BMO Premium Chequing Account

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

Features

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

Fees

Fees are one of the most important factors to consider when choosing a chequing account. The BMO Premium Chequing Account has a monthly fee of $30, which can be a significant expense for some people. The only way to avoid this fee is to have a monthly balance in the account greater than $6,000.

Rates

The BMO Premium Chequing Account does not offer any interest on your checking account balance, which is something to keep in mind if you are looking for a high-interest account. However, there is currently an offer of a 5.25% interest rate if you also open the Savings Amplifier Account. This is a good option if you are looking to earn interest on your money.

Welcome bonus

You can earn up to $450 in bonuses when you open a new BMO Premium Chequing Account. You can earn $350 for opening the account and making a direct deposit, and another $100 if a family member opens an account.

Here are the details of the bonuses:

  • New account bonus: You can earn $350 if you:
    • Open a new BMO Premium Chequing Account.
    • 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 Premium Chequing Account.
    • The person you refer 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 Premium 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 $6,000, you will be charged a monthly fee of $30.

Transactions per month

You can make unlimited transactions every month.

ATMs

One of the best features of the Premium Chequing Account is that you can make withdrawals without fees at any ATM in the world. If you use ATMs a lot, this is a good advantage for you.

Interac e-Transfer transactions

The BMO Premium 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 BMO Premium Chequing Account does not charge fees for overdraft protection.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$0-$30
Interest Rate0%
Interac e-Transfer transactions$0
Wire TransfersNo provides information
Minimum Deposit$0
ATMs0$
Bonus$450
Overdraft Service$0
The BMO Premium Chequing Account

Comparison with the best chequing accounts

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

  • Be a 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.
  • Be at least 18 years old. You must be an adult in order to open a bank account.
  • Have a 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.

Pros and cons

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

ProsCons
No fees for transactions$30 opening fee
No fees for BMO ATM withdrawalsFee for withdrawals at ATMs of other banks
No fees for Interac e-TransfersFee for international transfers
Up to $150 credit toward an eligible BMO credit card annual fee$2,500 minimum balance required to avoid $19.95 monthly fee
Free personalized cheques, drafts, certified cheques, and stop paymentsLack of public disclosure of bank transfer fees
Discount on safety deposit box rental
Advantages and disadvantages of the BMO Premium Chequing Account

Conclusion and opinions

Based on our analysis, the BMO Premium Chequing Account is a good deal. It offers up to $450 bonus, free ATM withdrawals worldwide, unlimited free Interac e-Transfers. However, it’s only a good deal if you keep a balance of over $6,000.

Frequent questions

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