BMO Newcomer Account Fees & Calculator
BMO currently advertises no monthly plan fee for eligible newcomers for 2 years. Performance pricing is $17.95/month or $0 with the stated minimum balance.
Model the account fee
First check whether the newcomer pathway applies
BMO NewStart covers permanent residents and foreign workers in their first five years, while international students use the student route; all three can use the qualifying-country pre-arrival process.
Check BMO newcomer eligibility →
Can you open BMO before arriving? →
What the current terms mean
BMO currently advertises no monthly plan fee for eligible newcomers for 2 years. Performance pricing is $17.95/month or $0 with the stated minimum balance.
If you simply keep the account and pay its standard monthly fee once the newcomer promotion expires, the modeled monthly-account fees are $215.40 over three years and $646.20 over five years. Those figures ignore welcome bonuses, transaction-specific fees and other bundled benefits so you can see the recurring account charge by itself.
When a balance waiver changes the result
The account currently publishes a simple minimum-balance condition of $4,000 that can reduce the monthly account fee to $0 when the condition is met. The calculator can model that, but it does not value the opportunity cost of keeping that cash in a low- or non-interest-bearing chequing account.
Do not choose a newcomer bank from the fee alone
Branch and ATM access, Interac e-Transfers, payroll setup, newcomer credit-card pathways and the normal fee structure all matter. A $0 promotional account can still be a poor fit if the regular account is expensive for your needs or the branch/ATM network is inconvenient.
Common questions about this account
BMO Newcomer Account After 2 Years →
BMO $4,000 Balance Fee Waiver Explained →
Primary source
Compare all major newcomer accounts
Newcomer Bank Eligibility Checker →
2026 Newcomer Bank Eligibility Reference →
2026 Newcomer Banking Cost Study →
Compare 1–5 year fees interactively →
Newcomer Banking & Credit Answers →
Research snapshot: September 13, 2026. Promotions, monthly fees, balance conditions and eligibility rules can change.