BMO Practical Chequing Account

BMO is offering a $150 cash bonus when you open a new Practical Chequing Account by November 2, 2026.

To qualify, you'll need to make a deposit by November 2, 2026, then by December 31, 2026, receive a recurring direct deposit of $500 or more from your employer, the government or your pension, and either make two bill payments of $50 or more or set up two pre-authorized debits of $50 or more, to two different payees. BMO pays the bonus by June 30, 2027.

Keep in mind that the Practical Plan doesn't include the savings and My Financial Progress bonuses that take the Performance and Premium plans up to $900.

The BMO Practical Chequing Account carries a monthly fee of $4.00, the lowest in BMO's chequing lineup.

It's worth noting that there's no balance-based waiver on this plan, so you'll pay the $4 every month regardless of how much you keep in the account.

The plan includes 12 debit transactions per month, while Interac e-Transfers are free and unlimited.

The Practical Chequing Account is BMO's entry-level plan, aimed at people with light banking needs.

You'll get 12 debit transactions each month, plus access to BMO's ATM network across Canada.

Notably, Interac e-Transfers are unlimited and free, and they don't count against your 12 monthly debits.

Deposits are eligible for CDIC coverage.