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    • BMO Premium Plan Chequing Account Review

    The BMO Premium Plan chequing account presents an attractive option for individuals seeking an all-encompassing banking experience. Priced at $30 per month, this plan offers an array of features, including unlimited transactions, no-fee global money transfers, and a potential rebate of up to $150 on eligible credit cards’ annual fees.

    Key Highlights:

    • Comprehensive Features: The BMO Premium Plan is BMO’s most feature-rich chequing account, providing users with a range of benefits.
    • Monthly Fee Waiver: The $30 monthly fee can be waived by maintaining a minimum balance of $6,000 in the primary chequing account.

    BMO Premium Plan Features:

    1. Unlimited Transactions: Users can conduct unlimited transactions, including debit purchases, transfers, and bill payments, without incurring additional fees.
    2. Global ATM Access: Non-BMO ATM withdrawals worldwide are fee-free, eliminating the typical $2 or $5 charges.
    3. Free Global Money Transfers: The account allows free wire transfers to over 50 countries in different currencies, saving users from the standard $5 BMO transaction fee.
    4. Waived Overdraft Protection Fee: Overdraft protection is included without an extra $5 monthly charge, though overdraft interest rates still apply.
    5. Credit Card Rebates: Users can receive rebates on eligible credit cards’ annual fees, with a $150 rebate for the BMO Ascend World Elite Mastercard and $120 for other specified cards.
    6. OnGuard Identity Theft Protection: The Premium Plan includes the OnGuard Identity Theft Protection program, offering users peace of mind without additional costs.
    7. Waivable Monthly Fee: The $30 monthly fee can be avoided by maintaining a minimum balance of $6,000.

    Other Features:

    • Free cheques, money orders, and drafts.
    • $12 annual discount on BMO safety deposit boxes.
    • Free bank accounts for family members under the BMO Family Bundle.

    BMO Premium Chequing Account Fees:

    Apart from the monthly fee, the BMO Premium Plan does not impose many extra fees, as it encompasses features that typically incur charges in other BMO chequing accounts.

    BMO Premium Plan Minimum Balance:

    To waive the monthly fee, a minimum balance of $6,000 must be maintained in the primary chequing account.

    How To Open A BMO Premium Chequing Account:

    Applicants need only provide their Social Insurance Number (SIN) and Canadian address. Account opening can be done online in under 10 minutes, at a local branch, or through customer support.

    BMO Premium Plan Student Offer:

    Full-time post-secondary students can access the BMO Premium Plan for $13.05 monthly, saving $203 annually until one year after graduation. Additional perks include the Easy First Fee Reversal service and exclusive student offers.

    Pros And Cons:

    Pros:

    1. Rich Feature Set: The plan offers a comprehensive range of banking features.
    2. Waivable Fee: The $30 monthly fee can be avoided with a $6,000 minimum balance.
    3. OnGuard Identity Theft Protection: Users enjoy complimentary identity theft protection.

    Cons:

    1. Monthly Fee: Without the minimum balance, the $30 monthly fee may be considered high.
    2. High Minimum Balance Requirement: The $6,000 minimum balance may limit investment opportunities.

    Other BMO Bank Plans And Fees:

    For those seeking alternatives, the BMO Plus Chequing Account and BMO Performance Plan Chequing offer different fee structures and features.

    BMO Premium Chequing Account Alternatives:

    1. Simplii No Fee Chequing

    • Monthly Fee: $0
    • Minimum Balance Requirement: N/A
    • Overdraft Protection: $4.97 per month
    • Non-bank ATM withdrawal fee (in Canada): $1.50

    2. RBC Signature No Limit Banking

    • Monthly Fee: $16.95
    • Minimum Balance Requirement: Non-waivable
    • Overdraft Protection: Included
    • Non-bank ATM withdrawal fee (in Canada): $2 or $3

    3. EQ Bank Savings Plus Account

    • Monthly Fee: $0
    • Minimum Balance Requirement: N/A
    • Overdraft Protection: Not Available
    • Non-bank ATM withdrawal fee (in Canada): Free

    FAQs:

    BMO’s chequing accounts are not free, but monthly fees can be waived by maintaining minimum balance requirements.
    There’s no specific amount required, but maintaining a certain balance may waive monthly fees based on the account type.
    Yes, BMO debit incurs a 2.5% fee for international purchases and refunds.
    The maximum daily withdrawal depends on the account; users can adjust limits by contacting BMO.
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