Chequing accounts, savings accounts, and credit cards are fundamental banking products we rely on in our daily lives.
- A premium chequing account offers VIP banking services, benefits, and perks; however, it also incurs significant monthly fees. In contrast, a low monthly fee chequing account typically comes with limited banking services, which can lead to service fees later on, potentially resulting in higher overall costs than the monthly fees of a premium account during certain months.
- A premium credit card offers a handful of rewards or cashback points for every dollar spent, but it also has substantial annual fees. In contrast, no-annual fee credit card provides limited rewards. Depending on your spending levels, the difference in rewards and benefits can become significant over the course of a year.
What if there is a way to enjoy all the excellent chequing, savings, and credit card options from BMO without any fees coming out of your pocket? Let’s explore this together.
Emergency Fund is your Key
This strategy is ideal for anyone who has saved at least $6,000 for an emergency fund; it serves as a linchpin for optimal banking setup. Rather than letting it sit idle and earn minimal interest, we can unlock BMO’s best personal banking package by simply relocating the fund. In this setup, you can say goodbye to hefty bank fees while ensuring your emergency fund remains readily available for unexpected “rainy days.”
If you’re not yet familiar with the idea of an Emergency Fund and why it’s so important, I highly recommend checking out Emergency Fund: We all got ‘rainy days’. It’s a great resource that will guide you in preparing for those unexpected rainy days — on top of all the potential benefits you can unlock!
BMO Product Range*
| Chequing Accounts | Savings Accounts | Credit Cards |
| BMO Practical Chequing Account | BMO Savings Builder Account | BMO CashBack World Elite Mastercard |
| BMO Performance Chequing Account | BMO Premium Rate Savings Account | BMO Ascend World Elite Mastercard |
| BMO Premium Chequing Account | BMO Savings Amplifier Account | BMO AIR MILES World Elite Mastercard |
| BMO eclipse Visa Infinite* Card | ||
| BMO eclipse Visa Infinite Privilege* Card | ||
| BMO CashBack Mastercard (No Fee) | ||
| BMO AIR MILES Mastercard (No Fee) | ||
| BMO Rewards Mastercard | ||
| BMO Preferred Rate Mastercard |
*As of June 2025
There are 81 potential combinations. One combination is having a BMO Practical Chequing Account for just $4 a month, a Savings Amplifier Account, paired with a BMO Reward Mastercard that comes with no annual fee. The question remains: how can we be sure this combination is optimal? In this setup, banking services are limited, yet we still have to pay a monthly fee. Furthermore, the cash-back rewards are relatively low.
Our choice for ‘Optimal Banking’ with BMO unlocks a VIP premium package with no fees. All you need to do is relocate and maintain an emergency fund of $6,000 in a chequing account, not in a savings account. Counter-intuitive?
Optimal BMO Banking Trio
- Chequing: BMO Premium Chequing Account
- Savings: BMO Savings Amplifier Account
- Credit Card: Your choice of BMO CashBack World Elite Mastercard or BMO Ascend World Elite Mastercard
Chequing: BMO Premium Chequing Account
- The monthly fee is $30.95. Parking your $6,000 emergency fund (or other available funds) here directly eliminates the monthly fee.
- Key Concept: You’re essentially earning 6.19% interest, as the $30.95 monthly fee is waived, saving you $371.40 annually. Plus, you get all premium banking services and perks.
- Digest Concept: One way to replicate this effect is to find a savings account that earns $30.95 monthly on a $6,000 balance, which translates to a 6.19% interest rate. Then, use this amount to cover the monthly fee for the BMO Premium Chequing, allowing you to enjoy all the VIP banking services, plus an annual fee rebate of up to $150 on eligible credit cards. In this scenario, there’s no need to maintain any balance in the BMO Premium account. So, unless you find a savings account with a 6.19% interest rate, parking $6,000 here remains the optimal choice.
