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.
For a low $4.00 monthly fee (significantly lower than BMO’s other chequing accounts), you get 12 transactions and Interac e-Transfers per month. This account also has no monthly fee for people over 60, so if you’re looking to save some money, this is a great choice.
What you get with the BMO Practical Plan
Here’s what this super basic low fee chequing account has to offer.
Verified on September 15, 2025
Why You Want It
Get 12 transactions/month for a low monthly fee + No monthly fee for seniors.
Special Features
- Available with no monthly plan fee for people over 60
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$4.00
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
$1.25
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$0
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
Our rating for the BMO Practical Plan: 3.1 stars
The BMO Practical Plan chequing account is as basic as they come, but it does offer the fundamentals. It gains points for having a low monthly fee, for having no monthly fee for people over 60, and for having 12 transactions and Interac e-Transfers per month.
It loses points for having no other perks and features, which isn’t unexpected, but still a drawback if you’re hoping to get a bit more out of your day to day chequing account.
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.
What's good about the BMO Practical Plan
It’s basic, but here’s what the BMO Practical Plan has going for it.
Pros
Low monthly fee
The primary draw of these sorts of basic chequing accounts are their low monthly fees. You’ll only pay $4.00 a month for this account, which is in line with similar competitors.
No monthly fee for people over 60
If you’re over 60 and starting to watch your pennies as you save for retirement, you can get this chequing account for no monthly fee. And if you don’t need any other perks or features, that’s a pretty solid deal.
12 transactions and Interac e-Transfers per month
You get 12 transactions per month with this account, including debit transactions and Interac e-Transfers. This is great if you don’t use your debit card that much, but could be a problem if you do. You’ll get dinged $1.25 per transaction for any extra transactions you make, which can add up fast.
What to watch out for with the BMO Practical Plan
The drawbacks aren’t so much about flaws as they are about features that are simply missing from this chequing account.
Cons
No welcome bonus
It’s not really unexpected that such a basic chequing account wouldn’t have a welcome bonus, but it’d still be nice to have, especially since...
No way to waive the monthly fee
There’s no way to waive the monthly fee. Many other chequing accounts will waive the monthly fee if you maintain a minimum daily balance in the account, but no such luck here.
No way to earn rewards
And while it’s not that common to be able to earn rewards with your chequing account (those sorts of things are normally reserved for credit cards, after all), there are a growing number of banking accounts that are offering those incentives.
Not free for kids
And while you can get this chequing account for no monthly fee if you’re over 60, kids will still have to pay the monthly fee.
Best alternatives to the BMO Practical Plan
We did some digging and compared how the BMO Practical Plan stacks up against other basic low fee chequing accounts. Here’s what we found.
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Practical Plan | RBC Digital Choice Business Account Package | Scotiabank Preferred Package | CIBC Smart Plus Account |
| Genius Rating | ||||
| Why You Want It | Get 12 transactions/month for a low monthly fee + No monthly fee for seniors. |  $100 GeniusCash + Unlimited business banking features for only $6/month | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | Get unlimited free transactions + Receive rebates on select credit cards. |
| Minimum Balance To Waive Fee | N/A | N/A | $4,000 | $6,000 |
| # Of Free Monthly Transactions | 12 | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | 10 | Unlimited | Unlimited |
| Monthly Fee | $4.00 | $6.00 | $16.95 | $29.95 |
| Excess Transaction Fee | $1.25 | N/A | N/A | N/A |
Show More | ||||
| Open an account See more BMO products Compare | I Want This Deal See more RBC products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more CIBC products Compare |
Comparison to other BMO chequing accounts
Not sure if the Practical Plan is right for you, but still want to bank with BMO? Here’s a run down of all 5 of the chequing accounts they currently have available.
| | | |
|---|---|---|---|
| Account | BMO Premium Chequing Account | BMO Plus Chequing Account | BMO Performance Chequing Account |
| Genius Rating | |||
| Why You Want It | $75 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. | $75 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |
| Minimum Balance To Waive Fee | $6,000 | $3,000 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | 25 | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.95 | $11.95 | $17.95 |
| Excess Transaction Fee | N/A | $1.25 | N/A |
Show More | |||
| I Want This Deal See more BMO products Compare | Open an account See more BMO products Compare | I Want This Deal See more BMO products Compare |
BMO Practical Plan frequently asked questions
What’s the monthly fee for the BMO Practical Plan chequing account?
You will pay a $4.00 monthly fee for this chequing account. This is significantly lower than the fees BMO charges for its other chequing accounts.
Is there any way to waive the monthly fee for the BMO Practical Plan chequing account?
There is no option to waive the fee for this chequing account. Some other accounts will waive their fees if you maintain a minimum daily balance, but not so with this account.
Do kids and seniors get a deal for the BMO Practical Plan chequing account?
This account has no monthly fee for people over 60, but unfortunately there is no special deal for kids.
What is the BMO Practical Plan transaction limit?
The BMO Practical Plan gives you 12 transactions per month, which includes debit purchases, bill payments, transfers, Interac e-Transfers, and withdrawals from your account.
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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