BMO vs TD: which everyday chequing account wins?
BMO and TD sit at opposite ends of the big-bank chequing spectrum. BMO’s Practical Plan is one of the cheapest standard accounts going — but the fee cannot be waived by balance. TD’s Every Day Chequing costs nearly three times as much, yet becomes free if you keep a balance and includes far more transactions. Here is the verified, line-by-line comparison.
BMO
Practical Plan
$4.00/mo standard
- No balance waiver on the monthly fee
- 12 transactions a month included
- Seniors 60+ pay $0.00/mo
TD
Every Day Chequing
$11.95/mo standard
- Fee waived with a $3,000 balance
- 25 transactions a month included
- Seniors 60+ pay $8.20/mo
The verified comparison
Fees verified · June 9, 2026| What you pay | BMO Practical Plan | TD Every Day Chequing |
|---|---|---|
| Monthly fee | $4.00 | $11.95 |
| Fee waiver | No balance waiver BMO states the Practical Plan fee cannot be eliminated by keeping a minimum balance. | $3,000 balance Fee waived with a $3,000 minimum balance at the end of every day in the month. |
| Transactions included | 12/mo | 25/mo |
| Excess transaction fee | $0.60 per debit | $1.25 per debit |
| Senior pricing | $0.00/mo at 60+ Seniors 60+ pay $0 — the discount is applied automatically. | $8.20/mo at 60+ Seniors 60+ get a $3.75 discount — they still pay $8.20 a month. |
| Other-bank ATM fee | Not published BMO’s other-bank ATM fee could not be verified at the source — ATM costs are not included in this estimate. | $2.00 $2.00 per withdrawal at non-TD ATMs in Canada, plus any operator surcharge. |
| NSF fee | $10.00 | $10.00 |
Every figure above is read from each bank's own fee page — BMO and TD — last checked June 9, 2026. Banks change fees without notice; confirm before opening.
Lowest flat fee vs waivable-to-free
BMO’s Practical Plan is $4.00 a month for 12 transactions, with the lowest excess-debit fee of the big banks at $0.60 each. The catch BMO states plainly: the fee cannot be eliminated by keeping a minimum balance. TD’s Every Day Chequing is $11.95 for 25 transactions, but is fully waived with a $3,000 daily balance.
So if your balance runs low, BMO’s $4 flat fee plus a gentle $0.60 overage is the cheaper, more predictable account. If you keep $3,000 parked, TD flips to free with more than double the transactions — and BMO has no equivalent way to reach zero outside the senior discount.
Seniors: BMO is free at 60, TD still charges
For older clients BMO is the standout. Seniors 60 and older pay $0 on the Practical Plan — the discount is applied automatically, making it a genuinely free everyday account a full five years earlier than most rivals. TD only trims its fee for seniors 60+ to $8.20 a month; it never reaches zero. For a retiree who banks within 12 transactions a month, BMO’s free-at-60 account is hard to beat among the big banks.
Pick this one if…
BMO Practical Plan
- You are 60 or older (BMO Practical is free at 60+)
- You keep a low balance and want the lowest flat fee ($4, can’t be waived but predictable)
- You occasionally go over the limit — BMO’s $0.60 excess fee is the lowest of the big banks
TD Every Day Chequing
- You can keep a $3,000 balance to waive the fee entirely
- You need more transactions (25 included vs BMO’s 12)
- You want a published other-bank ATM fee ($2.00) rather than an unlisted one
BMO Practical is the cheaper, more predictable account for light bankers — and free for seniors at 60, the earliest of the big banks. TD wins for higher-transaction users who can hold $3,000 to waive the fee. Both are beaten on price by a no-fee digital chequing account, which charges nothing regardless of balance.
Keep comparing
Frequently asked questions
Is BMO or TD cheaper for chequing?
BMO’s Practical Plan is $4.00 a month versus TD Every Day at $11.95, so BMO is cheaper outright. But BMO’s fee cannot be waived by balance, while TD’s is fully waived with a $3,000 daily balance. If you keep $3,000, TD becomes free with 25 transactions; if you keep a low balance, BMO’s $4 flat fee is the lower cost.
Is BMO free for seniors?
Yes. BMO applies an automatic senior discount that brings the Practical Plan to $0 a month for clients 60 and older — a genuinely free everyday account. TD, by contrast, only reduces its fee to $8.20 for seniors 60+; it never reaches zero. For seniors who bank within 12 transactions a month, BMO is the cheaper big-bank choice.
Which account includes more transactions?
TD Every Day includes 25 transactions a month versus 12 in BMO’s Practical Plan. Past the cap, BMO charges just $0.60 per extra debit — the lowest of the big banks — while TD charges $1.25. So TD suits higher volumes outright, but BMO’s low overage softens the gap for occasional spikes.
Can I waive the BMO Practical Plan fee?
Not by balance — BMO states the Practical Plan fee cannot be eliminated by keeping a minimum balance. The only built-in way to zero it is the automatic senior discount at 60+. If you want a waivable big-bank account, TD’s $3,000 balance waiver is the route; if you want no fee at any balance, a no-fee digital account is simpler.
This page is for educational purposes only and is not financial advice. Account fees, waivers, senior pricing and transaction limits change frequently and vary by institution; the figures referenced were last verified June 9, 2026 at each bank's own fee page. Confirm current terms with BMO and TD before opening an account. See our methodology.