The new co-branded bank accounts offer consumers a unique combination of benefits: quality service, convenience and value. Individuals can save on paying monthly bank fees through the No-Fee Chequing Account(1) and get their first set of cheques for free, while the High Interest Savings Account offers a competitive interest rate of 1.3 per cent(2) on deposits. Both accounts come with a debit card and several ways to accumulate Club Sobeys points or AIR MILES® reward miles throughout the year.

"The combination of no fees, high interest earnings and faster reward points accumulation is a fresh idea that will help our customers save money on bank fees and groceries as they manage their financial needs," says Chris Goodale, Vice President, Loyalty, Customer Insight and Financial Services, Sobeys Inc. "Not only will they receive value-added services and a great food offering in our stores, they can now add better banking experiences to their grocery list, too."

"Our continued partnership with Sobeys represents an opportunity to offer new products that would appeal to households focused on better managing their household expenses, including grocery," says Lynne Kilpatrick, Senior Vice President, Personal Banking, BMO Bank of Montreal. "The introduction of the no-fee chequing and savings accounts provides more value, including significant cost savings and the added benefit of access to the 900-plus BMO branches nationally and our extensive ABM network."

To help households stretch their dollars, Ms. Kilpatrick noted that putting a simple household budget in place and tracking it on a monthly basis can help people identify where they may be over-extending. Using online budgeting and tracking tools, such as BMO MoneyLogic™, can take the guessing game out of monthly spending and relieve the stress of not knowing where your money is going.

Depending on where you live in the country, the two accounts will go by different names according to the rewards program used in each region: