BMO’s Premium Plan chequing account comes with a steep monthly fee, but it has a lot of valuable perks and features that may make it worth it to you. Rebates are offered on various credit cards, worldwide non-BMO ATM withdrawals are unlimited, and account holders even get a preferred U.S. exchange rate.
Still, for many Canadians, the perks aren't worth the high monthly fee. Yes, the fee is waived entirely if you maintain a minimum balance of $6,000, but that can be a difficult amount to reach.
BMO Premium Plan features
As a premium chequing account, the BMO Premium Plan brings a lot to the table.
Why You Want It
$50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.Special Features
- Cheques, money orders, and drafts included
- OnGuard Identity Theft protection included
- Preferred U.S. foreign exchange rate
- Unlimited unaffiliated ATM withdrawals worldwide
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Features
Minimum Balance To Waive Fee
$6,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$30.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$150
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 Progess Cash bonus will be credited to your account by May 29, 2026, the savings cash bonus will be credited by February July 31, 2026, and the Savings cash bonus will be credited by March 30, 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 Premium Plan rating: 4.7 stars
When reviewing products and services, we don’t review them alone, but in comparison to other similar offerings that are available. In this case, we looked at a number of other premium chequing accounts to see how they stacked up against one another.
And in the end, the BMO Premium Plan, while an excellent chequing account, had a few places where it fell a little short compared to its competitors. Thus the 4.7 star rating.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of BMO Premium Plan
The BMO Premium Plan chequing account has a lot going for it.
Pros
Get a $50 GeniusCash bonus when you open your new account
Want to start your new bank account off on the right foot? When you sign up for your account through the moneyGenius offers page, you'll get $50 GeniusCash sent directly to your bank or PayPal account.
Unlimited transactions, e-Transfers, and global ATM withdrawals
With a monthly fee this high, you would expect a bank account with lots and lots of free features. And you’d be correct. With this account you get unlimited account transactions, unlimited Interac e-Transfers, and unlimited free global ATM withdrawals. If you use non-affiliated ATMs a lot, you know how quickly those fees can add up, so this feature alone might be worth the monthly fee.
$150 annual credit card fee waiver
You’ll also get up to a $150 annual credit card fee waiver for any of the BMO World Elite credit cards. These include the BMO Ascend World Elite, the BMO eclipse Visa Infinite, the BMO AIR MILES World Elite, and the BMO CashBack World Elite Mastercards. This alone is worth a good chunk of the monthly fees you’ll be paying for this account.
Safety deposit box discount
It’s always nice to have a safety deposit box for your valuables and important documents, and this chequing account comes with a $12 discount on the price of an annual safety deposit box fee. It’s not a huge thing, but every dollar counts.
Loads of added freebies
In addition to all of this, you also get free identity theft protection, a preferred U.S. foreign exchange rate when you transfer money to and from your BMO U.S. bank account, and free cheques, money orders, and drafts.
$700 welcome offer
If you open a new Premium Plan (or BMO Performance Chequing Account) and are eligible**, you’ll be able to earn $500 by completing two tasks. These include setting up 2 pre-authorized debits, making two bill payments, or setting up a recurring direct deposit. You'll get an extra $150 if you also set up a Savings Amplifier Account and deposit $10,000 by March 31, 2026. Finally, you'll get an extra $50 when you sign in to BMO Online Banking or BMO Mobile Banking to access 'My Financial Progress' and complete required actions. Terms apply.
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.
The cons of BMO Premium Plan
On the flip side, it’s not all wine and roses.
Cons
Extremely high monthly fee
The $30.95 monthly fee is staggeringly high, totalling $371.50 per year, making this chequing account more expensive than even the vast majority of premium credit cards (that usually come with better perks, complimentary insurance, and a chance to earn rewards). That said, you do get a $150 annual fee waiver for one of BMO’s premium World Elite credit cards, so that’s worth considering. On the other hand, if you’re going to be paying for fees like that, why not spend some time seeing if there’s a world class premium credit card that might actually be better for your life and spending habits?
High minimum balance requirement to waive the fee
And while it is possible to get the monthly fee on this account waived completely, it requires a $6,000 minimum balance. And you need to have at least $6,000 in your account at all times. If your balance falls below $6,000 at any point, you will be charged the full fee for that month. And really, leaving that kind of money languishing in a low interest chequing account isn’t the wisest move. You’d be far better off stashing it in a high interest savings account or an investment account, and letting that money work for you rather than for the bank.
BMO Premium Plan alternatives
If you think a premium chequing account might be right for you, you should check out some of these alternative offerings to see if there’s one that suits your needs a little better.
 |  |  | |
|---|---|---|---|
| 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
Wondering how the BMO Premium Plan chequing account compares to some of the other chequing accounts BMO has on offer?
 | | | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | BMO Plus Chequing Account | BMO Practical Plan |
| 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. | 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 | $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 |
Show More | |||
| I Want This Deal See more BMO products Compare | Open an account See more BMO products Compare | Learn More See more BMO products Compare |
BMO Premium Plan FAQ
Does the BMO Premium Plan chequing account have an annual fee?
The BMO Premium Plan chequing account has a fee of $30.95 per month. That totals out to $360 per year, although you pay it on a monthly basis.
Is there a credit card annual fee waiver included with this account?
This premium chequing account comes with a $150 credit card annual fee waiver for all BMO World Elite Mastercards. If you have a different credit card that you love, and don’t want one of these BMO cards, then this waiver is of no value to you.
What minimum balance is required to waive the monthly fee?
If you maintain a consistent balance of $6,000 or more in your account, you will not be charged the monthly fee. But your balance has to remain over $6,000 for the entire month. If it ever falls below that, you will be charged the monthly fee.
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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