BMO AIR MILES Chequing Account Review

Our verdict

Our verdict

The BMO AIR MILES Chequing Account can be a handy chequing account if you're an avid collector of Air Miles. While it does come with unlimited free transactions and e-Transfers, you'll only earn 1 Air Mile for every $30 you spend. It also comes with a monthly account fee of $16.95, which can't be waived.

Best for: Those who collect Air Miles and want to take advantage of collecting with a chequing account.

Pros

• Free transactions and e-Transfers
• Earn Air Miles while you spend
• Pair it with the BMO Air Miles World Elite Mastercard to earn bonus Air Miles

Cons

• You'll pay a monthly account fee of $16.95
• You'll only 1 Air Mile for every $30 you spend

BMO AIR MILES Chequing Account is not currently available on Finder

Have you considered BMO Performance Chequing Account?

Earn $350. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 3, 2023. Plus, earn a 4% bonus interest rate when you add a Savings Amplifier Account.

• Earn a $350 bonus
• Get $50 when you add a second member
• Unlimited free transactions
• $0 Interac e-Transfers
• Monthly fee waived on $4,000+ balances

Learn more

No thanks, compare other chequing accounts options.

Learn more

Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$16.95

What are the benefits of the BMO AIR MILES Chequing Account?

The BMO AIR MILES Chequing Account is a loyalty account that’s designed to help you increase your rewards. It offers the following benefits:

• Unlimited free transactions. You can carry out as many transactions as you’d like each month for no extra charge.
• Free Interac e-Transfers. It’s easy and free to send money to family and friends with unlimited complimentary Interac e-Transfers.
• Earn Miles for purchases. You can earn 1 Mile for every $30 you spend on your card – no matter whether you’re paying bills or shopping at your favourite store.
• Monthly bonus miles. You’ll collect 25 extra Miles every month if you’re also signed up with a BMO AIR MILES World Elite Mastercard.
• Special discounts. You may qualify to get your monthly fees discounted if you’re a senior.

What should I look out for?

While this account comes with a handful of benefits, it also has a few drawbacks:

• Monthly fee. You’ll have to pay a monthly fee of $16.95 to keep this account active, and there are no monthly fee waivers for keeping a minimum balance in your account.
• No interest on savings. You won’t earn interest on the money you hold in your account.
• Fee for overdraft protection. You’ll be required to pay a monthly fee to get overdraft protection (which comes free with more premium accounts).
• Non-BMO ATMs cost money. It will cost you an extra fee to take money out at non-BMO ATMs.
• No welcome bonus. Unlike other BMO chequing accounts, this account doesn’t come with a welcome bonus when you sign up.
• Limited benefits. You won’t get any extra benefits such as identity theft protection or credit card fee waivers with this account.

BMO AIR MILES Chequing Account‘s ATM network and fees

The BMO AIR MILES Chequing Account has a monthly price tag of $16.95. This works out to $191.40 per year, which is a lot to pay for a bank account. That said, it could be worth the cost if you want to earn extra Miles by spending money on your debit card each month. You’ll also get bonus Miles if you pair your debit with the premium BMO AIR MILES World Elite Mastercard.

Like most other BMO chequing accounts, the BMO AIR MILES Chequing Account comes with unlimited free BMO ATM withdrawals. Just be prepared to pay a fee of $2 for every transaction you make on a non-BMO ATM in Canada. You’ll also have to pay a $5 fee every time you use a non-BMO ATM abroad.

What other chequing options does BMO offer?

BMO has plenty of chequing accounts to choose from depending on what you’re looking for:

• BMO Practical Chequing Account. This a bare bones account that comes with 12 free transactions per month. It may be a good fit for you if you don’t have complex banking needs and you’d like to pay a low monthly fee.
• BMO Plus Chequing Account. The BMO Plus Chequing Account comes with a price tag of $11.95 per month. This account comes with a generous welcome bonus, unlimited free Interac e-Transfers and 25 free transactions each month.
• BMO Premium Chequing Account. This account is a step up from the BMO AIR MILES Chequing Account. It costs $30 per month and comes with unlimited free transactions, a $350 welcome bonus and a premium credit card fee waiver worth up to $150 per year.

Compare with other chequing accounts

BMO Performance Chequing Account

Go to site

---

Monthly Account Fee

$16.95

---

Free Transactions

unlimited

---

e-Transfer Fee

$0

Coast Capital Free Chequing, Free Debit, and More Account

Go to site

---

Monthly Account Fee

$0

---

Free Transactions

unlimited

---

e-Transfer Fee

$1.50

Simplii No Fee Chequing Account

Go to site

---

Monthly Account Fee

$0

---

Free Transactions

unlimited

---

e-Transfer Fee

$0

How do I open a BMO AIR MILES Chequing Account?

Eligibility requirements

To apply for a BMO AIR MILES Chequing Account, you need to meet the following criteria:

• Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
• Be opening a sole account in your name

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number (optional) and date of birth
• Your email address and phone number

How do I deposit or withdraw my money?

This account works just like any other chequing account from a Big Five bank. You can deposit or withdraw money by visiting an ATM or a BMO branch in person. You can also send unlimited Interac e-Transfers to and from your account as needed.

Internal transfers between your BMO accounts will also let you move your money around for free. It’s also possible to organize a bank-to-bank transfer if you want to send funds to an external bank account.

Expert review

The BMO AIR MILES Chequing Account lets you earn Miles while you shop and offers unlimited transactions. You’ll also get free Interac e-Transfers and you can earn bonus Miles if you’re signed up for a premium BMO AIR MILES credit card. This account may be a good fit for you if you’re already an AIR MILES member, and you’d prefer to earn Miles over receiving other types of benefits with your account.

Frequently asked questions about the BMO AIR MILES Chequing Account

• How much will I have to pay for this account per month?

  This account costs $16.95 per month to maintain – which is a mid-level price. The downside is that unlike many other BMO chequing accounts, you won't be able to get this fee waived if you keep a certain amount of money in your account. However, you may be able to get a discount on your monthly fee if you're over the age of 60.

• How many Miles will I earn with this account?

  You'll earn 1 Mile for every $30 you spend from your account. This money can be spent on transactions such as debit card purchases, bill payments and automatic debits. You'll also earn bonus Miles every month if you're signed up for the BMO AIR MILES World Mastercard or the BMO AIR MILES World Elite Mastercard.

• Can I include this account with the BMO family bundle?

  Unfortunately, no. The BMO AIR MILES Chequing Account isn't eligible for BMO's family bundle. This means you won't be able to open your BMO AIR MILES chequing account as a "package deal" with family members to bring down the overall cost of your banking.

• How is my money protected with BMO?

  BMO has mechanisms in place to safeguard your personal and financial information. It's also a member of the Canada Deposit Insurance Corporation. This means that any money you put into your account will be protected up to $100,000 in the unlikely event that BMO goes bankrupt.

• Can I apply for the BMO AIR MILES Chequing Account online?

  Yes, you can apply by visiting BMO's website, calling its service desk or visiting a branch in person to sign up for an account.