BMO Bank is an FDIC insured bank based in Chicago, IL and has over 1,000 locations spread out across several states – but the offer is available nationwide.
BMO Bank isn’t as well known as some of the other banks we cover but their promotions will get your attention.
As of this writing, they have three active personal account bonuses you should check out. They frequently run consumer banking promotions and we will update those as soon as they release more information about those offers.
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💵 U.S. Bank – up to $700
Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
🔃Updated: BMO Bank just updated their offer with a new expiration date of May 3rd, 2024. The offer is now a $250 or $400 bonus, based on the account you open.
BMO Smart Advantage Checking — $250 Bonus
BMO Bank is offering a $250 bonus* when you open a BMO Smart Advantage Checking and have at least $4,000 or more qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
The BMO Smart Advantage™ Account is great because there is no monthly fee if you used Paperless Statements.
*Conditions apply
Accounts are subject to approval. BMO Bank N.A. Member FDIC
(Offer expires 5/3/2024)
BMO Smart Money Checking — $250 Bonus
There is also the BMO Smart Money Checking with a $250 cash bonus* when you open an account and have at least $4,000 or more qualifying direct deposits within the first 90 days. There are no overdraft fees or NSF fees*. No minimum balance required and no monthly maintenance fee if you’re under 25 years old.
Available nationwide.
*Conditions apply
Accounts are subject to approval. BMO Bank N.A. Member FDIC
(Offer expires 5/3/2024)
BMO Relationship Checking — $400 Bonus
If you receive a larger paycheck, BMO Bank will give you a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. There are no additional requirements, it’s just a higher direct deposit total amount over the 90 days.
The account does have a $25 waivable monthly maintenance fee with unlimited non-BMO Bank ATM transactions plus $25 monthly rebate on ATM fees from other banks and a Relationship Package that provides increasing rewards across multiple products sets the deeper your relationship is with the bank. Also available nationwide.
*Conditions apply
Accounts are subject to approval. BMO Bank N.A. Member FDIC
(Offer expires 5/3/2024)
BMO Relationship Plus Money Market Account — up to $3,500 Bonus [EXPIRED]
(unfortunately this offer has expired)
You can do this in conjunction with the above offers or on its own, but open a BMO Relationship Plus Money Market Account and within 30 days of opening your account, deposit $25,000 or more of new money into it.
On Day 30, you will be placed in one of five tiers. Maintain a qualifying balance from Day 31 to Day 120 to earn your bonus.
| Minimum balance to deposit | Cash bonus |
|---|---|
| $25,000 – $49,999.99 | $300 |
| $50,000 – $99,999.99 | $500 |
| $100,000 – $249,999.99 | $1,000 |
| $250,000 – $499,999.99 | $2,500 |
| $500,000+ | $3,500 |
BMO Business Checking — up to $1,000
BMO has a bonus on their business checking accounts:
You’ll earn $300 if you have 10 electronic transactions post to the account within the first 90 days and have an average collected balance of between $4,000 and $9,999 for 90 days.
You can earn $500 if you have 10 electronic transactions in the first 90 days and have an average collected balance of between $10,000 and $29,999 for 90 days.
You can earn $1,000 if you have 10 electronic transactions in the first 90 days and have an average collected balance of over $30,000 for 90 days.
BMO has four business checking accounts:
- BMO Simple Business Checking: Each month you’ll get 100 free transactions and up to $2,000 in cash deposits. There is a monthly fee of $10 per month unless you have an average collected balance of at least $100 per month.
- BMO Premium Business Checking: Each month you’ll get 200 free transactions and up to $5,000 in cash deposits. There is a monthly fee of $15 per month unless you have an average collected balance of at least $1,500 per month.
- BMO Elite Business Checking: Each month you’ll get 500 free transactions and up to $20,000 in cash deposits. There is a monthly fee of $25 per month unless you have an average collected balance of at least $10,000 per month or have a combined monthly business balance of $25,000.
- BMO Digital Business Checking: You’ll unlimited free ACH and incoming wire transactions and up to $1,000 in cash deposits. There is a monthly fee of $10 per month unless you have an average collected balance of at least $500 per month.
(Offer expires 4/30/2024)
Reader Experiences with the BMO Offer
I chatted briefly with Robert who shared that this process was pretty easy and had some tips:
It was fairly easy.
Open new Account in December (1st deposit – 12/29/23)
Setup Direct Deposit – $7,500 over 120 days (Avg $2,000/month)
Keep the Account 120 days – I Changed to another type checking account last week (4/3/24)Note: One criteria that I didn’t realize was to prevent the Monthly Fee ($25) you had to retain a monthly balance of $25,000. I met the goal in the 1st 2 months then kept the account open without the direct deposit.
I was charged the Fee for 2 months ($50) then changed the account type after the 120 days. I could not keep a balance at $25,000, but for a Net Bonus of $550 it was worth the fees.
How Does This Offer Compare?
The BMO Bank offer is a solid one because you get a significant cash bonus on any of the checking accounts and you get plenty of time to accumulate the required amounts.
Also, if you have a large cash balance somewhere and want to put it into a MMA that has a big bonus, you have that option too.
This is how it compares with some other nationally available bank offers:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
As with any bank offer, BMO Bank or otherwise, make sure to review this guide on bank account bonuses – I share tips on how to make sure you get the bonus you earned with as little headache as possible.
