As one of Canada’s Big Five Banks, the Bank of Montreal (BMO) offers a wide range of chequing accounts for everyday banking. Learn about BMO’s five standard chequing accounts, including key features, fees, rewards and bonus offers, and discover digital alternatives if you want to skip the fees.
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers for $17.95 per month, which you can waive by maintaining a $4,000 minimum daily balance. This account also includes one free non-BMO ATM withdrawal per month in Canada, an annual rebate up to $40 credit card fee rebate and identity theft support at no charge.
Free for certain groups
Unlimited monthly transactions
Up to a $40 credit card fee rebate eligible BMO credit cards
Pay one fee and add up to 20 accounts for free with the Family Bundle
Free global money transfers
High monthly fee of $17.95
You won't earn any interest on the money in your account
The BMO Premium Chequing Account is designed for customers who want high-end banking perks and global flexibility. It comes with unlimited transactions, no BMO fees at non-BMO ATMs around the world and free global money transfers. The $30 monthly fee can be waived with a $6,000 daily minimum balance, and account holders get additional benefits like annual fee rebates of up to $150 on eligible BMO credit cards and up to 20 additional accounts for free with the BMO Family Bundle.
Unlimited monthly transactions
Free personalized and certified cheques
Up to $150 fee rebate on eligible BMO credit cards
$0 monthly overdraft fee
$12 discount on annual safety deposit box fee
No-fee global money transfers
Monthly fee of $30.95
You won't earn any interest on the money in your account
The BMO Practical Chequing Account is a basic, budget-friendly option designed for those who only make occasional transactions. It includes up to 12 free transactions per month and unlimited Interac e-Transfers for a low monthly fee of $4. And, you'll get a 4.60% interest rate if you open a Savings Amplifier Account as well so you can grow your funds.
Unlimited free Interac e-Transfers
No monthly fee for seniors (60+) and RDSP beneficiaries
If you have more moderate banking needs, the BMO Plus Chequing Account may be a better option than the Practical account. It offers a balance between cost and convenience with 25/month free transactions for $11.95 a month, which can be waived if you maintain a minimum daily balance of $3,000. Debit transactions for participating public transit authorities don't count towards your free transaction balance either, so you can ride without eating into your monthly allowance.
Unlimited free Interac e-Transfers
Monthly fee waived with a $3,000+ balance
Free access to BMO's nationwide ATM network
Monthly fee of $11.95
You'll only get a set number of free transactions per month
You won't earn any interest on the money in your account
The BMO AIR MILES Chequing Account combines everyday banking with travel rewards. For a $17.95 monthly fee, you get unlimited transactions, free Interac e-Transfers and free identity theft support. You'll also earn 2x the Miles on eligible grocery and wholesale club purchases and 1 AIR MILE for every $25 spent on eligible debit purchases. You can't waive the monthly fee, but you can earn 50 Bonus Miles if you maintain a minimum daily balance of $4,000.
Unlimited free transactions and Interac e-Transfers
Earn extra Air Miles
Free identity theft support
Combine with a BMO AIR MILES Mastercard for additional Miles
The BMO Performance Chequing Account stands out as the best all-around option for most people. It offers unlimited everyday transactions, free Interac e-Transfers and one free non-BMO ATM withdrawal per month in Canada. You can also waive the $17.95 monthly fee by maintaining a minimum daily balance of $4,000.
With added perks like discounts on BMO credit card annual fees and free identity theft support, the Performance plan is a great balance between value and features. Plus, it’s free for the following groups:
Kids 12 or under
Teens aged 13–18
Canadian Armed Forces members and their families
Full-time students for up to one year after gradutation (maximum 4 years)
People who came to Canada within the last 5 years (fee waived for two years)
Indigenous Peoples (fee waived for one year)
Summary of BMO chequing account promotional offers
Thinking of opening an account with BMO? Explore BMO new account offers and promotions available now, and see how much you could potentially benefit by opening a new BMO account.
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
BMO Premium Plan Chequing Account:Get up to $700 in bonuses. Get a $700 welcome bonus, plus a Walmart Delivery Pass subscription for up to 12 months when you open a Premium Plan Chequing Account and Savings Amplifier Account.* Valid until March 2, 2026. Plus, earn a 4.60% promo rate with a new Savings Amplifier Account. *Terms apply.
BMO Practical Chequing Account: Earn up to a 4.60% promo interest rate when you open a new AIR MILES Chequing Account and Savings Amplifier Account. Valid until November 30, 2025
BMO Plus Chequing Account: Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until March 2, 2026.
