BMO Checking Accounts: What to Know Before You Open One

A checking account is a type of bank account designed to handle your daily financial transactions, from buying groceries and paying rent to receiving your paycheck. It provides easy, fast access to your money while keeping it safe. Most checking accounts include a debit card, check-writing capabilities, and online tools to manage your finances. They also support modern conveniences like Zelle® transfers and online bill payments.

With a checking account, you can:

• Pay for day-to-day expenses like gas, takeout, and household items

• Handle recurring bills such as utilities, phone, or internet

• Receive direct deposits from employers or government benefits

• Link to your credit card to pay balances or fund automatic payments

Just like other major banks, BMO checking accounts serve these essential roles, ensuring that your money is both accessible and secure. Whether you’re managing your first budget, maintaining a household, or planning for long-term financial goals, BMO offers tailored checking account solutions to fit your lifestyle.

Types of BMO Checking Accounts Available

Choosing the right BMO checking account starts with understanding what each option offers. Whether you prioritize no fees, overdraft protection, or premium benefits, BMO has a checking account tailored to fit your lifestyle. Below is a quick breakdown of the three main options available.

BMO Smart Advantage™ Checking

The BMO Smart Advantage™ Checking account is the most popular BMO checking account option. It is a straightforward, low-cost option that’s ideal for everyday banking. This account offers $0 monthly maintenance fee with no minimum balance requirement. Therefore, it’s accessible for a wide range of customers.

Moreover, you can open the account online in just five minutes with a minimum opening deposit of $25. Additionally, account holders enjoy unlimited transactions at 40,000+ fee-free ATMs across the U.S., including BMO and Allpoint® networks. With BMO Digital Banking, you can manage your money conveniently: pay bills, transfer funds, deposit checks, and send money through Zelle®.

You’ll also receive personalized customer support through online chat, phone, or in-branch service. Additional features include a BMO Debit Mastercard®, which can be linked to digital wallets for contactless payments.

While the account has no monthly fees, some charges may still apply, such as:

• $3 for paper statements,
• $3 per non-BMO ATM withdrawal
• $15 per overdraft item (if not enrolled in overdraft protection).

However, the paper statement fee is waived for customers enrolled in eStatements or aged 65 and older.

BMO Smart Money Checking account

The BMO Smart Money™ Checking account is a worry-free BMO checking account option designed to help you manage spending without the risk of overdraft fees. This account charges a flat $5 monthly maintenance fee, which is automatically waived for customers under age 25.

To open the account, you’ll need a minimum opening deposit of $25. Furthermore, it requires no overdraft fees, even if your balance goes below zero. That’s reason why it’s especially useful for students, young adults, or anyone looking for predictable banking costs.

With the Smart Money account, you’ll have access to BMO Digital Banking, which includes:  mobile check deposits, online bill pay, money transfers, and Zelle® integration. You can use your BMO Debit Mastercard® to make purchases and withdraw funds from over 40,000 fee-free ATMs through the BMO and Allpoint® networks. Like other BMO checking options, this account also comes with personalized support through online chat, phone, or in-branch assistance.

Although there are no overdraft charges, you should note that some standard service fees may apply:

• $3 fee per transaction when using non-BMO ATM
• $2 per paper statement (it can be waived if anyone on the account is 65 or older)
• $3 check image fee applies if you choose to receive them. However, you can avoid the fee by opting out of check image or by switching to paperless statements.

Whether you’re managing a student budget, setting aside funds for future opportunities, or building habits toward better mortgage rate eligibility, Smart Money helps you stay in control without the financial guesswork.

BMO Relationship Checking

The BMO Relationship Checking® account is useful for individuals who maintain higher balances and want premium benefits from their everyday banking. This account includes enhanced features, fee waivers, and rewards that recognize your broader banking relationship with BMO.

The account carries a $25 monthly maintenance fee, which can be waived if you meet one of the following criteria:

• Maintain a minimum daily balance of $10,000 in the account

• Have $25,000 in combined balances across eligible BMO deposit and investment accounts

With Relationship Checking, customers enjoy unlimited transactions, access to over 40,000 fee-free ATMs, and no fees for non-BMO ATM withdrawals. In fact, BMO will reimburse ATM surcharges charged by other institutions, giving you true nationwide access to your money.

In addition, a key perk of the BMO Relationship Checking® account is that it earns interest, offering added value for those with higher balances. Even though the interest rate is modest, it adds meaningful value especially for those growing their long-term wealth through investing.

Balance Tier	Interest Rate	APY
$0.01 – $4,999.99	0.010%	0.01%
$5,000.00 – $9,999.99	0.010%	0.01%
$10,000.00 or more	0.010%	0.01%

With this BMO checking account, the more you deposit and invest across eligible BMO accounts, the more benefits you unlock through tiered Relationship Packages. These packages are structured into Silver, Gold, Platinum, and Premier levels:

Silver: Everyday Benefits for Balances Under $25,000

The Silver level is available to customers with a quarterly combined balance below $25,000. It includes practical benefits for everyday banking:

• Up to $25/month in ATM surcharge rebates from other banks

• Unlimited transactions at non-BMO ATMs

• Access to Mastercard ID Theft Protection™ with your BMO Debit Mastercard®

• Earn interest on your checking balance

• $10 quarterly credit card spend bonus, if Relationship Package criteria are met

Moreover, it also offers lending benefits for checking customers. They include a 0.125% rate discount on eligible loans with Auto Pay from a BMO account, and a 0.25% interest rate discount on home equity products when using Auto Pay.

These perks make BMO Relationship Checking not only a smart choice for daily banking but also a valuable tool for long-term borrowing and financial planning.

Gold: Enhanced Rewards for Balances from $25,000 to $99,999.99

If your combined eligible balances fall between $25,000 and $99,999.99, you qualify for the Gold level, which includes all Silver benefits plus added value:

• Up to $30/month in domestic and international wire transfer rebates

• Eligibility for higher interest rates on Relationship Plus Money Market accounts

• $25 quarterly credit card spend bonus, when you meet criteria.

This tier rewards moderate savers and investors with greater perks and flexibility.

Platinum: Premium Features for Balances from $100,000 to $249,999.99

With a quarterly combined balance of $100,000 to $249,999.99, the Platinum level delivers more robust financial benefits:

• Up to $60/month in wire transfer rebates

• $50 quarterly credit card spend bonus

• Access to higher interest rates on eligible money market accounts

This tier is relatively suitable for customers with diversified assets looking to optimize returns and minimize fees.

Premier: Maximum Value for Balances Over $250,000

For customers with $250,000 or more in eligible balances, the Premier level offers BMO’s highest tier of Relationship benefits:

• Up to $90/month in wire transfer fee rebates

• One monthly overdraft fee rebate

• Potential access to higher money market interest rates

• $75 quarterly credit card spend bonus, subject to eligibility

Furthermore, Premier level also offers different lending benefits for checking customers like other levels. Consequently, this tier is ideal for high-net-worth individuals who want elite banking perks, personalized support, and maximum return on loyalty.

How to Choose the Right BMO Checking Accounts?

A BMO checking account is your personal financial base it’s where your income lands, your bills get paid, and your daily transactions take place. Choosing the right one means finding a balance between low fees, convenient access, and features that match your lifestyle. To make a smart choice, consider the monthly maintenance fees, minimum deposit to open, and any balance requirements that may apply.

In addition, you’ll also want to evaluate how easily you can manage your money. Look for strong mobile app capabilities, customer service options, and ATM/branch accessibility, especially if you value in-person support. A good BMO checking account should help you deposit funds, pay bills, and transfer money quickly and reliably.

BMO offers three main checking accounts, each designed to meet different needs:

• BMO Smart Advantage™ Checking: No monthly fees or minimum balance, but doesn’t earn interest. Therefore, it’s ideal for simple, fee-free banking.
• BMO Relationship Checking®: Earns interest and offers added perks. $25 fee waived with qualifying balance so it’s best for deeper BMO relationships.
• BMO Smart Money™ Checking: No overdraft fees. $5 monthly fee ($0 if under 25), great for students and those seeking low-risk banking.

By comparing these features with your financial habits and goals, you can select the BMO checking account that helps you bank smarter and live better.

How to Open BMO Checking Accounts Online

Opening a BMO checking account online is fast and convenient. It takes just a few minutes and can save you a trip to the branch. Here’s how the process works:

Apply in Minutes

Choose the BMO checking account that fits your needs and complete the application online in just 5 minutes or less. You’ll need to provide:

• Your phone number, email, and U.S. residential address

• Your date of birth and Social Security Number (SSN)

• Proof of U.S. citizenship (Non-citizens can apply by phone or in person)

• Your current bank routing and account number to fund your new account, whether for everyday spending or saving for other goals like home loans.

Verify Your Identity

For security, BMO will confirm your identity using its online verification tool. You may be asked to upload a photo of your ID and a quick selfie to complete this step.

Make a Deposit and Start Banking

Once approved, you can transfer money into your new account and register for digital banking. Your debit card and account details will be sent by mail within a few business days.

Note: If you’d rather open a BMO checking account at a BMO branch, the process typically takes around 30 minutes. However, you’ll get your debit card immediately, ready for instant use.

BMO checking accounts combine flexibility, convenience, and value to suit a wide range of financial needs. Whether you’re looking for a no-fee option, protection from overdrafts, or premium relationship perks, BMO offers a solution that fits your lifestyle. With different remarkable features, it’s easy to manage your money and maximize your benefits. Plus, opening an account online takes just minutes. Let’s get started with BMO Financial Corp. that supports your financial journey from day one.