BMO Performance Chequing Account review
Enjoy a generous welcome bonus and get unlimited free transactions with this affordable chequing account.
The BMO Performance Chequing Account is one of BMO’s most popular chequing accounts. It offers unlimited transactions and a $350 welcome bonus when you sign up (if you meet certain criteria)You’ll also get unlimited free Interac e-Transfers and free withdrawals from BMO ATMs. You’ll get a rebate of $40 on the annual fee that’s associated with your BMO Mastercard when you sign up for this account. Just be aware that this account comes with a monthly fee of $15.95 for most customers.
- Think about this account if you want unlimited free transactions and a generous welcome bonus.
- Choose something else if you don’t use your bank account very often or you’d rather not pay a monthly fee.
- There are no minimum income requirements to qualify for this account.
What are the benefits of the BMO Performance Chequing Account?
The BMO Performance Chequing Account is a mid-level account that offers a number of benefits. These include the following:
- Monthly fee can be waived. You may be eligible to get the monthly fee for this account waived if you keep $4,000 in your account at all times.
- Unlimited free transactions. You can carry out as many transactions as you like without limit, including bill payments, debit purchases and ATM withdrawals.
- Free Interac e-Transfers. You’ll be able to send money to family and friends at no extra charge with unlimited free Interac e-Transfers.
- Welcome bonus. You may be able to qualify for $350 cash if you open your account online and sign up for recurring deposits and bill payments.
- Eligible for a family bundle. Your family members won’t have to pay if they open a BMO Performance Chequing Account under the umbrella of your account.
- Annual credit card rebate. You’ll get a rebate of $40 on the annual fee that’s associated with your BMO Mastercard when you sign up for this account.
- Special discounts. You may qualify to get your monthly fees waived or discounted if you’re a youth, student, senior or recent graduate.
What should I look out for?
While this account comes with a number of benefits, there are also a couple of drawbacks you should keep in mind before signing up:
- Monthly fee. You’ll have to pay a monthly fee of $15.95 to keep this account active unless you hold a balance of $4,000 in your account at all times.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Fee for overdraft protection. You’ll have to pay $5 per month to get overdraft protection if you dip into a negative balance.
- Fee for paper statement. You’ll pay an additional $2 per month to have a paper statement mailed to you.
- Non-BMO ATMs cost money. It will cost you an extra fee to take money out at non-BMO ATMs (though you’ll get one free non-BMO withdrawal per month).
BMO Performance Chequing Account‘s ATM network and fees
The BMO Performance Chequing Account comes with a monthly fee of $15.95. This works out to $191.40 per year if you do the math, which is a lot to pay for a bank account. That said, you may be able to get a discounted rate for being in a certain demographic. You may also be eligible to get your monthly fee waived if you keep over $4,000 in your account at all times.
One of the main benefits associated with this account is that you’ll get free unlimited BMO ATM withdrawals. That said, you’ll have to pay a fee to withdraw money using a non-BMO ATM. This is why you should be careful about where you take money out to avoid having to pay extra fees for domestic and international withdrawals.
What other chequing options does BMO offer?
BMO has several chequing accounts to choose from so it should be easy to find a good match based on the exact specifications you’re looking for:
- BMO Practical Chequing Account. This simple and inexpensive account comes with 12 free transactions per month. It costs $4 to maintain, and will only be a good fit if you don’t use your chequing account on a day-to-day basis.
- BMO Plus Chequing Account. The BMO Plus Chequing Account comes with a price tag of $10.95 per month. It offers 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 Performance Chequing Account. It costs $30 per month and comes with unlimited free transactions, a sizable welcome bonus and a premium credit card fee waiver.
Compare with other chequing accounts
How do I open a BMO Performance Chequing Account
To apply for a BMO Performance 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?
You can easily take money out of your account at an ATM or by visiting a branch in person. It’s also possible to transfer money out of your account using an internal BMO transfer, or by sending money to an external bank account.
To deposit funds, all you need to do is cash a cheque or deposit cash at an ATM or in a branch. You can also set up a direct deposit from your payroll or send a transfer in from a BMO account or an external bank account.
The BMO Performance Chequing Account offers unlimited transactions and top-tier benefits for a reasonable monthly fee. These benefits include free Interac e-Transfers, a decent annual credit card rebate and a generous welcome bonus. This account might work well for you if you make a significant number of withdrawals each month and you’d like to pay a reasonable fee.