BMO is giving you 90 days to accumulate $7,500 in direct deposits to earn a $500 welcome bonus for opening a new Relationship checking account. This is more than when it was recently available and it's now available nationally, so that's a plus.
What's even better? This time around they are offering a $100 Target, Starbucks or Uber gift card when you meet with a BMO banker to discuss your financial priorities.
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 eligible direct deposits in order to earn the up to $600 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 deposits of salary or other personal income such as a paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited into the account from an employer or similar third party.
- 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 BMO or Bank of the West 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.
Learn more about the up to $600 bonus from BMO before the offer expires on October 31, 2024
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:
TD Bank
Beyond Checking
- Bonus
- $300
- Account Type
- Personal Checking
- Expires In
- 78 days
- Requires
- Direct Deposit
Fifth Third Bank
Personal Checking
- Bonus
- $400
- Account Type
- Personal Checking
- Expires In
- 32 days
- Requires
- Direct Deposit
Discover
Discover® Cashback Checking
- Bonus
- up to $360
- Account Type
- Personal Checking
- Expires In
- Limited Time
- Requires
- Card Spend
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
Learn more about the Relationship Checking account to earn the up to $600 bonus offer
Accounts are subject to approval. BMO Bank N.A. Member FDIC.Share Your Thoughts or Questions
There have been 5 comments about the BMO Relationship Checking up to $600 Bonus.
BOB
February 21The 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!
ReplyReply to BOB
Rebecca
November 17, 2023Have 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.
ReplyReply to Rebecca
Alex
November 13, 2023Another 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.
ReplyReply to Alex
Bradley
November 13, 2023I 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.
ReplyReply to Bradley
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