BMO Performance Chequing Account

Do you want to have all the information about the BMO Performance Chequing Account? From Responsible Economy, we show you everything you need to know about the BMO Performance Chequing Account: fees, requirements, interest rate and everything you need to know. You will also be able to see a comparison with the best checking accounts in Canada. Let’s get started!

Features

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

Fees

Fees are one of the most important points in checking accounts. The Performance Chequing Account has a monthly fee of $16.95. The only way to avoid this fee is to have a monthly balance in the account greater than $4,000.

Rates

BMO Performance Chequing Account does not offer any interest on your checking account balance. However, we should mention that if you open the account now, there is currently an offer of a 5.25% interest rate if you also open the Savings Amplifier Account.

Welcome bonus

You can earn a bonus of up to $450, which is divided into two separate bonuses. You can earn $350 for opening a new account and making a direct deposit. You also have another $100 if a family member opens an account.

Here is a more detailed explanation of the bonuses:

  • New account bonus: You can earn $350 if you open a new BMO Performance Chequing Account and make a direct deposit of at least $1,000 within 60 days of opening the account.
  • Referral bonus: You can earn $100 if you refer a friend or family member who opens a BMO Performance Chequing Account and makes a direct deposit of at least $1,000 within 60 days of opening the account.

To qualify for the bonuses, you must meet the following requirements:

  • New account bonus: You must be a new BMO customer and have no existing BMO accounts.
  • Referral bonus: You must be a BMO Performance Chequing Account holder and have been a customer for at least 90 days.

Minimum deposit

BMO does not require a minimum deposit to open the account, but remember that if you do not have a minimum balance of $4,000, you will be charged a monthly fee of $16.95.

Transactions per month

You can make unlimited transactions every month.

ATMs

You have fee-free cash withdrawals at BMO ATMs in Canada and 1 Canadian withdrawal included per month then $2 each in Canada, $5 each outside of Canada.

  • Canadian withdrawals: The first withdrawal is free, and then each additional withdrawal costs $2.
  • International withdrawals: The first withdrawal is free, and then each additional withdrawal costs $5.

Interac e-Transfer transactions

The BMO Performance Chequing Account includes unlimited Interac e-Transfer transactions at no charge. This is a convenient way to send and receive money electronically.

Wire transfers

Here are the transfer fees for the BMO Performance Chequing Account:

  • Domestic electronic transfers (Interac e-Transfer): Free.
  • International electronic transfers:
    • BMO to BMO international electronic transfers: Free.
    • International electronic transfers to other Canadian banks: $20 per transaction.
    • International electronic transfers to banks outside of Canada: $25 per transaction.
  • Bank transfers:
    • Bank transfers to other Canadian banks: $20 per transaction.
    • Bank transfers to banks outside of Canada: $25 per transaction.

Overdraft service

The BMO Performance Chequing Account has a monthly overdraft fee of $5. This fee is charged if your account balance goes negative at the end of the day.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$0-$16.95
Interest Rate0%
Interac e-Transfer transactions$0
Wire Transfers0$-$25
Minimum Deposit$0
ATMs0$ at BMO
Bonus$450
Overdraft ServiceYes
BMO Performance Chequing Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the BMO Performance 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 be eligible for the BMO Performance Chequing Account, you must:

  • Be a Canadian resident.
  • Be at least 18 years old.
  • Have a valid Social Insurance Number (SIN).

Pros and cons

Here is a table summarizing the advantages and disadvantages of the BMO Performance Chequing Account:

ProsCons
No fees for unlimited Interac e-Transfer®§ transactionsMonthly fee of \$16.95 if the minimum balance of \$4,000 is not maintained
Offers a bonus of up to \$450 for opening a new accountOverdraft fee of \$5
Access to a wide network of BMO ATMs in Canada and the United StatesATM withdrawal fee of \$2 for ATMs outside of BMO in Canada
Can earn up to \$40 in annual credit card fee rebate on a BMO credit cardBank transfer fee of \$20 to other Canadian banks
Good option for customers who make many electronic transactionsNot the best option for customers on a tight budget
Advantages and disadvantages of the BMO Performance Chequing Account

Conclusion and opinions

After our analysis, we believe that the BMO Performance Chequing Account offers very good features. This is because it has no monthly fees if you maintain a balance of over $4,000, you currently have an offer with an interest rate of 5.25%, one withdrawal per month at any ATM, a bonus of up to $450, and unlimited Interac e-Transfer transactions for free. On the other hand, if you don’t reach a balance of $4,000, this checking account is not for you.

Frequent questions

Here, we answer all the questions about BMO Performance 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 8 September, 2023 por Alfredo Barandiarán

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