How to find the best chequing account for your lifestyle

→ The value-seeker

I am always looking for the best deals and ways to stretch my dollar further. I don’t mind paying for quality, but I don’t like to spend frivolously. I do my research and compare options before making financial decisions, and I’m drawn to products and services that add real value.

The best chequing account for you: You’re looking for the best bang for your buck, and the Performance Chequing Account offers just that. With a cash welcome bonus, an annual credit card rebate^*10,*15, OnGuard identity theft protection^*74, and more, this account provides robust features and perks while keeping fees down. The best part? If you maintain a balance of at least $4,000^*4, we’ll waive the monthly plan fee altogether.

→ The go-getter

I’m a busy person. I’m always using my chequing account and don’t have the time to keep track of every single transaction. I travel a lot within Canada and around the world. Even though I have a credit card, I still like using cash and cheques every now and then. I work hard and have the savings to prove it, so I’m not worried about having to keep a higher minimum balance.

The best chequing account for you: You want it all, and with the Premium Chequing Account you can have it all. You get unlimited transactions, unlimited^*52 non-BMO ATM withdrawals worldwide^*53, and even an annual fee rebate of up to $150 on an eligible BMO credit card^*10.

→ The planner

I don’t use my chequing account unless necessary, like when I’m paying bills or transferring cash to a friend. I’m organized and always plan ahead. I bring my lunch to work and stick to a budget, so I’m willing to keep track of my monthly transactions if it means saving some money.

The best chequing account for you: As a planner and saver, our Plus Chequing Account is perfect for you. It’s a low-fee account that still gives you 25 transactions^*52 a month. We’ll even waive the monthly plan fee if you maintain a balance of at least $3,000^*4.

→ The basic banker

I like to keep things simple and I’m not looking for anything fancy. I don’t make a lot of transactions and I’m okay with paying a small monthly fee. I usually use my credit card. When I have to pay bills or take out cash, I plan ahead of time so that I know I’m not going over my transaction limit.

The best chequing account for you: You’re a practical person and we have a plan to match. The Practical Chequing Account comes with a small $4.00 monthly fee and 12 transactions^*52 per month. No bells. No whistles. Simple: just the way you like it.

→ The always-on-the-run

I’m a busy person. Between groceries, paying bills, and sending e-transfers, I make a lot of transactions. I don’t have a lot of savings (yet), but I’m working on it!

The best chequing account for you: You need the flexibility for a lot of transactions, but you don’t have the savings to waive the monthly fee. For now, you should consider the Plus Chequing Account, which comes with 25 transactions^*52 per month. 

→ The expat

I found a great job in the U.S. that requires me to travel extensively from my home in Canada. I need an account that can help meet my daily needs as someone who’s paid in USD, but without any added stress or complications.

The best chequing account for you: The U.S. Dollar Primary Chequing Account may be your best option. It’s an international bank account that makes it easy to manage your daily transactions—including U.S. dollar payments—for easy currency exchanges. Of course, other BMO chequing accounts may also work for your needs, so be sure to compare your options to find the best fit. 

Key factors to consider when selecting a chequing account

A chequing account is the primary account most people use for day-to-day banking, whether it’s taking out money, paying bills, sending e-transfers, or making purchases with a debit card.

With such a wide range of accounts available, each offering distinctive features, the question becomes: which one should you choose? To help inform your decision, consider the following questions:

• How many transactions do you make a month? 

The average number of monthly transactions you make can help determine the kind of chequing account you need. If you’re looking for an account that offers unlimited transactions, you can often find one in exchange for a flat monthly fee (or by meeting a minimum balance requirement). Take BMO's Premium Chequing Account, which gives you unlimited, no-fee everyday banking transactions^*52 and INTERAC e-Transfer^®§ transactions^*39,*101 per month. Other accounts offer a limited number of free transactions and charge per use once you’ve passed the limit.

• Do you need in-person service?

Are you comfortable making digital financial transactions, or do you prefer to do things in person? If the latter, you’re likely better off opening a chequing account at a big bank with several physical branches. Similarly, if you often deal with paper cheques, it makes sense to choose a bank with multiple tellers or ATMs near you. If you don’t need that in-person support, you might instead prioritize a bank that offers a user-friendly mobile app and robust online banking features.

• Do you carry a minimum balance? 

If you’re feeling stable with your current financial situation and anticipate that it will remain that way for the foreseeable future, you may choose an account that waives monthly maintenance fees so long as you keep your balance above a certain threshold. If you’re not feeling all that confident about your ability to carry a minimum balance, another account will likely serve you better, as those monthly fees can really add up.

• Do you want to earn interest or rewards?

If your priority is earning interest or special perks, consider a high-yield chequing account or one with a rewards program. BMO's Performance Chequing Account, for example, comes with a cash bonus welcome offer, grocery perks, credit card rebates^*10,*15, and more. Just be sure to check the fine print as many accounts that earn interest or rewards come with additional obligations on the part of the accountholder (e.g., maintaining a higher balance). 

• Are you a student, senior, or newcomer to Canada?

Some chequing accounts reduce fees (or even remove them altogether) for certain demographics. They also might offer special rewards or bonus features to make banking more accessible and affordable. BMO's NewStart Program, for instance, supports newcomers to Canada by waiving monthly chequing account fees for two years.

Final thoughts

It’s important to choose a chequing account that works for your needs, but with so many accounts to choose from, it can feel overwhelming. The good news is that by answering some key questions about your lifestyle and banking priorities, finding the best fit for you becomes much easier.

While weighing your options, remember that BMO offers chequing accounts for every type of lifestyle, whether you’re starting fresh with the basics or looking to enhance your banking experience with rich features.