Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026
BMO Practical Chequing Account
Our take: BMO’s cheapest personal chequing plan: a flat $4-a-month fee, unlimited free transit debits, and a modest $150 welcome bonus. It’s a fair pick if you want a big-bank account without paying big-bank fees — but Tangerine and Simplii still beat it on price, since they charge nothing at all.
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- Our review
The BMO Practical Chequing Account trades the perks and higher welcome bonuses of BMO’s Performance and Plus plans for the lowest monthly fee in BMO’s personal chequing lineup. There’s no balance-waiver option — the $4 charges every month regardless — and transactions are capped at 12 a month, but if you want a big-bank account and don’t need unlimited transactions or a large sign-up bonus, it’s a reasonable everyday option.
MoneyMint rating
#15 of 16 chequing accounts · How we rate
$48
real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →
Not Sure? Three Accounts People Compare It With
Tangerine No-Fee Daily Chequing
Pick this instead if you want unlimited transactions and a genuinely free account instead of a flat monthly fee.
$0/month, no minimum balance · unlimited free transactions
Simplii Financial No-Fee Chequing
Pick this instead if you’d rather bank with a major bank (CIBC) for free than pay $4/month anywhere.
$0/month, no minimum balance · unlimited free transactions
BMO Performance Chequing
Pick this instead if you want unlimited transactions and a much bigger welcome bonus, and don’t mind a higher fee (waivable at a $4,000 balance).
$17.95/month (waived at $4,000 balance) · unlimited transactions
BMO Practical Chequing Account
Open Practical Chequing directly on BMO’s site
Frequently Asked Questions
How much does the BMO Practical Chequing Account cost per month?
$4 a month, with no minimum-balance option to waive it. That makes it BMO’s lowest flat-fee personal chequing plan, though Tangerine and Simplii still offer no-fee chequing accounts with no monthly charge at all.
How many transactions do I get with Practical Chequing?
Up to 12 debit transactions a month, including INTERAC e-Transfers. Money moving out of the account — ATM withdrawals, bill payments, pre-authorized debits — counts toward the limit; deposits don’t. Fares paid at participating public transit authorities are unlimited and don’t count against the 12.
What’s the welcome bonus and how do I qualify?
New clients can earn up to $150 by opening a Practical Chequing Account between August 7 and November 2, 2026, providing a valid email address, depositing any amount by November 2, 2026, setting up a recurring direct deposit of $500 or more by December 31, 2026, and completing one additional qualifying action — either two bill payments or two pre-authorized debits of $50 or more — by December 31, 2026. Practical doesn’t qualify for the extra Savings Account or My Financial Progress bonuses that push Performance and Premium up to $900.
Is Practical Chequing the cheapest chequing account in Canada?
No. At $4 a month it’s the cheapest paid plan in BMO’s own lineup, but several Canadian banks — including Tangerine and Simplii — offer no-fee daily chequing accounts with no monthly charge at all. Practical is a reasonable pick if you want a big-bank account and don’t mind a small fee, not if your priority is paying nothing.