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Bank of Montreal – Performance Account Or Air Miles Account 

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Bank of Montreal Performance Account vs. Bank of Montreal Chequing Account

The Bank of Montreal Performance Account is a popular chequing account that allows you to do everyday banking transactions at affordable rates. Open an account instantly by clicking here.  

The Bank of Montreal Air Miles Account not only offers you banking services but also lets you earn rewards. You can click here to open this account online.  

Let us compare these chequing accounts and see the perfect option for you. 

1. Bank of Montreal Performance Account 

The Bank of Montreal Performance Account is an unlimited chequing account. It serves all your banking needs. You can also open a free Savings Amplifier Account along with it. 

WELCOME OFFER 

You can earn a welcome bonus of up to $400. It includes an opening cash bonus of $350 and a family bundle bonus of $50. 

Furthermore, you can gain access to the promotional interest rate of 3.50% p.a. when you decide to open a free Savings Amplifier Account. 

FEATURES 

  1. Eligibility 
a. You must be a Canadian resident. 
b. You should have a Canadian address. 
c. You are a major as per the age of majority set by your province. 
d. You must have your Social Insurance Number (SIN) 
  1. Interest Rate:  
  • This chequing account does not offer any interest on balances 

  1. Minimum Balance
  • There is no requirement for a minimum balance unless you want to avoid a monthly fee. 
  1. Transactions
  • Unlimited banking transactions 
  • Unlimited and free INTERAC e-Transfers 
  1. Monthly Fees
  • There is a monthly fee of $16.95 
  • However, you will get a waiver if you maintain a minimum balance of $4,000 

Additional Benefits

2. Bank of Montreal Air Miles Account 

The Bank of Montreal Air Miles Account is one of the best chequing accounts for earning rewards. It can help you save money by letting you earn REWARD MILES.  

WELCOME OFFER 

This account does not offer any opening cash bonus or other introductory offers.  

FEATURES 

  1. Eligibility 
a. You must be a Canadian resident. 
b. You should have a Canadian address. 
c. You are a major as per the age of majority set by your province. 
d. You must have your Social Insurance Number (SIN) 
  1. Interest Rate:  
  • You do not get any interest in this chequing account 
  • However, you can open a free Premium Rate Savings Account along with it and earn 0.10% p.a. interest on balances 
  1. Minimum Balance
  • There is no requirement for a minimum balance. 
  1. Transactions
  • Unlimited debit transactions every month 
  • Unlimited INTERAC e-Transfers 
  • You can even do Global Money Transfers at $0 until October 31, 2022 
  1. Monthly Fees
  • There is a monthly fee of $16.95 

Additional Benefits

COMPARATIVE ANALYSIS 

Let us now compare both these chequing accounts: 

Parameters Bank of Montreal Performance Account Bank of Montreal Air Miles Account 
Opening Cash Bonus $400 $0 
Monthly Fees $16.95, $0 on maintaining a $4,000 minimum balance $16.95 
Interest Rates 0.00% 0.00% 
Minimum Balance Not applicable Not applicable 
Debit Transactions & Interac e-Transfers Unlimited Unlimited 

Out of the five parameters mentioned above, the Bank of Montreal Performance Account scores higher in the two. There is a tie in all the other three parameters. 

OPINION of Expertbyarea. Money 

Both the chequing accounts compared are from the Bank of Montreal. They cover all your banking needs, unlimited debit transactions, and Interac e-transfers.  

However, what majorly separates them is the potential to earn AIR MILES points. The Bank of Montreal Air Miles Account lets you earn 1 AIR MILE on every $30 spent via your BMO Debit Card. 

The monthly fee charged for both chequing accounts is the same, but with the Bank of Montreal Performance Account, you get an option to avoid it by maintaining a minimum balance of $4,000. 

Evaluate your requirements. Choose the best account that better serves your needs. 

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