Personal Finance

BMO Club Sobeys Bank Account - Grandfathered

  • Last Updated:
  • Jan 29th, 2023 5:43 pm
[OP]
Member
Aug 8, 2008
241 posts
48 upvotes

BMO Club Sobeys Bank Account - Grandfathered

Account is not available for new applications as of May 4th, 2014

http://www.bmosobeys.com/en/banking


BMO Sobeys Air Miles Chequing Account

http://www.bmo.com/home/promo/sobeys/at ... sc=6117055


BMO Club Sobeys Chequing Accont
http://www.bmo.com/home/promo/sobeys/on ... sc=6117047
BMO IGA Chequing Account
http://www.bmo.com/home/promo/sobeys/qu ... 17052&mid=
721 replies
Member
Apr 29, 2006
408 posts
46 upvotes
Toronto
angel_wing0 wrote: nice, a pcf competitor finally! Going to open one now and be a guinea pig xD

just did the same thing too. Looks promising too!
Member
Aug 16, 2004
365 posts
82 upvotes
Pros:
  • Alternative to President's Choice Financial (PCF) that still has good ABM coverage.
  • When you initially setup auto-withdrawls / direct deposits, each one earns you Air Miles (25 / 50) OR Club Sobeys points (500 / 1000) but these cannot be converted into Aeroplan miles
  • In-branch services are presumably more reliable, vs CIBC who is often uncooperative when you try to get a service like foreign currency or instant bank drafts.
Cons:
  • Like with Thrive, you only get 1 book of free cheques upon request, but BMO only gives you 25 in it. Further books (of 50) cost $9.95.
  • No interest earned on chequing account, though the rates at PCF are so low that it isn't a huge difference.
  • Savings account has lower interest rate (only 1.3% if over $5000, vs PCF's rate of 1.5% if over $1000)
  • Savings account only has 1 free withdrawal per month, costs $5 for each additional one
Here's a PDF with all the details: http://www.bmo.com/pdf/Sobeys%20BBG%20EN.pdf

For those who are thinking of signing up just for the point bonuses and then cancelling, note that they'll charge you $20 if you close the account within 90 days of opening it.
Moderator
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Mar 23, 2004
47193 posts
13373 upvotes
Markham
bjserink wrote: For those who are thinking of signing up just for the point bonuses and then cancelling, note that they'll charge you $20 if you close the account within 90 days of opening it.

planning to keep it for use at bmo atm's.

Hopefully we can add external accounts just like pcf/ing/etc. Else this account would not be very useful...
Member
Apr 29, 2006
408 posts
46 upvotes
Toronto
angel_wing0 wrote: To the OP, can u add this one to the first post? Yours is for the Airmiles account, and there is one that focuses on Club Sobey points: http://www.bmo.com/home/promo/sobeys/on ... sc=6117047...i m going to get that one since they can be converted in Aeroplan miles...or can they (bmo relationship orz)? @@

pretty sure I heard they can longer be converted, at least not the ones issued by BMO I believe.
Sr. Member
User avatar
Jun 6, 2009
960 posts
544 upvotes
Montréal
bjserink wrote:
  • Savings account only has 1 free withdrawal per month, costs $5 for each additional one

1 free TRANSFER. Every withdrawal costs $5.
Jr. Member
Apr 6, 2010
199 posts
16 upvotes
Montreal
There is a third type of chequing account offered: BMO IGA AIR MILES chequing/savings account.

Available here: http://www.bmo.com/home/[...]/quebec/QueTA/WPC140?rg=SOB_QC&sc=6117052 <= !!!This link doesn't include the 175 bonus AIR MILES points!!!

http://www.bmo.com/home/promo/sobeys/qu ... sc=6417029 <= Correct link to obtain the bonus points (thanks to Djino)

(edited for the bonus points)
Deal Expert
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Feb 24, 2008
15374 posts
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Gatineau
By the way the BMO IGA Air Miles gives you an automatic bonus of 175 air miles just for opening the checking account (unlike the Sobeys Air Miles account) on top of the other bonus for setting up preauthorized debits/credits/etc..

djino
Jr. Member
Apr 6, 2010
199 posts
16 upvotes
Montreal
Damn, I opened the Sobeys account too fast then. I am in QC, so the IGA account would be better for me.

Is there a way to switch the account? I just applied 1 hour ago for it.

What if I apply a 2nd time for the IGA account?
Deal Expert
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Feb 24, 2008
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Gatineau
singsonn wrote: Damn, I opened the Sobeys account too fast then. I am in QC, so the IGA account would be better for me.

Is there a way to switch the account? I just applied 1 hour ago for it.

What if I apply a 2nd time for the IGA account?

Call and find out (and post back here).
Moderator
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Mar 23, 2004
47193 posts
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Markham
singsonn wrote: Is there a way to switch the account? I just applied 1 hour ago for it.

What if I apply a 2nd time for the IGA account?

from what i was told u cannot cancel the application, just close the account after u receive the package and such.

Nothing, i was told to do that :D
Deal Expert
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Feb 24, 2008
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Gatineau
Just finished applying. Approved, but gotta wait 5-7 days like Angel
Deal Addict
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Nov 28, 2010
1249 posts
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Going to apply!
:arrow: JussB
GO LEAFS GO!

BBM pin 2B5A4B98
Moderator
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Mar 23, 2004
47193 posts
13373 upvotes
Markham
djino wrote: Just finished applying. Approved, but gotta wait 5-7 days like Angel

just applied and approved for the IGA account, going to cancel club sobeys airmiles account once i get the package.

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