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BMO

*Canadian Defence employees only* FREE Performance Plan Chequing account & good rates

  • Last Updated:
  • Sep 23rd, 2020 1:05 am
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May 21st, 2020 9:23 am
wax888 [OP]
Banned
User avatar
May 6, 2020
132 posts
428 upvotes
Cornwall

May 21st, 2020 9:23 am

[BMO] *Canadian Defence employees only* FREE Performance Plan Chequing account & good rates

Not too shabby for those like my cousin who is in the military. Free chequing account and many other financial benefits. Must have a CF One card to verify eligibility. It even says former employees of National Defence qualify. A nice gesture from BMO to present such savings.

Who’s eligible?
BMO CDCB Program benefits are exclusive to all members of Canada’s defence community and their families:

Canadian Armed Forces (CAF) members (Regular and Reserve ) and their families
Veterans and their families, including families of the deceased
Members of foreign military currently serving with the CAF and their families
Current and former Staff of the Non-Public Funds, Canadian Forces and their families
Current staff of Military Family Resource Centres and their families
Current and former Department of National Defence public servants and their families
Serving and former Royal Canadian Mounted Police and their families
Current and former Canadian Coast Guard members and their families
Current staff of Defence Research and Development Canada and their families
Current staff of Defence Construction Canada and their families
Current staff of Communications Security Establishment and their families
Honourary Colonels/Captains(, Lieutenant Colonels/Commanders and their families


CFMWS introduced the CFOne Card to confirm membership within the Canadian Forces Community and to facilitate access to morale and welfare programs/services. BMO Bank of Montreal leverages the CFOne Card to administer the CDCB Program making it seamless for members of the CF Community to start saving.

To apply for a card or to learn more, please visit ww.cf1fc.com


CDCB program benefits include:
FREE banking with the Performance Plan1
FREE Unlimited Interac e-Transfer®‡ transactions
OnGuard®* Identity Theft Protection Service at no charge14
Keep the same accounts no matter how many times you relocate
BMO Employee Pricing on a wide range of mortgage options3, 4
Flexibility to move or break your mortgage through the Integrated Relocation Program
Interest rate buy-down option
Eligible for mortgage protection even when on active duty
BMO® ATMs on Bases, Wings and Units saving you time and money
No Annual Fee credit card options with choice of rewards
BMO Employee Pricing on unsecured and secured personal lines of credit
CDCB Student Line of Credit with preferential pricing and flexibility3, 5
24/7 banking6 with BMO Online Banking and the BMO Mobile App7, 8
37 replies
May 21st, 2020 9:30 am
SubmarinePerson
Jr. Member
Mar 6, 2019
160 posts
315 upvotes

May 21st, 2020 9:30 am

I can add that they offer you 2% off their posted 5 year fixed mortgage rate. Which worked out to basically the same as smaller lenders (within 0.1%) when I checked.

Never had any issues with them, always good service.
+5
May 21st, 2020 9:31 am
JIB9022
Deal Addict
Feb 14, 2016
1832 posts
1222 upvotes

May 21st, 2020 9:31 am

SubmarinePerson wrote: ↑ I can add that they offer you 2% off their posted 5 year fixed mortgage rate. Which worked out to basically the same as smaller lenders (within 0.1%) when I checked.

Never had any issues with them, always good service.
thank you for your service
May 21st, 2020 9:44 am
danascully
Deal Addict
Feb 18, 2007
3550 posts
7812 upvotes
Vancouver

May 21st, 2020 9:44 am

JIB9022 wrote: ↑ thank you for your service
No need, I volunteered for this job. But thank you for the sentiment --

Will be switching to BMO soon. TD nickels and dimes you for EVERYTHING. In particular what incenses me the most is interac etransfer fees. And also a $5 interac etransfer cancellation fee.

And i've had an account with them for 20 years!!
Last edited by danascully on May 21st, 2020 9:50 am, edited 1 time in total.
+4
May 21st, 2020 9:45 am
SubmarinePerson
Jr. Member
Mar 6, 2019
160 posts
315 upvotes

May 21st, 2020 9:45 am

danascully wrote: ↑ No need, I volunteered for this job. But thank you for the sentiment --

Will be switching to BMO soon. TD nickels and dimes you for EVERYTHING. In particular what incenses me the most is interac etransfer fees. And also a $5 interac etransfer cancellation fee.

And i've had an account with them for 20 years!!
5$ to cancel an e-transfer?!?

That's wild...
May 21st, 2020 9:50 am
danascully
Deal Addict
Feb 18, 2007
3550 posts
7812 upvotes
Vancouver

May 21st, 2020 9:50 am

After 45 minutes, it costs $5.

Literally wanted to call TD and cancel right then and there. Absolute cash grab.
May 21st, 2020 10:38 am
wax888 [OP]
Banned
User avatar
May 6, 2020
132 posts
428 upvotes
Cornwall

May 21st, 2020 10:38 am

danascully wrote: ↑ After 45 minutes, it costs $5.

Literally wanted to call TD and cancel right then and there. Absolute cash grab.
TD is a trendy bank and they try so hard to be “cool” but I hate TD.
+1
May 21st, 2020 10:58 am
winterplight
Newbie
Jul 2, 2014
81 posts
133 upvotes
Ottawa, ON

May 21st, 2020 10:58 am

Can the "No Annual Fee credit card options with choice of rewards" be confirmed?

