If you’re an avid Air Miles collector, the BMO Air Miles Chequing Account may seem like an obvious choice. And while it does offer unlimited transactions and Interac e-Transfers, the Air Miles earn rate is an abysmal 1 mile for every $25 you spend through your debit card. Given its $17.95 monthly fee, you may wonder if it’s worth it.
Here we dig into the details. While it’s nice to be able to earn Air Miles with your debit card, you may be better off spending that monthly fee on one of BMO’s premium Air Miles Mastercards. Let’s take a closer look.
BMO Air Miles Plan features
So, what does this chequing account have to offer?
Why You Want It
Earn 1 Air Mile for every $25 you spend + Unlimited free transactions.
Special Features
- Earn 1 Air Mile for every $25 spent using your BMO debit card
- Get 25 bonus Air Miles each month when you also have a qualifying BMO Air Miles Mastercard
- Get 50 bonus Air Miles each month you maintain a $4,000 balance
- Free for seniors
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$17.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
BMO Air Miles Plan rating: 3.8 stars
The BMO Air Miles Plan chequing account is almost as basic as they come, yet still charges a mid-range monthly fee. It gained points for having unlimited transactions and Interac e-Transfers, as well as giving you a way to earn some Air Miles rewards, but that’s really about it.
This account lost points for having no way to waive the monthly fee, no free non-affiliated ATM withdrawals, and, frankly, a pretty dismal Air Miles earn rate.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of BMO Air Miles Plan
So the BMO Air Miles Plan chequing account isn’t all bad, and may be of interest to you if you’re an avid Air Miles collector.
Pros
Unlimited transactions
This chequing account includes unlimited transactions, including debit transactions, which can save you a huge amount of fees if you use your debit card for everyday spending. This is a fairly common feature of chequing accounts, however, so it’s not that big of a deal.
Unlimited Interac e-Transfers
If you use your chequing account to pay bills through Interac e-Transfers, or if you just shuffle your money around in this way, having unlimited free transfers is definitely a bonus.
Earn Air Miles for using your debit card
This is the big feature of this chequing account. Every time you use your debit card, you’ll earn 1 Air Mile for every $25 you spend. While this is a nice feature, you can earn significantly more Air Miles for your spending if you use a BMO Air Miles credit card for your day to day shopping instead. Of course, you need to pay off your balance in full every month, or you’ll lose significant value through interest charges.
Earn bonus Air Miles for also having a BMO Air Miles credit card
If you do have the BMO AIR MILES World Mastercard or BMO Air Miles World Elite Mastercard, you'll earn 25 bonus Air Miles every month if you also have this chequing account. It's a valuable combo for avid Miles collectors.
The cons of BMO Air Miles Plan
But what are the drawbacks to the BMO Air Miles Plan chequing account?
Cons
High monthly fee
With a monthly fee of $17.95 a month, this is an expensive chequing account, given its lack of other perks and benefits. This adds up to $215.40 per year, which is more than you’d be paying for any BMO Air Miles Mastercard, which earn significantly more Air Miles for every dollar you spend.
No way to waive the monthly fee
Unlike many chequing accounts that will waive the monthly fee if you have a daily balance over a certain amount, the BMO Air Miles chequing account gives you no way to waive the monthly fee. Unless you're a senior, that is. Seniors can enjoy this account for no monthly fee at all.
No free non-affiliated ATM withdrawals
Other BMO chequing accounts include 1 free non-affiliated ATM withdrawal. Not so with this chequing account. If you find yourself in a situation where you need to make an ATM withdrawal from a non-affiliated bank machine, you’ll be dinged $2 to $5 for that privilege. And these sorts of fees tend to add up quickly and carve into whatever benefits you’re getting from the associated rewards program.
Low Air Miles earn rate
1 Air Mile for every $25 spent through your debit card is a dismal earn rate, far outstripped by the BMO Air Miles World Elite Mastercard’s 1 mile for every $10 spent. If you’re going to be spending the money, you may as well triple your earn rate by using this credit card instead.
BMO Air Miles Plan alternatives
Wondering how the BMO Air Miles Plan chequing account measures up to some alternatives? Let’s take a look.
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Air Miles Plan | National Bank Total Chequing Account | Scotiabank Preferred Package | CIBC Smart for Students |
| Genius Rating | ||||
| Why You Want It | Earn 1 Air Mile for every $25 you spend + Unlimited free transactions. | Unlimited transactions and eTransfers + Up to $150 credit card rebate. |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | Free SPC+ for big shopping discounts + Unlimited free transactions. |
| Minimum Balance To Waive Fee | N/A | $6,000 | $4,000 | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $28.95 | $16.95 | $0.00 |
| Excess Transaction Fee | N/A | N/A | N/A | N/A |
Show More | ||||
| Open an account See more BMO products Compare | Open an account See more National Bank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more CIBC products Compare |
Comparison to other BMO chequing accounts
And here’s how the BMO Air Miles Plan stacks up when compared to other BMO chequing accounts.
| | | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | BMO Premium Chequing Account | BMO Plus Chequing Account |
| Genius Rating | |||
| Why You Want It | $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Get a $100 welcome bonus + 25 transactions per month. |
| Minimum Balance To Waive Fee | $4,000 | $6,000 | $3,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | 25 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $30.95 | $11.95 |
| Excess Transaction Fee | N/A | N/A | $1.25 |
Show More | |||
| I Want This Deal See more BMO products Compare | I Want This Deal See more BMO products Compare | Open an account See more BMO products Compare |
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BMO Air Miles Plan FAQ
How many Air Miles can I earn with the BMO Air Miles Plan chequing account?
Every time you use the debit card for your BMO Air Miles Plan chequing account, you’ll earn 1 Air Mile for every $25 you spend. While this is more than you’ll earn with most debit cards, you could boost your earn rate by using the BMO Air Miles World Elite Mastercard, which earns 1 Air Mile for every $10 you spend. That’s 3x the rewards for your everyday spending.
Does the BMO Air Miles Plan have a monthly fee?
The BMO Air Miles Plan chequing account has a $17.95 monthly fee, and there’s no way to have that fee waived. This adds up to $215 per year, which is less than you’ll pay for one of BMO’s premium Air Miles credit cards that have better Air Miles earn rates.
What’s the minimum balance to waive the monthly fee for the BMO Air Miles Plan?
Unfortunately, there’s no way to waive the monthly fee for the BMO Air Miles Plan chequing account. The similar (and more featureful) BMO Performance Plan chequing account also has a $17.95monthly fee, but that’s waived if you maintain a daily minimum balance of $4,000 or more. And while that money might be better kept in a high interest savings account, it does save you a significant amount of money over the course of a year.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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