BMO Practical Chequing Account

Do you want to know everything about the BMO Practical Chequing Account? Here at Responsible Economy, we’ve got you covered with all the details you need: maintenance and usage fees, the interest rates they provide, cash back offerings, and everything else you should be aware of. 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 Practical Chequing Account:

Fees

When choosing a chequing account, it is important to consider the fees. The BMO Practical Chequing Account has a monthly maintenance fee of $4 that cannot be avoided. It does not matter what your account balance is or if you have direct deposits. This is a very negative feature as most chequing accounts in Canada allow you to avoid monthly fees in some way.

Rates

The BMO Practical Chequing Account does not pay interest on your balance, so you won’t earn any money on the money you keep in the account. This is something to keep in mind if you’re looking for an account that earns interest.

Welcome bonus

The BMO Practical Chequing Account offers a $100 welcome bonus for new customers who meet one of the following requirements:

  • Set up one recurring direct deposit.
  • Make two distinct eligible bill payments of at least $50 each through BMO Online Banking or the BMO Mobile App to two different recipients. Please keep in mind that transferring money from your BMO Chequing Account to a BMO credit card does not qualify as an eligible bill payment.
  • Set up two separate pre-authorized debits of at least $50 each from two different billers.

Minimum deposit

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

Transactions per month

BMO Practical 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

Those with a BMO Practical Chequing Account can access their money fee-free at any BMO ATM in Canada. But, withdrawing cash from non-BMO ATMs in Canada incurs a $2 charge, and it’s a $5 fee for cash withdrawals at ATMs internationally.

Interac e-Transfer transactions

Practical 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$4
Interest Rate0%
Interac e-Transfer transactions$0
Wire TransfersNo provides information
Minimum Deposit$0
ATMs0$-$5
Bonus$100
Overdraft Service$5
The BMO Practial Chequing Account

Comparison with the best chequing accounts

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

For The BMO Practical Chequing Account eligibility, you need to:

Be a Canadian Resident: Ensure you have a legitimate Canadian address and can furnish residency evidence like a utility bill or rental contract. This confirms your qualification for the deposit insurance by the Canadian government, safeguarding your funds up to $100,000 if the bank collapses.

Be a Minimum of 18 Years of Age: Being an adult is necessary to initiate a bank account, ensuring banks can confirm your identity and your capability to handle your financial affairs.

Possess a Valid Social Insurance Number (SIN): This unique number, provided by the Canadian government, helps track your work and earnings. Banks use it both for identity verification and to adhere to governmental guidelines.

Pros and cons

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

AdvantagesDisadvantages
No fees for BMO ATM withdrawalsMonthly fee of $4
No fees for Interac e-TransfersLimited number of transactions included in the monthly fee
Overdraft service has a monthly fee of $5
0% interest rate
Advantages and disadvantages of the BMO Practical Chequing Account:

Conclusion and opinions

After our review, our assessment is that the BMO Practical Chequing Account isn’t competitive. It carries a monthly maintenance fee of $4 that’s unavoidable, offers no interest on the funds held in the account, and moreover, there’s a limit of 12 transactions per month without fees.

Frequent questions

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