Update 1/10/24: Bonus is back, $400 and $600 tiers have been reduced to $300/$500 and there is a new $1,000 tier. Probably worth waiting for the $400/$600 tiers to return.
Update 9/19/23: Deal is back and increased from $300 to $400 and $500 to $600. Valid until December 8, 2023.
Update 5/21/23: Bonuses are now $300/$500.
Update 5/16/23: Bonus has been extended until September 15, 2023
Update 2/5/23: Extended until 5/12/23.
Update 11/1/22: Bonus has been reduced to $250/$400.
Update 6/12/22: Bonus has been increased back to $300/$500.
Update 5/3/22: Extended until May 31st.
Update 2/21/22: now $250 and $400 until April 29, 2022
Update 1/5/22: Deal is back and valid until January 31, 2022.
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â
Must open in branch, all branches are locatedCan be opened online in AZ, FL, IL, IN, KS, MO, MN and WI. I imagine out of state applications will work in branch. [Branch locator] - Direct deposit required: No
- Additional requirements:Â See below
- Hard/soft pull:Â Soft
- ChexSystems:Â Yes
- Credit card funding:Â Cannot fund with a credit card
- Monthly fees:Â $15-$20
- Early account termination fee:Â $20 if closed within 90 days, bonus will post after 120 days
- Household limit:Â None
- Expiration date:Â
October 31st, 2018October 31st, 2019January 31st, 2020 September 30th, 2020 January 31, 2021April 30, 2021.May 31, 2021
The Offer
- BMO Harris is offering three checking bonuses. Must open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account and complete 10 debit card transactions within 90 days of account opening. The bonus you receive depends on Average Collected Balance in the account from Day 1 to Day 90.
- $300 bonus: $4,000 – $9,999.99
- $500 bonus: $10,000 – $29,999.99
- $1,000 bonus: $30,000 or more
The Fine Print
- You can receive either the $200 checking bonus or the $500 checking bonus.
- To receive a checking bonus, you must open the account in a BMO Harris branch and present the promo code email from BMO Harris.
- Your account must be open and in good standing when the bonus is paid approximately 120 days after opening.
- For Business Advantage Checking, the accrued interest will be increased by the amount of the bonus.
- The accrued interest will be credited at the next scheduled interest payment, which may be after the 120 days.
- Offers are not available to existing BMO Harris business checking customers or those who have closed a BMO Harris business checking account within the past 12 months.
- Bonus is not considered part of the opening deposit and will be reported to the IRS for tax purposes.
- You are responsible for any applicable taxes.
- Offers are subject to change without notice, cannot be combined with any other offer and are limited to one per customer. The minimum deposit to open a small business checking account is $100, however to receive the bonus you must open the account with the minimum as stated below.
- To receive the $200 checking bonus:Â 1) Open a new Essential Business Checking account between November 1, 2018 and October 31, 2019. 2) Make a minimum opening deposit of $1,500 in funds not currently on deposit at BMO Harris Bank or its affiliates. 3) Maintain a minimum daily balance of at least $1,500 in the account for 90 days following account opening. 4) Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
- To receive the $500 checking bonus:Â 1) Open a new Business Advantage Checking account between November 1, 2018 and October 31, 2019. 2) Make a minimum opening deposit of $5,000 in funds not currently on deposit at BMO Harris Bank or its affiliates. 3) Maintain a minimum daily balance of at least $5,000 in the account for 90 days following account opening. 4) Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
You don’t need a specific account currently and the first three months of fees are waived. After that the fees are as follows:
- Simple Biz Checking. Requires a $100 monthly balance
- Essential business checking: $15 monthly maintenance fee. Waived with $1,500 average collected balance
- Business Advantage checking: $20 monthly maintenance fee. Waived with $5,000 average collected balance
Our Verdict
Seems like a great deal to me, the requirements should be fairly easy to meet for most people. What bonus you go for will likely depend on whether you can float $5,000 or not, the $500 deal is definitely better if you can. Either way both deals are a return of 10% over the course for 120 days or so (annualized return of 30%+). That’s the good news, the bad news is that BMO Harris is known for slow bonus posting and having to manually follow up to get your bonus. If you don’t believe me please read the comments on the personal bonus. Given that this has an in branch component and it’s for businesses, I’m hopeful that the bonus posting will be easier. Either way I’d get the contact details of your bank and a reference number for your application when signing up so you have a good point of contact if anything goes wrong. I’ll be adding this to our best business checking bonuses for sure.
Also since I’m sure some people won’t read the fine print, yes you’ll be able to get this bonus even if you’ve received a bonus on the personal account and even if you still have that personal account.
Hat tip to abhirupduttamit
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Post history:
- Offer extended to October 29, 2021
- Update 7/12/21: Valid until September 30, 2021.
- Update 6/30/21: Deal is back and valid until July 11, 2021. Hat tip to Ted
- Update 5/11/21: Deal has been extended until May 31, 2021.
- Update 2/12/21: Deal has been extended until April 30th 21. Hat tip to Carl J
- Deal has been extended until January 31, 2021.Update 7/18/20: Deal is back until September 30th, 2020. Hat tip to reader Carl
- Update 2/1/20: Deal has been extended until April 30th, 2020. Length of time the money needs to stay in the account has changed from 60 to 90 days
- Update 11/3/19: Bonus extended until January 31st, 2020.
