Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026
BMO Blue Rewards Chequing Account
Our take: A chequing account built for people who already collect BMO Blue Points and want everyday spending to add to the same pile. The welcome offer works out to roughly the same dollar value as BMO’s cash-bonus accounts, but you’ll pay a higher monthly fee and take on an extra enrollment step to get it.
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- Our review
The BMO Blue Rewards Chequing Account works like BMO’s other personal chequing plans, with one difference: instead of building toward a cash-bonus offer, everyday debit spending earns Blue Points — the same loyalty currency behind BMO’s Blue Rewards credit cards. It’s a reasonable pick if you’re already a Blue Rewards member and want your chequing account to pull its weight, but it isn’t the simplest or cheapest way to bank with BMO.
MoneyMint rating
#12 of 16 chequing accounts · How we rate
$215
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
BMO Performance Chequing
Pick this instead if you’d rather take BMO’s welcome offer as straight cash — up to $900 with no separate loyalty enrollment.
$17.95/month (waived at $4,000 balance) · unlimited transactions
Tangerine No-Fee Daily Chequing
Pick this instead if you don’t care about points and want to stop paying a monthly chequing fee entirely.
$0/month, no minimum balance · unlimited free transactions
Simplii Financial No-Fee Chequing
Pick this instead if you want a completely free account backed by a major bank (CIBC) instead of a fee-plus-points tradeoff.
$0/month, no minimum balance · unlimited free transactions
BMO Blue Rewards Chequing Account
Open Blue Rewards Chequing directly on BMO’s site
Frequently Asked Questions
How much is the BMO Blue Rewards Chequing Account’s welcome bonus actually worth?
BMO advertises the offer as up to 135,000 Blue Points, made up of 105,000 points for opening Blue Rewards Chequing itself, 22,500 points for opening a Savings Amplifier Account, and 7,500 points through My Financial Progress. BMO’s own redemption rate lists 1,500 Blue Points as equal to $10 in eGift cards or in-store purchases, which puts the full offer at roughly $900 — about the same dollar value as BMO’s cash-bonus accounts, just paid out in points instead of cash.
Do I need to sign up for Blue Rewards separately?
Yes, if you aren’t already enrolled. To collect the 105,000-point chequing bonus you need to provide a valid Blue Rewards Member Number by November 2, 2026. That means signing up at bluerewards.ca in addition to opening the account — an extra step BMO’s cash-bonus chequing accounts don’t require.
What’s the monthly fee, and can it be waived?
The Blue Rewards Chequing Account charges $17.95 a month. BMO doesn’t publish a minimum-balance waiver for this plan the way it does for Performance ($4,000) or Plus ($3,000), so budget for the fee every month regardless of your balance.
Is Blue Rewards Chequing better than BMO Performance Chequing?
It depends on whether you value points or cash. Performance’s welcome offer pays up to $900 in cash outright with no separate loyalty enrollment, while Blue Rewards pays a similar dollar value in points that are worth more if you shop at Blue Rewards partners and less if you’d rather have cash in the bank. If you’re not already a heavy Blue Rewards collector, Performance is usually the simpler choice.