Are you looking for a chequing account and can’t decide which one to get? BMO Bank of Montreal offers a variety of accounts with different features.
Here’s an overview of BMO Bank of Montreal’s chequing accounts:
The fees for the accounts offered vary between $4 and $30 a month. If you have the required minimum balance in your account, you can get the monthly fee waived for all of the accounts except for the Air Miles account. For the Practical account, seniors—those aged 60 and older—will have their fee waived while students and recent graduates will get the fee waived on the Plus account. Also, students, recent graduates, and seniors can receive a discount on the monthly fee for most of BMO Bank of Montreal’s chequing accounts.
There are also discounts available on the monthly fee for children and teens, newcomers to Canada, beneficiaries of a registered disability savings plan (RDSP), and members of Canada’s defence community (for example, Canadian Armed Forces, RCMP members, Department of National Defence staff) and their families.
The Air Miles chequing account allows you to earn miles in a number of different ways: Earn one mile for every $30 spent using a BMO debit card, earn 50 miles every month with a balance of $4,000 or more, get 100 bonus miles when you set up a direct deposit within 90 days of opening the account, get 20 bonus miles when you set up a pre-authorized payment within the first 90 days of opening the account, and get 25 bonus miles each month when you also have a BMO Air Miles World Mastercard or a BMO Air Miles World Elite Mastercard.
The Premium plan, which is the most expensive, comes with the most perks: A safety deposit box rental discount, no-fee cash withdrawals at more than 1,300 BMO Harris ATMs in nine American states, a preferred exchange rate when buying or selling U.S. cash, and a rebate of up to $150 towards the annual fee of a BMO World Elite Mastercard, BMO Air Miles World Elite Mastercard, or the BMO CashBack World Elite Mastercard.
The bottom line
BMO Bank of Montreal offers a number of chequing accounts, all of which have different features and fees. The accounts are enticing because there are unlimited Interac e-Transfers and the potential to receive a discount on many of the accounts. But if you don’t use all of the features often enough, having an expensive account can be pricey. If you’re trying to find an account that’s right for you, use our chequing account comparison tool.