BMO Performance Chequing Account review
- Bonus Offer
- Earn $450
- Monthly Account Fee
- Free Transactions
- e-Transfer Fee
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers, and a up to $450 welcome bonus (if you meet certain criteria). Just be aware that this account comes with a monthly fee of $16.95, however this can be waived if you maintain a minimum monthly balance of at least $4,000.
Best for: Those looking to earn a generous welcome offer and take advantage of free unlimited transactions and e-Transfers.
Unlimited, free transactions and e-Transfers
Earn up to $450 welcome bonus (if you meet certain criteria)
Get the monthly account fee waived if you maintain a minimum monthly balance of at least $4,000
You can get up to $40 of your BMO credit card annual fee rebated annually
This account has a monthly fee of $16.95
You won't earn any interest on the money in your 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 maintain a minimum monthly balance of at least $4,000.
- Unlimited free transactions. You can carry out as many transactions as you like with the BMO Performance plan 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. Earn $350 with a Performance Chequing Account. Plus, get an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until February 29, 2024. You can also earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
- 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 performance plan from BMO 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 $16.95 to keep this account active unless you hold a balance of maintain a minimum monthly balance of at least $4,000.
- 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 within Canada per month).
BMO Performance Chequing Account‘s ATM network and fees
The BMO Performance Chequing Account comes with a monthly fee of $16.95. 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 maintain a minimum monthly balance of at least $4,000.
One of the main benefits associated with the BMO Performance plan is that you’ll get free unlimited BMO ATM withdrawals. That said, you may 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 account options does BMO offer?
Besides the BMO Performance plan, BMO also 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. You can easily compare features of BMO chequing accounts below.
How do I open a BMO Performance Chequing Account
BMO Performance Chequing Account eligibility requirements
To apply for a BMO Performance Chequing Account, you need to meet the following criteria: Must be 18 or older (or the age of majority), have a SIN and a Canadian address. To qualify for the NewStart Program, you must be a permanent resident or foreign worker who arrived in Canada within the last five years.
Required documents and information
You’ll likely need to provide the following information when signing up for the BMO Performance Chequing Account:
- Your name, residential status and contact information
- Your Social Insurance Number 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 BMO Performance plan 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.
Expert BMO Performance Chequing Account review
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.
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