Chequing account · BMO Bank of Montreal
BMO Bank of Montreal Primary Chequing Account with Premium Plan: fees and true cost
BMO Bank of Montreal’s Primary Chequing Account with Premium Plan charges $30.95/mo, or $0 with a $6,000 minimum balance, with unlimited transactions. For our “Everyday” example that comes to $371 a year, #19 of 33 chequing accounts offered nationwide.
CDICOffered in all ten provinces
Fees retrieved November 1, 2026
Mitey tallies a year of BMO Bank of Montreal’s Primary Chequing Account with Premium Plan: $371 for the Everyday profile.
How much does Primary Chequing Account with Premium Plan from BMO Bank of Montreal cost a year?
For a typical household (43 transactions and a $1,000 low balance a month), Primary Chequing Account with Premium Plan costs $371 a year, #19 of 33 chequing accounts offered nationwide. The $30.95 monthly fee is waived with a $6,000 minimum balance. Cheaper for the same banking: Personal Account at EQ Bank ($0).
Who does BMO Bank of Montreal Primary Chequing Account with Premium Plan suit?
- Best fit: the Everyday profile (household account, a few e-transfers), where it ranks #19 of 33 chequing accounts offered nationwide. It costs most for the Branch and cheques profile: $404 a year.
- Allowance: unlimited everyday transactions, so heavier use doesn’t add fees.
- Waiver or fee? Keeping $6,000 waives the $30.95 fee ($371 a year). The same money at 3% (30 Day Notice Savings Account, EQ Bank) would earn about $180 a year, so holding the balance is the cheaper way to run this account.
- Versus the cheapest: for everyday use it costs $371 a year more than Personal Account (EQ Bank), $1,857 over five years.
What would it cost you in a year?
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $371 | Monthly fee $30.95 | 30 of 33 |
| Everyday Household account, a few e-Transfers | $371 | Monthly fee $30.95 | 19 of 33 |
| Heavy Lots of card, bill and e-Transfer payments | $371 | Monthly fee $30.95 | 19 of 33 |
| Branch and cheques Teller visits, cheques, paper statement | $404 | Monthly fee $30.95 | 26 of 26 |
Try your own numbers in the true-cost finder. Is keeping $6,000 in the account worth it? Run it in the account-fee calculator.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | $30.95/mo, or $0 with a $6,000 minimum balance |
| Included transactions | Unlimited |
| Debit purchase in Canada (beyond included) | No extra fee |
| Online or mobile bill payment | No extra fee |
| Interac e-Transfer | No extra fee |
| Online transfer between your accounts | No extra fee |
| Own-bank ATM withdrawal | No extra fee |
| Withdrawal at another institution’s ATM | No extra fee |
| ATM withdrawal in the United States | No extra fee |
| ATM withdrawal in other countries | No extra fee |
| Debit purchase in the United States | No extra fee |
| In-branch withdrawal | No extra fee |
| Bill payment in branch | No extra fee |
| Cheque (as a payment) | No extra fee |
| Mailed monthly statement | $2.75 |
| Non-sufficient funds (NSF) | $10.00 |
| Overdraft protection, monthly | No extra fee |
| Overdraft protection, per use | No extra fee |
| Overdraft interest | 21% a year |
Notes from the institution
Up to $150 rebate on the annual fee for an eligible BMO credit card (Spend Limit Applies). OnGuard Identity Theft Protection at no charge. Safety Deposit Box Annual $12 Discount.
Lower prices for some customers
| Who | Monthly fee | Source |
|---|---|---|
| Seniors 60 years of age and older (regular $30.95) | $26.95 | BMO Bank of Montreal |
| Students, proof of registration (also recent graduates) | $13.00 | BMO Bank of Montreal |
| Teens 13 to 18 years of age | $13.00 | BMO Bank of Montreal |
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Cheaper for everyday use, at other institutions
- Personal Account (EQ Bank) — $0 a year
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- Neo Chequing account (Essentials) (Neo Financial) — $0 a year
Other chequing accounts at BMO Bank of Montreal
- Primary Chequing Account with Blue Rewards Plan — $17.95/mo, no balance waiver
- Primary Chequing Account with Performance Plan — $17.95/mo, or $0 with a $4,000 minimum balance
- Primary Chequing Account with Plus Plan — $12.95/mo, or $0 with a $3,000 minimum balance
- Primary Chequing Account with Practical Plan — $4.00/mo, no balance waiver
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · BMO Bank of Montreal’s product page
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