1/12/24: Opened online
1/17/24: $34,400 transfer arrives in account
1/18/24: 5 ACH credits
1/19/24: 5 ACH credits
3/18/24: 1 ACH credit and 1 ACH debit
4/13/24: called bank to make sure everything is good. Banker says that I do not qualify for a $1,000 bonus because my January collected balance was $25,000?
I told her its day 1-90 collected balance. She has opened a ticket because she does not understand it. This is funny!
Yeah, based on my experience w them, they’re pretty stupid. Your ACB is $32,488.88 according to my math (not including your ACH debits and credits).
Thank’s mate. I guessed as much.
BMO pays the bonus the Monday after your 90 or 120 days (depending by the promo you enrolled) mark AFAIK, You’ll have your bonus this Monday
Ok thanks. I did the 90 days promo.
Bonus posted 4/15/24! U were right.
DP
4/6/2024: submitted application online
4/6/2024: e-mail “Welcome to BMO Business Banking”, but no e-mail with CustomerID
4/10/2024: called to support, they requested notarized ID Declaration Form
4/10/2024: they rejected the form notarized online
Guys really don’t want to open accounts 🙂
There has been a lot of negative feedback about them and this has been confirmed in my own experience. These endless transfers of the call from one representative to another, these “hang on the line” pauses to communicate with supervisors and managers are just amazing.
The offer previously was open between 23/09/18 and 23/12/08, make 10 transactions, and maintain $4k or $10k for 120 days to get $400 or $600.
23/12/08: Opened in branch with $100
24/01/04-5: Transferred $12,784.20 (did the math as this was the minimum needed)
24/01/08-17: $1 Amazon reloads
24/04/08: $600 bonus, paid right after the 120 days were up
Withdrawing all and then closing before the end of the month.
Same timeline.
Opened on 12/8/23.
Bonus of $600 on 4/8/24.
Why is the $1k bonus not worth it??? It’s totally worth it
Sometimes I wonder if participating in these bank incentives with BMO is worthwhile. The time I spend on the phone often doesn’t seem justified. I’ve experienced firsthand the validity of the negative feedback people give about BMO. For instance, recently, I spent over two hours on the phone attempting to remove a hold BMO had placed on my account, despite having funded it and used their transfer interface after Plaid verification. I was repeatedly transferred from one representative to the next. Tsk.
Success DP:
Sweet!
#Questions:
i- can I now change back to Smart to save the 25usd? as I said above: <change from smart to relationship checkig day 116>
ii- can I transfer all the money out and close my accounts without risking anything? I do hate this bank btw…
Scroll to the bottom of the page 1st and click the “Apply” button next to the coupon to make sure that it works before you start the app. Had to start all over bc it just kept spinning.
Acct approved after getting the ‘review’ message.
-Biz acct is listed in my personal acct portal.
-Luckily, no selfie was requested. I would have just canceled the app. I also still have a personal ck and sav acct w them, so that may be why it wasn’t reqd.
-Personal chex frozen…
-On the app’s completion page, they asked me to upload biz formation docs. I uploaded a note that says it’s not req for sole prop in my state. Saw that tip in a comment somewhere on this site a few months back.
Should I call customer service or shouldn’t I? what about chat? private message? call the branch? (I do have the phone and email of the banker who opened the accounts for me btw)Im in the 120days group…
Dec1st open in bank personal and then business accounts (according to banker I could get bonuses in both)
on my calculations: I completed already both requirements but who knows?! everybody says BMO sucks, specially when it comes to bonuses
As have said, BMO SUCKS, and is a major PITA to deal with, AND will do everything they can to deny paying the bonus.
I signed up in branch to make sure that the banker applied the code. It took over an hour just to open this account.
It took me 1 week to establish an ACH and deposit $4000, on top of my $200 initial deposit.
Fast forward 4 months, they now refuse to pay the bonus. First, they said that there was no promo code attached to my account. I have read others have this same issue. Thankfully, I still had the email with the promo code. I sent them a screenshot of that. Their first attempt to deny.
They then replied saying that because I had received a personal account bonus recently, that I wasn’t eligible for the business bonus. I sent them a screenshot of the terms where it only talks about having another BUSINESS account, and nothing to do with a personal account. Their second attempt to deny.
They then replied saying that my average balance was only $3960 (or something close), thus I didn’t meet the requirements. While looking at the the math, I now see that this is technically true. I just assumed that they would give you at least a couple of days to fund the account, like every single other bank does. Nope. Because it took me 1 week to setup ACH and make my $4k deposit, I didn’t meet the $4k for 120 average. Third and final attempt they denied me.
I would avoid this bank at all costs.
BMO Sucks very sorry to hear… I am waiting on my bonus(es) too, I opened in branch w banker 2 account as well, it took like 1:30h to opened it and beyond the bank closing time, they forgot to add a verbal passcode on my homebanking and I just managed to add it yesterday… luckily I saved the card of the banker and when I called the branch she remembered me…
I open 1st the personal and I didn’t opened the biz acc til the personal was opened (same day tho) and when she confirmed that I can get the bonus on both as the bonuses are not mutually exclusive…
I normally try not to call the banks to ask about the bonus or anything cuz I feel it can raise flags but should I call now? my 120days due is at the end of this month… I deposited over 4k just to be sure, my 1st question should be on the personal or biz acc?
Cheers n I am sorry, r u sure they cant give u the personal bonus? where is it written that they cant?
I applied and they asked for documentation but I don’t know how to get back to the application? Has anyone been able to do this?
Did you apply online and if so did you have to do this for ID verification? “We’ll also ask you to take a selfie on a smartphone”