BMO chequing accounts: Comparing them all to help you decide
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Updated: July 04, 2024
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There’s probably no more versatile and convenient financial product than the mighty chequing account.
It’s one of the first accounts every young Canadian opens, offering a safe place to keep their hard-earned allowance and, as they grow, a place to have their paycheques directly deposited.
Chequing accounts are also great for receiving and sending e-transfers, paying bills, making day-to-day purchases, setting up automatic payments and managing monthly expenses.
There are many different chequing accounts to choose from—dozens, in fact. Each bank has a bunch of its own, and with new fintech companies springing up (e.g. EQ bank, Simplii, or Tangerine to name a few), options are set to continue growing.
That’s where we come in. We’ve gathered all of BMO’s options to help you decide which, if any of these BMO chequing accounts, is suitable for you.
Comparing BMO chequing accounts
BMO void cheque: How to read and write a cheque
At some point, you may need a void cheque.
- Maybe you've started a new job, and your employer needs your account information to automatically deposit your paycheques (yay!).
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You may be signing up for a new vehicle, and the finance department needs your information to automatically take monthly payments (the new car is exciting! The payments, not so much).
Whatever the reason, it's a good idea to know how a BMO void cheque works. We've attached an example above. The important things to note are the transit number, bank code and account number. Here's what they mean.
- Transit number: This five-digit code specifies which branch you opened your account.
-
Bank code: This is BMO's institution number. It specifies that the account is a BMO account.
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Account number: We'll give you five guesses as to what this one means, but you'll only need one. Yep, this is the number unique to your specific account. No two are alike. This code ensures the money moving to and from your account is going to the right place.
Don't worry if you've got a chequebook and need to provide a void cheque. It's super easy—just scrawl "VOID" across it using a pen or marker. Ensure the important numbers on the bottom (transit number, bank code and account number) are still eligible. A voided cheque means it can't be cashed, so it's a safe way to share your account info.
With most banks, you can also download a void cheque image of your account from the banking portal, so you don't even need a paper cheque anymore.
BMO Performance Chequing Account (A Money.ca favourite)
The BMO Performance Chequing Account is the bank’s most popular product. It offers a decent mix of features at a somewhat approachable price.
Fees: $17.95 per month (fees waived with an account balance of $4,000)
Features:
- Unlimited transactions*
- Unlimited Interac e-Transfers
- No-fee global money transfers
- Up to $40 rebate on the annual fee for eligible BMO credit cards*
- No-fee daily banking for family members with the BMO Family Bundle
- OnGuard®† Identity Theft Protection at no charge
- Free Canadian and US dollar Savings Account
Details:
- One Canadian withdrawal included per month (then $2 each in Canada, $5 each outside Canada)
- Overdraft protection: $5 per month
BMO Premium Chequing Account
If the Performance Chequing Account is the most popular, the BMO Premium Chequing Account is the bank’s bougiest. There’s a lot to love about this account, but it comes in an expensive package.
Fees: $30.95 per month (fees waived with an account balance of $6,000)
Features:
- Unlimited world-wide transactions*
- Unlimited Interac e-Transfers
- No-fee global money transfers
- $150 BMO credit card rebate*
- No-fee daily banking for family members with the BMO Family Bundle
- OnGuard®† Identity Theft Protection at no charge
-
Preferred US money exchange rate
- Free Canadian and US dollar savings account
Details:
- No-fee overdraft protection
- Free cheques, money orders and drafts
BMO Newcomer Performance Chequing Account
With the BMO Newcomer Performance Chequing Account, the bank has packaged its most popular chequing account with a few additional perks, just for newcomers.
Fees: $17.95 per month (fees waived in the first year for newcomers)
Features:
- Unlimited transactions*
- Unlimited Interac e-Transfers
- No-fee global money transfers
- Up to $40 rebate on the annual fee for eligible BMO credit cards*
-
OnGuard®† Identity Theft Protection at no charge
Details:
- One Canadian withdrawal included per month (then $2 each in Canada, $5 each outside Canada)
- Overdraft protection: $5 per month
BMO Student Performance Chequing Account
If you’re a full time post-secondary student (or maybe your kid is), the BMO Student Performance Chequing Account comes with unlimited transactions and a few student-specific treats (spoiler: it’s free pizza).
