Canadian bank product guide
BMO Bank of Montreal accounts can fit Canadians who want branch access, digital banking, chequing choices, savings options, family banking benefits, credit-card fee rebates, or a broader Bank of Montreal relationship.
Quick answer
For most people comparing Bank of Montreal accounts, the main decision is whether a BMO monthly chequing fee is justified by transaction limits, balance-waiver options, credit-card rebates, branch access, and rewards-linked banking benefits.
Planning note: fees, rates, offers, eligibility, account features, and card benefits can change. This page was reviewed on 2026-07-14. Verify current terms on official BMO pages before applying. CanadianBankNews is not affiliated with BMO Bank of Montreal.
Products and fees
| Product | Fee or cost note | Advantages | Watch-outs | Official source |
|---|---|---|---|---|
BMO Practical Chequing Lowest-fee chequing | $4.00 per month according to BMO's chequing comparison page. | Can fit light banking needs because BMO positions it as the lowest-fee chequing plan, with a limited number of monthly transactions. | The transaction limit can be too restrictive for households that use debit frequently. | Verify -> |
BMO Plus Chequing Budget-friendly chequing | $12.95 per month, or $0 with a minimum $3,000 daily balance according to BMO. | A middle option for users who need more included transactions than the Practical plan without moving to premium banking. | The fee waiver depends on maintaining the required daily balance. | Verify -> |
BMO Performance Chequing Unlimited everyday chequing | $17.95 per month, or $0 with a minimum $4,000 daily balance according to BMO. | BMO lists unlimited transactions, Family Bundle benefits, an eligible credit-card annual-fee rebate up to $40, and OnGuard Identity Theft Protection. | It is most useful if you will actually use the unlimited transactions, rebate, or family banking features. | Verify -> |
BMO Premium Chequing Premium chequing | $30.95 per month, or $0 with a minimum $6,000 daily balance according to BMO. | BMO positions it as the plan with the most benefits, including unlimited transactions and a larger eligible credit-card fee rebate. | The fee is high unless the premium features, balance waiver, and card rebate are worth it for your household. | Verify -> |
BMO savings accounts Savings | Monthly fees, transaction fees, rates, and bonus rules vary by account. | BMO lists Premium Rate Savings, Savings Amplifier, U.S. Dollar Premium Rate Savings, and Savings Builder options for different savings needs. | Compare current interest rates, withdrawal fees, bonus conditions, and whether a no-fee digital bank pays more. | Verify -> |
BMO accounts can make sense for Canadians who want a major-bank branch network, in-person support, a BMO Mastercard or Visa relationship, family banking features, or a single bank for chequing, savings, mortgage, and investing.
If your search is mainly for the lowest monthly fee, compare BMO against no-fee digital banks, credit unions, and student or newcomer offers. The best Bank of Montreal account is the one where the fee, waiver balance, and included features match how you actually bank.
BMO is a serious contender in Canadian bank loyalty because it combines BMO credit cards, cash back, Blue Rewards, chequing bundles, and mortgage/investment relationships. In our editorial ranking, RBC remains No. 1 overall for broad Avion flexibility, but BMO can be a better fit for users who want simple cash back, Mastercard options, or a Bank of Montreal relationship.
Mortgage planning
If your BMO product decision is connected to a home purchase, renewal, refinance, or debt consolidation plan, test the numbers first. CanadianBankNews can help you compare affordability, fixed versus variable assumptions, payment changes, and debt-service comfort before speaking with a lender.
Yes. BMO is the common brand name for Bank of Montreal. People also search for Bank of Montreal accounts, BMO bank Canada, and bank BMO Canada when looking for the same institution.
Practical Chequing can fit light users, Plus Chequing can fit moderate users, Performance Chequing can fit everyday users who want unlimited transactions, and Premium Chequing is for households that use premium benefits or maintain a larger balance.