BMO Bank of Montreal offers a wide range of accounts for everyday banking. Here’s how to compare BMO chequing accounts by fees, features and BMO new account offers, plus detailed instructions on how to open a BMO chequing account online in Canada.
Quick view: Compare BMO chequing accounts by features
Get a $150 digital Visa card from Finder when you become a Finder Member and open a BMO Performance Chequing Account through Finder. T&Cs apply.
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers. Get up to $750 in bonuses. Earn $500 when you open a new BMO Performance Chequing Account, $150 (plus a 4.75% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Plus, get a $50 Walmart Canada eGift Card. Valid until September 30, 2025.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to $750 in bonuses. Earn $500 when you open a new BMO Performance Chequing Account, $150 (plus a 4.75% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Plus, get a $50 Walmart Canada eGift Card. Valid until September 30, 2025.
Monthly fee of $17.95
You won't earn any interest on the money in your account.
Enjoy unlimited free transactions and e-Transfers, and get up to $150 rebate on the annual fee for an eligible BMO credit card Get up to $750. Earn $500 when you open a new BMO Premium Plan Chequing Account, $150 (plus a 4.75% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Plus, get a $50 Walmart Canada eGift Card. Valid until September 30, 2025.
Unlimited monthly transactions
Interac e-Transfers
$150 fee rebate on the BMO Mastercard annual fee
$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.
Pay a low monthly fee of $4 and enjoy unlimited free Interac e-Transfers and 12/month free transactions. Get the monthly fee waived if you're a senior or an RDSP beneficiary.
Unlimited free Interac e-Transfers
No monthly fee for seniors and RDSP beneficiaries
Monthly fee of $4
You'll only get a set number of free transactions per month
You won't earn any interest on the money in your account.
Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until September 30, 2025. Get the monthly account fee waived by maintaining a $3,000+ balance or for teens aged 13-18.
Unlimited free Interac e-Transfers
Monthly fee waived with a $3,000+ balance or for teens aged 13-18
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.
Get unlimited free transactions and Interac e-Transfers. Earn up to a 4.75% promo interest rate when you open a new AIR MILES Chequing Account and Savings Amplifier Account. Valid until July 31, 2025 You’ll collect 25 extra Miles every month if you’re also signed up with a BMO AIR MILES World Elite Mastercard.
Unlimited free transactions and Interac e-Transfers
Earn Air Miles
Monthly fee of $17.95
You'll only get a set number of free transactions per month
You won't earn any interest on the money in your account.
Min. Age
N/A
Account
Fee
$17.95
ATM
Out-of-Network Fee
$2
U.S. ATM
Fee
$3
International
ATM Fee
$5
Extra BMO fees
Here are some 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 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)
Withdrawals from non-BMO ATMs: $2 in Canada and $5 outside of Canada (unlimited $0 global ATM withdrawals with the BMO Premium Plan Chequing Account. 1 free non-BMO withdrawal in Canada per month with the BMO Performance Chequing Account)
BMO new account offers and promotions on now
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.
:Get up to $750 in bonuses. Earn $500 when you open a new BMO Performance Chequing Account, $150 (plus a 4.75% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Plus, get a $50 Walmart Canada eGift Card. Valid until September 30, 2025.
BMO Premium Plan Chequing Account:Get up to $750. Earn $500 when you open a new BMO Premium Plan Chequing Account, $150 (plus a 4.75% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Plus, get a $50 Walmart Canada eGift Card. Valid until September 30, 2025.
BMO Plus Chequing Account: Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until September 30, 2025.
BMO AIR MILES Chequing Account: Earn up to a 4.75% promo interest rate when you open a new AIR MILES Chequing Account and Savings Amplifier Account. Valid until July 31, 2025
BMO Savings Amplifier Account: Earn 4.75% interest when you open both a BMO Performance Chequing Account and a BMO Savings Amplifier Account. Plus, earn up to a $750 opening bonus with the chequing account. Valid until September 30, 2025.
Quick view: BMO business chequing accounts by features
BMO offers several different business bank accounts. Each account is best suited for different types of businesses:
Best for online business banking: BMO eBusiness Plan
Best business account with unlimited Moneris transactions: BMO Business Start Chequing Account
Best for businesses with 35 transactions or less each month: BMO Business Builder 1 Chequing Account
Best for businesses with 70 transactions or less each month: BMO Business Builder 2 Chequing Account
Best for businesses with 120 transactions or less each month: BMO Business Builder 3 Chequing Account
Best for businesses with 160 transactions or less each month: BMO Business Builder 4 Chequing Account
BMO checking accounts come with the following features:
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 or Apple Pay.
BMO Mobile Banking. Available for Android and iOS, the BMO Mobile Banking app lets you view your BMO account balances, send & receive money, pay bills, deposit cheques, activate credit cards and more.
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 a BMO checking account, you need to be at least the age of majority in your province or territory (18 or 19 years old). If you want to open a kids account for someone under the age of 13, you’ll need to visit a branch in person.
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. Learn more about acceptable types of identification here. If you’re applying online, BMO will conduct a credit check to verify your identity.
Required information
To open a BMO account online, you’ll need the following information:
First and last name
Email and phone number
Address
Birth date
Purpose of your account (living expenses, saving, investing etc.)
Employment status, occupation and source of income (employment, family etc.)
Social Insurance Number (SIN) – required, but you can apply in person if you’re not comfortable sharing this online
Country(ies) in which you reside for tax purposes
Consent for BMO to verify your identity with a credit bureau. This may be not be required if you open a BMO chequing account in person at a branch, but you’ll need to bring acceptable ID.
Accounts offered by online and non-traditional banks often come with lower fees. Like the Big Banks, these institutions fall under federal regulation and are typically backed by the CDIC (Canada Deposit Insurance Corporation).
If you’re an active spender and could use a range of features for spending, transferring and saving your money, consider the Scotiabank Ultimate Package or Scotiabank Preferred Package. These accounts come with perks like unlimited free transactions, annual fee rebates on select credit cards, free equity trades with Scotia iTRADE, waived monthly fees for additional accounts and more.
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 valid ID.
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.
BMO does not offer a free chequing account, but you can get the monthly fee on certain accounts waived if you maintain a minimum balance or meet certain criteria. Check out our full guide to free bank accounts in Canada to learn more.
For example, the monthly fee for the BMO Performance Chequing Account is waived for students, recent graduates and members of the Canadian Armed Forces (CAF). Teens aged 13-18 don't have to pay a monthly fee for the BMO Plus Chequing Account. Seniors and RDSP (Registered Disability Savings Plan) beneficiaries get the monthly fee waived on BMO Practical Chequing Accounts.
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 or credit card number. You'll be asked to create a BMO Digital Banking password, which will be needed to login 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 and BMO Support our Troops AIR MILES Mastercard come with no annual fees, rewards on every purchase, car rental discounts and more. Every purchase made with these credit cards supports Canadian Forces morale and welfare programs.
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. See full bio
Stacie's expertise
Stacie has written 304 Finder guides across topics including:
Enjoy 12 free transactions per month for one low monthly fee with this basic chequing account.
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