BMO takes pride in offering a diverse range of Relationship Checking accounts that cater to the unique needs and preferences of its customers. Each tier comes with its own set of benefits and features, making it easier for individuals to find the perfect fit for their banking requirements. Let’s delve into the distinct characteristics of each tier:
Silver
Silver Tier: For those maintaining a Quarterly Combined Balance less than $25,000, the Silver tier offers an array of advantages:
- Standard account benefits include rebates on ATM surcharge fees from other banks, allowing you to save up to $25 per monthly statement period.
- Enjoy unlimited transactions at non-BMO ATMs, providing added convenience and accessibility.
- Protect your finances with Mastercard ID Theft Protection™, a valuable feature available with your BMO Debit Mastercard®.
- Earn interest on your checking balance, making your money work for you.
- Eligibility for a $10 quarterly credit card spend bonus when you meet the criteria of the Relationship Package benefits.
- Lending benefits offer attractive opportunities, such as a $500 closing cost credit with Auto Pay for a mortgage from a BMO Relationship Checking account and a 0.50% interest rate discount with Auto Pay for a home equity loan from a BMO checking account.
Gold
Gold Tier: Individuals with a Quarterly Combined Balance ranging from $25,000 to $99,999.99 can unlock the following features with the Gold tier:
- All standard account benefits from the Silver tier are included.
- Additionally, you receive a rebate of up to $30 per month on all wire transfer fees (domestic and international), further streamlining your transactions.
- Enjoy higher interest rates for your Relationship Plus Money Market accounts, maximizing the potential return on your savings.
- Become eligible for a $25 quarterly credit card spend bonus when you fulfill the Relationship Package benefit criteria.
- Lending benefits mirror those of the Silver tier.
Platimum
Platinum Tier: For customers with a Quarterly Combined Balance ranging from $100,000 to $249,999.99, the Platinum tier offers even more advantages:
- All standard account benefits from the Gold tier are incorporated.
- Receive a rebate of up to $60 per month on all wire transfer fees (domestic and international), ensuring cost-effectiveness in managing your finances.
- Enjoy higher interest rates for your Relationship Plus Money Market accounts, further enhancing the potential growth of your savings.
- Qualify for a $50 quarterly credit card spend bonus when you fulfill the Relationship Package benefit criteria.
- Lending benefits are consistent with those of the Silver and Gold tiers.
Premier
Premier Tier: Customers with a Quarterly Combined Balance of $250,000 or more can access the Premier tier, offering top-tier benefits:
- All standard account benefits from the Platinum tier are included.
- Receive a rebate of up to $90 per month on all wire transfer fees (domestic and international), facilitating hassle-free international transactions.
- Benefit from one Overdraft Fee rebate per month, offering additional financial flexibility.
- Higher interest rates for your Relationship Plus Money Market accounts further maximize the earning potential of your savings.
- Qualify for a $75 quarterly credit card spend bonus when you fulfill the Relationship Package benefit criteria.
- Lending benefits mirror those of the Silver, Gold, and Platinum tiers.
Common features
In this section, we will show you common features shared by all BMO Relationship accounts.
Interest on Relationship Checking Account
- The interest rate and Annual Percentage Yield (APY) are both set at 0.01%.
- Interest rates apply based on the account balance.
- A minimum balance of $10,000 or more is required to receive APY.
Requirements and Waivers
- Opening a Relationship Checking account requires a minimum deposit of $25.
- The monthly maintenance fee of $25 can be waived by meeting any of the following requirements:
- Maintaining a minimum daily Ledger Balance of $10,000 or more in the previous calendar month.
- Maintaining a Monthly Combined Balance of $25,000 in the previous calendar month.
- Enrolling in the employee benefits program, Best of BMO U.S., and requesting a waiver from your BMO Banker.
Accessing Relationship Packages
- To enjoy the benefits of tiered Relationship Packages, you need to have a BMO Relationship Checking account.
- The package you receive is automatically determined based on your Quarterly Combined Balance across your Eligible Deposit Accounts and Eligible Investment Balances.
Moving to a Higher Relationship Package
- You have the flexibility to move to a different tier every calendar quarter.
- Changes to your Relationship Package may occur on the first day of each quarter during recalculation of the Quarterly Combined Balance.
Account Type Changes and Closures
- Fee rebates for Relationship Checking accounts:
- If you change your account type and a fee was assessed while it was a Relationship Checking account, you will still receive a rebate.
- If you close your account and a fee was assessed while it was a Relationship Checking account, no rebate will be granted.
- Relationship Plus Money Market account rate increases:
- If you close your Relationship Checking account or change the account type, the interest rate paid on Relationship Plus Money Market accounts will continue through the end of the calendar quarter.
Comparison of checking accounts in 2023
We have made a comparison of the BMO Relationship Checking with the best checking accounts you can open in the United States:
- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates
- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs
- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings
- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings
- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Conclusion
In conclusion, BMO Relationship Checking presents a wide array of benefits and perks, tailored to your financial preferences and goals. Choose the tier that aligns with your needs and enjoy the rewards of fostering a strong banking relationship with BMO.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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