BMO—formerly known as BMO Harris Bank—traces its roots back to Canada’s first bank, the Montreal Bank, established in 1817. Today, BMO is a major player in the U.S., where it’s the 13th largest bank by assets and operates more than 1,000 branches. To win new U.S. customers, BMO offers welcome bonuses for opening its personal checking and savings accounts as well as its business checking accounts.
Here are the current BMO Bank promotions on these accounts and how to qualify for them. Offer details are accurate as of May 6, 2024.
BMO Bonuses and Promotions 2024
BMO Checking Promotion
BMO Bank periodically offers bank bonuses for new customers who open a checking account and meet promotion requirements. Bank bonuses are a one-time perk offered to attract new customers.
Here’s a closer look at BMO Bank’s current bank bonuses.
BMO Relationship Checking
Offer*
$500 cash bonus*
Minimum Opening Deposit Requirement
$25
Monthly Maintenance Fee
$25
To waive the monthly maintenance fee you must:
Have a minimum daily Ledger Balance in your account of $10,000 or more for the previous calendar month
OR Have a Monthly Combined Balance of $25,000 for the previous calendar month.
$500 cash bonus*
$25
$25
To waive the monthly maintenance fee you must:
Have a minimum daily Ledger Balance in your account of $10,000 or more for the previous calendar month
OR Have a Monthly Combined Balance of $25,000 for the previous calendar month.
*Get a $500 cash bonus when you open a new Relationship Checking account and have a cumulative total of $7,500 in qualifying direct deposits within 90 days of opening. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO Relationship Checking: Earn $500
BMO’s Relationship Checking Account is a checking account for customers looking to grow their balances. Relationship accounts come with increasingly generous benefits as you raise your combined balance, with the greatest benefits reserved for customers who hold $250,000 or more in deposits. The Relationship checking account charges an avoidable $25 monthly account maintenance fee.
What is the offer? Earn a $500 bonus when you open a new Relationship Checking account and receive at least $7,500 in qualifying direct deposits within 90 days of account opening. The promo code is automatically applied when you open an account directly through BMO’s offer page, or you can enter your contact information to receive one via email.
What is considered a direct deposit? A qualifying direct deposit includes a payment of personal income—like a paycheck, pension payment, Social Security payment or other government benefit—deposited directly into your account by an employer or other third party. Deposits made via peer-to-peer payment services, like Venmo and Zelle, don’t qualify.
When do you receive your bonus? Your cash bonus is deposited into your checking account approximately 100 days after you open your account.
Is there a time limit on the offer? This promotion is available for accounts opened by September 9, 2o24. For accounts opened on the last day of the promotion, applications must be submitted and approved before 8 p.m. CT.
Can you avoid the monthly service fee? The Relationship checking account’s $25 monthly maintenance fee is waived if you keep a minimum balance of $10,000 in your Relationship Account or have a minimum combined monthly balance of $25,000 across eligible BMO banking and investment accounts.
BMO Smart Advantage Checking
Offer*
$350 cash bonus*
Minimum Opening Deposit Requirement
$25
Monthly Maintenance Fee
$0
$350 cash bonus*
$25
$0
*Get a $350 cash bonus when you open a new Smart Money Checking or Smart Advantage Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of opening. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO Smart Money Checking
Offer*
$350 cash bonus*
Minimum Opening Deposit Requirement
$25
Monthly Maintenance Fee
$5
$0 if you're under age 25
$350 cash bonus*
$25
$5
$0 if you're under age 25
*Get a $350 cash bonus when you open a new Smart Money Checking or Smart Advantage Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of opening. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO Smart Advantage Checking or BMO Smart Money Checking: Earn $350
BMO’s entry-level checking account products, Smart Advantage and Smart Money, offer unlimited transactions at 40,000 BMO and Allpoint ATMs in the U.S. with no minimum monthly balance requirements. The Smart Advantage account comes with no monthly maintenance fee while the Smart Money account charges a monthly maintenance fee if you’re 25 or older—but it charges no overdraft fees.
What is the offer? Earn a $350 bonus when you open a Smart Advantage or Smart Money checking account using the promo code and receive at least $4,000 in qualifying direct deposits within the first 90 days. The promo code is automatically applied when you open an account directly through BMO’s offer page, or you can enter your contact information to receive a code via email.
What is considered a direct deposit? A qualifying direct deposit includes a payment of personal income—like a paycheck, pension payment, Social Security payment or other government benefit—deposited directly into your account by an employer or other third party. Direct deposits made via peer-to-peer payment services, like Venmo and Zelle, are not considered direct deposits.
When do you receive your bonus? Your cash bonus will be deposited into your checking account approximately 100 days after you open your account.
Is there a time limit on the offer? This promotion is available for accounts opened between May 4, 2024, and September 9, 2o24. For accounts opened on the last day of the promotion, applications must be submitted and approved before 8 p.m. CT.
Can you avoid the monthly service fee? The Smart Money account’s $5 monthly maintenance fee is waived for customers under 25 years of age.
BMO Business Checking Account: Earn Up to Up to $750
BMO offers a bonus on four of its business checking accounts. BMO business checking accounts have waivable account maintenance fees, ranging from $10 to $25 per month.
The BMO Simple Business Checking Account includes up to 100 free transactions per statement period. The bank’s Premium Business Checking and Elite Business Checking accounts include up to 200 and 500 fee-free transactions, respectively. For primarily digital customers, BMO Digital Business Checking includes unlimited ACH transactions and incoming wire transfers.
