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How to Find the Best Chequing Account for your Lifestyle

BMO

Sep 29, 2022 4 min read

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Best chequing account in Canada

For this blog post, we teamed up with BMO.

Whether you're a go-getter, basic banker, a planner, always-on-the-run, or a rewards guru we have an account that's tailored to you. Read on to find the best chequing account for your lifestyle.

The go-getter

I’m a busy person, I use my chequing account all the time and I’m too busy to keep track of every single transaction. I travel a lot within Canada and around the world. Even though I use a credit card I still like using cash and cheques every now and then. I work hard and have the savings to prove it, so I’m not worried about having to keep a higher minimum balance.

The best chequing account for you:

You want it all and with the Premium Chequing Account you can have it all. You get unlimited transactions, unlimited non-BMO ATM withdrawals worldwide, and even an annual fee rebate of up to $150 on an eligible BMO credit card10.

The planner

I don’t use my chequing account unless I need to, like when I’m paying bills or transferring cash to a friend. I’m organized and I plan ahead. I bring my lunch to work and stick to a budget, so I’m willing to keep track of my monthly transactions if it means saving some money.

The best chequing account for you:

You’re a planner and a saver. Our Plus Chequing Account is perfect for you. It’s a low-fee account that still gives you 25 transactions. a month. We’ll even waive the monthly plan fee if you maintain a balance of at least $3,000.

The rewards guru

I’m always looking for perks like AIR MILES®. I know all the best tricks and even have my own AIR MILES®-maximizing strategy. I love watching the points add up and it feels great to be able to give myself a reward every once in a while. Usually I go with the cash back option, but I also set some AIR MILES® aside to save up for airfare. I’m a mix of practical and aspirational. Right now I use my credit card to collect AIR MILES®, but I still make a lot of purchases with my debit card. I wish I could earn AIR MILES® with my debit card as well – it feels like I’m missing out on so many points!

The best chequing account for you:

It sounds like our AIR MILES® Chequing Account would be a great fit. It offers unlimited transactions. and rewards you for debit card purchases, so you can start racking up those miles (and start thinking about how you want to spend them).

The basic banker

I like to keep things simple. I’m not looking for anything fancy. I don’t make a lot of transactions and I’m okay paying a small monthly fee. I usually use my credit card, and when I do have to pay bills or take out cash I plan ahead of time so that I know I’m not going over my transaction limit.

The best chequing account for you:

You’re a practical person and we have a plan to match. The Practical Chequing Account comes with a small $4.00 monthly fee and 12 transactions. per month. No bells. No whistles. Simple – just the way you like it.

The always-on-the-run

I’m a busy person and between groceries, paying bills, and sending e-Transfers I make a lot of transactions. I don’t have a lot of savings (yet) but I’m working on it!

The best chequing account for you:

You need the flexibility of a lot of transactions, but you don’t have the savings to waive the monthly fee. For now you should consider the Plus Chequing Account. It comes with 25 free transactions per month for a monthly fee of $11.95. If you think you’ll make more than 25 transactions per month then you might want to consider the Performance Chequing Account instead.

Not sure where you fit in? Still not sure what you need? BMO has a handy tool to help you choose the best chequing account for you and your lifestyle.

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BMO is one of Canada's major banks, offering a wide range of financial products and services such as bank accounts, credit cards, mortgages, insurance, and financial planning. BMO has over 900 branches across the country and also offers wealth management and financial services for small business owners.

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