BMO Checking Account – Bank of Montreal

BMO (Bank of Montreal) offers three core personal checking accounts aimed at different customer needs: Smart Advantage, Smart Money, and Relationship. Each account has a low minimum opening deposit and standard digital banking features. The accounts are positioned to serve students and low-fee seekers up to customers wanting premium perks and relationship pricing.

Quick facts

• Minimum opening deposit: $25 for all personal checking accounts.
• ATM network: Free access to over 40,000 BMO and Allpoint ATMs.
• Common features: Debit card, mobile app, bill pay, mobile check deposit, Zelle transfers.

Account options and who they suit

Smart Advantage

Smart Advantage is the straightforward, no-frills option. It has no monthly maintenance fee and provides free access to the BMO/Allpoint ATM network. This account is ideal for those who want basic, fee-free checking without extras.

Smart Money

Smart Money is designed for younger customers: it’s fee-free for account holders under 25. Outside that age bracket, a $5 monthly fee applies. It’s a budget-friendly step up for students or young adults who still want basic checking functionality.

Relationship (premium)

The Relationship account is BMO’s premium checking tier. It offers perks such as foreign ATM fee rebates, interest on balances with tiered rates, and potential discounts on other BMO products (for example, mortgage or home equity loan discounts when banking across products). This account targets customers who keep higher balances or who value perks tied to broader relationship banking.

Features and digital tools

• Mobile banking app with account management tools.
• Debit card for everyday purchases.
• Bill pay and mobile check deposit capabilities.
• Easy electronic transfers via Zelle.
• Ability to link checking to other BMO accounts for overdraft protection (note: overdraft funding transfers carry a fee).

Fees, interest, and restrictions

• Opening deposit: $25 required.
• Monthly maintenance: Smart Advantage — no fee; Smart Money — no fee if under 25, otherwise $5/month; Relationship — premium tier (monthly fee not specified in the review; benefits include rebates and interest).
• Out-of-network ATM: $3 per transaction for non-BMO/Allpoint ATMs.
• Foreign transaction fee: 3% on purchases made in foreign currency.
• Interest: Most checking accounts do not pay interest; the Relationship account offers tiered interest rates depending on balance.
• Early account closure: $50 fee if the account is closed within 90 days of opening.
• Overdraft protection: Can link accounts for overdraft funding, but funding transfers may incur a fee.

Pros

• Low barrier to entry: only a $25 opening deposit required.
• No monthly fee option available (Smart Advantage) — good for cost-conscious consumers.
• Student-friendly pricing with Smart Money fee waived under age 25.
• Large ATM network (BMO + Allpoint) with fee-free access to thousands of ATMs.
• Standard digital features (mobile app, mobile deposit, Zelle) make everyday banking convenient.
• Premium Relationship tier adds interest and relationship perks for customers who want them.

Cons

• Out-of-network ATMs cost $3 per withdrawal — can add up if traveling or using other networks frequently.
• 3% foreign transaction fee — not ideal for frequent international shoppers or travelers.
• Most checking accounts do not earn interest; only the Relationship account offers tiered rates.
• Overdraft funding transfers are available but come with a fee.
• $50 early-closure fee if the account is closed within the first 90 days.

Who should consider a BMO checking account?

• Students and young adults (Smart Money): People under 25 who want a fee-free checking account with basic features.
• Fee-conscious consumers (Smart Advantage): Those who want no monthly maintenance fee and robust ATM access without premium bells and whistles.
• Customers seeking relationship perks (Relationship): Individuals who maintain higher balances, use multiple BMO products, or value ATM fee rebates and interest on checking balances.

Who might want to look elsewhere?

• Frequent international travelers or shoppers, due to the 3% foreign transaction fee and out-of-network ATM charges.
• Customers prioritizing high interest rates on checking balances — most BMO checking tiers don’t compete with high-yield alternatives.
• People who rely heavily on overdraft transfers and expect these to be fee-free.

Overall recommendation

Overall, BMO checking is a solid choice if you want a low-barrier, fee-friendly account — especially if you’re under 25 or can meet the requirements to waive monthly fees.

The bank’s strengths are accessibility, a large ATM network, and a clear student-friendly path. The Relationship account adds value for customers who want perks and modest interest, but anyone seeking high-yield checking or travel-friendly foreign transaction policies should compare alternatives.

Next steps

Before opening an account, customers should verify the most current terms with BMO (fees, interest tiers, and waiver criteria can change). Speaking with a banking representative or a financial advisor will help determine whether a Smart Advantage, Smart Money, or Relationship account best fits individual needs.

For those comparing banks, BMO stands out for low upfront cost and simple, reliable checking options — but evaluate travel habits, interest expectations, and overdraft needs before committing.