BMO Performance Chequing Account Review 2024 - NerdWallet Canada (2024)

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BMO Performance Chequing Account pros and cons

BMO Performance Chequing Account full review

The BMO Performance Chequing Account is one of the bank’s most popular chequing accounts. It has a monthly fee of $17.95, but that’s waived if you keep a minimum balance of $4,000 in the account. You’ll enjoy unlimited transactions, Interac e-Transfers are included, and have the potential to earn a generous bonus perks.

Types of chequing accounts available from BMO

BMO has multiple chequing accounts available to consumers. The higher the monthly fee, the more benefits you get. Other BMO chequing accounts include:

• BMO Practical Chequing Account: $4 per month for 12 transactions
• BMO Plus Chequing Account: $11.95 per month for 25 transactions (unless you maintain a minimum balance).
• BMO Premium Chequing Account: $30 per month for unlimited transactions (unless you maintain a minimum balance).

Benefits of BMO Performance Chequing Account

With a monthly fee of $17.95, the BMO Performance Chequing Account provides account holders with unlimited transactions, including Interac e-transfers.

Another enticing aspect is that BMO typically offers a generous welcome bonus in the form of cash, as well as increased interest on savings, if you also open a Savings Amplifier Account. These offers and the qualifying requirements change frequently, but in general, after opening the account and making a deposit, you need to set up and complete two of the following to receive your bonus:

• One recurring direct deposit, such as your paycheque.
• Two bill payments of at least $50 to different billers.
• Two different pre-authorized payments of at least $50 to different billers.

You’ll also get a $40 rebate on the annual fee for some of BMO’s popular credit cards, including the BMO CashBack World Elite Mastercard, BMO Ascend World Elite Mastercard, and the BMO Air Miles World Elite Mastercard.

Drawbacks of BMO Performance Chequing Account

Although the account is comparable to those offered by the other Big Six banks, its monthly fee is arguably the biggest drawback for those who don’t like paying a monthly fee or are unable to meet the minimum balance requirement to get it waived.

Another drawback is the lack of free withdrawals from non-BMO ATMs. You’ll only get one Canadian withdrawal per month for free. Each additional withdrawal will cost you $2, while you’ll be charged $5 per transaction at ATMs outside of Canada.

Account holders also do not get any discounts on other BMO products such as cheques, money orders, safety deposit boxes and foreign exchange fees.

What is BMO?

Montreal Bank was founded on November 3, 1817. Now known as the Bank of Montreal (BMO), it has grown to become the 8th largest bank in North America by assets, with more than 13 million customers globally. BMO services include personal banking, commercial banking, wealth management, according to its website. The Bank of Montreal’s head office is located in Montreal, close to where the first branch was opened.

BMO customer satisfaction ratings

BMO ranks second in customer satisfaction with retail banking advice, according to J.D. Power’s 2023 Canada Retail Banking Advice Satisfaction Study [1], a survey of 2,911 retail bank customers in Canada.

BMO ranks first in online banking satisfaction according to J.D. Power’s 2023 Canada Online Banking Satisfaction Study [2], a survey of 8,242 retail bank and credit card customers nationwide.

BMO had a Trustpilot rating of 1.2 out of 5 possible stars, based on more than 870 customer reviews, as of this writing.

BMO had a Better Business Bureau rating of 1.12 out of 5 possible stars, based on more than 200 customer reviews, as of this writing.

Is BMO reliable and secure?

BMO is a Canada Deposit Insurance Corporation (CDIC) member. CDIC provides insurance on deposits up to $100,000 on eligible accounts. Since the BMO Performance Chequing Account is an eligible account under CDIC, your deposits are insured up to $100,000. In addition, account holders get OnGuard Identity Theft Protection at no extra charge.

BMO Performance Chequing Account details and eligibility

Who qualifies for a BMO Performance Chequing Account?

To open a BMO Performance Chequing Account, you must:

• Be a Canadian resident.
• Have a Canadian address.
• Have a valid Social Insurance Number (SIN).

Who should get a BMO Performance Chequing Account?

For anyone looking for a new account that offers unlimited transactions to accommodate their frequent debit usage and a family bundle to share account privileges with loved ones, the BMO Performance Chequing Account may be a good fit. Apart from the must-haves, BMO’s generous welcome bonus may be something you’d like to consider.

