With so many options available, choosing a chequing account can be challenging. This checklist can help you spot some of the key benefits and features to look for, so you can choose the account that works best for you. Let’s get started!
What is a chequing account?
You can think of a chequing account like your main, everyday banking account. It’s where your paycheques get deposited, and how you access that money to buy everyday items like gas, groceries, or monthly bills such as your mortgage, phone, and electricity.
Every chequing account comes with a debit card. You can use it at an ATM to withdraw cash from your account or make deposits, pay for purchases in-store at retailers, and get access to your account online or through a bank’s website or app.
Through online banking, you can track and manage your spending, set up automatic bill payments, make Interac e-Transfers, or even put money into other accounts like your savings, RRSP, or other investments.
Nearly anyone in Canada can open a chequing account in Canada. If you’re 18 years old, you can open an account yourself, as long as you can provide at least two documents confirming your identity, birthday, and address – like a driver’s license or passport. If you’re under 18, you may need the help of a parent or guardian.
The chequing account checklist to maximise your rewards
When looking into your options for a chequing account, keep this list handy to ensure your choice checks all the right boxes.
1. How does the account support your daily banking needs?
A chequing account should make your everyday banking simple, easy, and stress– free. Here’s what to look for:
Unlimited or generous transaction limits
so you can spend when and how you need to, without paying more in fees.
Easy Interac e-Transfers
to send money where you need to, safely and securely.
Featuring a debit card
to make buying essentials easy and convenient.
The ability to pay bills online
so you can stay on top of monthly spending.
Direct deposits
to help ensure there’s money in the bank, without delay.
2. Does the account reward your everyday spending?
Earning something back on your everyday purchases makes your choice in an account more worthwhile, especially since you’re earning rewards on the banking you do anyway. And no, not every chequing account will reward you. Here’s what to look for to ensure it is:
See what the account offers back on essentials
like gas and groceries, as those are always things you need and easy ways to earn rewards more often.
Browse special or exclusive offers
to see how quickly you can get to the rewards you want.
Look for flexible rewards
enough to give you options – whether that’s saving money on essentials, more travel for less, or redeeming for merchandise you love.
3. Can you earn even more by keeping money in your account?
Keeping a healthy balance in your account should be rewarded with added value. Here’s what to look for when comparing:
Benefits tied to your balance
like extra rewards or interest for keeping a minimum amount of money in the account like waived fee.
Tied to a Loyalty Rewards Program
so you can take advantage of a wider variety of loyalty perks and benefits, like with Blue Rewards.
4. Can you maximize rewards across products and services offered by the bank?
Your relationship with a bank goes beyond just a chequing account, and can include products and services like credit cards, investments, mortgages, insurance, and more – which should be just as rewarding, if not more. To really max out your earning potential with a bank, look for:
Bundling opportunities that increase rewards
through combinations with other products and services the bank offers, like savings accounts, credit cards, or insurance.
Linked rewards programs
to broaden the scope of where and how to earn, and what rewards you can redeem for.
5. Does the account offer value and safety perks beyond banking?
The best chequing accounts go beyond basic, everyday transactions. When looking at other accounts, be sure to check if they have:
Protection features to help keep you safe
if your debit card gets lost or stolen, or someone tries to steal your identity.
Additional benefits that fit with how you bank
like personalized cheques, overdraft protection, money orders, and more.
6. Can you bank however and wherever you want?
The ability to manage your chequing account online or through an app is more important than ever. And so is in-person help when you really need it. It’s vital the bank you choose provides plenty of opportunities to interact, like:
Online and mobile banking
to access your account when and where you need to.
No-fee ATMs
to access cash, deposit funds, and more, on-the-go.
Convenient branch locations
to get in-person advice, banking help, and more, in your neighbourhood and beyond.
A BMO Blue Rewards Chequing Account is designed to checks all the boxes.
From money-saving features to rewarding your everyday spending, it’s worth looking into.
