BMO Checking Account Bonuses: Earn $350 or $500 for Switching
BMO is offering a tempting incentive for new customers to open a checking account. Until Sept. 9, 2024, you can earn either $350 or $500 when you open one of their checking accounts. Importantly, you can earn a cash bonus regardless of which account you choose, giving you flexibility based on your financial needs.
Here are the key takeaways:
- Earn up to $500: BMO is offering $350 for opening Smart Advantage Checking or Smart Money Checking with qualifying direct deposits, or $500 for opening Relationship Checking.
- Qualifying direct deposits: You need to have a total of at least $4,000 in qualifying direct deposits within the first 90 days for the $350 bonus, or $7,500 for the $500 bonus.
- Bonus is automatic: When you open your account online, a unique promo code will automatically be applied to your application. The bonus will be deposited to your account 100 days after opening, if you meet all the eligibility criteria.
Breaking down the Bonus Options
Smart Advantage Checking
This is a no-frills checking account that caters to customers who are looking for a straightforward and uncomplicated banking experience.
Key features:
- No monthly maintenance fee: This means you won’t have to pay any fees to maintain this account each month.
- No minimum deposit to open: You don’t need any money in your account at the outset to open it.
- No minimum balance requirement: The account has no minimum balance requirement, allowing for greater flexibility.
- Free ATM access: Access to more than 40,000 BMO and Allpoint® ATMs across the country.
- ATM fee reimbursement: This means you will be reimbursed for any ATM fees you incur.
- No overdraft fees: This is excellent for customers who want to avoid unexpected fees.
- Mobile check deposit: A convenient way to deposit checks without having to visit a branch.
Smart Money Checking
This account option is a good choice for those younger customers (under 25) or those who are willing to manage a minimum balance to keep their monthly fee waived.
Key features:
- Monthly maintenance fee of $5: This fee is waived for customers under 25.
- No minimum balance requirement: There’s no minimum balance required to open this account.
- Free ATM access: Access to more than 40,000 BMO and Allpoint® ATMs across the country.
- ATM fee reimbursement: Covers your ATM fees.
- No overdraft fees: Protects you from unexpected charges.
- Mobile check deposit: An easy way to deposit checks.
Relationship Checking
This account is suitable for customers seeking perks and benefits often associated with more premium checking accounts.
Key features:
- No monthly maintenance fee: Enjoy the benefit of no monthly fees.
- Minimum balance requirement of $25: For customers who prefer the option to waive monthly fees, this account offers the possibility of a fee waiver if you maintain a minimum balance.
- APY on balances: This account offers an Annual Percentage Yield, providing a chance to earn interest on your account balance.
- Free ATM access: Access to more than 40,000 BMO and Allpoint® ATMs across the country.
- ATM fee reimbursement: Covers your ATM fees.
- No overdraft fees: Helps you avoid unexpected charges.
- Mobile check deposit: An easy way to deposit checks remotely.
Other Checking Account Bonuses to Consider
If you’re not interested in opening a BMO checking account, there are numerous other institutions offering competitive bonuses.
Citi® Checking Accounts
Until October 8, 2024, Citi is offering up to $300 when you open a new eligible Citi® Checking account. To qualify, you need to make two ACH direct deposits totaling $1,500 or more within 90 days of opening the account.
Key features:
- Two types of accounts: Citi offers Access Checking (no checks) and Regular Checking (unlimited check writing).
- Monthly service fees: Access Checking has a $5 monthly fee, and Regular Checking a $15 monthly fee, with options to waive both.
- No minimum opening balance: No minimum deposit is required to open an account.
- No minimum balance requirement: No minimum balance requirement for maintenance. However, be aware that accounts with a balance of zero for 90 calendar days may be subject to closure.
- Free ATM network: Access to over 2,300 Citibank ATMs and over 60,000 other surcharge-free ATMs in the U.S.
Chase Total Checking®
You can earn up to $300 when you open a Chase Total Checking® account, until October 16, 2024. To qualify, you need to be a new Chase checking customer, open a Total Checking account, and make qualifying direct deposits totaling $500 or more within 90 days of enrolling.
Key features:
- Monthly maintenance fee: A $12 monthly service fee can be waived with one of the following:
- Electronic deposits totaling $500 or more each month,
- A daily balance of $1,500 or more,
- An average daily balance of $5,000 or more in linked Chase accounts.
- Free ATM network: Chase has the most extensive branch network in the U.S. with over 4,700 branches, and access to over 15,000 ATMs.
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