The BMO Performance Chequing Account is a popular mid-tier chequing account offered by one of Canada's biggest banks. BMO has been a banking powerhouse for decades, providing comprehensive services, advanced security measures, and top-notch professionalism for all clients.
True to form, BMO has created a robust banking product with the BMO Performance Chequing Account. It has a few more features than you might expect from a mid-tier account and is accessible to Canadians from coast to coast.
BMO Performance Chequing Account features
Here’s a rundown of what this account has to offer:
Why You Want It
$50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.Special Features
- Special rates available for students, seniors, Indigenous persons, and more
- OnGuard Identity Theft Protection Included
- Eligible for a free BMO Family Bundle
- Valuable welcome offer
- No fee for Global Money Transfers
Provinces
ALL
Features
Minimum Balance To Waive Fee
$4,000
# 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
$40
Maximum Welcome Bonus
$700
Promo End Date
March 02, 2026
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
Terms
** Eligibility criteria (open account or switching eligibility): If you meet the eligibility criteria, the chequing and My Financial Progress cash bonus will be credited to your account by May 29, 2026, and the Savings cash bonus will be credited by July 31, 2026. If you already have a chequing account with BMO you are not eligible for this promotion. If you closed your account between November 4, 2024 - March 2, 2026, you aren’t eligible for this promotion. Each bill payment is required to be paid to a different biller account number. For example, if you are paying a cell phone bill it has to be paid to different accounts numbers to be counted as 2 different bill payments.
BMO Performance Plan rating: 3.6 stars
As a mid-tier account, the BMO Performance Chequing Account chequing account has all of the features you’d expect and a few extra perks besides. It's got the big things covered: unlimited transactions, free Interac e-Transfers, a generous welcome bonus, and more, making its $17.95 monthly price tag seem quite reasonable.
Still, this account could be better. The $4,000 minimum balance for waiving fees is a bit steep and may turn some people off. And while a $40 credit card rebate is nothing to sneeze at, it only covers a fraction of the annual fees for most of the applicable cards.
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 Performance Chequing Account
This chequing account has a lot going for it – take a look:
Pros
Bonus: Get $50 GeniusCash when you open your new account
When you start your application through the moneyGenius offers page, you'll be eligible for a free $50 GeniusCash bonus. That's free money sent directly to your bank account via Interac e-Transfer or PayPal to use on anything you want.
Unlimited transactions and Interac e-Transfers
Account holders never have to worry about getting dinged for simply using their chequing account as it’s designed to be used. Plus you get free and unlimited Interac e-Transfers on top of that, allowing you to send funds to whoever, whenever you like – even if that someone is yourself. This feature alone creates significant value for this account.
Rebate for BMO credit cards
Every little bit helps and having a $40 discount on your annual credit card fee is a pretty sweet bonus. This rebate applies to 9 different credit cards, including the BMO AIR MILES World Elite Mastercard, BMO CashBack World Elite Mastercard, and BMO Ascend World Elite Mastercard.
No fee for Global Money Transfers
The BMO Global Money Transfer service provides an easy and inexpensive method for sending money to 50 different countries across the globe, and you can do so from the comfort of your own home. Users typically pay a $5 transaction fee for each transfer sent, but it's waived for BMO Performance Chequing Account account holders.
OnGuard identity theft protection included for free
Account holders also have access to OnGuard, an identity theft prevention product that tracks and monitors your digital and financial activity to detect fraud. This product is offered exclusively to BMO clients – and it's free, while similar products can cost as much as $200 per year.
Special rates for a long list of people groups
It's not uncommon for seniors and students to enjoy discounts on their account fees, but BMO takes it a step further here. Newcomers to Canada, Indigenous peoples, CDC members, and kids between the ages of 13 and 18 are all eligible for a free BMO Performance Chequing Account – as are post-secondary students and seniors ages 60+.
