Update 11/3/24: Bonus has been reduced to a maximum of $300. Extended until February 3, 2025
Update 9/10/24: Extended through October 31, 2024. Can also get a $100 for meeting with a banker.
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, 2022September 9, 2024
Contents
The Offer
- BMO Harris is offering a bonus of $600 when you open a checking account:
- Open a Smart Advantage Account and get a bonus of $300 when you have at least $4,000 in qualifying direct deposits within the first 90 days of account opening
Open a BMO Relationship Checking and get a bonus of $500 when you have at least $7,500 in qualifying direct deposits within the first 90 days of account opening
Plus, get a $100 digital gift card2 when you meet with a BMO banker to discuss your financial priorities after opening your account online- You can also open a savings account and get $5 monthly savings bonus 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.
- 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 ($350 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 5/6/24: Extended through 9/9/24
- 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
- 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
Anyone who called in after 10/31 for the $100 and received the GC?
I talked to a relationship banker on 12/17. When I chatted with them today about the status of my gift card, CSR told me that the promotion was only available from 9/1 to 10/31
I called and spoke with a banker 11-4. Opened my account in October and took a screenshot of the terms Here are the terms:
Earn a $100 digital gift card when you:
2. meet with a BMO Banker within 90 days of account opening, in-branch or over the phone to discuss financial priorities and what you want and need from your banking. The personal checking account must be open at the time of the conversation.
During the conversation, the BMO Banker will use the myFinancial Compass guide to understand your …….You must supply a valid email address and the BMO Banker must complete the myFinancial Compass guide; these items will be documented by the banker…… You do not need to meet the up to $500 personal checking cash bonus offer requirements to earn the $100 digital gift card.
Between 1 and 60 days after you complete the conversation, you will be sent an email from [email protected] with instructions on how to select one of three $100 digital gift cards…….Once you choose your gift card, you will receive another email from [email protected] with instructions on how to download the gift card. Download it within 30 days. Once downloaded they do not expire……value equals $100 and can be used online or in store. …..
must not have received $100 gift card from financial compass in the last 12 months to qualify…….
Having the craziest full moon experience ever with BMO SM. I called 9-2023 and closed my account. Opened 10-2024 and did dd from work that totaled over $7500 within 90 days. Spoke with a banker in November for the $100. I don’t have the $500 or $100 bonus so I send a SM to ask about it. They reply I don’t qualify because I had a bus. acct. in 2024 so I tell them that’s not in the terms. They reply again that I don’t qualify because I closed my personal account 10-2023. I tell them no I closed it 9-2023 with a phone call and told them who I spoke with and at the exact time EST. Then they ignore me and close the ticket.
I SM them again and ask about it. They reply that I don’t qualify for the $500 for the same reasons as above and that I need to call the branch I spoke with about the $100. I reply with my facts about the last personal checking closing date and ask how do I know which branch to call? I only have the email address and phone number of the banker I spoke with and she is not responding to my emails or answering her direct line!!!
This is getting frustrating ……… The only thing I can imagine here is that when I called to close my account 9-2023 that they did NOT close it and they just let it go into 10-2023 with the zero balance to close automatically. If that is what has happened then that’s not my fault and I wonder if I am just out this bonus, or maybe I would have better luck calling someone?
I’d be curious to know what the closure date of the account that shows on your EWS report. Not sure it would help your case though. Takes a week or two to get the report so it won’t be quick though.
Surprised they aren’t able to tell you “your branch”. I know Fifth Third and Regions will list it on the monthly statements. You could do your own research and pick the closest one as the crow flies…. See what they say when you call.
I’d say you are going to end up filing a CFPB.
I would get everything in writing. IME, banks will tell you when your acct will be closed after they submit the request. If you recall that info, I’d continue fighting it w them first, and then file a CFPB. They left my biz acct open for at least a month after I closed it. So, you’re probably right about what happened w the closure. You may want to try contacting via chat and asking to tt a supervisor to find out if they can confirm when you called to close, and when they closed it. Before letting them know your issue, ask how long it normally takes to close a ck acct.
I’m going to do a Wise transfer and schedule it for two days instead of instantly. Should this trigger the DD?
Have not recieved bonus yet, but here is my data on ACH transfers on how things code:
Chase: PPD JPMorgan Chase Ext Trnsfr
US Bank instant: RTP CREDIT [NAME] ($X)
US Bank normal: WEB US BANK TRANSFER TRANSFER ($X)
Citibank: WEB IIT CITIBANK CITIXFR ($X)
Wells Fargo: WEB WELLS FARGO IFI
Charles Schwab: PPD SCHWAB BROKERAGE MONEYLINK
Fidelity: PPD FID BKG SVC LLC MONEYLINE
Just because Schwab and Fidelity post as PPD doesn’t mean they work. I can call it now… you will not be getting the bonus if this is what you were relying on.
Alexia
Gotcha, I hear you. Is there data to support this?
And what about Chase, which also coded as PPD?
Maybe I’ll try Treasury Direct or Wise. (both methods new to me, so I will need to do some research).
Data? I can give you about three year old data when my P2 tried Serve, PPD, did not work.
Here is a current Schwab DP: https://www.doctorofcredit.com/il-wi-mn-in-az-fl-ks-mo-bmo-harris-350-checking-300-savings-bonus/#comment-1980619
Chase BIZ will show up as PPD and work as a DD, yes, but not Chase personal.
Wise sometimes shows as RTP and that would very likely not work.
Alexia
Thank you. I might abandon this. Don’t feel like opening up a Wise account, and while I do have TD already, I’m having trouble navigating the archaic website and figuring out how to send money to a bank, even though I have the bank linked already.
Thank you again for the heads up, very much appreciated.
You would either need to buy a 4-week T-bill, which takes about 5 weeks start to finish… or, fund the Certificate of Indebtedness for a full week, and then move funds to BMO.
I am sure there are YouTube videos or tutorials online… it would be a shame to give up, but you do you.
Ah that makes sense. Thank you for the tip on TD. Will look into it. Basically buy something on TD, and then when it matures, “redeem” it into BMO. Will look up youtube.
I was stuck in the mindset if moving money into TD and then moving money back out via ACH. Need the intermediate step of buying something on TD. Will also look into the C of I.
Thank you, again.
You fund your C of I from a linked bank. After a week or so, you’re free to redeem those funds to any other linked bank. No need for youtube, lmao.
Some people like to “SEE” how it’s done… with their “archaic website”.
You left out several details, like specifically if trying to pull more than $1,000… you have to do multiple deposits. Same day is fine.
Point taken, but any reference to Youtube which probably shovels views to that lady with questionable opinions is a no go on my part.
Once you’re signed in at Treasury Direct click on the Buy Direct tab at the top of the page, next to the My Account tab.
Then you’ll see a series of choices, near the bottom of the page will be “C of I – A non-interest bearing security which can be used to fund TreasuryDirect purchases”, click on this and click submit.
Then enter the amount you want to purchase (max $1,000, but you can do more than one purchase per day).
If you have your bank info already entered in then click on the account you wish to use to purchase,
You can choose a single purchase or schedule purchases (I just do singles), then click submit again.
You get one more screen that tells you that your C of I funds need to stay in for a minimum of five days before you can move them (to T Bills, or in your case into a new bank account), click submit again, then one more screen shows all the details of the purchase, click submit again.
You can immediately repeat the purchase if you wish.
If you click on the Current Holdings tab you can see your C of I holdings and when the money is available for redemption to your BMO account, which you set up while you’re waiting the five days. Once it’s settled you can send it out all out once or in increments.
If you try to move the money out early your account will get shut down and you’ll have to get a form signed and notarized to open it back up (ask me how I know).
Amazing directions. Each screen was exactly how you described. I did 5 in a row. Will wait 5 (maybe 6 to be sure, considering your unfortunate experience) days before transferring out.
I’m surprised they let you attempt to try to move the money out. most banks would just mark the funds on hold, and then release them once they are available, so the user is unable to even attempt to move the funds. But then again, TD is not a bank, I suppose.
Interesting note: “The option to fund your C of I from payroll or ACH credit will be discontinued on January 31, 2025″
https://www.treasurydirect.gov/indiv/help/treasurydirect-help/user-guide/151-160/#152
Seems I will be able to do this just under the wire.
Some people preferred to push funds to the C of I to decrease the wait/holding period. That is the functionality that is going away. The ACH transfer function you did is not.
Only select banks were able to be linked that anyway, so it’s not a big loss (at least not to me). And, I don’t think you cannot miss something you did not use.
Ah I see the specific language now. “The option to fund… from…” is an ACH push from the bank.
ACH pull from TD is not going away.
Thank you for the clarification.
Gadget - Bank Bonus Geek
Am I able to do this with a brand new TD account (opened today)? Or should I wait until it’s a bit older? Don’t want to risk a lock down.
Hey Gadget!
Is there a difference between a T-Bill vs COI in terms of successfully triggering direct deposit requirements?
Or are they both recognized the same way by banks?
I don’t think there would be a difference. Both are coming from the same entity – the Treasury Dept. However, we can only see so much data on our online banking screen or bank statement.
There are not enough DP’s out there to compare where they state if they used T-bill or C of I.