BMO AIR MILES Chequing Account: Earn up to a 4.60% promo interest rate when you open a new AIR MILES Chequing Account and Savings Amplifier Account. Valid until January 1, 2026 . Plus, get up to 7,000 AIR MILES Bonus Miles. Valid until January 30, 2026.
BMO chequing account fees
Here are some additional BMO bank fees and miscellaneous charges you should be aware of:
Monthly paper statement: $2.25 per month. Free with the BMO Practical Chequing Account.
Cheque image viewing: Free with all accounts
BMO NSF fee: $48
BMO Global Money Transfer: $5 (waived with the Performance and Premium plans)
Money orders and bank drafts: $9.95 each (free unlimited with the BMO Premium Plan Chequing Account)
Overdraft Protection (subject to approval): $5 per month plus interest (free with the BMO Premium Plan Chequing Account)
Certified cheques: $20 each (free with the BMO Premium Plan Chequing Account)
Does BMO offer a no-fee chequing account?
BMO doesn’t offer a free chequing account, but you can get the monthly fee waived on certain accounts if you maintain a minimum balance or meet other criteria.
For example, the monthly fee for the BMO Performance Chequing Account is waived for kids, teens, students, recent graduates, members of the Canadian Armed Forces (CAF), newcomers to Canada and Indigenous Peoples. Seniors and RDSP beneficiaries get the monthly fee waived on BMO Practical Chequing Accounts.
If you’re not part of any of these groups and the minimum balance requirements are too high for you, check out our full guide to free bank accounts in Canada to find a better option.
Advantages of opening a BMO chequing account
Banking with BMO has plenty of benefits, including:
Free Interac e-Transfers. All BMO chequing accounts include free, unlimited Interac e-Transfers so you can send money quickly and securely without worrying about any extra fees.
Discounts for seniors and RDSP beneficiaries. If you’re a Registered Disability Savings Plan beneficiary or above 60, you can open the BMO Practical Chequing Account for free. All other chequing accounts are available for discounted monthly fees ranging from $7.95–$26.95.
BMO Family Bundle. Family members living in the same household as someone with a BMO Performance Chequing Account or BMO Premium Plan Chequing Account can open up to 20 accounts with no monthly fees and unlimited free transactions. Accounts are private — you can only view accounts in your name.
One-time fee reversal for students. BMO will reverse the first fee accidentally incurred on student plans. This applies to NSF fees, overdraft fees, over-the-limit transaction fees and missed monthly fees.
Free cheque viewing. All account holders can view cheque images online for free.
Pay with mobile wallet. Make secure, contactless payments using Google Pay, Samsung Pay or Apple Pay.
BMO Mobile Banking. Available for Android and iOS, the BMO Mobile Banking app lets you view your BMO account balances, send and receive money, pay bills, deposit cheques, activate credit cards and more.
ATM access. Enjoy free access to over 1,400 BMO ATMs across Canada with any chequing account. To use a non-BMO ATM, BMO will charge you $2 within Canada and $5 abroad, depending on the account you have.
There are some disadvantages of opening a BMO chequing account as well, such as:
No interest. None of BMO’s chequing accounts offer interest, so you’ll have to pair it with a savings account if you want your funds to grow.
Monthly fees. If you’re not part of an eligible group and can’t meet the minimum balance requirements, you’ll have to pay monthly fees ranging from $4–$30.
Requirements to open a BMO chequing account
You can open a BMO account online in less than 10 minutes. The application process is the same for different BMO account types, but you may need to meet extra requirements to qualify for some perks. (For example, students may need to show proof of enrollment to get the monthly fee waived on a BMO Performance Chequing Account.)
Generally, you must meet the following eligibility requirements to open a BMO chequing account:
Age: To open your own BMO chequing account, you must be at least 13 (14 in Quebec). For younger children, parents or guardians can visit a branch to open a kids’ chequing account on their behalf.
Residency: Applicants for all BMO account types must be residents of Canada.
Identification: If you’re applying in person at a BMO branch, bring proof of ID such as a driver’s license, passport or Permanent Resident card. If you’re applying online, BMO will conduct a credit check to verify your identity.
How to open a BMO chequing account
You can open a BMO chequing account online, on the BMO Mobile App, by phone or in person. The digital application is typically the most convenient option, so here are the steps you can follow to open your account online:
Go to BMO’s website and compare your chequing account options.
