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 account options by features
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 a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
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 a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Monthly fee of $16.95
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 a $600 cash bonus. Earn $350 when you open a new BMO Premium Plan Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
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
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 July 2, 2024. 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. You can earn 1 Mile for every $30 you spend on your card – no matter whether you’re paying bills or shopping at your favourite store. 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 $16.95
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 Interac e-Transfers and other online transactions, accept online payments, and deposit cheques and cash at ATMs. All for a $0 monthly fee.
This account supports 35 transactions per month, including two Interac e-Transfers and unlimited Moneris transactions. You'll need to pay a $22.50 monthly fee, but there's no minimum balance requirement to worry about. The package also includes 25 items deposited per month and $2,500 in cash deposits. Add the BMO Business Builder 1 to your shortlist of account options if you're looking for the best small business bank account in Canada.
35 monthly transactions and unlimited Moneris transactions
This account is perfect for companies doing online and in-branch businesses. It offers 70 transactions per month and no minimum balance required.. However, this plan is only available for those with a BMO Canadian Dollar Business Current Account.
No minimum balance required
Unlimited Moneris Transactions
unlimited online account balances and transaction histories
If your business handles a high volume of transactions, this account is right for you. The BMO Business Builder 3 Chequing Account offers 120 transactions per month and many advanced digital banking solutions. Plus, the monthly fee is waived if you Maintain a balance of at least $35,000
If you're looking for a chequing account that supports a high volumeof transactions, this is it! This account offers 160 monthly transactions and unlimited Moneris transactions. Plus, if you maintain a $80,000 minimum balance, the $120 will be waived.
Monthly fee waiver
160 per month
Only 2 Interac e-Transfers per month
Monthly Account Fee
$120
GIC Available
Yes
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.
BMO Performance Chequing Account
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
The monthly account fee will be waived if you maintain a minimum monthly balance of at least $4,000.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
monthly fee is waived for members of the Canadian Defence Community
BMO Premium Plan Chequing Account
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Premium Plan Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
Monthly account fee waived if you keep a balance of at least $6,000 in your account each month.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$0
Highlights
free overdraft protection
BMO Plus Chequing Account
Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until July 2, 2024.
Monthly fee
$11.95
Waiver
If you keep at least $3,000 in your account each month, you can get the monthly fee waived.
Interest rate
0%
Transactions
25/month
Interac e-transfers
$0
Non-network ATM in Canada
$2
BMO Savings Amplifier Account
Earn 5.50% interest when you open both a BMO Performance Chequing Account and a BMO Savings Amplifier Account. Plus, earn up to a $600 opening bonus with the chequing account. Valid until July 2, 2024.
Interest rate
1.9%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
Benefits of opening a BMO 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.
BMO fees
Here are some BMO bank fees and miscellaneous charges you should be aware of:
Monthly paper statement: $2.00 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 BMO Premium Plan Chequing Account
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. No monthly fee with the BMO Premium Plan Chequing Account.
Withdrawals from non-BMO ATMs: $2 in Canada, $3 in the US, $5 in other countries. 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.
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.
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 a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
Enjoy 12 free transactions per month for one low monthly fee with this basic chequing account.
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