If you’re in the market for a chequing account with unlimited transactions, the BMO Performance Chequing Account is worth a look.
BMO Performance Chequing Account Review 2023
- Written by
-
Why you can trust us
The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
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 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.
Best Major Bank Chequing Account
BMO Performance Chequing Account
- Monthly Fees $0 or $16.95per month for balance below $4000
- Top Feature Up to $600 opening cash bonus
- e-Transfer Fees $0
- 1 Free additional fees for non-BMO ATM withdrawals, then $2 for TMS in cnada, and $5 for international withdrawls
- $5.00 Global Money Transfer
- $0 Student Plan
- $0 Seniors Plan
- $0 for anyone under age 18
Features of the BMO Performance Chequing Account
Unlimited transactions: The BMO Performance 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 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 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. An OnGuard subscription is included at no additional charge with the Performance Chequing Account and works to monitor the web to scan for identity theft and unauthorized sharing of your personal information.
Annual Credit Card Rebate: The BMO Performance Plan includes an up to $40 rebate on the annual fee for eligible BMO Credit Cards.
Fees for the BMO Performance Chequing Account
The BMO Performance 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.
Additional service fees
ATM fees: The BMO Performance Chequing Account includes unlimited transactions from BMO ATMs, as well as one complimentary 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.
BMO Performance Chequing Account welcome bonus
New customers can take advantage of a welcome bonus when they open a BMO Performance Chequing Account. BMO is offering a $350 welcome bonus, along with an additional $50 bonus if you opt for the Family Bundle, and an additional $200 by opening a Savings Amplifier Account (up to $600).
Customers can also benefit from opening a Savings Amplifier account alongside their Performance Chequing Account. New customers that open both of these accounts will receive a promotional rate of 5.50% on their savings for the first 120 days of opening their Saving Amplifier account.
Pros and cons of the BMO Performance Chequing Account
Pros
Unlimited transactions: Forget about extra fees for going over your transaction limit; the BMO Performance Chequing Account includes unlimited transactions, including withdrawals from BMO ATM machines, online transfers, and all everyday banking needs.
Families save even more: The BMO Family Bundle allows you to add additional accounts for your family members with no extra monthly fees. Every member of your household can have their own chequing account for the same cost as a single account, which can add up to substantial savings each month (especially for those with large families).
Cons
Monthly fees: If you don’t have a minimum balance of $4,000 each month, the BMO Performance Chequing Account costs $16.95 a month. At more than $200 a year, this isn’t the cheapest chequing account option available, but the included perks may be worth it for you.
ATM fees: While the BMO Performance Chequing Account includes unlimited withdrawals from BMO ATM machines, only one transaction from a non-BMO machine is included per month. Additional transactions are $2 each for ATMs in Canada, and $5 each for machines in the U.S. If you often need cash on the go and don’t have BMO machines nearby, those fees can add up quickly.
How to apply for the BMO Performance Chequing Account
You can apply for the BMO Performance 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.
Alternatives to the BMO Performance Chequing Account
| BMO Performance 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 |
Is the BMO Performance Chequing Account right for me?
The BMO Performance 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 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.
Gabriel Sigler
Frequently asked questions
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.
