BMO Performance Chequing Account Review: Is It Worth It?
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BMO Performance Chequing Account at a glance
Best pick for:
Frequent debit users
Get unlimited transactions for a monthly fee, waived if you hold the required minimum balance.
Bonus deal seekers
BMO’s welcome bonus is often enticing and may be worth considering if you meet the eligibility requirements.
Family bundle privileges
With the BMO Family Bundle, family members can open accounts at no extra cost.
Not ideal for:
Fee-conscious individuals
The BMO chequing account privileges come with a fee, though you can avoid it by maintaining a minimum account balance.
Branch/ATM users in out-of-network areas
As of this writing, the BMO banking network does not extend to Nunavut. In Canada, you get one free non-BMO ATM withdrawal per month; after that, each transaction costs $2. If you’re travelling abroad, you’ll pay $5 per withdrawal at ATMs outside of Canada.
Those seeking an interest-earning account
The BMO Performance Chequing Account does not offer any interest on the money you deposit. If you want to earn interest, you can open a BMO savings account.
BMO Performance Chequing Account full review
The BMO Performance Chequing Account is one of the bank’s most popular chequing accounts. It has a monthly fee of $17.95, but that’s waived if you keep a minimum balance of $4,000 in the account. You’ll enjoy unlimited transactions, Interac e-Transfers are included, and have the potential to earn a generous bonus perks.
Types of chequing accounts available from BMO
BMO has multiple chequing accounts available to consumers. The higher the monthly fee, the more benefits you get. Other BMO chequing accounts include:
BMO Practical Chequing Account: $4 per month for 12 transactions
BMO Plus Chequing Account: $11.95 per month for 25 transactions (unless you maintain a minimum balance).
BMO Premium Chequing Account: $30.95 per month for unlimited transactions (unless you maintain a minimum balance).
What is BMO?
Montreal Bank was founded on November 3, 1817. Now known as the Bank of Montreal (BMO), it has grown to become the 8th largest bank in North America by assets, with more than 13 million customers globally. BMO services include personal banking, commercial banking, wealth management, according to its website. The Bank of Montreal’s head office is located in Montreal, close to where the first branch was opened.
Is BMO safe?
BMO is a Canada Deposit Insurance Corporation (CDIC) member. CDIC provides insurance on deposits up to $100,000 on eligible accounts. Since the BMO Performance Chequing Account is an eligible account under CDIC, your deposits are insured up to $100,000. In addition, account holders get OnGuard Identity Theft Protection at no extra charge.
BMO customer satisfaction ratings
BMO ranks third in customer satisfaction with retail banking advice, according to J.D. Power’s 2024 Canada Retail Banking Advice Satisfaction Study , a survey of 2,822 retail bank customers in Canada.
BMO ranks fourth in online banking satisfaction according to J.D. Power’s 2024 Canada Online Banking Satisfaction Study , a survey of 9,173 retail bank and credit card customers nationwide.
BMO had a Trustpilot rating of 1.3 out of 5 possible stars, based on more than 1,000 customer reviews, as of this writing.
BMO had a Better Business Bureau rating of 1.15 out of 5 possible stars, based on more than 200 customer reviews, as of this writing.
How BMO Performance Chequing Account features stack up
We rate chequing accounts based on several criteria in our evaluation methodology, including monthly fees, minimum balances, services, transaction fee savings, and more. Here are the key banking features that our team scored on a scale of one to five, rounded for simplicity.
Fees | ⭐️⭐️⭐️
Monthly fee
BMO Performance Chequing Account’s monthly fee is $17.95. This fee is waived if you maintain a minimum balance of $4,000 throughout the entire month.
You do not receive any interest on your account balance.
Withdrawal fee
There is no transfer fee associated with withdrawing funds from the BMO Performance Chequing Account.
Transactions | ⭐️⭐️⭐️⭐️⭐️
The BMO Performance Chequing Account offers unlimited debit transactions, including Interac e-transfers.
Offers and perks | ⭐️⭐️⭐️⭐️⭐️
Introductory offer
BMO typically offers a generous welcome bonus in the form of cash, as well as increased interest on savings, if you also open a Savings Amplifier Account. These offers and the qualifying requirements change frequently, but in general, after opening the account and making a deposit, you need to set up and complete two of the following to receive your bonus:
One recurring direct deposit, such as your paycheque.
