BMO has a lot of good chequing accounts on offer, including their best option, the BMO Premium Chequing Account. These come with big welcome bonuses, special perks, and ways to waive the annual fees for even more money savings.
Here's our breakdown on BMO's chequing account options, their pros and cons, and how they hold up to the competition.
Key Takeaways
- BMO currently offers 5 different chequing accounts.
- The best chequing account under BMO is the BMO Premium Plan.
- Depending on the monthly fee you pay, there are tons of perks and benefits to be had with these accounts.
Overview of BMO’s chequing accounts
Right now, you have 5 options when it comes to getting a chequing account from BMO. Here's a quick look at what each has to offer:
 | | | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | BMO Plus Chequing Account | BMO Practical Plan |
| Genius Rating | |||
| Why You Want It |  $75 GeniusCash + Up to $700 in welcome bonuses + up to 4.6% interest on Savings Amplifier account. *T&Cs apply. | Get a $100 welcome bonus + 25 free transactions per month. | Get 12 free transactions/month for a low monthly fee + Free for seniors. |
| Minimum Balance To Waive Fee | $4,000 | $3,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | 25 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $11.95 | $4.00 |
| Excess Transaction Fee | N/A | $1.25 | $1.25 |
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BMO Premium Chequing Account
With a Genius Rating of 4.8, the BMO Premium Chequing Account takes the crown as the best BMO Chequing Account in Canada.
Aside from its big $700 welcome bonus, it also includes a $150 credit card fee waiver, good enough for any World Elite Mastercard under the BMO umbrella.
Speaking of savings, this account has unlimited transactions, Interac e-Transfers, and ATM withdrawals, even for non-BMO ATMs.
Some other neat perks include:
- Better rates for exchanging Canadian dollars with U.S. dollars
- Identity theft protection
- A safety deposit box
- Free cheques
Normally, the monthly fee is $30.95, but you can waive it entirely if you have $6,000 in your account.
The BMO Premium Plan offers everything you may want from a chequing account, from unlimited transaction and Interac e-Transfers to credit card annual fee waivers on most BMO credit cards. While it has a monthly fee of $30.95, it can be waived by keeping $6,000 in it.
- Get a $75 GeniusCash bonus when you open your new account
- Unlimited transactions, e-Transfers, and global ATM withdrawals
- $150 annual credit card fee waiver
- Safety deposit box discount
- Loads of added freebies
- $700 welcome offer
- Walmart Delivery Pass Subscription
- Extremely high monthly fee
- High minimum balance requirement to waive the fee
- Age of majority
- Canadian citizen
$75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply.- Free cheques, money orders, and drafts
- Free OnGuard Identity Theft protection
- Preferred U.S. foreign exchange rate
- Unlimited unaffiliated ATM withdrawals worldwide
$75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply.BMO Performance Chequing Account
If you’re looking for a mid-tier chequing account from BMO, the BMO Performance Chequing Account is a solid option to consider. It has more perks and premium features than you might expect from a non-premium account.
The $700 is currently the most valuable new account offer in Canada, and that doesn't even include the promotional 4.6% interest rate for simultaneously opening a new BMO Savings Amplifier Account.
Take a look at the highlights:
- Earn a welcome bonus worth up to $700
- The $17.95 is waived with a minimum balance of $4,000
- Get an annual fee waiver of $40 to use for one of several BMO credit cards
- Unlimited free transactions and Interac e-Transfers
- 1 free non-BMO ATM withdrawal ($2 - $5 afterwards)
- Complimentary OnGuard identity theft protection
- Free Global Money Transfers to 50 different countries
- Special discounts for kids, students, seniors, newcomers to Canada, Indigenous peoples, and CDC members
- Exclusive bonus rates on select BMO GICs
- Eligible for the BMO Family Bundle, allowing your family to bank for free (only the main account pays the monthly fee)
Plus, earn a secondary bonus on us – $75 in GeniusCash. All you need to do is get approved through our link.
