This bonus is no longer being offered. Click here to view the best current checking bonuses.
Update 8/8/19: Deal now ends August 31st, 2019. Savings bonus now requires $25,000 instead of $10,000. Hat tip to reader Hari
Update 6/26/19: Deal now ends June 30th, instead of July 31st, 2019. Hat tip to reader Hari
Offer at a glance
- Maximum bonus amount: $700
- Availability: you must reside in Illinois (excluding St. Clair County), Wisconsin (excluding Pierce and St. Croix County), St. Louis County in Minnesota, or Northwest Indiana
- Direct deposit required: Direct deposits totaling $6,000+ required
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: Cannot fund with a credit card
- Monthly fees: None with eStatements
- Early account termination fee: $50 if closed within 90 days
- Household limit: None listed
- Expiration date:
July 31st, 2019 June 30th, 2019 July 31st, 2019August 31st, 2019
Contents
The Offer
- BMO Harris is offering a bonus of up to $700 when you open a new checking and money market. Bonus is broken down as follows:
- $400 bonus when you open a new checking account and complete the following requirements within 120 days:
- Have at least $6,000 in qualifying direct deposits
- Enroll in BMO digital banking and set up paperless statements
- Make at least 10 qualifying electronic transactions
- $200 bonus when you open a Platinum Money Market account and deposit at least $25,000 in new money and keep it for 90 days
- Do both of the above and get an additional $100
- $400 bonus when you open a new checking account and complete the following requirements within 120 days:
The Fine Print
- In order to be eligible for these offers, you must reside in Illinois (excluding St. Clair County), Wisconsin (excluding Pierce and St. Croix County), St. Louis County in Minnesota, or Northwest Indiana. You can apply online, at a branch or by calling 1-866-362-1166.
- 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 or by phone, enter your email and click “Send Me My Coupon Above” to receive the promo code you must use when opening your accounts.
- You must open your accounts between June 1, 2019 and July 31, 2019. Offers cannot be combined with any other offer and are limited to one per customer.
- We reserve the right to amend or cancel any part of these offers at any time. Offer 1 and Offer 3 are 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 2 is not available for existing BMO Harris money market customers (including signers on joint accounts) or those who have closed a BMO Harris money market account within 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.
- Your accounts must be open, in good standing and must have a balance greater than zero when the bonuses are paid approximately 150 days after opening.
- The bonus for Offer 3 will be paid to your checking account.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Checking
Your best option is to open the BMO Smart Advantage Checking account. This has a no monthly fee when you have eStatements.
Savings
This account has no monthly fees to worry about
Early Account Termination Fee
There is an early account termination fee of $50 if the account is closed within 90 days. In addition the accounts need to be kept open for the bonus to post (approximately 150 days after account opening)
Our Verdict
This is the biggest bonus we’ve seen from BMO Harris. Previous best was $300 checking & $200 savings, with no bonus for doing both. This bonus has basically the same requirements but it’s for an extra $200. Unfortunately it’s not available in as many states. That being said, definitely worth doing if you live in an eligible area. We will be adding this to our list of the best checking bonuses.
Hat tip to reader milespoints & reader Rodney
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
