BMO Bank’s primary consumer checking account, Smart Advantage Checking, has no minimum balance and no monthly fee for customers who use electronic statements. Customers who opt for paper statements pay $3 per month. BMO also offers Smart Money Checking with a $5 non-waivable monthly fee as a second-chance account, and Relationship Checking with a $25 fee waived by maintaining $10,000 in combined BMO balances.
BMO Bank Account Minimums at a Glance
| Account | Monthly Fee | Minimum to Waive | Balance Method | Other Waivers |
|---|---|---|---|---|
| Smart Advantage Checking | $0 | No fee | N/A | Electronic statements required |
| Smart Money Checking | $5 | Cannot be waived | N/A | Second-chance account |
| Relationship Checking | $25 | $10,000 combined | Average daily combined | BMO Private Bank relationship |
| Savings Builder | $5 | $200 | Average daily | $25+/month recurring transfer or under 25 |
Smart Advantage Checking
Smart Advantage Checking is BMO Bank’s standard no-fee checking account. It carries no monthly maintenance fee for customers enrolled in electronic statements. There is no minimum balance requirement and no direct deposit condition. The account provides a Mastercard debit card, access to over 40,000 fee-free ATMs through the Allpoint network, and mobile check deposit.
Customers who request paper statements pay $3 per month. Enrolling in e-statements through BMO’s online banking or mobile app eliminates this charge immediately and retroactively for the current statement period.
Smart Money Checking
Smart Money Checking charges a $5 monthly fee that cannot be waived through balance, direct deposit, or any other account activity. It is designed as a second-chance checking account for customers who cannot qualify for standard checking due to a prior banking history. The account does not allow overdrafts; transactions that would exceed the available balance are declined.
BMO Relationship Checking
Relationship Checking charges $25 per month, waived by maintaining $10,000 or more in combined average daily balances across all personal BMO Bank accounts. Combined accounts include checking, savings, and money market accounts. BMO uses average daily balance for the combined threshold, meaning short-term fluctuations across the month are averaged rather than requiring the balance to hold at $10,000 on every single day.
BMO Savings Account Minimums
BMO Savings Builder charges $5 per month. The fee is waived by maintaining a $200 average daily balance, by setting up a recurring monthly transfer of $25 or more into the account, or for customers under age 25. Savings Builder uses average daily balance for the $200 waiver, which is more forgiving than minimum daily balance used by some competing banks.
For current BMO savings rates, see the BMO savings account guide.
How to Avoid BMO Monthly Fees
Smart Advantage Checking with e-statements is permanently free at any balance. For most BMO customers, this is the practical choice unless Relationship Checking features are specifically needed.
For a full overview of BMO Bank accounts and services, see the BMO Bank complete guide.
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