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BMO Plus Chequing Account review

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BMO Plus Chequing Account
Bonus Offer
Earn $100
Monthly Account Fee
$11.95
Free Transactions
25/month
e-Transfer Fee
$0
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Our verdict

Pay a low monthly fee to enjoy 25 free transactions per month with the basic BMO Plus Chequing Account.

The BMO Plus Chequing Account is a mid-level account that comes with 25/month free for a monthly fee of $11.95. You'll also get unlimited free Interac e-Transfers and a welcome bonus.

Best for: Those who don't make many transactions a month using their chequing account.

Pros

  • Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until July 2, 2024.
  • Free unlimited e-Tranfers

Cons

  • You only get 25/month free
  • This account has a monthly fee of $11.95 (however this can be waived if you meet certain conditions)
  • You won't earn any interest on the money in your account

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until July 2, 2024.

What are the benefits of the BMO Plus Chequing Account?

The BMO Plus Chequing Account is a basic account that gives you 25 transactions per month for a reasonable monthly fee:

  • Fee can be waived. If you keep at least $3,000 in your account each month, you can get the monthly fee waived.
  • 25 transactions per month. You can use your account to make up to 25/month free.
  • Unlimited Interac e-Transfers. You’ll be able to send as many Interac e-Transfers as you want without paying anything extra for this service.
  • Welcome bonus. You may be eligible for a cash bonus if you sign up for your account within a specific timeframe and you complete a handful of banking tasks.
  • Free BMO ATM withdrawals. You won’t have to pay to withdraw funds from ATMs on the BMO network as long as you stay within your monthly transaction limits.
  • Special discounts. You may qualify to get your monthly fees waived or discounted if you’re a youth, student, senior or recent graduate.

What should I look out for?

Along with the benefits of the BMO Plus Chequing Account, there are a handful of drawbacks to be mindful of:

  • Capped transactions. You’ll only get 25 transactions per month with this account and you’ll be charged $1.25 for every transaction over this limit.
  • No interest on savings. You won’t earn interest on the money you hold in your account.
  • Fee for overdraft protection. You’ll have to pay $5 per month to protect yourself from incurring non-sufficient fund (NSF) fees if you go into the red.
  • Fee for paper statement. You’ll pay an additional $2 per month to have a paper statement mailed to you.
  • Non-BMO ATMs cost money. It will cost you in Canada, $5 in the U.S. and $2 outside Canada and U.S. to withdraw funds from a non-BMO ATM.

BMO Plus Chequing Account‘s ATM network and fees

You’ll have to pay a monthly fee of $11.95 to get started with a BMO Plus Chequing Account. This may not seem like much but keep in mind that it adds up to $131.40 per year. That’s why you should aim to get your monthly fee waived by keeping $3,000 in your account at all times. You should also avoid going over your monthly limit of 25/month free.

One benefit of this account is that you’ll get free withdrawals on BMO’s network of ATMs (up to your monthly limit of transactions). However, you’ll be required to pay a fee every time you withdraw money on a non-BMO ATM. This fee will be $2 for every domestic withdrawal you make and $5 for international withdrawals.

What other chequing options does BMO offer?

You can take advantage of a number of other BMO chequing accounts if the BMO Plus Chequing Account doesn’t seem like the right fit:

  • BMO Practical Chequing Account. This is BMO’s most bare-bones account. It comes with 12 free monthly debits and costs only $4 per month to maintain. Just be aware that it may not work for you if you have complex banking needs.
  • 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.
  • BMO Premium Chequing Account. This account comes with unlimited free transactions, a $350 welcome bonus and a premium credit card fee waiver, among many other benefits. You’ll have to pay $30 per month to keep this account active.

Compare with other chequing accounts

1 - 16 of 16
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii No Fee Chequing Account
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, 2024.
Scotiabank Preferred Package
Scotiabank Preferred Package
$16.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until July 31, 2024. Plus, earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
RBC Signature No Limit Banking Account
RBC Signature No Limit Banking Account
$16.95 (can be waived)
unlimited
$0
Get Apple Watch Series 9
Get the new Apple Watch Series 9 when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until June 3, 2024.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
Get $150
Get $150 when you become a new member and open a Free Chequing, Free Debit and More Account. Valid until June 30, 2024.
Scotiabank Basic Bank Account
Scotiabank Basic Bank Account
$3.95
12/month
$0
N/A
EQ Bank Personal Account
EQ Bank Personal Account
$0
unlimited
$0
Earn 4.00% interest
Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
Scotiabank Ultimate Package
Scotiabank Ultimate Package
$30.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until July 31, 2024. Plus, earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
Scotiabank Student Banking Advantage Plan
$0
unlimited
$0
Earn $100
Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
Innovation Federal Credit Union No-Fee Chequing Account
Innovation Federal Credit Union No-Fee Chequing Account
$0
unlimited
$0
Win a spring getaway
Open an account and you could win a $2,500 spring getaway. Valid until June 30, 2024.
Scotiabank Basic Plus Bank Account
Scotiabank Basic Plus Bank Account
$11.95 (can be waived)
25/month
$0
N/A
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy six months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until April 30, 2024.
Neo Money Account
Neo Money Account
$0
unlimited
$0
N/A
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $600
Earn up to a $600 welcome bonus. Valid until February 29, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
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How do I open a BMO Plus Chequing Account?

Eligibility requirements

To apply for a BMO Plus 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?

It’s easy to withdraw cash by visiting an ATM or a physical BMO branch in person. You can also transfer money internally to another BMO account or by sending it to an external bank account via an Interac e-Transfer or bank-to-bank transfer. You can deposit funds by transferring money into your account. It’s also possible to cash a cheque or deposit funds at a BMO branch or ATM.

Expert review: BMO Plus Chequing Account

The BMO Plus Chequing Account is a relatively cheap and easy-to-use chequing account on offer from BMO. It gives you 25 free transactions for $11.95 per month. You may also be able to get this fee waived or discounted, depending on your personal and financial situation. This account will likely be a decent fit for customers who don’t intend to use it very often to make debit purchases or other withdrawals.

Frequently asked questions

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