BMO Plus Chequing Account review
- Bonus Offer
- Earn $100
- Monthly Account Fee
- $11.95
- Free Transactions
- 25/month
- e-Transfer Fee
- $0
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 October 31, 2024.
-
Free unlimited e-Tranfers
Cons
-
You only get 25/month free
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This account has a monthly fee of $11.95 (however this can be waived if you meet certain conditions)
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You won't earn any interest on the money in your account
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 $17.95 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 $30.95 per month to keep this account active.
Compare with other chequing accounts
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.
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