How to know if a BMO Performance Chequing Account is right for you

If you’re comfortable paying the monthly fee or are able to maintain a minimum account balance to waive it off, BMO Performance Chequing Account can cover most of your daily banking needs and more.

How to open a BMO Performance Chequing Account

Method and general steps

Opening a BMO Performance Chequing Account is simple and should only take a few minutes. Follow these steps:

1. Go to bmo.com.
2. On the menu, click on “Bank Accounts.”
3. Under “Chequing Accounts,” select “Performance Account.”
4. Click the “Open Account” button.
5. Sign into your BMO account or create a new account.
6. Enter your personal details.

If you’re uncomfortable with opening an account online, you can set one up at a BMO branch. Although walk-ins are accepted, you may want to book an appointment in advance.

Deposit and withdrawal process

Since the BMO Performance Chequing Account gives you unlimited transactions, you can deposit and withdraw money in a few different ways. You can access your funds by using one of the nearest BMO ATMs in Canada for no fee.

As for deposits, you have multiple options. Cash can be deposited at ATMs and at branches. You can deposit cheques using an ATM, the in-person service at a branch or the mobile app. Note that cheque deposits can have a hold of up to eight business days.

Customer service options

To get in touch with BMO customer service, you can try one of the following methods:

• By phone: Call 1-877-225-5266.
• In branch: Check with your local branch for hours of operation.
• Online via their support tool: Get answers to common questions right away.

How to maximize the benefit of the BMO Performance Chequing Account

To maximize the use of your BMO Performance Chequing Account, you should take advantage of the following benefits and offers:

• Meet the requirements in time for the opening cash bonus.
• Add a Savings Amplifier Account to get the bonus interest for your savings.
• Apply for an eligible BMO credit card to get up to $40 off the annual fee.
• Open your free OnGuard Identity Theft account to protect you from fraud.
• Maintain a minimum balance of $4,000 to get your monthly fee waived.
• Only use BMO ATMs to avoid additional charges.

Alternatives to a BMO Performance Chequing Account

If you’re looking for an account with more perks, you could consider the BMO Premium Chequing Account for a $30 monthly fee, which is waived if you maintain a minimum balance of $6,000. The additional benefits include no-fee money transfers, overdraft protection, up to $150 off the annual fee on eligible BMO credit cards, a safety deposit box discount and more.

Reasons you might want a different chequing account

The BMO Performance Chequing Account has a lot to offer, but it may not be the perfect choice for everyone. Opening an account somewhere else could be beneficial for one of the following reasons:

• You don’t want to maintain a minimum balance. Although meeting the minimum balance requirement will help you avoid the monthly fee, other accounts don’t require a minimum balance to avoid fees.
• You want a credit card that BMO doesn’t offer. Chequing accounts at other banks may offer rebates on credit cards that you’re more interested in.
• You don’t have a BMO location near you. If there’s no BMO branch or ATM near you, you may end up spending a lot on fees to access your cash from non-BMO ATMs.

BMO Performance Chequing Account vs. EQ Bank’s Savings Plus

If you don’t want to be limited by traditional bank account options, a hybrid account, such as EQ Bank’s Savings Plus Account, with an online-only bank could be worth considering.

BMO Performance Chequing Account Facts

What is a chequing account?

A chequing account is a bank account that’s used for day-to-day transactions, such as receiving your paycheque, paying bills and transferring funds. Chequing accounts typically include a set number of transactions per month. Once you exceed that amount, you will pay for each additional transaction. Not all accounts are the same, as each financial institution offers different chequing account options and benefits.

Interest Rates

The BMO Performance Chequing Account does not offer any interest on the money you deposit. If you want to earn interest, you can open a BMO savings account.

Minimum balance

A $4,000 minimum balance is required to waive the monthly fee.

Fees

Monthly fee

BMO Performance Chequing Account’s monthly fee is $17.95. This fee is waived if you maintain a minimum balance of $4,000 throughout the entire month.

Withdrawal fee

There is no transfer fee associated with withdrawing funds from BMO Performance Chequing Account.

Other features and benefits

Account holders get a special bonus on the posted interest rates when purchasing or renewing BMO GICs with a term of one to five years. In addition, global money transfers only cost $5 per transaction, and standard overdraft protection is available for $5 per month.