The Bank of Montreal (BMO) is Canada's fourth largest and oldest bank, with about 900 branches and more than 3,000 ATMs across the country, serving nearly 8 million personal and business customers.

In this article, we'll take a closer look at the five types of chequing and savings accounts at BMO Bank, and explain information on BMO's account opening requirements, process, fees and more.

Account Types and Fees

BMO offers various checking and savings accounts with specific benefits for different customer groups (such as students, seniors, and new immigrants). Below is a comparison of features and fees for BMO's five popular accounts:

1. Plus Chequing Account

   • 25 transactions per month with no fees
   • Waive the monthly fee with a balance of 3,000 CAD
   • Monthly fee: 11.95 CAD
   • ATM withdrawal fees: 2 CAD per transaction at non-BMO ATMs, 5 CAD per transaction at international ATMs
   • International transfer fee: 5 CAD per transaction

2. Performance Chequing Account

   • Unlimited transactions with no fees
   • Waive the monthly fee with a balance of 4,000 CAD or free for the first year for new immigrants
   • Monthly fee: 16.95 CAD (free for students)
   • ATM withdrawal fees: 1 free withdrawal per month at non-BMO ATMs, standard fees thereafter
   • International transfer fee: free

3. Premium Chequing Account

   • Unlimited transactions with no fees
   • Waive the monthly fee with a balance of 6,000 CAD
   • Monthly fee: 30 CAD (13.05 CAD for students)
   • ATM withdrawal fees: free globally
   • International transfer fee: free

4. Savings Amplifier Account

   • Basic interest rate of 1.9%, promotional rate of 5.5% during the offer period
   • Free transfers between checking and savings accounts (self-service)
   • Monthly fee: none
   • Branch/telephone transaction fee: 5 CAD per transaction

5. Savings Builder Account

   • Basic interest rate of 0.5%, additional 2% interest with a monthly deposit of at least 200 CAD
   • First transfer out per month is free, subsequent transfers 5 CAD each
   • Monthly fee: none
   • Withdrawal fee: 5 CAD per transaction

Account Opening Rewards

BMO currently offers account opening rewards from March 1, 2024, to July 2, 2024. Details are as follows:

1. Plus Chequing Account

   • Complete the first deposit and two specified transactions to receive a 100 CAD cash reward

2. Performance/Premium Chequing Account

   • Complete the first deposit and two specified transactions to receive a 350 CAD cash reward

3. Savings Amplifier Account

   • Complete the Performance/Premium Chequing Account opening tasks and deposit at least 10,000 CAD to receive a 200 CAD cash reward

Account Opening Conditions

The requirements to open a BMO account are relatively lenient. As long as you are a Canadian resident and can provide identification and a SIN number, you can open an account. There are no age or initial deposit requirements for the accounts mentioned above.

Required Documents for Account Opening

To open an account at BMO, you need to provide the following documents:

• Valid photo ID (e.g., passport, driver's license, PR card)
• Social Insurance Number (SIN)
• Other personal information (e.g., address, occupation, account purpose)

Account Opening Process

Here is the process for opening a BMO account online:

1. Visit the BMO website and review the different checking and savings accounts.
2. Select the desired account and click "Open now."
3. Read the online account opening conditions, ensuring you have a Canadian address and SIN number.
4. Click "Apply now" and fill out the application form, providing your SSN, address, and other personal information.
5. Upon successful account opening, a debit card will be mailed to your address.

BMO offers a variety of account options to meet the needs of different customer groups. By understanding the features and fees of different accounts, you can choose the one that best suits your needs and enjoy the account opening rewards and quality services provided by BMO.