When you choose one, click Open Account and review BMO’s terms and conditions.
Complete the online application form with details like your full name, birth date, address and employment status.
Consent for BMO to verify your identity with a credit bureau.
Receive your debit card by mail and register for BMO Online Banking.
Alternatives to opening a chequing account with BMO
While Canada’s Big Five banks offer security and convenience with branch access, their chequing accounts typically come with monthly fees and per-transaction charges. If you want to avoid these costs and don’t mind banking entirely online, many digital banks offer no-fee accounts, higher interest rates and unlimited transactions.
The EQ Bank Personal Account is a digital-only banking option that combines the features of a chequing account with high-interest savings. Unlike BMO's chequing accounts, it offers no monthly fees, unlimited transactions and free ATM access nationwide. Account holders can also earn a competitive interest rate of up to 2.75% on their entire balance.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 2.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
The Coast Capital Elevate Chequing Account is designed for individuals seeking premium banking features like unlimited transactions and free Interac e-Transfers for a low fee of $16.95. This fee can't be waived, though, only discounted for seniors, students or those maintaining a minimum daily balance of $4,000. And, you'll need to become a Coast Capital member by purchasing $5 in member equity shares.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada
Free access to Coursera's global learning platform
You'll have to pay $16.95 per month for this account
The Tangerine No-Fee Daily Chequing Account offers a fully digital banking experience with unlimited free transactions and Interac e-Transfers for no monthly fee. While BMO chequing accounts provide branch access, Tangerine customers have free access to over 3,500 Scotiabank ABMs nationwide, so you won't have to manage your finances completely online. Tangerine also offers 0.01%–0.1% interest, which may not seem like a lot, but it's more than BMO offers for its chequing accounts.
The Simplii Financial No-Fee Chequing Account provides unlimited transactions, free Interac e-Transfers and free access to over 3,400 CIBC ATMs nationwide for no monthly fee. You also get free international transfers, like the BMO Premium and Performance accounts, just without the steep monthly fees or minimum balance requirements to waive these fees.
Earn a welcome bonus of up to $300
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
Although Scotiabank is another Big Five bank, not a digital one, the Scotiabank Preferred Package was worth mentioning as it's comparable to the BMO Performance Chequing Account, just $1 cheaper. It offers unlimited debit and Interac e-Transfers for a monthly fee of $16.95, which can be waived by maintaining a daily balance of $4,000. Additional perks include an interest boost on the Momentum Savings Account, preferred GIC rates and rebates up to $150 on eligible credit cards.
Earn a welcome bonus of up to $700
Unlimited everyday banking transactions
Options to waive the monthly fee
First year annual fee rebate on select credit cards
BMO offers five standard chequing accounts to suit any needs, from budget-friendly options like the Practical Chequing Account to feature-rich plans such as the Performance and Premium accounts. While monthly fees apply to most accounts, many can be waived through minimum balances or being part of eligible groups, like the Canadian Armed Forces.
For those looking to avoid fees entirely, digital banks such as EQ Bank, Tangerine and Simplii provide some of the best no-fee chequing accounts with unlimited transactions and free Interac e-Transfers.
BMO chequing account FAQs
You can open any BMO chequing account or savings account as a joint account with up to 4 people. But this cannot be done online. You and every other joint account holder will need to visit a BMO branch in person with a valid ID, such as a driver's licence or passport.
BMO joint account holders can each have their own debit card to make purchases, pay bills and more. Opening a BMO joint account is a great solution if you need to share expenses, split purchases or save for big-ticket items.
To sign up for BMO online banking or begin using the BMO Mobile Banking app, you'll need to register for access using your debit card number. You'll be asked to create a BMO Digital Banking password, which will be needed to log in in the future.
For added security, you can enable 2-factor authentication under Security Settings in your account. This requires anyone logging into your account to answer a challenge question or enter a code sent to your phone.
Yes, members of the Canadian Armed Forces (CAF) can enjoy no monthly fees with the BMO Performance Chequing Accounts plus 5 non-BMO ATM withdrawals per month (instead of 1). CAF members also get discounts and preferred rates on mortgages, personal loans and student funding from BMO.
Additionally, the BMO Support our Troops CashBack Mastercard comes with no annual fees, rewards on every purchase, car rental discounts and more. Every purchase made with this credit card supports Canadian Forces morale and welfare programs.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
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Enjoy 12 free transactions per month for one low monthly fee with this basic chequing account.
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