Update 1/10/24: Extended until 5/3/24
Update 12/11/23: Bonus is back but now only $250/$400.
Update 10/9/23: There is now a savings bonus as well, not worth considering due to the current high interest rates.
Update 9/19/23: Deal is back and valid until 12/8/23 and now officially $400/$600
Update 9/10/23: Looks like people are actually getting $400/$600.
Update 6/21/23: Looks to be nationwide now.
Update 5/16/23: Extended through September 15, 2023.
Update 1/9/23: Extended through June 2, 2023.
Update 10/6/22: Bonus is now $350, valid through 12/30/22
Update 7/11/22: Bonus has been increased to a maximum of $560. Hat tip to reader Matt J
Offer at a glance
- Maximum bonus amount: $560
- Availability: Nationwide now
- Direct deposit required: Yes, direct deposits totaling $4,000+ or $7,500+
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: Cannot fund with a credit card
- Monthly fees: $25, avoidable
- Early account termination fee: $50 if closed within 90 days,
- Household limit: None listed
- Expiration date:
September 30th, 2020 October 31, 2020November 11, 2020January 29, 2021April 30, 2021June 3, 2022
Contents
The Offer
- BMO Harris is offering bonuses of up to $660 when you open a checking & savings account. The bonuses are as follows:
- Get a checking bonus of up to $500:
- Open a Smart Advantage Account and get a bonus of $400 when you have at least $4,000 in qualifying direct deposits within the first 120 days of account opening
- Open a BMO Harris Premier Account and get a bonus of $600 when you have at least $7,500 in qualifying direct deposits within the first 120 days of account opening
- Can also get a $5 monthly savings bonus: Earn a $5 reward for each month that you save $200 or more, for up to 12 months
Open a Platinum Money Market account and get a bonus of up to $300:Get a $100 bonus when you deposit $10,000 or more in the first 30 days and then keep it in your account for at least an additional 90 daysGet a $200 bonus when you deposit $25,000 or more in the first 30 days and then keep it in your account for at least an additional 90 daysGet a $300 bonus when you deposit $50,000 or more in the first 30 days and then keep it in your account for at least an additional 90 days
The Fine Print
- You are only eligible for one checking account cash bonus; you cannot open multiple checking accounts and receive multiple cash bonuses.
- In order to be eligible for these offers, you must reside in Illinois, Wisconsin, Minnesota, Indiana, Arizona, Kansas, or Missouri.
- You can apply online or at a branch.
- To apply online, use the “open now” links above and we’ll automatically apply the promo code for you.
- Before you apply at a branch, enter your email and click “Send Me My Coupon Above” to receive the promo code you must use when opening your account. You must open your accounts between July 1, 2020 and September 30, 2020.
- Offers A & B can be combined but each are limited to one per customer.
- Offer A is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months.
- Offer B is not available for existing BMO Harris personal money market or savings customers (including signers on joint accounts) or those who have closed a BMO Harris personal money market or savings account within the past 12 months.
- Offer B is available for existing BMO Harris personal CD or IRA customers (including signers on joint accounts) and those who have closed a BMO Harris personal CD or IRA in the past 12 months.
- Bonuses are 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 can be changed or cancelled without notice at any time, and cannot be combined with any other offer.
- Your accounts must be open, in good standing and must have a balance greater than zero when the bonuses are paid approximately 100 days (Offer A) and 130 days (Offer B) after opening.
- Offer A: Get up to a $350 bonus when you open a new BMO Harris Smart Advantage™ Account or BMO Harris Premier™ Account and have qualifying direct deposits of a paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited into the account from an employer or outside agency. We reserve the right to request documentation to confirm that the direct deposits qualify.
- 1) Get a $200 bonus when you open a new BMO Harris Smart Advantage™ Account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of opening. OR 2) Get a $350 bonus when you open a new BMO Harris Premier™ Account and have a cumulative total of $7,500 in qualifying direct deposits within 90 days of opening.
- You are only eligible for one bonus; you cannot open both checking accounts and receive both bonuses.
- Day 1 is the day you open your account and begins the tracking period.
- If you open your account on a day other than a Business Day, Day 1 is the next Business Day.
- The checking account type you have on Day 90 will determine which bonus you are eligible for. In order to receive the bonus, you must meet the associated criteria for that account.
- Offer B: Get up to a $300 bonus when you open a new Platinum Money Market account and make qualifying deposits of new money. New money is defined as funds not currently on deposit at BMO Harris Bank or its affiliates.
- 1) Get a $100 bonus when you deposit at least $10,000 in new money into your account by Day 30. Beginning Day 31, your balance must be $10,000 and it cannot drop below $10,000 for the next 90 days. OR 2) Get a $200 bonus when you deposit at least $25,000 in new money into your account by Day 30. Beginning Day 31, your balance must be $25,000 and it cannot drop below $25,000 for the next 90 days. OR 3) Get a $300 bonus when you deposit at least $50,000 in new money into your account by Day 30. Beginning Day 31, your balance must be $50,000 and it cannot drop below $50,000 for the next 90 days.