Two bill payments of at least $50 to different billers.
Two different pre-authorized payments of at least $50 to different billers.
Other features and benefits
Account holders get a special bonus on the posted interest rates when purchasing or renewing BMO GICs with a term of one to five years.
The additional benefits include no-fee money transfers, overdraft protection, up to $150 off the annual fee on eligible BMO credit cards, a safety deposit box discount and more.
Banking experience | ⭐️⭐️⭐️⭐️
You can manage your BMO Performance Chequing Account using online, ATM, phone or in-branch banking services.
Details and eligibility
Who qualifies for a BMO Performance Chequing Account?
To open a BMO Performance Chequing Account, you must:
Be a Canadian resident.
Have a Canadian address.
Have a valid Social Insurance Number (SIN).
How to know if a BMO Performance Chequing Account is right for you
If you’re comfortable paying the monthly fee or are able to maintain a minimum account balance to waive it off, BMO Performance Chequing Account can cover most of your daily banking needs and more.
How to open a BMO Performance Chequing Account
Method and general steps
Opening a BMO Performance Chequing Account is simple and should only take a few minutes. Follow these steps:
Go to bmo.com.
On the menu, click on “Bank Accounts.”
Under “Chequing Accounts,” select “Performance Account.”
Click the “Open Account” button.
Sign into your BMO account or create a new account.
Enter your personal details.
If you’re uncomfortable with opening an account online, you can set one up at a BMO branch. Although walk-ins are accepted, you may want to book an appointment in advance.
Deposit and withdrawal process
Since the BMO Performance Chequing Account gives you unlimited transactions, you can deposit and withdraw money in a few different ways. You can access your funds by using one of the nearest BMO ATMs in Canada for no fee.
As for deposits, you have multiple options. Cash can be deposited at ATMs and at branches. You can deposit cheques using an ATM, the in-person service at a branch or the mobile app. Note that cheque deposits can have a hold of up to eight business days.
Customer service options
To get in touch with BMO customer service, you can try one of the following methods:
By phone: Call 1-877-225-5266.
In branch: Check with your local branch for hours of operation.
Online via their support tool: Get answers to common questions right away.
How get the most from your BMO Performance Chequing Account
To maximize the use of your BMO Performance Chequing Account, you should take advantage of the following benefits and offers:
Meet the requirements in time for the opening cash bonus.
Add a Savings Amplifier Account to get the bonus interest for your savings.
Apply for an eligible BMO credit card to get up to $40 off the annual fee.
Open your free OnGuard Identity Theft account to protect you from fraud.
Maintain a minimum balance of $4,000 to get your monthly fee waived.
Only use BMO ATMs to avoid additional charges.
Alternatives to a BMO Performance Chequing Account
If you’re looking for an account with more perks, you could consider the BMO Premium Chequing Account for a $30.95 monthly fee, which is waived if you maintain a minimum balance of $6,000. The additional benefits include no-fee money transfers, overdraft protection, up to $150 off the annual fee on eligible BMO credit cards, a safety deposit box discount and more.
BMO Performance Chequing Account vs. EQ Bank’s Savings Plus
If you don’t want to be limited by traditional bank account options, a hybrid account, such as EQ Bank’s Savings Plus Account, with an online-only bank could be worth considering.
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Product detailsFrequently asked questions
What is a BMO Performance Chequing Account?
What is a BMO Performance Chequing Account?
The BMO Performance Chequing Account is an everyday chequing account that offers unlimited transactions for a reasonable monthly fee. New account holders also receive attractive welcome bonuses, rebates and additional offers on other select BMO products.
Does the BMO Performance Chequing Account require a minimum balance?
Does the BMO Performance Chequing Account require a minimum balance?
You don’t need to maintain a minimum balance to keep the account open. However, by maintaining a $4,000 minimum balance, you can avoid paying the $17.95 monthly fee.
Sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- J.D. Power. J.D. Power’s 2024 Canada Retail Banking Advice Satisfaction Study. Accessed Sep 2, 2025.
- J.D. Power. J.D. Power’s 2024 Canada Online Banking Satisfaction Study. Accessed Sep 2, 2025.
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