Couples save up to $191/year1 in fees
Bank together. Keep your privacy. Transfer funds easily.
As a couple, you can save up to $191 a year in fees1 by opening joint and/or individual bank accounts under one plan — and paying just one monthly fee. See how PlanShare can help you and your significant other save money and better manage your finances2.
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How do you want to organize your accounts?
Find the banking style that works best for your relationship. Choose from three flexible options.
For couples in newer relationships or for those who share just a few expenses.
For couples in established relationships, who rely on one main income or put one person in charge of finances.
Mix of joint and
For couples in more established relationships, living together or sharing most expenses while also wanting to maintain some financial independence.
Why would I need 20 bank accounts?
There are many uses for having multiple accounts. Once you add your spouse or partner to your Bank Plan, the need for multiple accounts can increase. You can open chequing, savings and even U.S. dollar chequing accounts, which can be used for different purposes. For example, you could set up individual accounts for personal expenses, clothing, or maybe that surprise birthday gift. Set up joint accounts for housing costs, groceries and other shared living expenses. How about an account for that vacation you've been saving for? You can transfer funds in and out of your individual and joint accounts. And you can also set up automatic transfers for recurring transactions.
Do I need to open a joint account?
With PlanShare, you can open up any combination of joint or individual accounts. If you prefer not to have a joint account, you can customize your Plan to include only individual accounts.
Who can use BMO PlanShare?
Married or common-law couples or partners living at the same address are eligible for BMO PlanShare. It's available on the Premium, Performance, AIR MILES and Plus Plans.
How are monthly fees paid?
The fees are automatically deducted from the lead chequing account that you set up. All fees related to your Plan will be charged to this account.
How is a Plan different than an account?
At BMO, our everyday banking accounts are structured and housed under a Bank Plan. A Plan allows you to have up to 20 accounts for one monthly Plan fee.
What if I want to maintain financial independence and privacy on some of my accounts?
Accounts set up individually can only be viewed by the account holder, as long as they're not set up with a consolidated statement.
At BMO, we take your privacy very seriously. Within BMO PlanShare, if you hold individual accounts in your own name as well as joint account(s), the only account(s) your partner can see are joint accounts that are in both of your names. The account in your own name can only be viewed by you.
Are kids or other family members living in the same household included in BMO PlanShare?
No, they're not eligible. However, we do offer special discounts for kids, teens, students and recent grads, seniors, newcomers to Canada and beneficiaries of an RDSP, as well as members of the Canadian Defence community. Visit our Bank Accounts page to find out more.
Do I have to go to a branch with my partner to set up BMO PlanShare?
To complete the required set-up for PlanShare, both you and your partner may need to visit a branch and sign the necessary paperwork. You can do this separately, however in order to ensure both you and your partners banking needs fully addressed, it is recommended that you both come in at the same time to help set up your Plan with both of your needs equally addressed.
Do other Canadian banks offer a similar product to BMO PlanShare? How does PlanShare compare to the competition?
Other financial institutions typically charge monthly fees for EACH chequing account.
PlanShare allows you to organize your accounts online just like a digital bank would, however our extensive branch network and knowledgeable staff are also always available. They can assist in setting up your Bank Plan in the way that suits you and your partner's banking needs even as they change over time.
Why should I bank with my spouse or partner?
Couples typically decide to combine their finances for these reasons:
- Because of life events, like moving in together, getting engaged or married, buying a home and becoming parents
- To manage shared expenses, like rent or the mortgage, utilities and car payments
- To fund common goals, like saving for a down payment, investing, retirement planning (RRSPs) and saving for a child's education (RESPs)
Can I really save up to $191 a year on fees with BMO PlanShare?
Yes! When you add your spouse or partner to your Bank Plan, they’re saving the bank fees they’d usually pay for their accounts. The $191 in savings assumes that one monthly Performance Plan fee of $15.95 per month ($191.00 per year) is shared between you and your spouse or partner, rather than each person paying a separate monthly Plan fee of $15.95; no other per-item or over-limit transaction fees apply, and you’re not eligible for the monthly balance Plan fee waiver or any other discount during the year.
What happens if we separate or no longer live together?
If at any point you would like to change your everyday banking set-up, contact a BMO representative and they'll assist you in re-organizing your Bank Plan to meet your needs.
How many accounts can I have under one Bank Plan?
With PlanShare, you can have up to 20 individual or joint accounts under one Bank Plan.
Isn't it difficult to switch banks?
Not at all! Switching from another financial institution to BMO is easy. Our knowledgeable staff and our BMO PowerSwitch® feature, will help do all the work for you.
Will I be charged excess transaction fees for using PlanShare with my spouse or partner?
PlanShare is available with the Premium, Performance and AIR MILES Plans, which come with unlimited everyday banking transactions - such as bill payments, purchases using your BMO Debit Card, cash withdrawals at a BMO ATM, so you won't be charged excess transaction fees. The Plus Plan allows for 30 everyday banking transactions per month so if you or your partner use more than that in a month, you'll be charged an excess transaction fee of $1.25 per additional. Regardless which account may have made you over your Plan limit, any per-item fees are debited from the lead account.
Can I open a Smart Saver Account or Savings Builder Account under BMO PlanShare?
The eligible accounts under BMO PlanShare are limited chequing accounts or Premium Rate Savings accounts. The Smart Saver and Savings Builder Accounts are designed for saving and not for everyday banking. These accounts have separate fees and aren't eligible to be included within your Bank Plan.
- For illustration purposes only. The savings of $191 assumes the following: (i) one monthly Performance Plan fee of $15.95 per month ($191.00 per year) is shared between you and your spouse or partner, rather than each person paying a separate monthly Plan fee of $15.95, (ii) no other per-item or over-limit transaction fees apply, and (iii) the account is not eligible for the monthly balance Plan fee waiver during the twelve-month period.
- PlanShare applies to common-law partners or married spouses who are living at the same address. Couples can add their spouse/partner’s account(s) to a Bank Plan at no extra monthly Plan fee.