BMO Premium Plan Chequing Account review
Enjoy unlimited transactions and free ATM withdrawals worldwide when you sign up for this premium chequing account.
The BMO Premium Plan Chequing Account offers a number of exclusive benefits and perks to customers. It comes with unlimited transactions, free Interac e-Transfers, no monthly overdraft fees, unlimited free non-BMO ATM withdrawals, a generous welcome bonus and a credit card rebate worth $150 per year.
Just be aware that you’ll have to pay a fee of $30 per month for this account, though fee waived each month if you keep $6,000 in your account at all times
- Think about this account if you want a number of perks included with your account and you don’t mind paying a monthly fee.
- Choose something else if you don’t think you’ll use the included benefits or you’d prefer to earn interest on the balance you hold in your account.
- There are no minimum income requirements to qualify for this account.
What are the benefits of the BMO Premium Plan Chequing Account?
The BMO Premium Plan Chequing Account may work well for you if you plan to use many of the perks and benefits that come with the account. These include the following:
- Unlimited transactions. Pay bills, make purchases and transfer money in and out of your account as much as you want at no extra charge.
- Free Interac e-Transfers. Send electronic transfers to family and friends without paying a fee every time money leaves your account.
- Unlimited ATM withdrawals. Enjoy unlimited free ATM withdrawals in Canada and overseas with this account (though prepare to pay convenience fees to other banks).
- Welcome bonus. Get a welcome bonus of up to $350 when you sign up for this account online and complete some general banking tasks.
- Monthly fee waiver. $30
- Free bank products. Take advantage of free cheques, money orders and bank drafts included as part of your banking service.
- Credit card fee waiver. Save up to $150 per year on your annual fee when you sign up for the BMO World Elite Mastercard in conjunction with your chequing account.
- Get a preferred US exchange rate. Transfer funds through your BMO US dollar account and get a preferential exchange rate for transfers up to US$5,000
- Use of a safety deposit box. Enjoy a rebate of $12 per year on the cost of renting a safety deposit box.
- Overdraft protection. Protect yourself from non-sufficient funds (NSF) charges on your account if your balance dips below zero with complimentary overdraft protection.
What should I look out for?
You’ll want to be aware of a handful of drawbacks when registering for this chequing account:
- Monthly fee. The monthly fee for this account is $30, which works out to $360 per year.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Extra fee for paper statements. You’ll have to pay a fee of $2 every month if you want to request paper statements instead of electronic.
- Only beneficial if you use all the perks. This account will likely only be worth the money if you plan to take advantage of all of its perks and benefits.
BMO Premium Plan Chequing Account‘s ATM network and fees
You can expect to pay a monthly fee of $30 with the BMO Premium Plan Chequing Account. This adds up to $360 per year, which is a lot to pay for a bank account unless you use all of the benefits. On a positive note, you can also get this fee waived each month if you keep $6,000 in your account at all times
One of the main benefits of the BMO Premium Plan Chequing Account is that it offers unlimited free ATM withdrawals at all ATMs across Canada and worldwide. This means you won’t pay anything on BMO’s end to take money out, even if you make your withdrawal at a non-BMO or international ATM.
What other chequing options does BMO offer?
BMO offers a number of other chequing accounts depending on your preferences. These include the following:
- BMO Practical Chequing Account. This is BMO’s simple and standard account. It comes with 12 free monthly debits and costs only $4 per month to activate. Just be aware that it may not be the best fit if you have complex banking needs.
- BMO Plus Chequing Account. This account offers 25 free transactions per month and unlimited free Interac e-Transfers. It comes with a small welcome bonus and costs $10.95 per month to maintain.
- 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 $15.95 per month.
Compare with other chequing accounts
How do I open a BMO Premium Plan Chequing Account?
To apply for a BMO Premium Plan 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’ll be able to take money out of your account using your debit card at an ATM or by visiting a BMO branch in person. You can also make free transfers between accounts or send money back and forth using unlimited free Interac e-Transfers.
To deposit funds, you can invest a cheque or a lump sum of cash directly at an ATM or branch location. You may also want to transfer money in from an external account to load up your BMO Premium Plan Chequing Account with funds.
The BMO Premium Plan Chequing Account is a high-level chequing account that offers a wide array of perks and benefits. It’s a good fit for customers with a diverse range of banking needs. It comes with free ATM withdrawals, Interac e-Transfers, credit card rebates and other exclusive perks. Just be aware that this account also comes with a monthly fee of $30, which can put a dent in your pocketbook unnecessarily if you don’t plan to use all of its benefits.