By choosing the Bank of Montreal (BMO) chequing account, you can make use of their PlanShare facility. You’ll need to incur only a single monthly fee for operating up to 20 accounts for you and your spouse with US or Canadian currency. These accounts can include Interest Chequing, Premium Rate Savings, and Primary Chequing accounts. For instance, you can open six accounts including a chequing and savings account each for you and your spouse along with shared chequing and savings accounts. In all six accounts, you can make no-limit transfers between the accounts.
You can receive e-Statements free of cost for all of BMO’s chequing accounts. However, for the practical account, you can receive a monthly hard copy of your statement for a fee of $2 for each statement. BMO has various accounts you can choose from.
Best Bank of Montreal Chequing Accounts
BMO Premium Plan
Although maintaining a BMO Premium chequing account incurs the highest fee per month, you can have it waived if you can have the minimum balance in your account at all times. Here are some other features you can avail of:
- No limit transactions
- 10 withdrawals from external ATMs every month, each additional withdrawal chargeable
- 5 withdrawals from ATMs outside the country
- Operate up to 20 accounts for a single monthly fee
- 5 outgoing Interac e-Transfers each month, each additional transfer chargeable
- Earn one Air Mile each time you spend $40 using your BMO Debit Card. Given that the price of one Air Mile is $0.121, if you make purchases worth around $9,900, you can cover the monthly fee of $30.
- No annual fee on the BMO World MasterCard and BMO World Elite MasterCard
- No monthly fee for overdraft protection. However, the bank calculates the applicable interest on the overdraft balance each day that you can pay at the month's end.
- Discounts offered on safety deposit box, drafts, traveller's cheques, cheques, money orders, and preferred exchange rates on cash and bill payments in US dollars.
BMO Performance Plan
The BMO Performance Plan offers you many features:
- No limit transactions
- 1 free external ATM withdrawal, all subsequent withdrawals chargeable
- 1 free Interac e-Transfer, all subsequent transfers chargeable
- Facility of using up to 20 accounts for a single monthly fee. You can have separate accounts for utilities, meals, clothing, and other expenses for easy budgeting.
BMO Air Miles Plan
Use these features provided by the BMO Air Miles Plan:
- Unlimited transactions
- Ability to open and use up to 20 accounts by paying a single monthly fee
- Ability to earn one Air Mile on every purchase of $30 on your BMO Debit Card. Given that the value of each Air Mile is $0.121, you can add up and cover the monthly fee of $14.95 by making purchases worth $3,700 every month.
BMO Plus Plan
Here are the features offered by the BMO Plus Plan:
- 30 no charge debit transactions each month, each additional transaction chargeable
- Ability to open and use up to 20 accounts with a single monthly fee. You have the option of opening different accounts for utilities, meals, clothing and other items to budget and meet expenses.
- Possibility of saving on the monthly fee by maintaining the mandatory minimum balance of $2,500.
- External ATM withdrawals and Interac e-Transfers incur charges
BMO Practical Plan
The BMO Practical Plan is ideal for users with limited banking requirements. Here are the other features:
- Low monthly fee that can be cancelled by maintaining a minimum balance
- 12 no charge transactions each month, additional transactions incur charges
- Facility of adding up to 2 additional accounts for the same fee
- Interac e-Transfers and external ATM withdrawals incur additional charges