BMO Relationship Checking Review: Reward Banking Made For You

Discover the advantages of BMO Relationship Checking, from ATM fee reimbursements to a sign up bonus. Learn if it’s the right fit for you. Plus earn up to $600 bonus (the sign up bonus offer has ended).

UPDATE 11/2/2024: The $600 welcome bonus has ended, but this is still an amazing checking account to consider. Read below for our review. If you want to earn cash bonus*, consider the BMO Smart Money Checking Account.

Introduction

If you’re seeking a banking experience that rewards your financial growth, the BMO Relationship Checking Account deserves your attention.

Imagine a checking account that not only safeguards your funds but also has exclusive benefits and enticing rewards tailored to your financial aspirations. To start, you can earn a $600 sign up bonus.

Let’s explore how this BMO premier account can become your trusted companion in achieving your personal finance goals.

What Is the BMO Relationship Checking Account?

The BMO Relationship Checking Account isn’t just another checking account—it’s a gateway to a premium banking experience. With no minimum balance requirement, it offers a flexible entry point for users at all financial stages.

However, as your balance grows, so do the perks and benefits. From ATM fee reimbursements to credit card bonuses, this account is designed to elevate your banking experience.

Key Features

BMO Relationship Checking doesn’t just meet your basic banking needs—it exceeds them. With an enticing account opening bonus and multiple ways to waive the monthly maintenance fee, it’s designed to put money back in your pocket.

Plus, generous ATM fee reimbursements and credit card spending bonuses make everyday banking more rewarding than ever.

Here’s a closer look at what sets it apart:

1. Account Opening Bonus: Start off on the right foot with a generous cash bonus* when you open a new BMO Relationship Checking Account and meet qualifying direct deposit requirements within the first 90 days. [THIS OFFER HAS EXPIRED, NO OFFER LINK PROVIDED]
2. ATM Network & Fees: Enjoy fee-free ATM withdrawals at BMO’s vast Allpoint ATM network. Plus, BMO reimburses third-party ATM surcharges up to $25 per month, ensuring you’re never caught off guard by unexpected fees.
3. Interest on Balances: All balances in your BMO Relationship Checking Account earn interest, albeit at a modest rate when compared to a savings account or money market account. Interest is compounded daily and credited to your account monthly.
4. Credit Card Spending Bonus: As a BMO Relationship Checking Account holder, you’re eligible for quarterly credit card spending bonuses. Simply meet the spending requirements on your linked BMO credit card to earn these bonuses, which can help offset expenses or boost your savings.
5. Mortgage Lending Benefits: Planning to purchase a home? BMO Relationship Checking offers enticing benefits for mortgage borrowers. Enjoy a $500 credit towards closing costs and a 0.50% interest rate discount when you set up automatic payments from your Relationship Account.
6. Relationship Tiers & Balance Requirements: BMO Relationship Checking rewards your financial progress with three higher relationship tiers. Depending on your total combined balance in eligible BMO accounts, you could unlock additional benefits like wire transfer fee rebates, increased credit card spending bonuses, and higher interest rates on linked accounts.

BMO Relationship Checking Monthly Fee

Let’s talk about the not-so-fun part: the monthly maintenance fee. With BMO Relationship Checking, you’re looking at a $25 fee each month. Now, before you panic, there’s a silver lining here. BMO offers several ways to waive this fee, making it more manageable for those willing to jump through a few hoops.

One option is to maintain an average daily balance of at least $10,000 in your Relationship Account. It’s a sizable chunk of change, but for some, it might be doable. Another route is achieving a monthly combined balance of $25,000 across all eligible BMO accounts. This might sound like a tall order, but if you’re already a BMO customer with multiple accounts, it could be within reach.

Lastly, there’s participation in BMO’s employee benefits program. This is limited to certain BMO employees. So unless you happen to fall into that category, it’s probably not a feasible option for most.

What’s Not to Like About BMO Relationship Checking

While BMO Relationship Checking has much to offer, it’s essential to consider its drawbacks. The hefty monthly maintenance fee may deter some users, especially those with lower balances. Additionally, the account’s low yield on balances may be disappointing for users seeking higher interest rates.

Here are a few things you might want to consider before jumping in headfirst:

1. The Monthly Maintenance Fee: As previously mentioned, the $25 is a major drawback. But we covered how you could avoid the BMO Relationship Checking Monthly fee.
2. Low Interest Rates: If you’re expecting to earn big bucks in interest with your checking account, you might want to temper those expectations. BMO Relationship Checking offers interest on balances, but let’s be honest—it’s not going to make you rich. If you’re looking to grow your money, you might want to explore other high yield savings or money market accounts such as this one from American Express Savings.
3. Balance Requirements: While there’s no minimum balance required to open a BMO Relationship Checking Account, unlocking all those sweet perks and benefits often means maintaining a pretty hefty balance across all your BMO accounts. For some folks, that might not be feasible, especially if they’re just starting out on their financial journey.
4. Limited ATM Fee Reimbursements: Sure, BMO Relationship Checking offers up to $25 per month in ATM fee reimbursements, but what if you’re a heavy ATM user? Those fees can add up fast, and if you’re regularly using out-of-network ATMs, you might find yourself shelling out more than you bargained for.
5. Not Ideal for Everyone: Let’s face it—BMO Relationship Checking isn’t going to be the right fit for everyone. If you’re someone who’s happy with a basic checking account and doesn’t need all the extra bells and whistles, you might be better off sticking with what you know. Read here to see why Chase Total Checking might be a nice alternative.

So, there you have it. While BMO Relationship Checking certainly has its perks, it’s important to consider the downsides too. At the end of the day, it’s all about finding the banking solution that works best for you and your financial goals.

BMO Relationship Checking Sign Up Bonus [EXPIRED]

The offer has expired. See active BMO offers here.

My Take on BMO Relationship Checking

So, after diving deep into what BMO Relationship Checking has to offer, how do I actually feel about the checking product? Let’s break it down.

First off, BMO’s premier checking account isn’t your run-of-the-mill checking account. From the enticing account opening bonus to the array of benefits like ATM fee reimbursements and credit card spending bonuses, there’s a lot to love here. It is, after all, BMO’s premium personal checking account.

But here’s the thing: it’s not a one-size-fits-all solution. The $25 monthly maintenance fee might give you pause, especially if you’re not quite hitting that minimum balance threshold. And the interest rates aren’t usually the most competitive on the market.

However, if you’re someone who’s all about maximizing rewards and perks, this checking account could be a wonderful choice. Think of it as an investment in your relationship with the bank. With benefits that grow as your relationship with BMO deepens, it’s the kind of account that rewards loyalty and commitment.

So, should you make the switch? Well, it all comes down to your individual financial goals and needs. If you’re looking for a checking account that goes above and beyond, BMO Relationship Checking might just be the answer you’ve been searching for. But if you’re happy with your current setup and don’t need all the bells and whistles, there’s no harm in sticking with what you know. Or you can check out our list of the best bank bonuses for more offers you can check out.

Ultimately, the decision is yours to make. Just remember to weigh the pros and cons carefully and choose the option that aligns best with your financial vision.

If you have something to share about BMO Relationship Checking, please do so in the comments section.

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By John Huynh, with over two decades in finance and investing, including as a Senior Finance & Operations Manager at a renowned research institute and degrees in Economics and International Studies from UC Irvine. Edited by Tony Jay, a seasoned finance blogger and Executive Editor with two decades in banking, specializing in online banking and savings strategies. Tony holds a doctorate from Tulane University.