Blue Rewards Chequing Account: Worth $17.95 a Month?
The Blue Rewards Chequing Account pays up to 135,000 welcome Points, worth $900 at the program’s redemption rate, for a $17.95 monthly fee. Year one is clearly worth it. From year two, it takes roughly $2,385 in monthly debit spending to break even.
Our one-line take: an excellent first-year account, and an expensive one afterwards unless your everyday spending actually runs through the debit card. Pairing it with the BMO Blue Rewards World Elite Mastercard changes part of the math.
Key takeaways
- Welcome offer: up to 135,000 Blue Points when you open a new Blue Rewards Chequing Account and a Savings Amplifier Account
- Value: $900 at the redemption rate of 1,500 Points for $10
- Monthly fee: $17.95, or $215.40 a year
- Earn rate: 2 Points for every $2 on groceries, gas, wholesale club and EV charging, up to $1,000 a month
- Everywhere else: 1 Point for every $2, up to $5,000 a month
- Two monthly bonuses: 500 Points for a $4,000 daily balance, plus 500 Points with the BMO Blue Rewards World Elite Mastercard
- Break-even point: about $2,385 in monthly debit spending once the welcome bonus is banked
A welcome offer of 135,000 Points
The offer covers two products opened together: a new Blue Rewards Chequing Account and a new BMO Savings Amplifier Account. Both are required to reach the full 135,000 Points.
At the program’s official redemption rate, 1,500 Points are worth $10 in store or towards eGift cards. The full bonus therefore represents $900 in redemption value, which matches the figure BMO advertises.
How much does the Blue Rewards Chequing Account earn?
The account earns Points on debit card purchases, not just on credit. Two rates apply, each with its own monthly cap.
- Accelerated categories: 2 Points for every $2 on groceries, gas, wholesale club and EV charging, on up to $1,000 in eligible purchases a month, for 1,000 Points
- All other purchases: 1 Point for every $2, on up to $5,000 a month, for 2,500 Points
- Balance bonus: 500 Points a month with a minimum daily chequing balance of $4,000
- Bundle bonus: 500 Points a month if you also hold the BMO Blue Rewards World Elite Mastercard
The account also comes with unlimited transactions, Interac e-Transfers, the BMO Family Bundle that extends no-fee everyday banking to the household, and OnGuard identity theft protection.
The spending level that makes it pay
The $215.40 in annual fees has to be covered by the Points earned. Here is the math, at 1,500 Points for $10.
The two monthly bonuses deliver 1,000 Points a month, or 12,000 Points a year, worth $80. That leaves $135.40 to recover from spending, which works out to 20,310 Points.
Maxing out the accelerated categories at $1,000 a month adds 12,000 Points a year. The remaining 8,310 Points call for roughly $1,385 in other monthly debit purchases.
- Break-even point: about $2,385 a month on debit, with $4,000 parked in the account and the World Elite card in hand
- A $2,000-a-month profile ($800 in accelerated categories, $1,200 elsewhere): 16,800 Points from spending plus 12,000 bonus Points, or $192 against $215.40 in fees
- Theoretical ceiling: 54,000 Points a year, worth $360, on $6,000 in monthly debit spending
What if you keep your current account?
Your existing BMO chequing account earns Blue Points on debit too, without moving to the $17.95 monthly fee. The rate is 1 Point for every $2 on groceries, wholesale clubs, gas and EV charging.
The cap is what changes the math: $300 in net purchases a month, across all of those merchant categories combined. That works out to 150 Points a month at most, or about $12 a year at the rate of 1,500 Points for $10. Eligible plans are Practical, Plus, Performance, Premium and Senior.
| Account | Groceries, gas, wholesale, EV | Monthly cap | Maximum value a year |
|---|---|---|---|
| Blue Rewards Chequing Account | 2 Points per $2 | $1,000, plus $5,000 elsewhere at 1 Point per $2 | $360 with both bonuses |
| Practical, Plus, Performance, Premium, Senior | 1 Point per $2 | $300 in total | about $12 |
The cards to pair with the account
The 500-Point monthly bonus only lands with the BMO Blue Rewards World Elite Mastercard. Over a year, those 6,000 Points are worth $40, which absorbs part of the card’s annual fee.
The no-annual-fee version, the BMO Blue Rewards Mastercard, does not trigger the bundle bonus. It still makes sense if you want to earn with program partners without paying an annual fee.
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $0 | |||
| $0 |
To compare every option against your own spending habits, see our roundup of the best credit cards.
Who this account makes sense for
Three profiles come out ahead, and one should pass.
- The household that pays by debit: past $2,385 a month, the account funds itself and starts paying
- The BMO client who keeps $4,000 in the account: the balance bonus lands automatically every month
- The World Elite cardholder: the bundle adds 6,000 Points a year with no effort
- Skip it if most of your purchases go on a credit card: debit then earns too little to cover the $215.40. Your current plan still earns, to the tune of $12 a year
The program itself deserves a look before you decide: the partner network, the real value of a Point and the promotions running now matter as much as the account fee.
Blue Rewards Chequing Account – Frequently asked questions
How many Points does the welcome offer pay?
Up to 135,000 Blue Points, when you open a new Blue Rewards Chequing Account and a new BMO Savings Amplifier Account. At the redemption rate of 1,500 Points for $10, the full bonus is worth $900.
What is the monthly fee?
$17.95 a month, or $215.40 a year. BMO states that no minimum balance is required as long as the monthly plan fee is paid.
How many Points does the debit card earn?
2 Points for every $2 on groceries, gas, wholesale club and EV charging purchases, up to $1,000 in eligible purchases a month. Everywhere else, 1 Point for every $2, up to $5,000 a month. The ceiling from spending alone is 42,000 Points a year.
At what spending level does the account pay off?
Around $2,385 in monthly debit spending, counting both 500-Point monthly bonuses. Below that, the Points earned do not cover the $215.40 in annual fees once the welcome bonus is banked.
Do you need a BMO credit card to open the account?
No. A credit card is not required, but the BMO Blue Rewards World Elite Mastercard adds 500 Points a month through the bundle bonus, or 6,000 Points a year.
Is the Savings Amplifier Account mandatory?
It is required to collect the full 135,000 Points. It has no monthly fee and no minimum balance, and it gives access to a promotional interest rate when you open an eligible BMO chequing account.
Do you need this account to earn on debit?
No. The Practical, Plus, Performance, Premium and Senior plans earn 1 Point for every $2 on groceries, wholesale clubs, gas and EV charging. The cap is $300 in net purchases a month, or about $12 a year. Debit earning does take an opt-in, through BMO Online Banking or the mobile app.
How does it differ from the Performance account?
Both cost $17.95 a month and include unlimited transactions. The Performance account is built around a cash welcome bonus, while the Blue Rewards Chequing Account earns Blue Points on debit purchases and unlocks the program’s monthly bonuses.
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