BMO Relationship Minimum Balance
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Get more perks when you open a BMO Relationship Checking Account. Find out the balance you need to reach to unlock them.
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Keeping a certain balance in your bank account can be tough sometimes. This is why many opt for checking options with no minimum balance requirement.
With BMO Bank, there is no minimum balance to earn interest. But, to unlock more perks, you'll need to meet certain minimum balance tiers.
Read on to learn more about BMO Relationship Checking and its minimum balance requirements.
BMO Relationship Checking
- Up to $25 rebated per statement period on ATM surcharge fees charged by other banks
- $25 monthly fee may be waived if you meet any of the following requirements: minimum daily ledger balance of $10,000 or more for the previous calendar month, monthly combined balance of $25,000 for the previous calendar month, if you have a BMO Investment Services (BIS) account, or if you are a Best of BMO US client.
Does BMO Relationship Checking Have a Minimum Balance?
There is no minimum balance requirement for BMO Relationship Checking. However, an initial deposit of at least $25 is required.
Once your account is open, you will be placed in a Relationship Package based on your current Quarterly Combined Balance. So, on top of the standard benefits, you will also get the perks available for your package.
The Quarterly Combined Balance is basically your average balance for a 3-month period. To calculate it, you get the total of all Eligible Deposit Accounts and Investment Balances that you own for each day, and divide that by the number of days in the quarter.[1]
What Is BMO Relationship Checking?
BMO Relationship Checking is an interest-earning checking account with a 0.01% APY. Though the rate is low, it offers several handy benefits depending on your current Relationship Package.
There are 4 Relationship Packages that you can be eligible for if you reach the required Quarterly Combined Balance:
- Silver: Less than $25,000
- Gold: $25,000 - $99,999.99
- Platinum: $100,000 - $249,999.99
- Premier: $250,000 or more
BMO Relationship Checking Features
Opening a BMO Relationship Checking Account will already give you access to the Standard account benefits listed below: [1]
- Earn interest
- ATM fee rebates up to $25 per statement period
- Unlimited out-of-network ATM transactions (US only)
- Mastercard ID Theft Protection™
- Free incoming wire transfers
- Cashier's checks and money orders purchase fee waived
- Safety deposit box rental fee discounts
- Interest rate discounts on some mortgages and home equity loans
Additionally, you can unlock more benefits depending on your Relationship Package.
BMO Relationship Checking Account Fees
Although the perks are good, you can't forget about the fees. Here are the fees that you might encounter with BMO Relationship Checking.[2]
- $25 opening deposit
- $25 monthly maintenance fee (can be waived)
- $15 overdraft fee
- $35 stop payment fee
- $50 account closing fee (if closed within 90 days of opening)
- $30 outgoing domestic wire transfer
- $50 outgoing international wire transfer
BMO Bank will not charge you for using BMO ATMs and out-of-network ATMs, but operators of non-BMO ATMs might charge you.
How to Open an Account
You can open an account online. Here's how to do it via their website:
- Go to BMO's Relationship Checking page and click Open Account.
- Fill out the application by giving the necessary details.
- Submit, wait for confirmation, and fund your account.
You can also visit a nearby branch if you prefer opening an account in person.
How to Fund Your Account
Since BMO is a traditional retail bank, you have plenty of options to fund your checking account.
- Online transfer from a BMO or external account
- Direct deposit
- Mobile check deposit
- Wire transfer
- Cash or check deposit at some ATMs
- Deposit at a branch
How to Withdraw from Your Account
Here are some ways to withdraw money from your BMO Relationship Checking Account:
- Online transfer to another BMO account or external bank account
- Withdraw from any BMO or non-BMO ATM
- Withdraw from any BMO branch
- Wire transfer
- Write yourself a check
- Ask for a cashier's check
Is BMO Relationship Checking Worth It?
Getting BMO Relationship Checking may be worth it for those who want to bank with BMO for a long time or for those who already have other accounts with BMO.
You get a list of benefits upon opening an account which can increase if you maintain a balance tier for 3 months. But, as an interest-bearing checking account, the APY is very low.
So, it might not be worth it if you are looking to earn good interest.
BMO Relationship Checking
- Up to $25 rebated per statement period on ATM surcharge fees charged by other banks
- $25 monthly fee may be waived if you meet any of the following requirements: minimum daily ledger balance of $10,000 or more for the previous calendar month, monthly combined balance of $25,000 for the previous calendar month, if you have a BMO Investment Services (BIS) account, or if you are a Best of BMO US client.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Bank of America Advantage SafeBalance Banking®
- Banking that helps you stay within your balance.
- No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
- Bank of America, N.A. Member FDIC.
Bottom Line
If you're planning to bank more with BMO, then you can make the most out of your money with a Relationship Checking Account. The APY is negligible, but it boasts no minimum balance requirement and extra perks.
Ultimately, whether you want to get it will depend on your financial needs and preferences. So, make sure to choose a checking account that suits you best.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Key Smart Checking® - $200 Bonus
- Open a Key Smart Checking® account online by July 19, 2024.
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening.
- Your $200 cash bonus will be deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.
High Yield Checking - Up to 7% APY
- Earn 7% APY on average daily balances up to $10,000 and .50% on balances above $10,000.
- No minimum balance required but does require a minimum funded amount of $25.
- No monthly account fee
Rewards Checking Plus - Up to 2% Cash Back
- Up to 2% cash back on purchases.
- No monthly fees
- Get paid up to 2 days early.
- Maximize your rewards with direct deposit.
Fifth Third Momentum® Checking - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
References
- ^ BMO. Relationship Packages Benefits, Retrieved 12/18/2023
- ^ BMO. BMO Relationship Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/18/2023
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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