- You are only eligible for the bonus amount corresponding to your account balance on Day 30.
- If your account balance increases or decreases between Day 31 and the next 90 days, you will not be eligible for a different bonus amount. Day 1 is the day you open your account and begins the tracking period. If you open your account on a day other than a Business Day, Day 1 is the next Business Day.
- Deposits received on a day other than a Business Day will be posted the next Business Day.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Smart Advantage Checking Account ($200 Bonus)
This account has no monthly fees to worry about
BMO Harris Premier Account ($350 Bonus)
This account has a $25 monthly fee. This is waived with one of the following:
- $10,000 minimum daily balance,
- $25,000 in combined balances with Relationship Waiver,
- or a BMO Harris Financial Advisors, Inc. investment account
Early Account Termination Fee
There is an early account termination fee of $50 if the account is closed within 90 days.
Our Verdict
If you’re doing the savings bonus ($200 or $300) then you’ll have enough money in combined balances to keep the Premier account fee free as well. The savings account earns 0.05% APY for balances $25,000 or under and 0.1% APY for balances $25,000+. The most recent BMO Harris offer was for $200 for opening a checking account, but has been as high as $500 with the same requirements.
This bonus is up to an extra $150 compared to that $500 bonus, but the requirements are much higher. We obviously don’t have any idea if/when that bigger bonus will return so if you can do the full $650 bonus this might be worth considering. Because of that we will add it to our list of the best bank bonuses.
Hat tip to readers JohnnyBoyJr & raekwon
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:
- Update 2/7/22: Maximum bonus is now $350.
- Update 9/27/21: Extended until October 15.
- Update 6/10/21: Deal is back and has been increased from $200/$400 to $300/$500. Valid until September 30, 2021.
- Update 2/13/21: Deal is back and valid until
4/30.May 28, 2021June 4, 2021 - Update 1/5/21: Deal is back for $350. There is also a $5 savings bonus per month for 12 months. Hat tip to reader JohnnyBoyJr
- Update 10/14/20: Deal is back for the $350 checking bonus, savings bonus is not available this time. Deal is better when savings is also offered as that is enough to keep the Premier account fee free as well. Hat tip to reader Snowbird
- Update 8/3/20: Link for FL added. Hat tip to reader Zach
Cannot remember my e-mail.
January 15 2024:
Novo $7500
Bonus posted $600 – 4/5/24
I missed the $600 but the $400 would be better than nothing. I’m in North Florida (only FL branches are around Tampa area) and had no luck with opening online, partly cause their ID verification app really sucks. Tried opening over the phone and everything was going well until the somewhat arrogant banker claimed my lease agreement was no good for address verification because it doesn’t include language regarding the fact that my utilities (electric and water) are included in the monthly rent. This sounds like complete nonsense IMO but I couldn’t get past the sleazy bank loan slinger. Literally wasted almost two hours of my day on the phone. Any feedback or ideas how to get around this is appreciated.
Another successful upgrade DP:
12/8: Opened as Smart Advantage
1/2: $21xx Real DD
1/3: $12xx TreasuryDirect I-Bond (leftover from US Bank bonus)
2/1: $16xx Real DD
3/1: $16xx Real DD
3/18: Upgraded to Premier/Relationship via phone
4/1: $16xx Real DD
4/8 +$600 PROMOTIONAL INCENTIVE (pending)
Total DDs ~$8400
Will downgrade soon to avoid fee just in case, then close.
Thank you to Ricki for coming up with the upgrade theory that got me an extra $200
Almost same timeline for me. How long do we need to keep the account open to avoid an early closure fee?
I have it down that ETF is 90 days from account opening, which we are now past. I might keep it open for a bit just to keep the churn available for the future
What do you mean by “keep the churn available for the future”? Does keeping the account open for longer make you more eligible for future bonuses or something?
Currently, the terms state you need to be without the checking account for 12 months from last CLOSING. Last enrollment/opening, last bonus, is not an issue. By doing so, they incentivizing closing the account ASAP.
“The checking offer is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months.”
Thanks for the information. I didn’t know this before I saw your post. I got the $600 a couple of weeks ago and I downgraded the account to no-fee Smart Advantage Checking account immediately after the bonus is posted. Now I am thinking to close it asap. Since I just converted the account , do I need to keep it for 90 days in order to avoid the early termination fee? thanks.
No, you don’t need to keep it another 90 days since the account was not new. The ETF is only applicable for the first 90 days of having the account open… (and probably not enforced on a zero balance account anyway)
Keep in mind, if you get yourself on the “naughty list”, you might not get approved the next time around though. Or, they might not be offering a checking bonus next year. There are no guarantees in this game.
