BMO Plus Chequing Account review

Our verdict

Our verdict

The BMO Plus Chequing Account is a mid-level account that comes with 25/month free for a monthly fee of $11.95. You'll also get unlimited free Interac e-Transfers and a welcome bonus.

Best for: Those who don't make many transactions a month using their chequing account.

Pros

• Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until October 31, 2023.
• Free unlimited e-Tranfers

Cons

• You only get 25/month free
• This account has a monthly fee of $11.95 (however this can be waived if you meet certain conditions)
• You won't earn any interest on the money in your account

BMO Plus Chequing Account is not currently available on Finder

Have you considered BMO Performance Chequing Account?

Earn $350. Plus, earn an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2023. Plus, earn a 5.25% bonus interest rate when you add a Savings Amplifier Account.

• Earn a $350 bonus
• Get $100 when you add a second family member
• Unlimited free transactions
• $0 Interac e-Transfers
• Monthly fee waived on $4,000+ balances

Learn more

No thanks, compare other chequing accounts options.

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Free Transactions

25/month

Interac e-Transfer Fee

$0

Monthly Account Fee

$11.95

What are the benefits of the BMO Plus Chequing Account?

The BMO Plus Chequing Account is a basic account that gives you 25 transactions per month for a reasonable monthly fee:

• Fee can be waived. If you keep at least $3,000 in your account each month, you can get the monthly fee waived.
• 25 transactions per month. You can use your account to make up to 25/month free.
• Unlimited Interac e-Transfers. You’ll be able to send as many Interac e-Transfers as you want without paying anything extra for this service.
• Welcome bonus. You may be eligible for a cash bonus if you sign up for your account within a specific timeframe and you complete a handful of banking tasks.
• Free BMO ATM withdrawals. You won’t have to pay to withdraw funds from ATMs on the BMO network as long as you stay within your monthly transaction limits.
• 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?

Along with the benefits of the BMO Plus Chequing Account, there are a handful of drawbacks to be mindful of:

• Capped transactions. You’ll only get 25 transactions per month with this account and you’ll be charged $1.25 for every transaction over this limit.
• 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 protect yourself from incurring non-sufficient fund (NSF) fees if you go into the red.
• 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 in Canada, $5 in the U.S. and $2 outside Canada and U.S. to withdraw funds from a non-BMO ATM.

BMO Plus Chequing Account‘s ATM network and fees

You’ll have to pay a monthly fee of $11.95 to get started with a BMO Plus Chequing Account. This may not seem like much but keep in mind that it adds up to $131.40 per year. That’s why you should aim to get your monthly fee waived by keeping $3,000 in your account at all times. You should also avoid going over your monthly limit of 25/month free.

One benefit of this account is that you’ll get free withdrawals on BMO’s network of ATMs (up to your monthly limit of transactions). However, you’ll be required to pay a fee every time you withdraw money on a non-BMO ATM. This fee will be $2 for every domestic withdrawal you make and $5 for international withdrawals.

What other chequing options does BMO offer?

You can take advantage of a number of other BMO chequing accounts if the BMO Plus Chequing Account doesn’t seem like the right fit:

• BMO Practical Chequing Account. This is BMO’s most bare-bones account. It comes with 12 free monthly debits and costs only $4 per month to maintain. Just be aware that it may not work for you if you have complex banking needs.
• BMO Performance Chequing Account. The BMO Performance Chequing Account comes with unlimited free transactions and free Interac e-Transfers. It also comes with a generous welcome bonus and a credit card rebate for $16.95 per month.
• BMO Premium Chequing Account. This account comes with unlimited free transactions, a $350 welcome bonus and a premium credit card fee waiver, among many other benefits. You’ll have to pay $30 per month to keep this account active.