A BMO Blue Rewards Chequing Account:
Supports your daily banking
with time- and money-saving features like unlimited transactions and Interac e-Transfers, simple bill payments, easy debit purchases, and more.1
Rewards your everyday spending
with up to 2x the Blue Points on essentials like gas, groceries, and wholesale purchases, access to exclusive Card Offers, and 500 Bonus Points for keeping a balance of $4,000 or more. 2
Maximizes rewards across your banking
with 500 Bonus Points for bundling your chequing account with a BMO Blue Rewards World Elite®* Mastercard®*. 3
Get merchandise discounts
Maximizes the value of your Points with an exclusive 10% merchandise discount for BMO Blue Rewards members. 4
Supports your family’s banking
with no fee daily banking for members of your household with BMO Family Bundle.5
Offers value and safety perks beyond banking
with savings of over $150 a year through complimentary OnGuard® Identity Theft Protection, and 10% Blue Points back when you redeem for rewards through bluerewards.ca.6
Helps you bank when and how you want
with access to an easy-to-use BMO banking app, plus 3,300 no-fee BMO ATMs, and 850 branches across Canada.
Ready to see if a BMO Blue Rewards Chequing Account is right for you? Learn more.
Terms and Conditions
1. Includes everyday banking transactions at a BMO branch, BMO ATM, BMO Telephone Banking, BMO Online Banking, BMO Mobile Banking, debit card purchases, cheques drawn on your account and Pre-Authorized Debits. Interac e-Transfer transactions are subject to maximum send and receive dollar amounts.
2. Get one (1) Bonus Point (“Bonus Point”) for every $2.00 in purchases at merchants classified by Mastercard’s “Merchant Category Code” (MCC) as “grocery stores and supermarkets” (MCC 5411) and “Wholesale Clubs” (MCC 5300), “Gas” (MCC 5541 and 5542), and “EV Charging Stations” (MCC 5552) for a total of two (2) Points (including the base earn rate). Bonus Points will be earned on eligible grocery store, wholesale club, gas, and EV charging purchases up to a maximum combined spend of all five (5) MCC categories of $1,000 in net purchases per calendar month. Points are calculated on the total eligible cumulative purchases (less refunds) made with your BMO Debit Card that occur on your Lead Account over a calendar month. The “Lead Account” is defined as a Canadian dollar Primary Chequing Account or Interest Chequing Account (for existing customers) and is the one you designate to pay any fees required by the Blue Rewards Bank Plan, for example, your monthly Plan fees and transaction fees. Any debit card purchases on any additional accounts under the Blue Rewards Bank Plan, are not eligible for Points. The number of Points awarded will be rounded down to the nearest whole number. Fractions of Points will not be awarded. Full terms and conditions are available in the Agreements, Bank Plans and Fees for Everyday Banking, available online at bmo.com/agreements and in BMO Bank of Montreal branches.
3. Your eligible BMO Credit Card must be in good standing. Limit one (1) Bonus Points offer per bank account with the Blue Rewards Bank Plan
4. Quantities may be limited. Member status merchandise offer applies to Points used to order select merchandise rewards updated on bluerewards.ca.
5. If you are the Lead Account holder with the Blue Rewards Bank Plan, your family members that reside at the same household as you can open accounts under your Bank Plan (a “Member Account”) with no additional monthly Plan fee. Member Accounts are any additional accounts that are opened under the Bank Plan, held either by you, or held by your family members or jointly with your family members. Member Accounts do not qualify to earn Blue Points or Bonus Points. For full terms and conditions please visit bmo.com/familybundle.
6. You’re eligible for OnGuard if you are a Canadian resident who has reached age of majority in the province or territory where you reside and are a Lead Account holder with the Blue Rewards Bank Plan. Access to BMO Online Banking or BMO Mobile Banking is required to enroll. Terms and conditions can be found at bmo.com/onguard/SLGconditions.
