Updated March 2026 · 10 min read
BMO (Bank of Montreal) is one of Canada's Big 5 banks with a chequing account lineup designed around tiered usage. BMO also has a digital banking arm through BMO IntelliChequing plans. Here's the full breakdown of every BMO personal chequing account in 2026.
Skip BMO's $15.95–$30.95 monthly fees. KOHO is $0/month with unlimited transactions, free e-transfers, and cashback.
Open KOHO Free — Code 45ET55JSYA| Plan | Monthly Fee | Fee Waiver | Transactions | e-Transfer |
|---|---|---|---|---|
| BMO Practical Plan | $6.95 | None | 30 included, $0.65 extra | $1.50 |
| BMO Plus Plan | $11.95 | $3,000 | Unlimited | $1.50 |
| BMO Performance Plan | $15.95 | $4,000 | Unlimited | Free |
| BMO Premium Plan | $30.95 | $6,000 | Unlimited | Free |
| BMO Student Banking | $0 | N/A (full-time students) | Unlimited | Free |
| BMO NewStart Program | $0 (first year) | N/A | Unlimited | Free |
BMO's entry-level account includes 30 transactions per month (one of the more generous lower-tier allowances among Big 5 banks). Each additional transaction costs $0.65. Interac e-transfers cost $1.50. No balance-based fee waiver. At $6.95, it's competitively priced for light users compared to TD ($10.95) or RBC ($10.95) mid-tier plans — but still not free.
Unlimited debit transactions with a $1.50 e-transfer fee. The $11.95 monthly fee is waived with a $3,000 minimum daily balance — one of the lower waiver thresholds among Big 5 unlimited plans. If you can maintain $3,000, you get unlimited banking effectively free.
BMO's most popular all-inclusive everyday account. Unlimited transactions AND free Interac e-transfers. Monthly fee waived with $4,000 minimum daily balance.
BMO's full-service premium bundle includes:
Full-time post-secondary students pay $0 for unlimited BMO banking including free e-transfers. Student status must be verified annually. BMO occasionally offers cash bonuses or student-specific promotions during the September enrollment period.
BMO offers free banking for newcomers to Canada during the first year, regardless of which plan you choose. After year one, fees apply at the standard rate. This program is open to new permanent residents, international students, and temporary foreign workers.
| Fee | Practical | Performance | Premium |
|---|---|---|---|
| Monthly fee | $6.95 | $15.95 (waived $4K) | $30.95 (waived $6K) |
| e-Transfer | $1.50 | Free | Free |
| Non-BMO ATM (Canada) | $2.00 | $2.00 | 3 free/mo |
| NSF fee | $48 | $48 | $48 |
| Bank draft | $9.95 | $9.95 | Free |
| Overdraft protection | $5.00/mo | $5.00/mo | $5.00/mo |
BMO's $4,000 waiver threshold on the Performance Plan is the same as TD and RBC. If you can maintain that balance, BMO's effective cost is $0. For those who can't or won't maintain a high cash balance in chequing, a no-fee digital account like KOHO or EQ Bank saves $191+ per year. See full chequing account comparison →
Same unlimited transactions and free e-transfers as BMO Performance Plan — at no monthly fee. Cashback rewards included.
Open KOHO Free — Code 45ET55JSYA