The BMO Performance Plan will get you unlimited transactions and Interac e-Transfers for $17.95 a month – which can be cut down to $0 if you keep a $4,000 balance in your account.
- Bonus: Get $75 GeniusCash when you open your new account
- Unlimited transactions and Interac e-Transfers
- Rebate for BMO credit cards
- No fee for Global Money Transfers
- OnGuard identity theft protection included for free
- Special rates for a long list of people groups
- Walmart Delivery Pass Subscription
- Valuable welcome bonus
- High minimum balance fee waiver
- Extra fees are high and can add up
- No safety deposit box waiver
$75 GeniusCash + Up to $700 in welcome bonuses + up to 4.6% interest on Savings Amplifier account. *T&Cs apply.- Special rates available for students, seniors, Indigenous persons, and more
- Free OnGuard Identity Theft Protection
- Eligible for a free BMO Family Bundle
- Valuable welcome offer
- No fee for Global Money Transfers
$75 GeniusCash + Up to $700 in welcome bonuses + up to 4.6% interest on Savings Amplifier account. *T&Cs apply.BMO Plus Chequing Account
As we move down the line, the benefits start to dwindle, as is the case with the BMO Plus Chequing Account. However, you'll save a little more on the monthly fee of $17.95. This can be waived with only $3,000 in your account or if you're a child or student, while seniors will only pay $6.95 per month.
Transactions are capped at 25 free per month, after which you'll be charged $1.25 each. The welcome bonus is a fraction of what you could get with the 2 aforementioned accounts, topping out at only $100.
The BMO Plus Chequing Account is one of BMO’s more straightforward banking plans, offering 25 free transactions per month for a monthly fee of $11.95, or $6.95 if you’re 60 or older and eligible for the $4 senior discount. Students also get the account for free, making it accessible to those who want a reliable option without extra frills. Unlimited Interac e-Transfers are included, and if you open the account before July 2, 2025, you can snag a $100 welcome bonus by completing a couple of basic banking tasks like setting up direct deposit or making a bill payment.
- $100 welcome bonus
- 25 free transactions per month
- $4.00 senior’s discount
- High monthly fee for what you get
- High minimum balance required to waive that fee
- No other special features or freebies
- $4 senior's discount
- Free, unlimited Interac e-Transfers
BMO Air Miles Plan
The specialized BMO Air Miles Plan is a rewards chequing account offered by BMO that was tailor-made to Air Miles collectors. That said, this is not a particularly exciting account as it has a high monthly fee of $17.95 (which can't be waived) for very little in return.
First off, you do get unlimited Interac e-Transfers and transactions. Not a bad thing. But when we focus on the specific Air Miles perks, then it gets less worth it the longer you read.
Having a chequing account that earns rewards on debit purchases is rare but exciting, but the earn rates here are terrible. You only get 1 Air Mile per $30 spent. Compared to what you could earn with a credit card, it gets left behind in the dust. You do however get a nice Air Miles bonus in that you'll get 25 bonus Air Miles per month if you have a BMO AIR MILES World Elite Mastercard.
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.
- Unlimited transactions
- Unlimited Interac e-Transfers
- Earn Air Miles for using your debit card
- Earn bonus Air Miles for also having a BMO Air Miles credit card
- No free non-affiliated ATM withdrawals
- Low Air Miles earn rate
- 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
BMO Practical Plan
The least expensive account at only $4.00 monthly is the BMO Practical Plan. You'll be hampered with a limit of only 12 transactions and Interac e-Transfers per month, but if you don't do too many of those anyway, you'll save a ton of money on annual fees.
In short, this is BMO's most basic and inexpensive plan. If you don't need much from an account, then this is the way to go.
If you’re in the market for a low fee chequing account that just covers the basics without any extra bells and whistles, the BMO Practical Plan chequing account might be right for you.
- Free Premium Rate savings account included
- Free for people over 60
The pros and cons of BMO chequing accounts
So what, in general, is there to like about these accounts? And what is better elsewhere?