Fees: $17.95 per month (fees waived for students)
Features:
- Unlimited transactions
- Unlimited Interac e-Transfers
- Up to $40 rebate on the annual fee for eligible BMO credit cards*
-
OnGuard®† Identity Theft Protection at no charge
Details:
- 1 Canadian withdrawal included per month (then $2 each in Canada, $5 each outside Canada)
- Overdraft protection: $5 per month
- Get the first accidental fee charged on account reversed
Canadian Defence Community Performance Chequing Account
Made especially for members of the Canadian defence community, the CDCB account offers unlimited transactions and waived fees.
Fees: $17.95 per month (fees waived for CDCB members)
Features:
- Unlimited transactions
- Unlimited Interac e-Transfers
- $40 BMO credit card rebate
- Free OnGuard Identity Theft Protection
Details:
- Five Canadian withdrawals included then $2 each, five international withdrawals included then $5 each in the US, $5 each outside Canada and U.S.
- Overdraft protection: $5 per month
BMO Plus Chequing Account
This is a lower-fee option that still offers a handful of free transactions per month.
Fees: $11.95 per month (fees waived with an account balance of $3,000)
Features:
- 25 transactions per month
- Unlimited Interac e-Transfers
- Free Canadian and US dollar Savings Account
Details:
- Each additional transaction costs $1.25
- Non-BMO ATM withdrawals cost $2 each in Canada, $5 each outside of Canada
- Overdraft protection: $5 per month
- Global money transfers cost $5 each
BMO AIR MILES Chequing Account
The BMO AIR MILES Chequing Account is for the frequent traveller who wants to stack points with their day-to-day banking habits.
Fees: $17.95 per month
Features:
- Unlimited transactions
- Unlimited Interac e-Transfers
- One AIR MILE for every $30 spent using your BMO Debit Card
- Free Canadian and US dollar Savings Account
- Get 25 Bonus Miles each month when you also have a BMO AIR MILES Mastercard or BMO AIR MILES World Elite Mastercard
Details:
- Non-BMO ATM withdrawals cost $2 each in Canada, $5 each outside of Canada
- Overdraft protection: $5 per month
- Global money transfers cost $5 each
BMO Practical Chequing Account
The BMO Practical Chequing Account is a no-frills chequing account for the user who doesn’t need a lot of features or transactions.
Fees: $4 per month
Features:
- 12 transactions per month
- Unlimited Interac e-Transfers
Details:
- Each additional transaction costs $1.25
- Non-BMO ATM withdrawals cost $2 each in Canada, $5 each outside of Canada
- Overdraft protection: $5 per month
- Global money transfers cost $5 each
BMO chequing account fees
Fees for BMO chequing accounts vary. You can sign up for a no-frills chequing account – the BMO Practical Chequing Account – for just $4 per month. You can also pay as much as $30.95 per month for BMO’s Premium Chequing Account, which is jam packed with extras. They also offer a few mid-tier accounts in the $18 range, if you want a mix of affordability and features.
Does BMO offer a free chequing account?
This is a straightforward question with a not-so-straightforward answer. You can get a BMO chequing account for free if you agree to keep a minimum balance (ranging from $3,000 to $6,000, depending on the account).
You can also get a free account if you’re a member of the Canadian defence community, a post-secondary student or a newcomer. It should be noted that the newcomer and student accounts are only free for a limited time (for one year and until one year after graduation, respectively).
Bottom line
BMO accounts can be expensive, but they also offer flexibility. If you’ve got several financial products with the bank, there’s a good reason also to have a chequing account with them. On the other hand, if you’re comfortable keeping a minimum balance in your account, BMO has some great options that can empower you to manage your finances.
However, there are free alternatives that do much of the same thing as even BMO’s most premium account. For example, EQ Bank and Simplii Financial offer free accounts without requiring a minimum balance.
BMO chequing account FAQs
Justin da Rosa
Freelance Writer
Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.
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