What is the BMO US Dollar Premium Account?
The BMO US Dollar Premium Account is a USD-denominated personal banking account offered by Bank of Montreal to Canadian residents. It functions as a US-dollar chequing/savings hybrid: you can hold, deposit, withdraw, and wire USD without converting to CAD, while staying within BMO's Canadian banking ecosystem.
BMO also runs a US-side personal banking business, BMO (BMO Harris was retired as a brand following BMO's February 2023 acquisition of Bank of the West), targeted at US residents. The two are not directly interchangeable — this review covers the Canadian-side product.
Fees, balances, and interest
Based on BMO's published rate sheets as of mid-2026:
| Item | Amount | Notes |
|---|---|---|
| Monthly fee | Variable / often $0 | BMO offers both a US Dollar Premium Savings account (no monthly fee when linked to a BMO chequing) and a US Dollar Premium Chequing variant — verify the current product's exact fee structure on bmo.com before opening |
| USD interest rate | Tiered | Pays modest interest on higher balances |
| USD wire incoming | USD$16 | Standard SWIFT incoming |
| USD wire outgoing | USD$45 | Higher for larger amounts |
| Free transactions | Limited | Typically 2 free per month on basic tier |
Always verify current rates on BMO's official site before opening.
Where it wins
- BMO ecosystem integration. Same-bank transfers between BMO CAD chequing, BMO USD Premium, and BMO InvestorLine (for self-directed brokerage including Norbert's Gambit) are free and same-day.
- Pays modest USD interest. Better than near-zero accounts like the basic RBC US Personal Account.
- Branch service across Canada. Deposit USD cash and cheques at any BMO branch.
- BMO InvestorLine pairing. One of the cleanest big-bank brokers for Norbert's Gambit if you want to keep everything at BMO.
Where it falls short
- Conversion spread is standard bank rate. 2.5–3% above mid-market on USD ↔ CAD conversion. The account doesn't unlock a better rate.
- Interest still modest. EQ Bank or laddered USD GICs typically pay multiples of what BMO US Dollar Premium pays.
- USD$45 outgoing wire fee makes occasional cross-border transfers expensive vs Wise.
Who it makes sense for
- Existing BMO customers who want USD parking integrated with their main bank.
- BMO InvestorLine self-directed brokerage users who run Norbert's Gambits regularly and want to keep cash flow inside BMO.
- Snowbirds and freelancers paid in USD who like branch service and don't mind giving up some yield for simplicity.
Best alternatives
- EQ Bank USD Savings — better USD yield, no monthly fee.
- Wise USD account — best for mid-market conversion and small wires.
- RBC US Personal Account — see our RBC review.
- TD US Dollar Daily Interest Chequing — see our TD review.
Related guides
- Best USD bank accounts: full comparison
- Norbert's Gambit: convert at mid-market
- Wise vs RBC USD→CAD
- Methodology
BMO US Dollar Premium Account FAQ
It is held by Bank of Montreal's Canadian entity with funds in Canada. CDIC coverage applies on eligible deposits up to CA$100,000-equivalent. BMO's US-side personal banking (after the 2023 BMO Harris brand retirement following the Bank of the West acquisition) is a separate offering for US residents.
Fee structure varies by BMO US Dollar product. The US Dollar Premium Savings Account has no monthly fee when linked to a BMO chequing account, with a USD$1,500 minimum balance for unlimited transactions. The chequing variant has a different structure — verify the current product on bmo.com. Premium banking packages may waive it under other relationship criteria.
Yes, on a tiered schedule. The rate is modest — meaningful only above USD$10,000 balances. For higher yield, consider EQ Bank USD Savings or a USD GIC ladder.
Yes — BMO InvestorLine has solid USD sub-account support and a clear journal request workflow. Standard ETF commission is $9.95 per leg, giving a total Gambit cost of about $19.90 plus a small bid-ask spread.
BMO's retail conversion rate, roughly 2.5–3% above mid-market. To convert cheaply, use Norbert's Gambit (via BMO InvestorLine or another broker) or Wise.