American Express
C2 Home Loan
The hidden cost of a cash back mortgage for American Express Interest rate 31.00% Annual Percentage Rate 32.11% Mortgage Type Variable Cash back mortgages have a higher interest rate than just getting a conventional mortgage. This is to make up for the extra amount they lend you. We did some market research to determine how much higher a cash back mortgage interest is to help empower you to make the best decision. Generally, a cash back mortgage can have an interest rate that’s 0.5% to 2% higher than a mortgage without cash back. This increased interest rate is applied to your whole balance throughout the term and not just the borrowed amount. As an example, we can calculate the additional cost of a cash back mortgage throughout a five-year mortgage term of a $500,000 mortgage with 1% cash back, based on a cash back mortgage rate of 4% compared to a non-cash back mortgage rate of 3.5%. As you can see, in exchange for the $5,000 cash back, you pay an additional $11,894 in interest. Where to Get a Cash back Mortgage Cash back mortgages are a hot product, and lenders don’t want to miss out on the action. As a result, you’ll have no challenge finding a lender to provide you with the funding. However, it can get confusing to compare the different lenders. Although one may have a lower posted interest rate, there could be a catch. We’ve read through the fine print of each lender to help you understand which company is best for you. Lender Cash Back Range Maximum Cash back Amount Mortgage Breaking Penalty RBC 1% to 7% $20,000 Partially repay cash back Scotiabank 1% to 5% N/A Fully repay cash back CIBC Up to $3,500 N/A Fully repay cash back
Skip to contentBMO Performance Chequing Account
The BMO Performance Chequing account offers unlimited debit and Interac e-Transfer transactions. Account holders are entitled to one free monthly ATM withdrawal in Canada and a $40 BMO credit card annual fee rebate.
Welcome Bonus
$750 + $50 FlyerFunds
Monthly Fee
*Waivable
Offer Expires
Offers
Welcome Bonus
Customers who open a new BMO Performance Chequing account can earn up to $750 in value:
- Earn $500: Open a BMO Performance Chequing account and make a deposit by September 30, 2025. Complete 2 of the 3 requirements listed below by November 28, 2025:
- Set up a recurring direct deposit of at least $500
- Make two bill payments of at least $50 to different billers
- Set up two pre-authorized debits of at least $50 to different billers
- Earn a $50 Walmart Canada eGift Card: Open a Savings Amplifier Account by September 30, 2025, and deposit any amount by October 31, 2025.
- Earn $150: Open a Savings Amplifier Account by September 30, 2025, and deposit a total of $10,000 within 30 days of opening the account; and maintain a daily closing balance of $10,000 or more at all times for an additional 90 calendar days past that initial month.
- Earn $50: When you invite a family member as part of a BMO Family Bundle and have them open their account by September 30, 2025.
- Receive a 4.75% promotional interest rate when you add a BMO Savings Amplifier Account.
FlyerFunds Rebate
Plus, if you apply for the BMO Performance Chequing Account through Frugal Flyer and are approved, you can receive an additional $50 paid directly to you.
Account Features
The BMO Performance Chequing account offers unlimited debit and unlimited Interac e-Transfer transactions.
Account holders are eligible to receive free withdrawals at BMO ATMs and up to one free withdrawal at a non-BMO ATM in Canada per month. Past that, ATM withdrawals are charged at a rate of $2 each in Canada, $5 each in the United States, and $5 each outside Canada and the United States.
Performance account holders also receive free BMO Global Money Transfers when sending funds quickly and securely to up to 50 countries (regions) in multiple currencies.
Performance Chequing account holders who also hold an eligible BMO personal credit card (including the BMO AIR MILES World Elite Mastercard, BMO CashBack World Elite Mastercard, BMO Ascend World Elite Mastercard, BMO AIR MILES World Mastercard, BMO CashBack World Mastercard, or BMO eclipse Visa Infinite card) are eligible to receive a $40 annual fee rebate each calendar year. This annual fee rebate will occur once, even if you hold multiple BMO credit cards.
Fees
Monthly Fees
The BMO Performance Chequing account has a monthly fee of $17.95, which is waived if you hold a minimum balance of $4,000 in your BMO bank account at all times. The Opening balance requirement is $0.
Last updated: