BMO Chequing Account Fees: A Full Review and Comparison

BMO's chequing account fees are a crucial consideration for anyone looking to open a bank account with the institution.

The monthly fee for a BMO chequing account can range from $4.95 to $14.95, depending on the account type and your banking habits.

Some BMO chequing accounts come with a free initial period, after which the monthly fee kicks in.

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The BMO Performance Chequing Account has a monthly fee of $17.95, which is waived if you maintain a minimum balance of $4,000 throughout the entire month.

You don't need to worry about a transfer fee when withdrawing funds from your account, as there is no fee associated with this action.

Maintaining a $4,000 minimum balance in your BMO bank account can help you avoid paying the $17.95 monthly fee, making it a worthwhile consideration if you're trying to save some cash.

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The monthly fee for a BMO Performance Chequing Account is $17.95, which is waived if you maintain a minimum balance of $4,000 throughout the entire month.

You can avoid paying the monthly fee by holding a $4,000 minimum balance in your BMO bank account at all times.

The BMO Premium Chequing Account has a monthly fee of $30.95, but it's waived if you maintain a minimum balance of $6,000.

Maintaining a minimum balance can save you money on monthly fees, which is a great incentive to keep your account in good standing.

The monthly fee for the BMO Performance Chequing Account is not the only option, as the BMO Premium Chequing Account offers additional benefits for a higher monthly fee.

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The withdrawal fee is a concern for many account holders. There is no transfer fee associated with withdrawing funds from the BMO Performance Chequing Account.

You can avoid the monthly fee on the BMO Performance Chequing Account if you maintain a minimum balance of $4,000 throughout the entire month.

The monthly fee for this account is $17.95, which is a significant amount to pay every month.

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There is no transfer fee associated with withdrawing funds from the BMO Performance Chequing Account, making it a convenient option.

To avoid the monthly fee, it's essential to keep a minimum balance of $4,000 in your BMO bank account at all times.

This minimum balance requirement is a crucial factor to consider when deciding whether to opt for this account.

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To open a BMO chequing account with no monthly fee, you'll need to maintain a minimum balance of $6,000.

If you're unable to meet this minimum, you can consider other options, such as the BMO Premium Chequing Account, which requires a $4,000 minimum balance to waive the monthly fee.

The BMO Premium Chequing Account charges a monthly fee of $30.95, which can be waived if you maintain the required minimum balance.

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If you're considering a BMO chequing account, it's essential to choose the right one for your needs. There are several options to consider.

The BMO Performance Chequing Account is the best choice for those who want no-fee transactions. This account offers a great value for those who don't want to pay extra for their everyday banking.

If you're an active spender, the BMO Premium Plan Chequing Account is the way to go. It's designed for those who need a lot of transactions without incurring extra fees.

For basic banking needs, the BMO Practical Chequing Account is a solid choice. It's a great option for those who just need a simple chequing account.

If you're a teen, the BMO Plus Chequing Account is a great option. It's designed specifically for teens and offers a range of features to help them manage their finances.

If you're looking to earn Air Miles rewards, the BMO AIR MILES Chequing Account is the best choice. This account rewards you with Air Miles for every purchase you make.

Here's a quick summary of the BMO chequing account options:

There are also several business chequing account options available, each with its own set of features and benefits. For example, the BMO eBusiness Plan is the best option for online business banking.

If you're a business owner, you'll want to consider the following options:

The BMO Premium Plan Chequing Account comes with a monthly fee of $30.95. You won't earn any interest on the money in your account.

There are some perks to this account, though - you'll get unlimited monthly transactions, Interac e-Transfers, and a $150 fee rebate on the BMO Mastercard annual fee. You'll also get a $0 monthly overdraft fee and a $12 discount on the annual safety deposit box fee.

If you're looking for a more basic option, the monthly fee for the other BMO Chequing Account is $11.95. However, you'll only get a set number of free transactions per month, and you won't earn any interest on the money in your account.

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Let's take a closer look at the types of chequing accounts available. BMO offers a range of options to suit different needs.

The BMO Practical Chequing Account is a great starting point, costing just $4 per month for 12 transactions.

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For those who need more flexibility, the BMO Plus Chequing Account offers 25 transactions per month for $11.95, provided you maintain a minimum balance.

If you want unlimited transactions, the BMO Premium Chequing Account is the way to go, but be prepared to pay $30.95 per month, unless you meet the minimum balance requirement.

Here's a quick summary of the options:

The Premium Plan is a great option for those who want more benefits from their chequing account. It comes with unlimited monthly transactions, which is a big plus for people who like to write checks or transfer money frequently.

With the Premium Plan, you'll also get Interac e-Transfers, which allow you to send and receive money easily online. This is a convenient feature that can save you time and effort.

One of the best perks of the Premium Plan is the $150 fee rebate on the BMO Mastercard annual fee. This can be a huge savings for people who use their credit cards regularly.

You won't have to worry about overdraft fees with the Premium Plan, as they're waived. This can be a big relief for people who sometimes accidentally overdraw their accounts.

The Premium Plan also comes with a $12 discount on the annual safety deposit box fee, which can be a nice bonus for people who need to store valuable items.

Here are the key features of the Premium Plan:

The monthly fee for the Premium Plan is $30.95, which is waived if you maintain a minimum balance.

The BMO Performance Chequing Account offers a generous welcome bonus, which can be a great incentive to open an account. You can receive a cash bonus after opening the account, making a deposit, and setting up two of the following: a recurring direct deposit, two bill payments, or two pre-authorized payments.

One of the key benefits of this account is the unlimited transactions, including Interac e-transfers, which is a huge plus for those who like to stay on top of their finances. You can also earn increased interest on your savings if you open a Savings Amplifier Account.

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The BMO Family Bundle is a great feature that allows family members living in the same household to open up to 20 accounts with no monthly fees and unlimited free transactions. This can be a huge cost-saver for families who need multiple accounts.

To maximize the benefits of this account, you should meet the requirements in time for the opening cash bonus, add a Savings Amplifier Account to get the bonus interest, and apply for an eligible BMO credit card to get up to $40 off the annual fee. You should also maintain a minimum balance of $4,000 to get your monthly fee waived.

Here are some of the key benefits of the BMO Performance Chequing Account:

The account also comes with a one-time fee reversal for students, free cheque viewing, and the ability to pay with mobile wallet. Additionally, you can use the BMO Mobile Banking app to view your account balances, send and receive money, pay bills, and more.

The BMO Performance Chequing Account has some drawbacks that might make you think twice. The monthly fee is a big one, and if you can't meet the minimum balance requirement, you'll have to pay it.

Another drawback is the lack of free withdrawals from non-BMO ATMs. You'll only get one Canadian withdrawal per month for free, and each additional withdrawal will cost you $2.

Account holders also don't get any discounts on other BMO products, such as cheques, money orders, safety deposit boxes, and foreign exchange fees.

If you're looking for more perks, you could consider the BMO Premium Chequing Account, which has a $30.95 monthly fee that's waived if you maintain a minimum balance of $6,000. This account offers benefits like no-fee money transfers, overdraft protection, and more.

To give you a quick rundown of the BMO Performance Chequing Account's drawbacks, here are the key points:

The BMO Performance Chequing Account has some drawbacks to consider.

The monthly fee of $17.95 is a significant drawback, especially for those who can't meet the minimum balance requirement to get it waived.

If you don't maintain a $4,000 minimum balance, you'll be stuck paying that monthly fee.

You'll also pay $2 for each additional Canadian withdrawal from non-BMO ATMs, and $5 for transactions at ATMs outside of Canada.

Here are some key drawbacks to keep in mind:

If you're looking for an account with more perks, consider the BMO Premium Chequing Account for a $30.95 monthly fee, which is waived if you maintain a minimum balance of $6,000.

The additional benefits of the BMO Premium Chequing Account include no-fee money transfers and overdraft protection.

The BMO Performance Chequing Account has a monthly fee of $17.95, but it's waived if you keep a minimum balance of $4,000 in the account.

If you're looking for a chequing account with no monthly fee, consider the EQ Bank's Savings Plus Account, which has no monthly fee and earns interest on the balance.

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Here are the key differences between the BMO Performance Chequing Account and EQ Bank's Savings Plus Account:

The BMO Performance Chequing Account offers unlimited transactions, but if you want to earn interest on your money, you'll need to open a separate BMO savings account.

The BMO Performance Chequing Account and EQ Bank's Savings Plus Account are two different options for managing your everyday finances. The EQ Bank's Savings Plus Account is a hybrid chequing and savings account that earns interest on your balance.

One key difference between the two accounts is the interest rate. The EQ Bank's Savings Plus Account offers a 3.50% interest rate, while the BMO Performance Chequing Account does not offer any interest on deposited funds.

Another important consideration is the monthly fee. The BMO Performance Chequing Account has a monthly fee of $17.95, which can be waived if you have a minimum balance of $4000. In contrast, the EQ Bank's Savings Plus Account has no monthly fee.

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If you want to earn interest on your money, the EQ Bank's Savings Plus Account is a clear winner. But if you prioritize having a wide range of banking options, the BMO Performance Chequing Account may be a better fit, as it offers online, ATM, phone, and branch banking.

Here's a quick summary of the key differences between the two accounts:

The BMO Performance Chequing Account is a solid choice for those who want to avoid monthly fees.

If you can keep a minimum balance of $4,000 in the account, your monthly fee of $17.95 will be waived.

You'll enjoy unlimited transactions, which is a huge plus for frequent shoppers or bill payers.

Interac e-Transfers are included with this account, making it easy to send and receive money.

The account also has the potential to earn a generous bonus, although the details of this perk aren't specified.