Walmart Delivery Pass Subscription
You can earn a Walmart Delivery Pass subscription for up to 12 months when you open a Savings Amplifier Account by March 2, 2026, and make a deposit in it by March 31, 2026. You can then sign up for or update your existing Walmart Delivery Pass (by April 30, 2026), and use your BMO Debit Card as the payment option. Terms apply.
$700 welcome bonus
Right now, opening a new BMO Performance Chequing Account (if eligible**) can earn you a welcome offer worth up to $700 – a promo that's currently the most valuable bank account bonus available in Canada. There are, of course, a few steps involved before you can collect your reward, but they're easy-to-achieve actions that you may even have done anyway. Terms apply.
The cons of BMO Performance Chequing Account
On the other hand, there are a few drawbacks to this account that you need to consider:
Cons
High minimum balance fee waiver
You'll need to keep a balance of at least $4,000 in this account in order to have the $17.95 monthly fee waived. It's true that this is standard practice for a mid-tier account, but it's still a sizeable chunk of money for many people. And really, you'd be better off investing that $4,000 or at least depositing it into a high interest savings account.
Extra fees are high and can add up
At $48, BMO's NSF fee is slightly higher than average, as are its fees for using unaffiliated ATMs outside of Canada. If you've ever had to pay fees like these, you understand how easily they can add up. It may be wishful thinking, but we'd like to see BMO set itself apart with lower fees rather than just average.
No safety deposit box waiver
While it's common for premium bank accounts to offer a safety deposit box fee waiver, it's not as common for mid-tier accounts. Even so, we'd like to see BMO take things one step further with this account's already noteworthy features and provide this discount. Instead, a safety deposit box will cost you between $45 and $300 per year.
BMO Performance Chequing Account alternatives
Not sure if BMO is the bank for you? Check out how the BMO Performance Chequing Account stacks up with competitors:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Preferred Package | Coast Capital Elevate Chequing Account | RBC VIP Banking |
| Genius Rating | |||
| Why You Want It | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
| Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. |
| Minimum Balance To Waive Fee | $4,000 | N/A | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $16.95 | $30.00 |
| Excess Transaction Fee | N/A | N/A | $0.00 |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more Coast Capital Savings products Compare | Learn More See more RBC products Compare |
Comparison to other BMO chequing accounts
Here's a side-by-side comparison of the BMO Performance Chequing Account alongside BMO's most popular chequing accounts:
 | | | |
|---|---|---|---|
| Account | BMO Performance Chequing Account for Students | BMO Plus Chequing Account | BMO Practical Plan |
| Genius Rating | |||
| Why You Want It | Earn a $175 welcome cash bonus + no monthly plan fees while in school and one year after graduating. | Get a $100 welcome bonus + 25 transactions per month. | Get 12 transactions/month for a low monthly fee + No monthly fee for seniors. |
| Minimum Balance To Waive Fee | N/A | $3,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | 25 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $11.95 | $4.00 |
| Excess Transaction Fee | N/A | $1.25 | $1.25 |
Show More | |||
| Open an account See more BMO products Compare | Open an account See more BMO products Compare | Learn More See more BMO products Compare |
FAQ
What is the performance plan on BMO?
The BMO Performance Chequing Account is a mid-tier chequing account. For a $17.95 monthly fee, account holders get unlimited transactions, free Interac e-Transfers, OnGuard identity theft protection, and a $40 rebate on certain BMO credit cards.
Can I get the BMO Performance Chequing Account chequing account for free?
This account is free for several people groups, including students, seniors, newcomers to Canada, Indigenous peoples, and CDC members. Otherwise, the monthly fee is waived if you maintain a daily balance of at least $4,000.
What perks and benefits come with the BMO Performance Chequing Account chequing account?
BMO Performance Chequing Account holders have free access to sending BMO Global Money Transfers and receive OnGuard identity theft protection at no cost. They also receive a $40 rebate towards the annual fee on one of several BMO credit cards.
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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