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.
| Chequing account | Monthly fee | Minimum balance for fee waiver | Free monthly transactions | Interac e-Transfers | ATM fees |
|---|---|---|---|---|---|
| BMO Performance Chequing Account | $0 or $17.95 | $4,000 | unlimited | Free | For non-BMO ATMs:
|
| BMO Premium Chequing Account | $0 or $30.95 | $6,000 | unlimited | Free | No BMO fee for any ATM worldwide |
| BMO Practical Chequing Account | $4 | N/A | 12/month ($1.25 thereafter) | Free | For non-BMO ATMs:
|
| BMO Plus Chequing Account | $0 or $12.95 | $3,000 | 25/month ($1.25 thereafter) | Free | For non-BMO ATMs:
|
| Monthly Account Fee | $17.95 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn up to $1,100 |
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| Monthly Account Fee | $30.95 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn up to $1,100 |
| Monthly Account Fee | $4 |
|---|---|
| Free Transactions | 12/month |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | |
| Bonus Offer | Earn up to $150 |
| Monthly Account Fee | $12.95 |
|---|---|
| Free Transactions | 25/month |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | |
| NSF Fee | $5 |
| Bonus Offer | N/A |
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:
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.
Here are some additional BMO bank fees and miscellaneous charges you should be aware of:
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.
Banking with BMO has plenty of benefits, including:
There are some disadvantages of opening a BMO chequing account as well, such as:
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:
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:
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.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $0 |
| Foreign Transaction Fee | 0% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn 3.00% |
| Monthly Account Fee | $16.95 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Foreign Transaction Fee | 2% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn up to $600 |
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $10 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn $250 |
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | Unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $10 |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn $350 |
| Monthly Account Fee | $16.95 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $2 |
| NSF Fee | $10 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn up to $1,000 |
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.
Make easy payments in person and online with this hybrid debit card from BMO.
Get unlimited transactions and a generous welcome bonus when you sign up for this mid-level chequing account.
Enjoy unlimited transactions and a number of exclusive perks when you sign up for this premium chequing account.
Enjoy 25 free transactions per month and pay a low monthly fee for this basic chequing account.
Enjoy 12 free transactions per month for one low monthly fee with this basic chequing account.
