BMO Plus Chequing Account

Do you want to know everything about the BMO Plus Chequing Account? At Responsible Economy, we show you everything you need to know about the BMO Plus Chequing Account: fees, requirements, interest rate, welcome bonus and more. You can also compare it to the best chequing accounts in Canada. Let’s get started!

Features

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

Fees

When choosing a chequing account, it is important to consider the fees. The BMO Plus Chequing Account has a monthly fee of $11.95, which can be a significant expense for some people. You can avoid this fee by maintaining a monthly balance of $3,000 or more in the account.

Rates

The BMO Plus Chequing Account does not offer any interest on your chequing account balance, which is something to keep in mind if you are looking for a high-interest account.

Welcome bonus

The BMO Plus Chequing Account offers a $100 welcome bonus for new clients who meet one of the following criteria:

  • Set up one recurring direct deposit;
  • Make two distinct eligible bill payments of at least $50 each via BMO Online Banking or the BMO Mobile App to two different payees. Note that transferring from your BMO Chequing Account to a BMO credit card doesn’t count as an eligible bill payment;
  • Set up two different pre-authorized debits of at least $50 from two separate billers.

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 $3,000, you will be charged a monthly fee of $11.95.

Transactions per month

BMO Plus Chequing Account has a set number of transactions that are included in the monthly fee. Once you exceed this number of transactions, you will be charged a fee of $1.25 for each additional transaction.

The number of transactions included in the monthly fee is 25. This includes debit card purchases, bill payments, transfers, Interac e-Transfers, and withdrawals.

ATMs

BMO Plus Chequing Account holders can withdraw cash without fees at all BMO ATMs in Canada. However, a $2 fee will be applied for each cash withdrawal at ATMs of other banks in Canada and a $5 fee will be applied for each cash withdrawal at ATMs outside of Canada

Interac e-Transfer transactions

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

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$0-$11.95
Interest Rate0%
Interac e-Transfer transactions$0
Wire TransfersNo provides information
Minimum Deposit$0
ATMs0$-$5
Bonus$100
Overdraft Service$5
The BMO Plus Chequing Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with The BMO Plus 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 Plus Chequing Account, you must:

  • Canadian resident: You must have a valid Canadian address and be able to provide proof of residency, such as a utility bill or lease agreement. This is to ensure that you are eligible for the Canadian government’s deposit insurance program, which protects your account up to $100,000 in the event that the bank fails.
  • At least 18 years old: You must be an adult in order to open a bank account. This is because banks need to be able to verify your identity and ensure that you are capable of managing your finances.
  • Valid Social Insurance Number (SIN): A SIN is a unique number that is issued by the government of Canada and is used to track your employment and income. Banks use SINs to verify your identity and to comply with government regulations.

Pros and cons

We have created a table summarizing the advantages and disadvantages of the BMO Plus Chequing Account:

AdvantagesDisadvantages
No fees for BMO ATM withdrawalsMonthly fee of $11.95
No fees for Interac e-TransfersLimited number of transactions included in the monthly fee
Up to $150 credit toward an eligible BMO credit card annual feeOverdraft service has a monthly fee of $5
Free personalized cheques, drafts, certified cheques, and stop paymentsMinimum balance to avoid monthly fee of $3,000
Discount on safety deposit box rentalEligibility requirements
Advantages and disadvantages of the BMO Plus Chequing Account:

Conclusion and opinions

After the analysis, we believe that the BMO Plus Chequing Account is not a competitive chequing account because it does not offer any interest, the welcome bonus is only $100, it has a monthly fee of $11.95 if you do not maintain a balance of $3,000, and you are limited to 25 transactions per month without fees. On the other hand, BMO is one of Canada’s leading banks.

Frequent questions

Now is the time to answer all your questions about the BMO Plus 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

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