Posted by William Charles on August 8, 2019
Bank Account Bonuses no image

Published on August 8th, 2019 | by William Charles

85

[Expired] [IL, WI, MN, IN] BMO Harris $700 Checking & Savings Bonus

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, 2019 August 31st, 2019

The Offer

Direct link to 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

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:



85
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Lreed
Lreed

What are considered electronic transactions?

mothman69
mothman69

“Qualifying transactions include ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions.”

https://www.bmooffers.com/docs/promo00800X.pdf

Peter
Peter

Damn it!!! I’m still waiting on my $200 bonus after completing the requirements. Missing out on an additional $500 is not good.

Charles Mann
Charles Mann

A terrible bank to deal with; they NEVER pay out without some argument or “error”. Expect to fight or file a CFPB complaint for your money

m
m

I’m in Illinois I received my $300 bonus recently.

Staradmiral
Staradmiral

Got mine and wife’s no problem in 2018

JohnnyBoyJr
JohnnyBoyJr

I received mine fine last year — no calls required.

clow
clow

Had zero problem getting a checking bonus from them before.

Tony
Tony

Also had 0 problems with them. Sounds like its a you issue

feelgood
feelgood

I live in Illinois and got the same offer in my Valpak mailer last week, along with a Promo Code.

Theory
Theory

The extra $100 is just for opening both account types, even if you don’t fulfill the other terms of the bonus. The fine print just says the account must be opened within 30 days of each other.

Emporio
Emporio

I already have a BMO personal and business checking account so I am not eligible for the full bonus. Personally I think the $200 Platinum Money Market account bonus by itself is worth pursuing. My best alternative for $10K over 90 days is in a Grow Financial Federal Credit Union savings account earning a 2.75% APY. The BMO Harris Platinum Money Market account yields a measly 0.25% APY on $10K. The $200 bonus works out to an effective annualized yield of 16.5% on $10K over 90 days using 2.50% APY (2.75%-0.25%) as an opportunity cost. After 91 days I intend to transfer out all funds but leave the money market account open. The money market account can then be closed after the bonus is paid on day 150 or so without incurring the $50 early account closure fee.

Emporio
Emporio

William Charles : Doc thanks so much for the post! The direct link you provided to the offer allows you to generate a unique offer code to take to a branch. The fine print in the email with the unique offer code is different than the fine print shown on the offer webpage (using the link you provided).

The fine print in the email states that “if you are opening your account online or by phone, you must reside in Illinois (excluding St. Clair County), Wisconsin (excluding Pierce and St. Croix County), St. Louis County in Minnesota, or Northwest Indiana. However this fine print does NOT state that the geographical restrictions apply if you open these accounts in-branch.

I do not reside in the aforementioned areas but I am close to a BMO Harris branch. I’ll visit a branch and get clarification on whether the geographical restrictions apply when applying in branch and I can follow up in another reply to this comment.

Emporio
Emporio

Hari William Charles I was able to use the emailed offer code for the $200 bonus to open the Platinum Money Market account at a branch in Hennepin County, Minnesota (outside the geographic area for the deal when opened online). Also the APY information listed in the offer fine print for the Platinum Money Market is incorrect. The correct APY for balances over $5K is 2.05% which makes for an even better deal.

Hari
Hari

Hi5 from Hennipen resident 😊 Thank you for the data. Emporio

Emporio
Emporio

You’re welcome! I had the BMO branch manager (St. Louis Park, MN branch) confirm the offer validity. Just be prepared for the possibility that the bonus does not automatically post in which case you’re best bet is probably to return to the branch where you opened up the account(s) at with the emailed offer terms printed out so the bank manager can manually credit you with the bonus(es).

Sam F.
Sam F.

Thanks for this data point! I was coming here to ask about just doing the Money Market account.

SAD BMO
SAD BMO

About 15 days ago I signed up for the previous $500 offer, via SM they would not change promo code.

Burton
Burton

I called as they are having issues opening my savings account (but can’t figure out why) and was told the same thing. This is such a better deal if you can meet the DD requirement as it is not only $200 more bonus but you’ll earn an extra $50 or so of interest .

Hari
Hari

Just 1 eligible county in Minnesota. Its a 2 hour drive but I’d be visiting the area next month. Wondering if they will allow me to get this bonus if I walk into the bank with the offer code in email(generated from the website) even though I do not live/work in that county but a different one in Minnesota.

Emporio
Emporio

See my comment above and read the fine print in your offer code to confirm. You might be able to go to a local BMO Harris branch and get the offer.

Hari
Hari

You da man! waiting for your experience. Will give my nearest branch a visit if it works out for you. I have my eyes on you sir.

Burton
Burton

Weird because the last promo ($400+100 posted earlier today) was good for all counties in MN except St. Louis!

Hari
Hari

Right, Maybe they saved it for this promo

Jr
Jr

Careful..BMO is inquiry sensitive

Theory
Theory

They pull Chex but haven’t been historically sensitive to a high number of opened accounts.

ktn
ktn

If I signed up for the checking in April, can I still get the Savings account bonus?

Jordan
Jordan

This deal shows as available to me in KS but when I look at the actual agreement halfway through the application it still lists the residency restriction. Not going to risk not getting it.

Hari
Hari

William Charles Chuck Link and email states Account must be opened between June 1 – June 30 now. Not sure what was in it earlier. Best to update this so folks do not wait to apply.

Hari
Hari

I requested the coupon earlier when this went live and it has July 31st terms. IDK if they will honor it but I’d rather not risk losing this opportunity.

Oscar
Oscar

Am I able to put a zip code of one of the qualifying states and live in NY and still get bonus?

Mike L
Mike L

Just a heads up, expect some push back. The banker said I would not qualify because my “info is still in the system”. I pointed out that I met all of the qualifications (including the time restriction) and he again said that the bonus was designed for new customers. I eventually said to just open the accounts and if I had any issues with the bonus I would take it to the CFPB – that seemed to shut him up. Not sure if maybe their commissions are being affected by this bonus or if I just had a shitty banker, but remember to hold your ground on this one or just open it online to avoid the bank altogether.

Charles Mann
Charles Mann

ALL their idiot bankers are clueless, you will never see one in a branch for more than a few weeks, their turnover is higher than Burger King. Anyone that opens one of these accounts should prepare themselves for a CFPB complaint; it will be the only way you will ever get your bonus.

B-Rad
B-Rad

I just read through the linked post with the methods that qualify as direct deposits for BMO. Is there a way to know whether or not the transfers (from Schwab, in this case) are being counted, or do I just have to wait until the bonus gets paid (or doesn’t) to find out? I have no experience with this, so sorry in advance if it’s clearly stated somewhere under my nose.

Gene
Gene

Or you can try different ways to make the fake DD to secure the bonus would post. Just pull off those deposit after they showing up on your BMO account.

Back to Top ↑