Compare with other chequing accounts

Sort by:

Name	Product	Monthly Account Fee	Free Transactions	e-Transfer Fee	Bonus Offer	Offer
BMO Performance Chequing Account		$16.95 (can be waived)	unlimited	$0	Earn $450	Earn $350. Plus, earn an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2023. Plus, earn a 5.25% bonus interest rate when you add a Savings Amplifier Account.	Go to site More Info	Compare	loading Fetching your data...
Simplii No Fee Chequing Account		$0	unlimited	$0	Earn $400	Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2023.	Go to site More Info	Compare	loading Fetching your data...
Coast Capital Free Chequing, Free Debit, and More Account		$0	unlimited	$1.50	Up to $450	New members can earn 20% cashback on household bills (up to $450). Plus, for every new member, Coast Capital give $150 to the Youth Futures Education Fund to help former youth in government care with their post-secondary living expenses. Conditions apply. Valid until November 30, 2023.	Go to site More Info	Compare	loading Fetching your data...
Neo Money Account		$0	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
Innovation Federal Credit Union No-Fee Chequing Account		$0	unlimited	$0	N/A	Open a No-Fee Bank Account and you could win a $2,500 e-bike. Valid until September 30, 2023	Go to site	Compare	loading Fetching your data...
Scotiabank Ultimate Package		$30.95 (can be waived)	unlimited	$0	Earn $350	Get a welcome bonus of $350. Conditions apply. Valid until October 31, 2023. Plus, earn up to 5.45% interest for 3 months on your MomentumPLUS Savings Account.	Go to site More Info	Compare	loading Fetching your data...
National Bank Modest Chequing Account		$10.95 (can be waived)	30/month	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
National Bank Connected Account		$15.95 (can be waived)	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
BMO Performance Student Chequing Account		$16.95 (can be waived)	unlimited	$0	Earn $100	Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until October 31, 2023.	Go to site More Info	Compare	loading Fetching your data...
BMO Premium Plan Chequing Account		$30 (can be waived)	unlimited	$0	Earn $450	Earn $350 with a Premium Chequing Account. Plus, earn an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2023. Plus, earn a 5.25% bonus interest rate when you add a Savings Amplifier Account.	Go to site More Info	Compare	loading Fetching your data...
National Bank The Minimalist Chequing Account		$3.95 (can be waived)	12/month	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
BMO New to Canada Performance Chequing Account		$16.95 (can be waived)	unlimited	$0	Earn $450	Earn up to a $450 welcome bonus. Valid until October 31, 2023.	Go to site More Info	Compare	loading Fetching your data...
National Bank The Total Chequing Account		$28.95 (can be waived)	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
National Bank Newcomer Bank Account		$0	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
BMO Canadian Defence Community Banking Performance Plan Chequing Account		$0	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...

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How do I open a BMO Plus Chequing Account?

Eligibility requirements

To apply for a BMO Plus 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?

It’s easy to withdraw cash by visiting an ATM or a physical BMO branch in person. You can also transfer money internally to another BMO account or by sending it to an external bank account via an Interac e-Transfer or bank-to-bank transfer. You can deposit funds by transferring money into your account. It’s also possible to cash a cheque or deposit funds at a BMO branch or ATM.

Expert review: BMO Plus Chequing Account

The BMO Plus Chequing Account is a relatively cheap and easy-to-use chequing account on offer from BMO. It gives you 25 free transactions for $11.95 per month. You may also be able to get this fee waived or discounted, depending on your personal and financial situation. This account will likely be a decent fit for customers who don’t intend to use it very often to make debit purchases or other withdrawals.

Frequently asked questions about the BMO Plus Chequing Account

• Why do I need to pay a monthly fee with the BMO Plus Chequing Account?

  Most big banks require you to pay monthly account fees unless you hold a certain balance in your account. They collect these fees to help cover administrative and overhead costs such as staffing their branches and call centres. That said, you may want to check out some of Canada's digital banks if you're in the market for a no-fee account.

• 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 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 Plus Chequing Account online?

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