BMO Relationship Checking Review: Premium Banking Rewards
Explore BMO Relationship Checking benefits, fees, and rewards to determine if it's right for you.
If you’re looking for a checking account that rewards your financial loyalty and grows with your banking relationship, the BMO Relationship Checking Account stands out as a compelling option. This premium checking account from Bank of the West goes beyond basic transaction services to offer tiered benefits that increase as your relationship with the bank grows.
The account combines attractive features like ATM fee reimbursements, credit card spending bonuses, and mortgage lending benefits with a flexible fee structure. Whether you’re a casual saver or someone building substantial deposits, BMO Relationship Checking provides a platform designed to put money back in your pocket through its innovative relationship tier system.
What Is BMO Relationship Checking?
BMO Relationship Checking is a premium personal checking account designed for customers who want more than just basic banking services. Unlike standard checking accounts, this product rewards your financial progress with increasingly valuable perks as your total relationship balance with BMO grows.
The account operates on a relationship-based model where your benefits automatically adjust based on your combined balance across eligible BMO deposit and investment accounts. This means you’re not locked into one tier—as your financial situation evolves, so do your account benefits. The account supports unlimited transactions at over 40,000 ATMs nationwide, providing maximum flexibility for everyday banking needs.
Account Opening Bonus and Initial Incentives
BMO previously offered a generous $600 sign-up bonus for opening a new Relationship Checking Account, though this promotional offer has expired. When active, the bonus required qualifying direct deposit within the first 90 days, providing an immediate financial incentive for new account holders.
While the current welcome bonus is no longer available, the account’s ongoing benefits remain substantial enough to make it an attractive choice for those seeking premium banking features. The absence of a minimum opening deposit requirement means anyone can access this premium account regardless of their initial financial position.
Key Features and Benefits
ATM Access and Surcharge Reimbursement
One of the most valuable features of BMO Relationship Checking is comprehensive ATM access combined with surcharge protection. Account holders enjoy unlimited transactions at BMO’s extensive Allpoint ATM network, which includes over 40,000 ATMs nationwide. This expansive network ensures you can access your funds conveniently whether you’re at home or traveling.
Beyond BMO’s ATM network, the account includes built-in protection against third-party ATM surcharges. BMO reimburses surcharge fees charged by other banks up to $25 per month, eliminating those unexpected fees that can add up quickly. This benefit alone can save customers $300 annually compared to accounts without surcharge protection.
Interest on Checking Balance
Unlike many traditional checking accounts that don’t pay interest, BMO Relationship Checking earns interest on your daily balance. While the rates are modest compared to dedicated savings accounts or money market accounts, every dollar of interest earned represents free money from the bank.
Interest is compounded daily and credited to your account monthly, allowing your deposits to work harder for you. As your relationship tier increases, you may qualify for higher interest rates on linked BMO money market accounts, further maximizing your earning potential.
Credit Card Spending Bonuses
Account holders qualify for quarterly credit card spending bonuses when they meet specific spending thresholds on a linked BMO credit card. These bonuses start at $10 for Silver tier members and increase to $75 for Premier tier members, providing meaningful rewards for your regular spending.
These quarterly bonuses can effectively reduce your net credit card costs and help offset annual fees on premium credit cards. When combined across all quarters, the annual credit card bonus potential can reach $300 for Premier tier members.
Mortgage and Lending Benefits
For customers considering a home purchase, BMO Relationship Checking offers attractive mortgage benefits. Qualified borrowers receive a $500 credit toward closing costs when they set up automatic payments from their Relationship Checking Account. Additionally, you can earn a 0.125% interest rate discount on mortgage loans with auto-pay enabled.
These lending benefits extend to home equity lines of credit, which qualify for a 0.25% interest rate discount with auto-pay setup. On a typical mortgage, these discounts can represent thousands of dollars in savings over the life of the loan.
Security and Digital Banking
BMO Relationship Checking includes Mastercard ID Theft Protection on your BMO Debit Mastercard, providing peace of mind for your everyday transactions. The account supports full digital banking capabilities through BMO’s mobile app, online portal, and telephone banking, allowing you to manage your finances whenever and wherever you choose.
