On February 1, 2027, BMO raises the minimum daily balance that waives the monthly fee on its Plus, Performance and Premium bank plans: to $3,500, $4,500 and $7,000. The Plus Plan also drops from 25 to 20 debit transactions a month, and wire transfer fees go up.
Key takeaway: If you keep a balance to avoid BMO’s monthly fee, check it before February 1, 2027. Below the new amount you pay the monthly fee: $17.95 for Performance ($215.40 a year) and $30.95 for Premium ($371.40 a year) at our last check.
Editorial update November 13, 2026 · WalletReturn Editorial Team
BMO is raising the minimum daily balance you need to keep in your lead Primary Chequing Account to have the monthly Bank Plan fee waived. The change takes effect February 1, 2027, according to BMO’s notice to customers.
BMO’s notice doesn’t mention any change to the monthly plan fees themselves.
| Bank plan | Balance to waive the fee today | From February 1, 2027 |
|---|---|---|
| Plus Plan | $3,000 | $3,500 |
| Performance Plan | $4,000 | $4,500 |
| Premium Plan | $6,000 | $7,000 |
The Plus Plan’s monthly debit transaction limit drops from 25 to 20. Transactions at Canadian transit authorities still don’t count toward the limit, and the Performance Plan keeps unlimited transactions.
Wire transfer fees also rise: incoming wires from $16 to $17.50, and outgoing wires from $50 to $75 (a $65 wire fee, up from $40, plus the same $10 communication charge).
| Today | From February 1, 2027 | |
|---|---|---|
| Plus Plan debit transactions a month | 25 | 20 |
| Incoming wire | $16 | $17.50 |
| Outgoing wire (fee + communication charge) | $50 | $75 |
You pay the plan’s monthly fee for any month the waiver isn’t met. At our last check that was $17.95 a month for Performance Chequing and $30.95 for Premium Chequing.
Keeping the extra $500 to $1,000 in chequing has a cost too: that money would usually earn more in a high-interest savings account. Our account pages show the first-year value both ways, with the fee paid and with the waiver balance kept.
| Account | Monthly fee | A year without the waiver |
|---|---|---|
| BMO Performance Chequing | $17.95 | $215.40 |
| BMO Premium Chequing | $30.95 | $371.40 |
The bonus conditions don’t depend on your balance, but the new waiver amounts apply from February 1, 2027. If you open a Performance or Premium account for BMO’s current offer (Up to $1,100), most of your first year will fall under the new amounts.
The bonus requires a recurring direct deposit and bill payments; it doesn’t require a minimum balance. Check the current terms on BMO’s site before you open an account.
No. The changes apply automatically. If you rely on the balance waiver, raise your balance to the new amount before February 1, 2027, or plan for the monthly fee.
BMO’s notice says customers in Quebec who disagree with the changes can close their account without cost or penalty within 30 days after the changes take effect.
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