February 21, 2024

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.

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.

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.

What is Quarterly Combined Balance?
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]

How much of a balance increase would you consider reasonable to unlock additional banking perks?

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.

What feature is most important to you when choosing a premium checking account?

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

Does BMO charge ATM fees?
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:

  1. Go to BMO's Relationship Checking page and click Open Account.
  2. Fill out the application by giving the necessary details.
  3. Submit, wait for confirmation, and fund your account.

You can also visit a nearby branch if you prefer opening an account in person.

For the BMO Relationship Checking account, you need to make a minimum opening deposit of at least $25.

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.


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.

References

BMO Bank
Member FDIC

BMO Smart Advantage Checking - $250 Cash Bonus

Expires 5/3/2024

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
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • 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
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • 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.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.05% APY

  • 5.05% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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