BMO Smart Advantage Checking

BMO Smart Advantage Checking is a rarity in the world of big banking: a brick-and-mortar checking account with no monthly maintenance fee and no minimum balance requirement (provided you opt for paperless statements). While it lacks the flashy budgeting tools of PNC or the high interest of SoFi, it is a rock-solid, low-cost option for people who want access to physical branches without the stress of dodging a $12 monthly fee.

At a Glance

• Account Type: Personal Checking (Brick-and-Mortar)
• Monthly Fee: $0 (Must enroll in paperless statements; otherwise $2/month)
• Minimum Opening Deposit: $25
• APY (Interest): None (0%)
• Overdraft Fees: $15 (Reduced from standard industry high; fee capped at 1 per day; no fee if overdrawn by $50 or less)
• ATM Access: 40,000+ Fee-Free ATMs (BMO + Allpoint® network)
• Key Feature: No Monthly Fee (No direct deposit or minimum balance required to keep it free)
• Footprint: Strong presence in the Midwest, Arizona, Florida, and California (following Bank of the West acquisition).

Overview

BMO (formerly BMO Harris) creates a compelling middle ground with the Smart Advantage account. It is designed for the "fee-averse" customer who still wants the security of a traditional bank. Following its acquisition of Bank of the West, BMO now has a massive footprint stretching from Chicago to San Francisco, making this free account accessible to millions more Americans.

Features & Benefits

• The "No Fee" Promise: Most big banks require a $500 direct deposit to waive fees. BMO requires nothing but a digital signature for e-statements. This makes it an excellent account for freelancers with irregular income or students.
• BMO Digital Banking: The mobile app allows for mobile check deposit, bill pay, and Zelle® transfers. It is functional and reliable, though less feature-rich than Chase or Capital One.
• Total Relationship Balance: While this specific account doesn't earn interest, holding it can help you qualify for relationship perks on BMO savings accounts or CDs if you have higher balances elsewhere.

Fees & Requirements

• Monthly Fee: $0 (with paperless statements).
• Paper Statement Fee: $2.
• Overdraft Item Fee: $15. This is significantly lower than the industry standard $35. BMO also limits this to one fee per day, whereas other banks can hit you 3–4 times in a single day.
• Incoming Wire Fee: Varies (often ~$15), which is standard for traditional banks.

Borrower Experience

• Branch Access: For older customers or those who deal with cash, the ability to walk into a branch for help without paying a monthly premium is a huge value add.
• Customer Service: BMO offers phone support and in-branch appointments.

Who It’s Best For

• Irregular Income Earners: If you are a gig worker or freelancer who can't guarantee a $500 direct deposit every month, this account won't punish you with fees.
• Midwest/West Coast Residents: If you live in Illinois, Wisconsin, Minnesota, Arizona, or California, BMO is likely your best "local" bank option that offers a free account.
• College Students: The low opening deposit ($25) and lack of balance requirements make it a great starter account that doesn't require a specific "Student" designation.

Who Should Skip It

• Frequent Travelers: The 3% foreign transaction fee and $3 out-of-network ATM fee make this a bad choice for global travel. Use Schwab or Capital One 360.
• Savings Maximizers: With 0% interest, your money loses value to inflation here. Keep your savings in a high-yield account elsewhere.
• Paper Trail Lovers: If you insist on receiving paper statements in the mail, the $2/month fee makes this account annoying.

Bottom Line

BMO Smart Advantage Checking is the best "safety" account at a traditional bank. It removes the anxiety of minimum balance requirements while still giving you access to tellers and ATMs. If you want a basic, free place to keep your money and you live within BMO's footprint, it is a superior choice to the entry-level accounts at Chase or Wells Fargo.