- Free unlimited Interac e-Transfers – allowing you to transfer money immediately through email for free.
- Access to a large network of ATMs worldwide.
- Discount rates if you're a student or senior.
- Bundle multiple accounts under a single monthly fee with BMO bank plan and family bundle.
- All of their accounts have a monthly fee, something online banks have made hard to stomach.
- Keeping thousands in your account just to meet the fee waiver threshold means you're not earning interest on that money by investing it.
- The free savings accounts they offer alongside your chequing accounts have terrible interest rates. You're better off finding a high interest savings account somewhere else.
Are BMO chequing accounts safe?
BMO has all the standard security protocols in place including:
- Security guarantees where unauthorized transactions may be reimbursed 100%
- 2-factor authentication
- Identity theft protection
As much as they may talk about security, always remember that some of the best security starts with you. Having a strong password and PIN, as well as keeping them safeguarded, are paramount to keeping your account secure.
How does it compare to alternatives?
Here are a couple of comparisons to other popular chequing accounts to show how BMO looks head-to-head.
Comparison to a Big 5 Bank: BMO vs. RBC
Let’s look at how the most popular chequing options from BMO and RBC compare:
| Bank account | BMO Performance Chequing Account | RBC Signature No Limit Banking Account |
|---|---|---|
| Monthly fee | $17.95 | $16.95 |
| Minimum balance to waive fee | $4,000 | N/A |
| # of free debit transactions | Unlimited | Unlimited |
| Free e-Transfers | Unlimited | Unlimited |
| Non-affiliated ATM fee | 1 free per month, $2 each afterwards | 3 free per month, $2 each afterwards |
| Special features | Preferred U.S. foreign exchange rate, free identity theft protection | Save 3 cents per litre at Petro-Canada, earn 20% more Petro-Points, earn Avion points on purchases |
There isn’t a huge difference between the 2 accounts, but losing the ability to waive the monthly fee is a cost of $215 per year (assuming you always had it waived with BMO).
You can get rewarded on your gas purchases at Petro-Canada, which is a unique bonus for RBC, which could be more important to you than BMO's bank plan options.
But other than having 2 more free non-affiliated ATM transactions per month, the core features of both accounts are pretty similar.
Comparison to an online bank: BMO vs. Tangerine
But what about those online banks that keep shaking things up? Here’s how BMO stacks up against one of them:
| Bank account | BMO Performance Chequing Account | Tangerine Chequing Account |
|---|---|---|
| Monthly fee | $17.95 | $0.00 |
| Minimum balance to waive fee | $4,000 | $0 |
| # of free debit transactions | Unlimited | Unlimited |
| Free e-Transfers | Unlimited | Unlimited |
| Non-affiliated ATM fee | 1 free per month, $2 each afterwards | $1 |
| Special features | Preferred U.S. foreign exchange rate, free identity theft protection | Earns interest (currently up to 0.1%) |
If you want to go with an online bank, you can get pretty much the same thing...but completely free with the Tangerine Chequing Account.
That alone is a good enough selling point for Tangerine, so if you don't mind not being able to visit a physical bank (banks like Tangerine are run almost entirely online), then it's a no brainer.
How do you set up an account?
A new account can be opened in branch, online, or by phone (1-877-225-5266).
If you prefer to do it in person, you’ll need to set up an appointment first. But if online is okay with you, you typically won’t need to verify your identity to finalize the set up.
Tip: BMO often has promotions which provide a bonus for opening a chequing account. The bonus typically ranges between $100 – $300 or sometimes even 1,000 Air Miles. If you’re thinking of opening an account, but aren’t in a rush – it might be a good idea to keep an eye out for one of these deals.
The verdict
Depending on what your needs are, you can get a BMO chequing account with the appropriate amount of perks and benefits with a monthly fee you're comfortable with. There are plenty of options that are comparable with offers from other banks and the credit cards (and potential fee waivers that you can get) are pretty good as well.
Do you currently have a BMO chequing account? If so, how has your experience been?
Leave a comment below and let us know your thoughts.
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