BMO, Sobeys to launch new online accounts

As part of this agreement, the new co-branded bank will allow consumers to stop paying fees by using the No-Fee Chequing Account which will enable them to get their first set of cheques for free. Via the second account, the High Interest Savings Account, consumers will gain access to interest rate of 1.3 per cent on deposits. Both accounts include debit cards and allow consumers to accumulate Club Sobeys points or AIR MILES reward miles throughout the year.

The two accounts have different names, depending on the part of the country consumers live in. For instance, in Ontario and Western Canada they are called BMO Club Sobeys Chequing and Savings Accounts, in Atlantic Canada they are known as BMO Sobeys AIR MILES Chequing and Savings Accounts and in Quebec they are BMO IGA AIR MILES Chequing and Savings Accounts.

In September 2011, BMO Bank of Montreal has launched its Mobile PayPass Tag, a technology that allows BMO personal credit card customers to carry out purchases through a sticker affixed to their mobile phone, as well as receive an instant email verification of each transaction.