BMO is offering a $600 Cash Bonus when you open a BMO Relationship Checking Account and have a total of at least $7,500 in Qualifying Direct Deposits within the First 120 days.
Thanks to community member ekusa for sharing this deal.
Note, you can open a Relationship Checking account with $25.
Checking Offer: Get up to a $600 cash bonus when you open a new BMO Smart Money Checking account, BMO Smart Advantage Checking account, or a BMO Relationship Checking account and have qualifying direct 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. We reserve the right to request documentation that the direct deposits qualify. Direct deposits process as a Debit Card credit or via Account to Account or Peer to Peer (e.g. Zelle®, Venmo) transfers do not qualify.
Cash bonus is paid into the checking account approximately 130 days after account opening.
The monthly maintenance fee for the Relationship Checking account is $25. Fee is waived if any of the following is met:
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
You have a Monthly Combined Balance of $25,000 for the previous calendar month.
You're a client of our employee benefits program, Best of BMO U.S., and have requested the waiver from your BMO Banker.
See the forum thread for deal discussion and ideas.
This collaborative space allows users to contribute additional information, tips, and insights to enhance the original deal post. Feel free to share your knowledge and help fellow shoppers make informed decisions.
BMO is offering a $600 Cash Bonus when you open a BMO Relationship Checking Account and have a total of at least $7,500 in Qualifying Direct Deposits within the First 120 days.
Thanks to community member ekusa for sharing this deal.
Note, you can open a Relationship Checking account with $25.
Checking Offer: Get up to a $600 cash bonus when you open a new BMO Smart Money Checking account, BMO Smart Advantage Checking account, or a BMO Relationship Checking account and have qualifying direct 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. We reserve the right to request documentation that the direct deposits qualify. Direct deposits process as a Debit Card credit or via Account to Account or Peer to Peer (e.g. Zelle®, Venmo) transfers do not qualify.
Cash bonus is paid into the checking account approximately 130 days after account opening.
The monthly maintenance fee for the Relationship Checking account is $25. Fee is waived if any of the following is met:
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
You have a Monthly Combined Balance of $25,000 for the previous calendar month.
You're a client of our employee benefits program, Best of BMO U.S., and have requested the waiver from your BMO Banker.
See the forum thread for deal discussion and ideas.
Are you sure this relationship checking account is no fee? I see this on the FAQ for that account.
What is the monthly maintenance fee for the Relationship Checking account? And how can it be waived?
The monthly maintenance fee for the Relationship Checking account is $25. But we'll waive the fee if you meet any of the following requirements:
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
You have a Monthly Combined Balance of $25,000 for the previous calendar month.
You're a client of our employee benefits program, Best of BMO U.S., and have requested the waiver from your BMO Banker.
Here is math. For both options, no need to keep money in account, just withdraw it after DD.
1) Open relationship account with $25 fees, pay it for 4 months (assuming bonus payout on 130 day and grace period before fees kick in). After bonus payout, convert account to Advantage without any fees and maintain for 1 year. Net would be 600-100 fees = 500.
2) Open advantage account with $0 fees, meet terms, get 400. No need to change account type or other hassle.
In nutshell some effort for additional $100.
129 Comments
Sign up for a Slickdeals account to remove this ad.
Based on what I've read on other similar offers, you should keep it open for at least a year.
The account is no fee and doesn't require and balance to be left in. As the previous poster said. Keep it open with a penny for a year and you'll be good
Our community has rated this post as helpful. If you agree, why not thank awong9970
Are you sure this relationship checking account is no fee? I see this on the FAQ for that account.
What is the monthly maintenance fee for the Relationship Checking account? And how can it be waived?
The monthly maintenance fee for the Relationship Checking account is $25. But we'll waive the fee if you meet any of the following requirements:
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
You have a Monthly Combined Balance of $25,000 for the previous calendar month.
You're a client of our employee benefits program, Best of BMO U.S., and have requested the waiver from your BMO Banker.
If you do the Smart Advantage Checking $400 offer there is no monthly fee. So I guess theoretically I could direct deposit $4,100, take $4000 out to put in a better rate investment and then wait 120 days for the $400 bonus or am I missing something? The money market offer is separate thing correct? I don't have to do anything with that as well correct? That offer isn't nearly as good considering the rates you can get currently you'll make more with the extra interest than you would with the bonus.
Our community has rated this post as helpful. If you agree, why not thank dingdong123
Here is math. For both options, no need to keep money in account, just withdraw it after DD.
1) Open relationship account with $25 fees, pay it for 4 months (assuming bonus payout on 130 day and grace period before fees kick in). After bonus payout, convert account to Advantage without any fees and maintain for 1 year. Net would be 600-100 fees = 500.
2) Open advantage account with $0 fees, meet terms, get 400. No need to change account type or other hassle.
This deal is not worth the effort because you could just park $7500 in a 6% CD and make $450 without any work.
The terms don't say the $7500 needs to stay in the account for a definite period. You could withdraw it immediately after it posts and then do whatever you want with it.
5
Like
Helpful
Funny
Not helpful
Sign up for a Slickdeals account to remove this ad.
Here is math. For both options, no need to keep money in account, just withdraw it after DD.
1) Open relationship account with $25 fees, pay it for 4 months (assuming bonus payout on 130 day and grace period before fees kick in). After bonus payout, convert account to Advantage without any fees and maintain for 1 year. Net would be 600-100 fees = 500.
2) Open advantage account with $0 fees, meet terms, get 400. No need to change account type or other hassle.
In nutshell some effort for additional $100.
Yeah not worth the extra work for $100 bucks max maybe
Leave a Comment
Top Comments
What is the monthly maintenance fee for the Relationship Checking account? And how can it be waived?
The monthly maintenance fee for the Relationship Checking account is $25. But we'll waive the fee if you meet any of the following requirements:
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
You have a Monthly Combined Balance of $25,000 for the previous calendar month.
You're a client of our employee benefits program, Best of BMO U.S., and have requested the waiver from your BMO Banker.
1) Open relationship account with $25 fees, pay it for 4 months (assuming bonus payout on 130 day and grace period before fees kick in). After bonus payout, convert account to Advantage without any fees and maintain for 1 year. Net would be 600-100 fees = 500.
2) Open advantage account with $0 fees, meet terms, get 400. No need to change account type or other hassle.
In nutshell some effort for additional $100.
129 Comments
Sign up for a Slickdeals account to remove this ad.
Our community has rated this post as helpful. If you agree, why not thank awong9970
What is the monthly maintenance fee for the Relationship Checking account? And how can it be waived?
The monthly maintenance fee for the Relationship Checking account is $25. But we'll waive the fee if you meet any of the following requirements:
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month.
You have a Monthly Combined Balance of $25,000 for the previous calendar month.
You're a client of our employee benefits program, Best of BMO U.S., and have requested the waiver from your BMO Banker.
Our community has rated this post as helpful. If you agree, why not thank qkumbr
Sign up for a Slickdeals account to remove this ad.
Our community has rated this post as helpful. If you agree, why not thank dingdong123
1) Open relationship account with $25 fees, pay it for 4 months (assuming bonus payout on 130 day and grace period before fees kick in). After bonus payout, convert account to Advantage without any fees and maintain for 1 year. Net would be 600-100 fees = 500.
2) Open advantage account with $0 fees, meet terms, get 400. No need to change account type or other hassle.
In nutshell some effort for additional $100.
The terms don't say the $7500 needs to stay in the account for a definite period. You could withdraw it immediately after it posts and then do whatever you want with it.
Sign up for a Slickdeals account to remove this ad.
1) Open relationship account with $25 fees, pay it for 4 months (assuming bonus payout on 130 day and grace period before fees kick in). After bonus payout, convert account to Advantage without any fees and maintain for 1 year. Net would be 600-100 fees = 500.
2) Open advantage account with $0 fees, meet terms, get 400. No need to change account type or other hassle.
In nutshell some effort for additional $100.
Leave a Comment