BMO Premium Plan Chequing Account review

Our verdict

Our verdict

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 pay a monthly accout fee of $30, though the fee is waived each month if you keep at least $6,000 in your account

Best for: Those who have some savings and want more account perks.

Pros

• Earn a welcome bonus of up to $450
• Enjoy unlimited free transactions and e-Transfers
• Unlimited ATM withdrawals globally (although you may incur convenience fee for other banks)
• Access to free banking products
• Overdraft protection

Cons

• This account has a monthly fee of $30, though the fee is waived each month if you keep at least $6,000 in your account
• You won't earn any interest on the money in your account

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Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$30

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BMO Premium Plan Chequing Account

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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. 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.
• Free bank products. Take advantage of free cheques, money orders and bank drafts included as part of your banking service.
• 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 is waived each month if you keep at least $6,000 in your account

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 $11.95 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 $16.95 per month.

Compare with other chequing accounts

Sort by:

Name	Product	Monthly Account Fee	Free Transactions	e-Transfer Fee	Bonus Offer	Offer
Vault Business Banking Account		$0					Go to site	Compare	loading Fetching your data...
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...
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...
Neo Money Account		$0	unlimited	$0	N/A		Go to site More Info	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 Premium Plan Chequing Account?

Eligibility requirements

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.

Expert review

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.

Frequently asked questions about the BMO Premium Plan Chequing Account

• Why do I need to pay a monthly fee for my banking?

  You need to pay a monthly fee for banking because it costs money to facilitate banking services such as transfers, withdrawals and cheque deposits. If you don't want to pay fees, you can likely find many online digital banks that offer these services for free.

• Can I include this BMO Premium Plan Chequing Account with the BMO family bundle?

  You can! The BMO Premium Plan Chequing Account is eligible for BMO's family bundle. This bundle lets you open accounts as a "package deal" with family members to bring down the overall cost of your banking.

• Is my money safe with BMO?

  Yes! BMO is one of Canada's Big Five banks, and it's a member of the Canada Deposit Insurance Corporation. This means any deposit you make will be protected up to $100,000 in the very unlikely event that BMO was ever to become insolvent.

• Can I manage my account through mobile banking?

  You definitely can. All you need to do is download BMO's mobile app on your phone using either Google Play or the Apple store. From there, you can sign up for an online account and manage your transactions on the go.

• Can I apply for the BMO Premium Plan Chequing Account online?

  Yes, you can apply online by visiting BMO's website. You can also visit a branch or call BMO's phone hotline to set up an account.