Monthly Fees and Fee Waiver Requirements
The account carries a $25 monthly maintenance fee, which is standard for premium checking accounts. However, BMO provides multiple straightforward ways to waive this fee entirely, making the account potentially free depending on your banking behavior.
You can waive the monthly fee by meeting any one of these requirements:
- Maintaining a minimum daily ledger balance of $10,000 or more during the previous calendar month
- Maintaining a monthly combined balance of $25,000 across eligible BMO accounts
- Being enrolled in BMO’s employee benefits program and requesting the waiver from your BMO banker
For many customers, the $10,000 minimum balance requirement is easily achievable, effectively making this a no-fee premium account. Compared to other premium checking accounts that charge $20-$35 monthly fees, BMO’s multiple waiver options provide excellent flexibility.
Understanding BMO Relationship Tiers
Tier Structure Overview
BMO automatically places your account into one of four relationship tiers based on your quarterly combined balance across all eligible deposit and investment accounts. Your tier determines which benefits you receive, and BMO recalculates tier placement quarterly on January 1, April 1, July 1, and October 1.
Importantly, once you’re placed in a tier for a calendar quarter, you maintain those benefits throughout the entire quarter regardless of any balance fluctuations. This stability ensures you won’t lose benefits mid-quarter if your balance temporarily dips.
Silver Tier Benefits
Silver tier applies to customers with a quarterly combined balance below $25,000. This entry-level tier includes all standard account benefits: $25 monthly maintenance fee with multiple waiver options, unlimited transactions at 40,000+ ATMs, surcharge reimbursements up to $25 monthly, and interest earnings on your checking balance.
Silver tier members also qualify for $10 quarterly credit card spending bonuses when meeting spending criteria on linked BMO credit cards. ID Theft Protection on your debit card and full digital banking access round out the Silver tier package.
Gold Tier Benefits
Gold tier unlocks at $25,000 in quarterly combined balances and adds substantial benefits on top of standard features. Wire transfer fee rebates increase to $30 per month for both domestic and international transfers, a valuable benefit for customers who regularly move money between accounts or to other institutions.
Gold tier members receive increased quarterly credit card spending bonuses of $25, and they may qualify for higher interest rates on linked BMO Relationship Plus Money Market accounts. These enhanced benefits reward your growing financial relationship with BMO.
Platinum Tier Benefits
Platinum tier activates at $100,000 in quarterly combined balances, doubling the monthly wire transfer rebate to $60. Quarterly credit card spending bonuses increase to $50, and continued access to higher money market interest rates provides additional earning opportunities.
Platinum tier represents the middle-to-upper echelon of BMO’s relationship rewards, offering substantial benefits for customers with meaningful deposit relationships with the bank.
Premier Tier Benefits
Premier tier, available at $250,000 or more in quarterly combined balances, represents the pinnacle of BMO’s relationship rewards. Members enjoy the highest wire transfer rebate at $90 per month, protecting them from substantial fees on frequent transfers.
Premier tier includes one complimentary overdraft fee rebate per month, higher money market rates, and the maximum quarterly credit card spending bonus of $75. These comprehensive benefits recognize significant banking relationships and reward customer loyalty substantially.
How to Waive the Monthly Fee
Unlike some premium checking accounts with restrictive fee waiver requirements, BMO Relationship Checking offers practical, achievable options for eliminating the $25 monthly maintenance fee.
The most straightforward path involves maintaining a $10,000 minimum daily ledger balance. For many customers, keeping this balance in their primary checking account aligns naturally with their monthly spending patterns and emergency fund goals.
Alternatively, customers can maintain a $25,000 monthly combined balance across all eligible BMO deposit and investment accounts. This option provides flexibility by allowing you to distribute your money across multiple accounts while still qualifying for fee waiver benefits.
Employee benefits program participants can request a fee waiver directly from their BMO banker, providing an additional avenue for qualified individuals. This option particularly benefits employees of organizations with BMO employee banking programs.
Frequently Asked Questions
Q: Does BMO Relationship Checking require a minimum balance to open?
A: No, there is no minimum balance requirement to open a BMO Relationship Checking Account. You can open the account with any deposit amount, making it accessible to customers at all financial levels.
