Updated: April 2025  |  bremo.io financial guides

BMO Chequing Accounts Review 2025

BMO Bank of Montreal is one of Canada's Big 5 banks and offers a range of chequing accounts for personal and business customers. BMO has invested heavily in its digital banking platform and offers strong features across its account lineup. Here's what you need to know about BMO chequing in 2025.

BMO Chequing Account Lineup

BMO Practical Plan — $4.00/month

BMO's most basic account with 10 transactions per month. Minimal features, best for very light users. Fee cannot be waived.

BMO Plus Plan — $10.00/month

Unlimited in-BMO-network transactions and 10 Interac e-Transfers included. Additional e-Transfers charged per use. Fee waived with $3,000 minimum daily balance.

BMO Performance Plan — $16.95/month

Unlimited transactions and unlimited Interac e-Transfers. Fee waived with $4,000 minimum daily balance. BMO's most popular everyday account for moderate to heavy users.

BMO Premium Plan — $30.00/month

BMO's all-inclusive premium account with fee rebates on BMO credit cards, cross-border banking perks, and additional services. Fee waived with $6,000 minimum daily balance.

BMO Features Worth Noting

• BMO SmartProgress: Financial planning and goal-setting tools integrated into the BMO app
• BMO Savings Amplifier: Competitive high-interest savings account available alongside chequing
• BMO NewStart Program: Newcomer banking package with waived fees for 12 months
• ATM network: Strong national coverage

BMO vs Competitors

Account	Monthly Fee	Transactions	Fee Waiver Balance
BMO Performance	$16.95	Unlimited	$4,000
RBC Signature No Limit	$16.95	Unlimited	$4,000
TD Unlimited	$16.95	Unlimited	$4,000
KOHO Free	$0	Unlimited	N/A
Simplii Financial	$0	Unlimited	N/A

Pros and Cons

Pros:

• Good digital banking platform with financial planning tools
• Strong newcomer program
• Competitive Savings Amplifier account
• Full-service banking under one roof

Cons:

• Monthly fees unless minimum balance maintained
• Standard savings rates are low
• Free alternatives match daily banking features at $0

Verdict

BMO is a solid Canadian bank with competitive features at its Performance and Premium tiers. For Canadians who want in-person banking and an all-in-one financial institution, BMO delivers. For fee-free daily banking, KOHO or Simplii Financial are the better choice.