Treasury Direct rarely fails. I heard Fairwinds, SoFi, and now one person said First Tech failed, but that last one was only after they “called the bank”.
Josh
If you use Wise, is it coding as RTP or PPD? Is there a way to schedule it to post to an account in 1 or two days?
It was PPD , if you You choose to pay someone, if to yourself, it will be RTP
Thanks for the reply. If I send an instant payment from Wise to BMO Harris, will it code as PPD?
Should I put that the account is not myself?
I wonder if we can downgrade (and upgrade back?) for the current offers to avoid the $25 fee. I can’t find terms about the account type after opening.
10\12\24 open
10\30\24 Wise DD 100$
10\30\24 Wise DD 4000$
11\06\24 Wise DD 3500$
01\21\24 Bonus 500$ in Pending
01\21\24 Gift Card in Pending
I couldn’t open it online, so I opened it at the branch. They didn’t send me a card for $100 until I started writing to support. They replied that I didn’t meet the conditions. I explained the situation, that the website sent me to the branch for verification and whether they could review the decision. After that they sent me a gift
Did you schedule the Wise transfer 1-2 days in advance or was it an instant payment?
Is the One-time refund of monthly fee/service charge once per customer/SSN? i.e. I requested this before and closed the account, will I get another chance if opening a new account later and get hit with the fee again?
Any DP is appreciated.
Yes if they provide the waiver it’s a one-time event and per account. I’ve churned BMO multiple times and never had an issue receiving the waiver with each new account.
There is a $600 bonus for opening BMO relationship checking: https://bmo.com/600winterbonus
Requirements are:
Offer ends on Feb 3rd, 2025.
I don’t live in one of the three qualifying states.
For me, the link forwards to a $500 bonus offer:
“Open a BMO Relationship Checking account and earn a $500 cash bonus!”
Requires $7,500 in qualifying direct deposits within 90 days.
Offer ends on Feb 3rd, 2025.
If there’s no way to get the $600 offer, I’ll do the $500. I might like the terms better, anyway. Thanks,
Daniel!
Interesting. Mine seems to show the $600… flash the $500… then continues to the $600, which I cannot do because I am also not in those states.
Playing around, I can see the $500 offer at: https://www.bmo.com/en-us/main/personal/checking-accounts/relationship-bonus/
BUT… that offer requires a mailer promo code.
“1 To take advantage of the new personal checking account cash bonus offer, you must open your account between November 1, 2024 and February 3, 2025, and use the promo code found in the mailer. “
Does your $500 page show that line at the top of the fine print?
mangorunner
If not, I assume your URL shows a giant code? Like: /?COID=BMOP- etc.
I played around with the link as well and got the $500 offer. I saw the same verbiage you did but also saw this at the bottom:
“If you apply for a checking account at a branch or on the phone, you must provide the promo code to a banker. To apply for a checking account online, visit BMO.com/500winterbonus and select “OPEN IN MINUTES”. We will automatically apply the promo code for you.”
When I click on the link it did state that the code has been applied.
Do you think that means it will work without needing a mailer?
Going back to my browser with the ad-blocker, yes my $500 page does have the same fine print and shows that it requires a promo code from a mailer.
I read the other comments from you,
Sher and 
FRD. I guess it’s now time to mull things over and decide if it’s worth the risk. I have never done the BMO bonus – this would be my first churn.
Not sure where Sher’s comment went, but yeah, looks like $500 promo page works and would not need a mailer.
Sher
https://BMO.com/500winterbonus
On the application, if you scroll down, you can see the promo code is applied and has a green checkmark.
Promo code: BMOP-09144B-CHKRCDM
Looks like a winner to me.
I’m not eligible, but I’ll confirm the https://BMO.com/500winterbonus link works for me, and generates a link after you visit that site with the same promo code BMOP-09144B-CHKRCDM in the URL, and that promo code auto-populates at the bottom of the application page. I’m curious if the promotion is somehow still targeted since it says you would have received a mailer.
Right. It’s still risky to use the link because of the mailer mentioned. I was considering using it, but not sure. I think the system having validated the code would work, but there is always a chance they cross-reference later to their mailers. Hmmm….
FRD
It would be a long 3 month waiting period for that bonus to not post, and then another 12 month waiting period to try again.
Probably won’t post due to the mailer language.
There’s not even an option to edit or change promo code. I think promo code on nailer is just auto-filled. Think it would work!
Possibly, sometimes they have a list of addresses that received the mailer though.
Anyone else get declined?
Yup, just tried and was declined.
Yes
Just tried it again on mobile and it was fine. Tried it on mobile for my partner and was declined
If you tried via the same device, could be the issue. Use their device.
Knight