Small business owners who currently have or have had a BMO business checking account within the past 12 months using the same Individual Taxpayer Identification Number (ITIN), Employer Identification Number (EIN) or Social Security number (SSN) aren’t eligible for a business checking account bonus.
What is the offer? Earn up to $750 for new business checking customers who open an account by September 9, 2024. To get a bonus, customers must make 10 qualifying electronic transactions and maintain an average collected balance of at least $4,000 for 90 days to earn $300 and $25,000 to earn $750. The promo code is automatically applied when you open an account directly through BMO’s offer page, or you can enter your contact information to receive one via email.
What counts as a qualifying electronic transaction? Most electronic debits and credits to your business account count as qualifying transactions. ACH credits and debits, online bill payments, mobile deposits, wire transfers and debit card point-of-sale purchase transactions all count. Transactions made at ATMs and point-of-sale credits (such as merchandise returns) do not count as electronic transactions.
When do you receive your bonus? Once you meet all of the qualifying requirements, BMO will deposit your bonus into your new checking account within 14 days, approximately 135 days after you open your account.
Is there a time limit on the offer? This bonus offer for new business checking account customers expires on September 9, 2024.
Can you avoid the monthly service fee? Yes. The BMO Simple Business Checking account’s monthly fee is waived with a $100 minimum average collected balance. The BMO Premium Business Checking Account’s $15 monthly fee is waived with a $1,500 minimum average collected balance. The BMO Elite Business Checking Account’s $25 monthly fee is waived with a $10,000 minimum average collected balance. The BMO Digital Business Checking Account’s $10 monthly fee is waived with a $500 minimum average collected balance.
BMO Savings Account Bonus
You can also earn a bank bonus through BMO with its primary savings account, BMO Savings Builder Account. Again, you must meet the bank’s promotion requirements to earn the bonus.
BMO Savings Builder Account: Earn Up to $60
BMO’s Savings Builder account is a simple savings account with a $0 monthly maintenance fee and a $25 minimum opening deposit requirement. The account imposes no transaction limits and offers fee-free transactions at 40,000 BMO and Allpoint ATMs in the U.S.
Personal savings rewards are limited to one per account holder and are only offered on the first savings account you open with the bank.
What is the offer? Open a BMO Savings Builder account and earn up to $60 in bonuses. For the first year, earn a $5 bonus each month you increase your savings account balance by $200 or more.
How does BMO calculate my savings balance increase? On the last business day of each month, BMO looks at your Savings Builder account balance and compares it to your account balance on the last business day of the previous month. If your account balance has grown by $200 or more, BMO will give you a $5 savings reward.
When do you receive your bonus? If you qualify for a monthly savings reward, BMO will credit your account with your $5 savings reward within five calendar days after the end of the month.
Is there a time limit on the offer? BMO mentions no end date on its Savings Builder account offer.
How Can You Earn a BMO Bank Bonus?
While the current BMO bonuses aren’t achievable for everyone, the requirements are straightforward and relatively simple. For the checking account bonuses, you’ll need to:
- Open a new account using the relevant promo code. A promo code is automatically applied when you open an account directly from the offer page. You can also enter your contact details on the offer page and receive a promo code via email to bring to a branch near you.
- Receive direct deposits totaling a minimum dollar amount or maintain a minimum balance for at least 90 days.
For the savings account bonus, you’ll need to:
- Open a new account.
- Increase your savings balance by a certain dollar amount each month.
Pros
- Multiple checking account offerings
- Large fee-free ATM network
- Low or waivable fees
- Low minimums to open accounts
Cons
- High balances required to access the best benefits and rates
- Relatively few branch locations compared to national banks
- Below-average APYs
What Else Should You Know About BMO Bank Bonus Offers?
Your Bonus May Be Taxable
When you receive a cash bonus for opening a BMO account, your cash bonus will be reported to the IRS for tax purposes. The bank mentions that you are responsible for taxes and the cash bonus is not considered part of your account’s opening deposit.
You Can Only Get One Personal Checking Bonus
While you may be able to open multiple checking accounts with BMO, the bank will only allow you to receive a checking account cash bonus once.
Find The Best High-Yield Savings Accounts Of 2024
Frequently Asked Questions (FAQs)
How do you get a BMO Bank referral bonus?
In the past, BMO has offered a $50 referral bonus to clients who referred friends and family members to become new customers of BMO. This referral program was by invitation only and email invitations were sent out to select eligible clients. Clients invited to participate could send a customized link to friends and family members. If referred prospective clients signed up for a new eligible BMO account before the promotion ended, the referring customer could receive a bonus.
This referral program ended in October 2021, and BMO does not currently offer a referral program for customers in the United States.
How do you use the BMO Bank invest bonus?
If you’re interested in bringing your investment portfolio to BMO, consider the $500 bonus offered on the Relationship account. Relationship Gold benefits start once you hold $25,000 with BMO. Relationship Platinum benefits start once you hold at least $100,000 and Relationship Platinum Elite benefits kick in once you hold $250,000 or more. Relationship benefits include an array of banking fee rebates, preferred interest rates on deposit accounts, credit card spending bonuses and interest rate discounts on home equity loans.
How long does it take to get the BMO bonus?
You should receive the $500 BMO checking bonus within 100 days from account opening if you meet the bonus requirements. BMO will deposit the bank bonus directly into your checking account.