I usually wait until at least the next statement after a bonus posts, but people are going to do what they see fit. Have at it. @guest_1829980
When I upgraded, BMO mailed me an account disclosure. Glanced at it before tossing and noticed that in the Monthly Maintenance Fee and Waivers section it states “Beginning in the third calendar month after your Account is opened or your Account type is changed to a BMO Relationship Checking Account, we charge this fee…”
Seems like there has been some speculation of whether upgrading resets the fee timer and for how long, but here its written in the terms
Even better – “For example: An Account opened or changed to BMO Relationship Checking in January will not be charged a monthly maintenance fee in January and February. In March we will charge this fee if you do not meet any one of the following: • the minimum daily Ledger Balance in this Account is $10,000 or more for the month of February; or • you have met the $25,000 Monthly Combined Balance for the month of February.” So you should be good for a couple extra months.
My experience was nearly identical to Nathan , except 2-3 days ahead on opening and on switching. I also used real DD’s. So, another confirmation that the upgrade works to get the 600 bonus. Thanks Doc and everyone.
Opened 12.08
wise Payroll. 600 paid today 🙂
P2 DP:
12/07/2023: Opened the Relationship Checking for the 120 Day/$600 promo (evening)
12/08/2023: 1st statement start date (Day 1, I assume)
12/12/2023: Funded with $25.
01/03/2024: Treasury Direct I-Bond cash out $3,3xx “PPD APA TREAS 310 MISC PAY”
02/06/2024: Treasury Direct T-Bill cash out $4,200 “PPD APA TREAS 310 MISC PAY”
02/27/2024: Downgraded to Smart Advantage via Chat
03/21/2024: Upgraded to Relationship Checking via Chat
04/05/2024: Day 120 – Also, statement closes.
04/08/2024: +$600 Promotional Incentive Pending
Pulled funds via Fidelity Brokerage about a week after the deposits, leaving $100 for “incidentals/fees”.
Zero monthly fees charged, so I can confirm fee counter reset by changing account types, even for just a few weeks. Chat in online banking (on upper menu bar, look for chat bubbles symbol,💬🗨️) was done w/o P2 “involvement”, so it was easy to downgrade/upgrade. Once bonus fully posts, will downgrade again.
Used I-Bond, and a T-Bill, vs. C of I. You have at least 3 months to get the DD’s done, so there is no rush.
is the promo to upgrade to Relationship Checking still active? I just chatted with BMO and they said no.
Yes. Technically the promo is not for “upgrading”, it’s for opening a new account and completing the requirements.
Anyone tried getting 2nd fee waived? I opened my account on 12/04/23 and was charged $25 fee on 3/5 and then 4/5. The first one was already waived and bonus posted just today. I didn’t want to downgrade before I saw the bonus.
I did.
I did
Mo, what did you tell them to waive the 2nd fee? I just had my first waiver and they said it’s a 1 time courtesy waiver.
Lego,
Even if you are fortunate enough to get a response from mo to your question, it’s likely that their response won’t help you.
Greg made the mistake of asking the community if anyone had tried to get a 2nd fee waived when I’m sure that they really wanted to know if anyone had succeeded in getting a 2nd fee waived, which is unlikely.
Most banks only offer a one-time courtesy waiver, but I have seen some say once per year. I want to say that was Discover or Chase, but don’t quote me on that.
Only seen one bank offer more than one per year, unless the error was their fault.
https://www.doctorofcredit.com/az-tx-ia-il-wi-co-nm-mt-ca-mn-ks-mo-bank-trust-600-checking-bonus/#comment-1649208
12/03/23 account opened
03/08/24 $25 charged and waived
04/08/24 $600 received and account switched to smart advantage
Was your $600 pending on 4/8 or was it cleared before you switch the account?
It’s pending but included in the available balance and I pulled out from Sofi too, lol. CS said the switch would be effective tomorrow.
Can confirm Wise with Payroll memo works.
Showed up as “PPD Wise Inc Payroll”
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…
Yes & yes.
I just downgraded to a Smart Advantage checking account via chat, or “BMO Assist”, as they call it. I either didn’t notice the “BMO Assist” icon last month or it wasn’t there because chat may have been closed as mangorunner speculated.
I’m betting on the former as I almost didn’t notice the icon again. I just assumed that the “chat” option would be located under “Contact & support” but it was not.
Anyway, the icon is to the left of the “Contact & support” icon near the top right of the page. Hopefully this will help someone else find it as it a lot more convenient to chat than to call in.
I was told by the rep that although the downgrade happened immediately, the website won’t show the change until the following day.
Why do you downgrade the account rather than closing after the bonus posts? I’ve always closed BMO a few days after the bonus to avoid the $25 fee. Given interest rates are around 5% I’m probably just going to pay a $25 fee after the one-time waiver because I’m not going to keep $10k in the account.
I think that ppl do this to not get banned. Bank may think that you just got the acct for the bonus.
Generally, I like to keep accounts open for at least 6 months before closing them. In this case, I haven’t decided how long that I will keep it open so I figured it made sense to downgrade to avoid having a 2nd fee post.
I noticed that you wrote “I’ve always closed BMO”, which seems to imply that you’ve done a BMO bonus several times. Is that the case?