I thought they changed it to a $40 rebate by reading up the terms right now. It used to be completely waived but now they are completely waiving the minimum balance needed to prevent the $14.99/month for having the Defence community performance banking plan and instead of the whole $120/year waived for the credit card they only waive $40.
May 21st, 2020 12:28 pm
shylok
Deal Addict
User avatar
Feb 26, 2006
4493 posts
3026 upvotes
Ottawa

May 21st, 2020 12:28 pm

Maybe I missed it, but are civilians national defense employees eligible?
May 21st, 2020 12:51 pm
strikeraj
Deal Addict
Sep 25, 2009
1124 posts
872 upvotes

May 21st, 2020 12:51 pm

shylok wrote: ↑ Maybe I missed it, but are civilians national defense employees eligible?
Yes
Current and former Department of National Defence public servants and their families
May 21st, 2020 12:58 pm
DeltaSingh
Deal Addict
Jun 1, 2016
1576 posts
4029 upvotes

May 21st, 2020 12:58 pm

This isn't a deal, BMO has had this for years and it is ongoing.

I to double check thinking they had included the premium for free but that's not the case, same old promo.
+5
May 21st, 2020 8:36 pm
wax888 [OP]
Banned
User avatar
May 6, 2020
132 posts
428 upvotes
Cornwall

May 21st, 2020 8:36 pm

DeltaSingh wrote: ↑ This isn't a deal, BMO has had this for years and it is ongoing.

I to double check thinking they had included the premium for free but that's not the case, same old promo.
Sour much? Look at all the great perks BMO gives for Defence Canada. How is this not a “deal”.
May 21st, 2020 9:56 pm
DeltaSingh
Deal Addict
Jun 1, 2016
1576 posts
4029 upvotes

May 21st, 2020 9:56 pm

wax888 wrote: ↑ Sour much? Look at all the great perks BMO gives for Defence Canada. How is this not a “deal”.
I already have this with BMO. It's like saying half off Tuesdays at the movies is a deal, it's not, it's the norm and always there.
+1
May 21st, 2020 10:03 pm
wax888 [OP]
Banned
User avatar
May 6, 2020
132 posts
428 upvotes
Cornwall

May 21st, 2020 10:03 pm

DeltaSingh wrote: ↑ I already have this with BMO. It's like saying half off Tuesdays at the movies is a deal, it's not, it's the norm and always there.
You already having it doesn’t make it any less of a deal. The fact that it’s old news to you doesn’t nullify the deal-y goodness that it is chuck full of.
+4
May 22nd, 2020 1:41 am
overtask
Member
Feb 11, 2019
420 posts
457 upvotes
ON

May 22nd, 2020 1:41 am

Realistically if you already have CF1 card you know about this offer since it’s printed almost everywhere along with SISIP, otherwise same offer for a while. They also accept VSC, NDI75 etc instead of CF1.
+1
May 22nd, 2020 2:31 am
bomber17
Deal Fanatic
Apr 5, 2016
6099 posts
4591 upvotes
Calgary/Vancouver

May 22nd, 2020 2:31 am

SubmarinePerson wrote: ↑ I can add that they offer you 2% off their posted 5 year fixed mortgage rate. Which worked out to basically the same as smaller lenders (within 0.1%) when I checked.

Never had any issues with them, always good service.
That's not true and you wouldn't even want 2% off. 2% off 5 year posted rate sucks. 5 year posted rate is 4.94%. 2% off is 2.94% which is high.

You get preferred rate with CDCB. They actually made it worse because before they made changes, CDCB eligible clients used to get employee rates. Now it's preferred rates which is usually 0.1% higher than employee. It's not bad, but I seen rates out there that might still be better than BMO. CDCB.
May 22nd, 2020 3:26 am
ovovov
Sr. Member
Apr 8, 2007
960 posts
251 upvotes

May 22nd, 2020 3:26 am

2.94% is high? so what is 2.94% for? IF it is purchase only, 5 year fix, a popular rate is 2.19% for military /staff. Than you for your service.
May 22nd, 2020 4:13 am
1madman1
Sr. Member
Feb 23, 2004
908 posts
164 upvotes
Richmond

May 22nd, 2020 4:13 am

BMO sends frequently sends reps at us to remind us of the program. I think I've sat through their presentation at least 5 times over the last couple years.

It sounds good, but not good enough that I'd bother to switch - I'm literally neighbours with a TD and keep a high enough balance for them to waive their fees.
+1
May 22nd, 2020 7:53 am
SubmarinePerson
Jr. Member
Mar 6, 2019
160 posts
315 upvotes

May 22nd, 2020 7:53 am

bomber17 wrote: ↑ That's not true and you wouldn't even want 2% off. 2% off 5 year posted rate sucks. 5 year posted rate is 4.94%. 2% off is 2.94% which is high.

You get preferred rate with CDCB. They actually made it worse because before they made changes, CDCB eligible clients used to get employee rates. Now it's preferred rates which is usually 0.1% higher than employee. It's not bad, but I seen rates out there that might still be better than BMO. CDCB.
I guess they have made some changes then. Looking at my mortgage account, and the information I see is indeed 2% discount off the posted rate.

I ended up paying a whopping 0.05% more than the absolute lowest rate that was available through other lenders, but then again a lot of ridiculous fees that some other lenders would charge don't get charged to CDCB customers.

Definitely worth looking into if you are the target audience, especially if there's a chance you ever get posted.
May 22nd, 2020 9:00 am
gmoney506
Sr. Member
Mar 15, 2013
970 posts
530 upvotes
Fredericton

May 22nd, 2020 9:00 am

ovovov wrote: ↑ 2.94% is high? so what is 2.94% for? IF it is purchase only, 5 year fix, a popular rate is 2.19% for military /staff. Than you for your service.
Do you have 2.19 in writing? I was told on phone 2.10 on Variable and 2.34 5yr fixed. Also right now for a 5 yr fixed you get equivalent of one month payment cash back. Also your spouse gets free banking also now.

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