Q: Can I avoid the $25 monthly maintenance fee?
A: Yes, you can waive the fee by maintaining a $10,000 minimum daily balance, keeping a $25,000 monthly combined balance across eligible accounts, or enrolling in BMO’s employee benefits program.
Q: How often do relationship tier placements change?
A: BMO recalculates and adjusts tier placement quarterly on January 1, April 1, July 1, and October 1. Your tier remains stable throughout each quarter even if balances fluctuate.
Q: What interest rate does the account earn?
A: Interest rates vary and are typically modest for checking accounts. Interest is compounded daily and credited monthly. Higher relationship tiers may qualify for increased rates on linked money market accounts.
Q: Are ATM surcharges really reimbursed up to $25 monthly?
A: Yes, BMO reimburses third-party ATM surcharges up to $25 per statement period, protecting you from unexpected out-of-network fees.
Q: What happens if my balance drops below my tier requirement during a quarter?
A: Your tier placement and associated benefits remain in effect for the entire calendar quarter. You’ll move to a different tier only when quarterly placement is recalculated on the first day of the next quarter.
Q: Can I earn bonuses on multiple BMO credit cards?
A: Quarterly credit card spending bonuses apply when meeting spending thresholds on linked BMO credit cards. Specific terms and conditions apply to how multiple cards interact with the bonus structure.
Q: What is the mortgage rate discount exactly?
A: Qualified borrowers receive a 0.125% interest rate discount on mortgages with auto-pay setup from a BMO checking account, plus a $500 closing cost credit. Home equity lines of credit qualify for a 0.25% discount.
Is BMO Relationship Checking Right for You?
Ideal Candidates
BMO Relationship Checking suits customers who maintain substantial deposits with BMO and seek meaningful banking rewards. If you typically keep $10,000 or more in checking or have $25,000 across multiple BMO accounts, you can eliminate the monthly fee while accessing premium benefits.
The account particularly appeals to customers who value ATM access, as the 40,000-plus ATM network combined with surcharge reimbursement provides substantial convenience. Those planning a mortgage or frequently transferring funds between accounts gain tangible value from lending discounts and wire transfer rebates.
Consider Alternatives If
If you prefer to maintain minimal balances and want completely free checking, other BMO options or competitors might better serve your needs. Customers who rarely use credit cards can’t fully leverage the quarterly spending bonuses. Those who avoid wire transfers miss out on those specific benefits.
If you’re committed to a different bank’s ecosystem, exploring their own premium checking options first makes sense before switching to BMO.
Conclusion
BMO Relationship Checking represents a thoughtfully designed premium checking account that rewards growing banking relationships with increasingly valuable benefits. The tiered structure, multiple fee waiver options, and comprehensive ATM access combine to create a practical premium account experience.
For customers with BMO relationships already or those willing to consolidate their banking, the account offers compelling value through ATM surcharge reimbursement, credit card bonuses, and mortgage benefits. While the $25 monthly fee exists, the straightforward waiver requirements mean most customers can access the account fee-free.
The account’s flexibility, from tier advancement to fee waiver options, demonstrates BMO’s commitment to rewarding customer loyalty without penalizing those just beginning their banking relationship.
References
- BMO Relationship Checking — Bank of the West. 2025-11-29. https://www.bmo.com/en-us/main/personal/checking-accounts/relationship-checking/
- BMO Relationship Checking Regulation DD Disclosure — Bank of the West. 2024. https://www.bmo.com/en-us/pdf/BMO_Relationship_Checking_Reg_DD.pdf
- Compare Checking Accounts – Find The Right One — Bank of the West. 2025-11-29. https://www.bmo.com/en-us/main/personal/checking-accounts/comparison/
- What is a Checking Account: Benefits, Features & More — Bank of the West. 2025-11-29. https://www.bmo.com/en-us/main/personal/checking-accounts/what-is-a-checking-account/
- BMO Relationship Checking Review: Reward Banking Made For You — Money’s My Life. 2024-11-02. https://www.moneysmylife.com/bmo-relationship-checking-review/
Similar Articles
Read full bio of Sneha Tete
