Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

BMOChequing Account

BMO Performance Chequing Account

Our take: the biggest welcome offer of any chequing account we track, with unlimited transactions and a real branch network — worth it only if you can keep $4,000 in the account to waive the $17.95 fee.

#2 Best chequing

Welcome bonusUp to $900 total for new clients — $700 for the chequing account, plus $150 for also opening a Savings Amplifier Account and $50 for using My Financial Progress (conditions apply)

Open an account on BMO’s site →

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Our review

BMO Performance Chequing is Bank of Montreal’s mid-tier everyday banking account, aimed at people who want a fuller set of unlimited transactions and some added perks (like a rebate on a companion savings account and discounts on a BMO safety deposit box) without moving all the way up to an all-inclusive premium package. It carries a real monthly fee unless you keep a healthy minimum balance, so it tends to make the most sense for people who can comfortably park several thousand dollars in the account, or who bank as a couple/family and want the balance-waiver bundling BMO offers on some of its accounts. BMO is a CDIC member, so eligible deposits are protected up to the standard CDIC limits.

4.0out of 5

MoneyMint rating

#5 of 16 chequing accounts · How we rate

Real annual cost

7/10

Transactions

10/10

Interest paid

0/10

Welcome bonus

10/10

Access

10/10

Deposit protection

10/10

$96

real annual cost — the fee, or the interest given up on the balance that waives it, whichever is lower. Run your own numbers →

MoneyMint · Real annual cost

$96a year, if you use the balance waiver

The $4,000 waiver does not make this account free. It changes what it costs from $215 a year to about $96 — because that $4,000 earns nothing sitting in a chequing account.

Pay the fee$215.40$17.95 × 12 months

Or hold $4,000$96.00Interest that $4,000 would earn at 2.40% elsewhere

Real annual cost$96.00The cheaper of the two

The waiver is the better of the two options here. You would need to tie up close to $8,975 before paying the $17.95 outright became cheaper. But it is not the same as a free account.

There is a third option this comparison makes visible: a chequing account with no monthly fee at all, with the $4,000 kept in savings instead. That costs nothing and earns the $96.

Which is right depends on whether you would keep that $4,000 idle anyway. If it is a buffer you never touch and never intended to invest, the waiver costs you little in practice. If you are stretching to hit the minimum, or that money could be working, the real cost is the full $96 — and a no-fee account is the better answer. See our chequing account ranking and best high-interest savings rates.

Real annual cost is the lower of the annual fee and the interest given up on the balance needed to waive it. The 2.40% comparison rate is the highest rate available with no conditions among the savings accounts we track, checked September 17, 2026. Run your own numbers →

At a Glance

Monthly Fee

$17.95/monthWaived if you maintain a $4,000 minimum daily balance throughout the month

Interest Rate

Not interest-bearingThis is a chequing account; BMO does not pay interest on the everyday balance

Minimum Balance

$4,000 to waive the monthly feeNo minimum required to open or hold the account, but the fee applies below this threshold

Free Transactions

Unlimited debit purchases, e-Transfers, and chequesUnlimited everyday transactions are the main upgrade over BMO’s entry-level chequing account

Welcome Bonus

Up to $900 total (new-client offer, time-limited)$700 for the chequing account alone; the rest requires also opening a Savings Amplifier Account and using My Financial Progress. Exact amount depends on which BMO offer is running when you apply

BMO periodically runs limited-time new-client cash offers (for example, a “Summer Everyday Banking Offer”) on top of the account’s standard features. These promotions have specific eligibility windows, minimum deposit and direct-deposit requirements, and expiry dates that change from campaign to campaign. Always confirm the current offer, its exact dollar amount, and its conditions directly on BMO’s official Performance Chequing page before applying — do not rely on a screenshot, a third-party site, or an older promotion that may no longer be running.

Worth knowing if you are opening this account now: BMO is running a promotional savings rate that this chequing account unlocks. Open the BMO Savings Amplifier Account online within 30 days of opening a Performance Chequing account and you earn a total 5.000% (0.450% posted plus 4.550% promotional) for 120 days on balances up to $1,000,000. BMO hasn’t published an end date for the current promotion (checked October 1, 2026), and the rate reverts to 0.45% after 120 days.

Pros & Cons

Pros

Unlimited debit purchases and Interac e-Transfers included
Unlimited cheques written, included
Monthly fee fully waived with a $4,000 minimum daily balance
Free personal cheque orders in many cases (confirm current terms)
Discount on a companion BMO savings account’s monthly fee
Preferred rate/discount on a BMO safety deposit box (where available)
Access to BMO’s nationwide branch and ABM network
CDIC member — eligible deposits protected up to standard limits

Cons

$17.95/month is a meaningful fee if you can’t consistently hold $4,000 in the account
Earns no interest on your everyday balance
$4,000 minimum-balance waiver is higher than some competing no-fee or low-fee chequing accounts require
New-client cash offers are time-limited and change frequently, with conditions (minimum deposit, direct deposit, timing windows) that can be easy to misread
Non-sufficient-funds, overdraft, and other incidental fees still apply outside the monthly account fee
Best value depends on also wanting BMO’s bundled savings/safety-deposit-box perks — if you don’t need those, a dedicated no-fee chequing account may cost less

Who It’s For

Best For

People who can reliably keep a $4,000+ balance and want the fee waived
Existing or prospective BMO customers who also want a companion savings account with a discounted fee
Those who write cheques regularly or want unlimited debit/e-Transfer activity bundled together
Customers who value a large branch/ABM network over a digital-only bank

Not Ideal For

Anyone who can’t consistently maintain a $4,000 minimum daily balance
People who want their everyday chequing balance to earn interest
Those who only need basic, low-volume banking and would pay less with a no-fee account
Customers focused purely on chasing the largest welcome bonus, since BMO’s promotions rotate and the terms are easy to misjudge

Not Sure? Three Accounts People Compare It With

All chequing accounts →

Neo Financial Neo Money Chequing Account

Pick this instead if you want no monthly fee at all.

Fee $0Rate 0.1%

Read review

Wealthsimple Chequing Account

Pick this instead if you want no monthly fee at all.

Fee $0Rate 2.25%Bonus up to $25

Read review

Simplii Financial No Fee Chequing Account

Pick this instead if you want no monthly fee at all.

Fee $0Bonus up to $350

Read review

BMO Performance Chequing Account

$18/month · branches · up to $900 welcome offer

Open an account on BMO’s site →Compare all accounts

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against BMO’s official page on September 25, 2026.

Frequently Asked Questions

How much does BMO Performance Chequing cost per month?

The standard monthly fee is $17.95. BMO waives this fee in any month you maintain a $4,000 minimum daily balance in the account.

Does BMO Performance Chequing pay interest?

No. It’s a standard chequing account and does not pay interest on your everyday balance. If you want interest on money you’re not actively spending, consider pairing it with a savings account.

What’s the minimum balance to avoid the monthly fee?

You need to maintain a $4,000 minimum daily balance throughout the statement period to have the $17.95 monthly fee waived.

How many free transactions does BMO Performance Chequing include?

It includes unlimited debit purchases, unlimited Interac e-Transfers, and unlimited cheques — there’s no monthly transaction cap to track.

Does BMO Performance Chequing have a welcome bonus?

BMO periodically runs limited-time new-client cash offers on this account, but the amount and conditions change between campaigns. Check BMO’s official Performance Chequing page for the current offer before applying, since we don’t display a fixed figure that could go stale.