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If you’re in the market for a chequing account with unlimited transactions, the BMO Performance Plan Chequing Account is worth a look.
Along with unlimited everyday transactions (including withdrawals from BMO bank accounts, transfers, and bill payments), you can also save with the BMO Family Bundle, which allows you to add family members to your plan at no extra charge.
Below we’ll take a deep dive into the BMO Performance Plan Chequing Account, as well as compare the account to similar offerings from other banks to help you determine if this account is the right choice for your banking needs.
Unlimited transactions: The BMO Performance Plan Chequing Account includes unlimited everyday banking transactions, which can add up to serious savings each month depending on your banking needs. The transactions covered include free withdrawals from BMO ATM machines, money transfers, bill payments, Interac e-Transfers, and more.
Family Bundle: You can add family members to your BMO Performance Plan Chequing Account at no extra cost. For one monthly account fee, everyone in your home can receive their own chequing account using the BMO Family Bundle. Primary account holders can add up to 20 different accounts for any family member of any age, as long as they live at the same address as the primary account owner. Family members will receive the same chequing account as the lead account owner and receive no-fee banking with unlimited transactions.
OnGuard Identity Theft Protection: Bank worry-free knowing that your personal information is being carefully monitored online by BMO’s OnGuard Identity Theft Protection plan. The plan is included free of charge with the Performance Plan Chequing Account and works to monitor the web to scan for identity theft and unauthorized sharing of your personal information.
The BMO Performance Plan Chequing Account costs $16.95 a month. However, the monthly fee is waived if you maintain a monthly account balance of at least $4,000. The plan covers unlimited everyday transactions, including withdrawals, transfers, and bill payments.
ATM fees: The BMO Performance Plan Chequing Account includes unlimited transactions from BMO ATMs, as well as one free transaction per month from non-BMO machines. Additional transactions from non-BMO machines cost $2 each, or $5 each outside of Canada.
Global Money Transfer fees: These transfers are $5 each and allow you to securely send up to $50,000 to more than 120 countries.
Another option might be checking out an online bank, which typically has lower account fees than traditional banks.
New customers can take advantage of a welcome bonus when they open a BMO Performance Plan Chequing Account. As of May 1st 2023, BMO is offering a $400 welcome bonus when you fund your chequing account and opt for the Family Bundle.
Customers can also benefit from opening a Savings Amplifier account alongside their Performance Plan Chequing Account. New customers that open both of these accounts will receive a promotional rate of 4% on their savings for the first 120 days of opening their Saving Amplifier account.
You can apply for the BMO Performance Plan Chequing Account directly through the BMO website in under 10 minutes. You will need to have your Social Insurance Number (SIN) on hand, as well as provide your Canadian address and personal information. If you prefer, you can also open an account by making an appointment at a BMO branch.
| BMO Performance Plan Chequing Account | Scotiabank Preferred Account | Tangerine Chequing Account | CIBC Smart Account | |
|---|---|---|---|---|
| Monthly Fees | $16.95 ($0 with a $4,000 monthly minimum balance) | $16.95 ($0 with a $4,000 monthly minimum balance) | Free | $6.95 to $16.95, depending on your transaction plan |
| Best Feature | Add accounts for family members with no extra fees. | Earn Scene+ points on each transaction. | Earn up to 0.10% interest. | Save up to 10 cents a litre on gas with Journie Rewards. |
| Minimum Balance | $0, but $4,000 monthly minimum balance required to waive the $16.95 monthly fee | $0, but $4,000 monthly minimum balance required to waive the $16.95 monthly fee | No minimum balance required$0, but $4,000 monthly minimum balance required to waive the $16.95 monthly fee | |
| Monthly Transactions | Unlimited | Unlimited | Unlimited | Unlimited |
The BMO Performance Plan Chequing Account is a solid choice for those looking for a chequing account for their day-to-day banking needs. The monthly charge may be a deterrent to some, but the peace of mind of no longer worrying about going over your monthly transaction limit may be worth the fee.
The BMO Performance Plan Chequing Account is also a great deal for families; the BMO Family Bundle plan allows you to add members of your family to your plan at no extra charge — savings any family will appreciate these days.
If you’re worried you might dip into the negative with your chequing account balance, BMO offers two different options for overdraft protection: Standard Overdraft Protection for a $5 monthly fee, and Occasional Overdraft Protection, which charges a one-time fee of $5 for each transaction that goes into overdraft.
Switching chequing accounts with BMO is simple. Visit your nearest BMO branch or call 1-800-263-2263 to speak with a representative. As an existing customer, you can also switch accounts using your online or mobile banking.
Yes, you can have multiple chequing accounts with BMO. You may want to have a separate account to save for a trip or a large purchase, which is easier to keep track of with a dedicated account for that purpose. You can also open a U.S. Dollar chequing account if you often travel south of the border.
