BMO 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 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 two 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.
💵 U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 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.
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🔃Updated November 2024: BMO updated their offer to a $300 offer on their BMO Smart Advantage Checking Account or BMO Smart Money Checking Account. This new offer expires in 2025. There is no longer a bonus for BMO Relationship Checking.
BMO Checking Account — Earn $300
Get a $300 cash bonus* when you open a BMO Smart Advantage Checking Account or a BMO Smart Money Checking Account and complete qualifying activities between 11/1/2024 and 2/3/2025.
Open an account and have have $4,000 in direct deposits within 90 days of opening.
*Conditions apply
Available in the U.S. Accounts are subject to approval. BMO Bank N.A. Member FDIC
(Offer expires 2/3/2025)
BMO Business Checking — up to $750 Cash
BMO has a bonus on their business checking accounts:
You’ll earn $350 if, by day 30 after opening the new account, your account balance is between $4,000 and $24,999.99. From days 31-90, you must maintain an account balance of at least $4,000.
You can earn $750, by day 30 after opening the new account, your account balance is between $25,000 or more. From days 31-90, you must maintain an account balance of at least $25,000.
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 2/1/2025)
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:
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 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.
BMO Checking – $300
BMO is offering a $300 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 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 new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. 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!
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.