- Standout Perks: An annual fee rebate of up to $150 is available on eligible BMO credit cards. However, there is a catch. As of May 1, 2025, an additional requirement is that you must spend at least $15,000 annually. This means the “free premium card” perk is contingent not just on your chequing account type but also on your annual spending on the credit card.
Savings: Savings Amplifier Account
- The monthly fee is $0, but there is a $5 transaction fee.
- It is the optimal choice in a general sense. You earn interest from your very first dollar—no minimum balance required to get started. Since your emergency fund of $6,000 is sitting to waive fees in your BMO Premium Chequing account, this account is perfect for saving extra cash or for short-term savings goals.
- BrushMoney Tip: If you ever need to access funds from your savings account, transfer them to your chequing account first. Transferring between your BMO accounts is free and unlimited only when done through Digital (online banking by yourself) or at an ATM. Just remember that any transfers conducted with assistance from a branch or a virtual-connect associate will incur a $5 fee for each transaction.
Credit Card: BMO CashBack World Elite Mastercard or BMO Ascend World Elite Mastercard
- The BMO Premium Chequing Account provides a rebate of up to $150 on the annual fee for eligible BMO credit cards. This includes the BMO CashBack World Elite Mastercard and the BMO Ascend World Elite Mastercard. However, it’s important to note that simply holding a BMO Premium Chequing Account is not sufficient; you must also spend at least $15,000 annually on the card. So, which option offers you the best value?
- BMO Cashback World Elite Mastercard: The dollar value is the same as the cashback percentage. For example, 5% cash back is $5.00 for every $100 spent. Just remember there is an applicable cap for each category.
- BMO Ascend World Elite Mastercard: The dollar value is based on the reward points, and 150 points = $1, meaning each point is worth approximately $0.0067. Example: If you earn 5 point per $1 spent, you get 5 points x $0.0067/point = $0.0335, (or $3.35 per $100).
- BMO Ascend World Elite is tailored for frequent travellers. Otherwise, BMO Cashback World Elite can be the optimal choice for the ideal banking setup with BMO. This rewards comparison table shows how much you earn in dollar terms for every $100 spent in a specific category.
| Spending Category | BMO Cashback World Elite | BMO Ascend World Elite |
| Groceries | $5.00 (at 5%)¹ | $0.67 (at 1 point per $1) |
| Public Transit, Taxis, Ride Share | $4.00 (at 4%)⁴ | $0.67 (at 1 point per $1) |
| Gas & EV Charging | $3.00 (at 3%)² | $0.67 (at 1 point per $1) |
| Recurring Bill Payments | $2.00 (at 2%)³ | $2.01 (at 3 points per $1) |
| Travel | $1.00 (at 1%) | $3.35 (at 5 points per $1) |
| Dining & Entertainment | $1.00 (at 1%) | $2.01 (at 3 points per $1) |
| All Other Purchases | $1.00 (at 1%) | $0.67 (at 1 point per $1) |
¹ Groceries: 5% rate applies to the first $500 spent per month. ² Gas & EV Charging: 3% rate applies to the first $300 spent per month. ³ Recurring Bills: 2% rate applies to the first $500 spent per month. ⁴ Transit: 4% rate applies to the first $300 spent per month. * Subject to change as the rewards can be refreshed by BMO.
Upfront Welcome Bonus Package
If you’re new to BMO, Don’t miss out the attractive welcome bonuses! As of June 2025, typical offers may include:
- BMO Premium Chequing: Up to a $700 cash bonus* for new accounts meeting specific criteria. Plus, get a 4.75% promo interest rate** when you open a chequing and a Savings Amplifier Account.
- BMO CashBack World Elite Mastercard*: An introductory higher cash back rate (e.g., up to 10% cash back in the first 3 months on a specific total spend amount) and often a first-year annual fee waiver (which is redundant if using the BMO Premium Chequing rebate, but still part of the offer).
- BMO Ascend World Elite Mastercard*: A significant BMO Rewards points bonus (e.g., up to 90,000 points, which can be worth over $600 when redeemed for travel) and often a first-year annual fee waiver.
*Important: Welcome offers change frequently and have specific conditions (e.g., minimum spend, account activities, expiry dates). Always check the official BMO website for the latest details and eligibility before applying. Condition applies.
BMO Optimal Banking Benefits at a Glance
Chequing & Savings
| Key features | BMO Premium Chequing | BMO Savings Amplifier Account |
| Monthly Account Fee | $0 (Value of $30.95/month saved)¹ | $0 |
| Credit Card Fee Rebate | Yes (Up to $150 annual fee rebate, subject to $15k annual card spend)² | No |
| Unlimited Transactions | Yes | No |
| Free Interac e-Transfers® | Yes | No |
| Free Bank Draft | Yes – $9.95 per bank draft | No |
| Free Personal Cheques | Yes | No |
| Safety Deposit Box | Yes – discount | No |
| Welcome Offer | Yes * | Yes (Promo Interest Rate)* |
¹ Based on a typical $30.95 monthly fee, waived with a $6,000 minimum daily closing balance. Verify current fee with BMO. ² To receive the rebate after your next card anniversary date following May 1, 2025, you must meet the annual spend requirement on your eligible BMO credit card. * Subject to change as the Promotional Bonus is often refreshed each term.
BMO World Elite Mastercard Options
| Feature / Benefit | BMO® CashBack World Elite | BMO Ascend World Elite |
| Annual Fee (with All-Inclusive Plan) | $0 ($120 – waived) | $0 ($150 – waived) |
| Primary Rewards | Cash Back | BMO Rewards Points |
| Welcome Bonus | Often available (check current offers) | Often available (check current offers) |
| Rewards Highlights | • 5% on eligible grocery • refer to rewards comparison table | • 5 points per $1 on Travel • refer to rewards comparison table |
| Key Travel Perks | • Comprehensive Travel Insurance | • Comprehensive Travel Insurance • 4 Free Airport Lounge Passes |
| Shopping & Other Perks | • Purchase Security & Extended Warranty • Mobile Device Insurance | • Purchase Security & Extended Warranty • Mobile Device Insurance |
| Best For You If: | You prefer straightforward cash back on everyday spending, especially on gas and groceries. | You are a frequent traveller who values airport lounge access and flexible travel rewards. |
Note: Specific earn rates, insurance benefits, spend caps, and perks are subject to change. The “$15,000 annual spend on card” condition for the annual fee rebate from the chequing account is critical. Always refer to BMO’s official agreements and benefit descriptions.
Final Thoughts
Do you have more than $6,000 in emergency funds sitting in savings account? Relocate first $6,000 to the BMO Premium Chequing Account to unlock a cascade of benefits: VIP banking services, no monthly fees, no annual fees for BMO World Elite Mastercards with pack of perks – BMO Optimal Banking Trio.
If you are saving at least $200 each month, consider the Savings Builder Account for potentially better rates. If you’re a dedicated fan of AIR MILES, you might look into the BMO AIR MILES World Elite Mastercard. This card is also part of the BMO World Elite Mastercard series, which offers an excellent range of benefits as well.
BMO Optimal Banking Trio serves as an excellent means to maximize value, convenience, and rewards through your relationship with BMO. We hope this provides a solid foundation as a starting point for you to set up your own Optimal Banking. Please feel free to contact us with any questions or comments.
Important Note: If you need to access the Emergency Fund, ensure you switch your Credit Card to one with no annual fee and change your Chequing account to one with a lower minimum balance requirement before withdrawing the funds to avoid fees.
Disclaimer: Account features, fees, and promotional offers are based on publicly available information from BMO. Always refer to the official website for the most current details to ensure any product is right for your financial situation. Credit card approval is subject to BMO’s credit criteria.
