Now available nationwide, BMO is offering up to a $750 welcome bonus when you open a new business checking account and meet the minimum balance requirements.
Their offer is tiered: there's a $350 bonus for depositing $4,000 and a $750 offer for depositing at least $25,000. For both tiers, you have 30 days from account opening to make the initial deposit, and then you must maintain that balance for days 31-90.
Compared to the last time this business bonus was offered, BMO has increased the lower tier reward (from $300 to the current $350), while also lowering the amount of time needed to maintain your account balance (from 120 days to now 90). They also dropped the requirement for 10 qualifying transactions, although this wasn't too difficult to accomplish – mobile deposits, debit card purchases, ACH credits or debits, etc.
All in all, this is a fairly competitive offer for business owners, and it's only gotten better this time around.
How To Earn The Bonus
The BMO Business Checking promotion requires you to deposit and maintain a minimum balance in order to earn the up to $750 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- On day 30, the balance of your account will determine if you are eligible to receive the Tier 1 cash bonus offer of $350 or the Tier 2 cash bonus offer of $750.
- To receive a cash bonus, you must maintain the minimum daily balance requirement in your business checking account for the assigned bonus tier from day 31 through day 90 ($4,000 or $25,000). If the balance in your business checking account drops below the assigned tier minimum between day 31 and day 90, you will be paid the cash bonus of the lower bonus tier your balance drops to. If the balance in your business checking account goes above the assigned bonus tier maximum between day 31 and day 90, you will not be paid a higher cash bonus.
- You are not eligible for the business checking cash bonus if you have an existing BMO business checking account or have closed a BMO business checking account within the past 12 months, using the same Taxpayer Identification Number (TIN)/Employer Identification Number (EIN)/Social Security Number (SSN) as the new account.
- Bonus may be reported to the IRS for tax purposes, and you are responsible for any applicable taxes.
- Offer can be changed or cancelled without notice at any time, cannot be combined with any other offer, and is limited to one bonus per business entity.
Open a Business Checking account before the bonus expires on September 2, 2025
How does this business checking offer from BMO compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
Chase
Chase Business Complete Checking®
- Bonus
- up to $500
- Account Type
- Business Checking
- Expires In
- 68 days
- Requires
- Min Balance
- Card Spend (optional)
U.S. Bank
Business Checking
- Bonus
- up to $900
- Account Type
- Business Checking
- Expires In
- 51 days
- Requires
- Min Balance
- Bill Pay (optional)
- Card Spend (optional)
Axos
Business Interest Checking
- Bonus
- up to $400
- Account Type
- Business Checking
- Expires In
- 143 days
- Requires
- Min Balance
- Bill Pay
- Card Spend
Why BMO?
BMO is headquartered in Chicago, and serves more than 13 million customers. For their checking accounts, BMO expands its reach by joining the Allpoint ATM network, which gives you access to about 40,000 fee-free ATMs nationwide. They also offer online and mobile tools to help you take care of most banking tasks without needing to go in-branch.
BMO offers personal checking, savings products like accounts, MMAs and CDs, business and commercial accounts, home and auto loans, credit cards, and IRAs. They also offer their "Premier Services", which is a wealth management service that aims to help you define and work toward a financial plan.
While BMO offers more accounts and services than some of the online-only banks, most of their rates are only competitive with the big banks (read: not very high), so keep that in mind.
Simple Business Checking
BMO Harris Bank's Simple Business Checking account is aimed at smaller companies that hold lower balances and have fewer transactions. The monthly fee is easy to waive, and the account includes 100 free transactions each month (transactions are non-ATM deposits, checks, and ACH credits and debits) and let's you deposit up to $2,000 in cash each month for free.
Fees
Simple Business Checking does charge a monthly maintenance fee of $10, but there are ways to get this waived:
- Maintain an average collected balance of $100.
Premium Business Checking
BMO Harris Bank's Premium Business Checking account is aimed at companies that hold lower balances and have fewer transactions. The monthly fee is easy to waive, and the account includes 200 free transactions each month (transactions are non-ATM deposits, checks, and ACH credits and debits) and let's you deposit up to $5,000 in cash each month for free.
Fees
Premium Business Checking does charge a monthly maintenance fee of $15, but there are ways to get this waived:
- Maintain an average collected balance for $1,500.
Elite Business Checking
An interest-earning business checking account that gives you 500 free transactions each month (transactions are non-ATM deposits, checks, and ACH credits and debits), let's you deposit up to $20,000 in cash each month for free, and offers free incoming wire transfers (both domestic and foreign).
Fees
Elite Business Checking does charge a monthly maintenance fee of $20, but there are ways to get this waived:
- Collect at least $5,000.
- OR, maintain a combined monthly balance of $15,000 in linked accounts under a Relationship Waiver (the accounts are not automatically linked, you MUST take this step).
Digital Business Checking
BMO Harris Bank's Digital Business Checking account is aimed at companies that are digital-first when it comes to banking. You'll get unlimited free ACH transactions and incoming wire transfers. The monthly fee is easy to waive, and let's you deposit up to $1,000 in cash each month for free.
Fees
Digital Business Checking does charge a monthly maintenance fee of $10, but there are ways to get this waived:
- Maintain an average collected balance of $500.
Apply now for a Business Checking account to earn the up to $750 bonus offer
*Conditions apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDICShare Your Thoughts or Questions
There have been 6 comments about the BMO Business Checking up to $750 Bonus.
bb8
November 15, 2023Does anyone know if this one can be combined with the personal checking bonus they offer?
ReplyReply to bb8
BOB
February 21, 2024 Replying to bb8I had that same question in the past and the answer is, it really depends on the bank. Often they do not agree to use your SS# at the same time for a personal and a business promo. However, if you have a EIN for your business, then odds are they will let you do both at the same time.
ReplyReply to BOB
Jon Snow
November 13, 2023Instantly approved online as a sole proprietorship.
ReplyReply to Jon Snow
Ankit Jain
November 3, 2023BMO is good with quick payout of the bonus as soon as the requirements are met. This is also churnable in 12 months time so do not forget to meet the requirements quickly and close the account as soon as the bonus hit the account.
ReplyReply to Ankit Jain
Add to the discussion