You seek a free checking account that offers the security of a larger, FDIC-insured bank. What do you do? BMO Smart Advantage Checking Account Review
If you don’t care about features or money, the BMO Checking Account is an excellent place to start. The BMO Smart Advantage Checking Account is easy to use and doesn’t skimp on important features.
What Is the Advantage Checking Account?
The BMO Smart Advantage Checking Account is a free checking account from BMO. It’s a simple account with no monthly maintenance fee, no ongoing minimum balance, and a broad fee-free ATM network.
This account has few value-added benefits or perks. For example, BMO doesn’t reimburse out-of-network ATM fees or waive overdraft fees for Smart Advantage account holders. But the account does have an excellent mobile app that basically eliminates the need to bank in-branch.
What Sets the Advantage Checking Account Apart?
The BMO Smart Advantage Checking Account has no truly unique features, but it does stand out for a few important reasons:
- No monthly maintenance fee. This account has no monthly maintenance fee regardless of statement preference.
- The account offers a vast ATM network that does not impose any withdrawal fees. BMO Bank has more than 40,000 ATMs in its fee-free network. However, note that BMO does not reimburse out-of-network ATM fees on this account.
Key Features of BMO Smart Advantage Checking
The BMO Smart Advantage Checking Account is a basic checking account that stands out mostly for its lack of monthly maintenance fee.
Minimum Deposit and Balance
The minimum deposit to open a BMO Smart Advantage Checking Account is $25. There’s no ongoing minimum balance once your account is open.
ATM Network
BMO is part of the Allpoint ATM network, which means it has more than 40,000 fee-free ATMs across the United States. That includes many areas where BMO doesn’t have branches.
However, Smart Advantage doesn’t reimburse out-of-network ATM fees, so avoid those to avoid surcharges.
Possible Account Fees
This account has no monthly maintenance fee.
Other possible fees include:
- A $3 out-of-network ATM fee
- A $15 fee per overdraft when your account is overdrawn by more than $50 (maximum of 3 fees per business day)
- A $3 fee per statement period for cheque images if you choose paper statements
- A $3 paper statement fee each month if you choose paper statements (waived if you go paperless or are 65+)
Mobile Features
BMO has a comprehensive, user-friendly mobile app that supports:
- Free mobile cheque deposit
- Person-to-person Zelle transfers with no BMO user fees (though other fees may apply)
- Budgeting and expense-tracking tools
- One-dashboard view of all your BMO bank and credit card accounts
Advantages of BMO Smart Advantage Checking
BMO Smart Advantage has no monthly maintenance fees and an unusually large fee-free ATM network.
- No monthly maintenance fee. BMO Smart Advantage has no monthly maintenance fee. However, there is a $3 paper statement fee if you choose paper statements (waived if you go paperless or are 65+).
- There are over 40,000 ATMs available without any fees. BMO Bank has a big fee-free ATM network that includes many more than just BMO-branded machines. This is a big advantage over banks with smaller or proprietary ATM networks, including big ones like Chase Bank.
Disadvantages of BMO Smart Advantage Checking
BMO Smart Advantage’s downsides revolve around what it lacks: relationship benefits, out-of-network ATM rebates, ongoing bonuses for account holders, and interest on balances.
- No relationship benefits. BMO Smart Advantage is an entry-level checking account with no relationship benefits for account holders. By contrast, the BMO Relationship Checking Account offers quarterly bonuses on credit card spending and discounts on loans originated with BMO. If you can afford that account’s maintenance fee or meet the waiver requirements, it’s a more rewarding option.
- No out-of-network ATM rebates. BMO Smart Advantage doesn’t reimburse out-of-network ATM surcharges. This is a disadvantage compared to BMO Premier, which does offer rebates, as well as other more generous checking accounts.
- No ongoing bonuses. Unlike the more generous BMO Relationship Checking Account, Smart Advantage has no ongoing bonuses for account holders.
- No interest on balances. This account earns no interest on balances. That’s a disadvantage relative to the growing number of high-interest checking accounts on the market, a list that includes some accounts with no maintenance fees.
How the Advantage Checking Account Stacks Up
If you’re just looking for a basic free checking account, BMO Smart Advantage is perfect for you. If you’re looking for something more generous, it’s not — but the BMO Relationship Checking Account could be.
| BMO Smart Advantage Checking | BMO Relationship Checking | |
| Monthly Maintenance Fee | $0 | $25, but can be waived |
| Waiver Requirements | Not applicable (no monthly fee) | Yes, required $10,000+ balance |
| ATM Fee Reimbursement | None | Up to $25 per month |
| Credit Card Benefits | None | Up to $75 in quarterly spending bonuses |
| Mortgage Benefits | None | Closing cost and interest rate discounts |
| Interest on Balances | None | Variable tiered rates |
Final Word
The BMO Checking Account is a no-frills free checking account that’s ideal if you’re not looking for anything fancy. With only a token minimum opening deposit and no ongoing minimum balance, it’s a good starter bank account that you can easily grow into (and hopefully, eventually, grow out of).
However, if you expect more from your checking account, Smart Advantage probably won’t cut it. Unlike the BMO Relationship Checking Account, it offers no discounts for BMO borrowers, no bonuses on credit card spending, and no out-of-network ATM fee reimbursements. It’s your money — choose wisely.
