BMO Relationship Checking $400 Bonus

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BMO : Relationship Checking

$400

3.7

BankBonus.com score

Availability

Ease

Amount

Fees

Offer Expires In

How To Earn The Bonus

  1. Open a new Relationship Checking account using the link below.
  2. Within 90 days, have a total of $7,500 in qualifying direct deposits.
  3. Bonus is paid approximately 100 days after account opening.
  4. Conditions apply. BMO Bank N.A. Member FDIC

Available in Your Area?

Yes

Monthly Fees?

Yes

Open Online?

Yes

Credit Pull?

Soft

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Learn More

at BMO

BMO is giving you 3 months to accumulate $7,500 in direct deposits to earn a $400 welcome bonus for opening a new Relationship checking account. This is less than when it was previously available. It's now available nationally, so that's a plus.

What's even better? They're also offering a $5/month kicker if you save regularly.

How To Earn The Bonus

The BMO Relationship Checking promotion requires you to set up direct deposits in order to earn the $400 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

  • Qualifying direct deposits are any paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited into the account from an employer or outside agency.
  • If you choose to open an account at a branch, you'll need to first receive a promo code by entering your email. If you open online, the promo code is automatically applied.
  • Not available to existing personal checking customers, or to those who have closed a personal checking account within the past 12 months.
  • You cannot combine this offer with any other personal checking welcome bonuses, but you can stack this with a savings account bonus.

How does this personal 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:

Citi®

Enhanced Direct Deposit

Bonus
$300
Account Type
Personal Checking
Expires In
103 days
Requires
  • Direct Deposit

TD Bank

Beyond Checking

Bonus
$300
Account Type
Personal Checking
Expires In
4 days
Requires
  • Direct Deposit

PNC

Virtual Wallet®

Bonus
up to $400
Account Type
Personal Checking
Expires In
34 days
Requires
  • Direct Deposit

Why BMO?

BMO (formerly known as BMO Harris Bank) is headquartered in Chicago, and has about 500 physical locations across 8 states. 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. 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.

Relationship Checking

Relationship Checking is BMO's premium checking account, which offers tiered interest – the higher your balance, the more you earn. Unfortunately, like most accounts these days, the rates are low. We recommend this account for the higher bonus, but you'll need to factor the increase against your ability to waive the monthly fee.

The account gives you access to BMO's network of 40,000 ATMs, their mobile app and online tools (including access to Total Look®, which helps you manage all of your accounts, even those external to BMO), a chip-enabled debit MasterCard® and a discount for any mortgages or home equity lines of credit.

Fees

Relationship Checking does charge a monthly maintenance fee of $25, but there are ways to get this waived:

  • Maintain a minimum daily balance of $10,000
  • OR, maintain a minimum daily balance of $25,000 in linked accounts under a Relationship Waiver (the accounts are not automatically linked, you MUST take this step)
  • OR, have a BMO Harris Financial Advisors, Inc investment account
Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC.

Share Your Thoughts or Questions

There have been 4 comments about the BMO Relationship Checking $400 Bonus.

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BOB

1 month ago

The CURRENT Premiere offer that started in Dec and runs until May 3, 2024 is similar with $7500 needed in DDs but it is now in 90 days, not 120 days and the Bonus has been lowered from $600 to $400. Still, not a bad deal if you can swing the higher DD amounts, as many banks only offer bonuses Lower than $300!

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Rebecca

November 17, 2023

Have had 2 bonuses from BMO "Premier" now. Last one, in May 2023, was $350, so the current offer is richer! High direct deposit requirement. Also, kept $10,000 in to avoid fees - but requirement waived for first 2 months. Have to keep open for 90 days or $50 fee.

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Alex

November 13, 2023

Another success story. Me + wife earned the bonus, so $1200 total. The DD funds on the high side, but wasn't a problem pushing our paychecks in. Also was able to downgrade the accounts to free checking via secure message, so never ran into the $25 monthly fee.

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Bradley

November 13, 2023

I did this one. The direct deposit amount is on the high side, but having 4 months to accumulate made it easy enough for me. And the bonus amount definitely made it worthwhile. As a tip, you don't need to leave the money in the account. You could take it out the next day and the deposit would still count toward the requirement.

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