenance fee that cannot be waived and the absence of a welcome bonus. On the plus side, you can earn one mile for every $30 spent and enjoy an unlimited number of transactions without fees.

Frequent questions

Now is the time to answer all your questions about the BMO AIR MILES Chequing Account:

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:

InformationDescription
Websitehttps://www.bmo.com/
Instagramhttps://www.instagram.com/bmocanada/
Twitterhttps://twitter.com/BMO
Facebookhttps://www.facebook.com/BMOcommunity/
YouTubehttps://www.youtube.com/bmocommunity
Linkedinhttps://www.linkedin.com/company/bank-of-montreal/
Interesting information about BMO

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

Actualizado el día 11 September, 2023 por Alfredo Barandiarán

¿De cuánta utilidad te ha parecido este contenido?

Haz click en una estrella para votar

Promedio de puntuación 5 / 5. Número de votos 1

Se el primero en dejar un comentario!

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.