BMO Bank is an FDIC insured bank based in Chicago, IL and has over 500 locations spread out across eight states.
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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🔃Updated November 2023: These offers were renewed in the last cycle and improved significantly. The bonus amounts have been increased, to $400 and $600, and you now have a longer time period to get the direct deposits. Also, there is a tiered deposit bonus of up to $3,500.
That’s how you get to a total potential bonus of $4,100. If you’ve been waiting to take advantage of this offer, now is the best time I’ve seen in quite a few bonus cycles.
BMO Smart Advantage Checking — $400 Bonus
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 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
(Offer expires 12/8/2023)
BMO Smart Money Checking — $400 Bonus
There is also the BMO Smart Money Checking with a $400 cash bonus* when you open an account and have at least $4,000 or more qualifying direct deposits within the first 120 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
(Offer expires 12/8/2023)
BMO Relationship Checking — $600 Bonus
If you receive a larger paycheck, BMO Bank will give you a $600 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 120 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
(Offer expires 12/8/2023)
BMO Relationship Plus Money Market Account — up to $3,500 Bonus
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 |
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:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
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® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit 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!
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.
