What is a bank account?
A bank account is a financial account that allows you to store and access your funds. There are two main types of bank accounts: chequing accounts, used for daily transactions, and savings accounts, used to set aside money you don’t plan on using every day.
Banking that's made for you
Unlimited no fee self-serve transfers to your other B M O accounts*99 including mobile and online transfers, and A T M
No monthly fee or minimum balance
Benefit from a competitive interest rate and earn money back when you save
Start using the BMO Savings Goals Feature
Mobile
Easy, secure digital banking
One household, one monthly fee
Open a qualifying chequing account and save on fees for family members with the B M O Family Bundle.*86
Bank Accounts FAQs
B M O offers several chequing accounts, including:
- Performance: Get an opening bonus as well as unlimited transactions, and no monthly plan fee when you maintain a $4,000 balance. You can also get up to $40 in rebates on the annual fee for eligible B M O credit cards, OnGuard Identity Theft Protection, and other benefits.
- Premium: Get an opening cash bonus as well as unlimited transactions, and no monthly plan fee when you maintain a $6,000 balance. You can also get no fee Global Money Transfers, up to $150 in rebates on the annual fee for eligible B M O credit cards, OnGuard Identity Theft Protection, and other benefits.
- Plus: Get an opening cash bonus as well as 25 transactions per month, and no monthly plan fee when you maintain a $3,000 balance.
- Practical: Get a low monthly plan fee of $4.00, 12 transactions per month, and unlimited INTERAC e-Transfers®section
- AIR MILES: Earn 1 AIR MILES Reward Mile for every $30 spent using your B M O Debit Card, and 25 Bonus Miles each month with a B M O AIR MILES World Mastercard®* or B M O AIR MILES World Elite®* Mastercard.
B M O offers several savings accounts, including:
- Savings Amplifier: Earn a competitive interest rate and get unlimited self-serve transfers with no monthly fees. You can earn a bonus interest rate when you open a Savings Amplifier Account and a B M O chequing account.
- Savings Builder: Get a base interest rate each month to maximize your savings and one free transfer a month. You can earn additional interest when you increase your monthly balance by at least $200 each month.
- Premium Rate Savings: Open this account together with a B M O chequing account under the same plan. Earn daily interest on every dollar. Transaction fees vary depending on the plan you choose.
- U . S . Dollar Premium Rate Savings: Open this account together with a B M O chequing account under the same plan. Save in U . S . dollars and earn interest. Transaction fees vary depending on the plan you choose.
To open a bank account with us, you’ll need your Social Insurance Number (S I N) and a Canadian address. Fill out an application and open a bank account online in 7 minutes or less. Once you open an account, sign up for online banking to get started. All you need is a B M O Debit Card and your bank account number or your B M O credit card.
Explore our digital banking features, get more details about your bank account balance and find a plan right for you based on your lifestyle and banking needs.
Yes, you can access your bank account outside of Canada by using B M O digital banking. Once you register for B M O digital banking, you can transfer funds, manage your account balances, send INTERAC e-Transfers® footnote section , and more online.
Learn more our digital banking features.
Manage your pre-authorized payments with BMO Powerswitch
With BMO Powerswitch, we make switching to BMO easy. Simply transfer your pre-authorized payments from another financial institution to your new BMO bank account online in minutes. Current BMO customer can also use BMO Powerswitch to manage pre-authorized payments.