BMO BMO: Get a $300.00 Opening Bonus with a New Chequing Account Get a $300 Bonus with a New BMO Chequing Account!

get this deal
this offer is expired

Give your bank account a boost at BMO, because you can earn a $300.00 opening bonus with a new BMO chequing account!

This offer is only available to new or eligible customers who open a new BMO Performance Plan Chequing Account or BMO Premium Plan Chequing Account.

After opening your preferred account online, you must make a deposit of any amount and complete any two of the following steps before July 31 to qualify for the $300.00 bonus:

  • Make one bill payment of at least $50.00 through BMO Online Banking or the BMO Mobile App for at least two consecutive months
  • Set up one recurring direct deposit from your employer, the government or pension and make deposits into the account for at least two consecutive months
  • Set up one pre-authorized debit or pre-authorized payment to a BMO mortgage, loan, line of credit or contribution to a BMO investment account and have at least two consecutive monthly payments

Once complete, the $300.00 bonus will be deposited into your account by August 31, 2020.

This offer is available until May 31 to new or eligible customers -- click here to read the complete terms and conditions of this offer.

43 Comments

View all
    • The monthly fee kills the deal IMO.
    • Report Post
    • It's not worth it, if they "give" you 300$, but you have to pay them back x amount per month.
    • Report Post
    • There is no monthly fee if you park 4000 or 6000 in the account. Looks like a deal to me. Doesn’t say anything about having a previous account before that disqualifies you from this years promo.
    • Report Post
    • It depends for how long must someone have the account open.

      The fee is 15.95 per month.
    • Report Post
    • florenntina wrote: I just found this interesting deal. 👍
      I went for this deal 3 years ago, back when they required $5k to waive fees. There was also a credit card promo to get even more money. Kept it all for about a year until they raised the minimum to $6k and changed the redemption rules on the credit card.
    • Report Post
    • Good deal op, was hoping to open this to waive the yearly fee on WE MC which I intend on keeping for the lounge pass and good 3/entertainment category.

      Wish it had free locker but think they removed it
    • Report Post
    • $4k or $6k locked until May 2021. The 2.75% interest is not bad if you aren't with B2B or other banks that offer 3%+.
    • Report Post
    • Here are complete offer details: https://www.bmo.com/assets/pdfs/edb-che ... ons-en.pdf

      It seems that you can open the account in May, meet the conditions and close it when you get the bonus. The Bonus will be paid by August 31, 2020.

      Theoretically, you can pay 4 fees ($64) and get $300.
      It’s still profit of $236. Not bad at all.
    • Report Post
    • florenntina wrote: Here are complete offer details: https://www.bmo.com/assets/pdfs/edb-che ... ons-en.pdf

      It seems that you can open the account in May, meet the conditions and close it when you get the bonus. The Bonus will be paid by August 31, 2020.

      Theoretically, you can pay 4 fees ($64) and get $300.
      It’s still profit of $236. Not bad at all.
      Read the details
      "...Customers who close their Chequing Account or change to a plan other than an Eligible Plan before May 31, 2021, will no longer qualify for the Cash Bonus. If you close the Chequing Account or change to a plan other than an Eligible Plan and the Cash Bonus has been paid, we reserve the right, in our sole discretion, to withdraw the full value of the Cash Bonus from the Chequing Account or send you an invoice for any amount outstanding."
    • Report Post
    • I see... That’s the “catch 22”. Then, it doesn’t worth as it looks like.
    • Report Post
    • MaxPower19 wrote: So $4k tied up for a year basically at 0% interest. Is the 2.75% a separate savings account?
      When you open the chequing account that offers the $300 bonus, it says you get access to an exclusive 2.75% interest rate but you may have to open a Savings account to get that interest rate.
    • Report Post
    • Existing customers eligible too?
    • Report Post
    • MaxPower19 wrote: So $4k tied up for a year basically at 0% interest. Is the 2.75% a separate savings account?
      Read the main offer: it comes with a $300 Opening bonus
      $300 earned on $4K (+ say $200 to meet offer requirements) over a year is a return of ~7%, way better than 0% interest or even 2.75% interest.
    • Report Post
    • i just opened an account on jan 30th!

      is there still a way to qualify for this?
    • Report Post
    • I close a BMO chequing account in May 2019 but still holding on to a BMO credit card

      Do I still qualify for this
    • Report Post
    • How long will the 2.75% last?
    • Report Post
    • Lag333 wrote: There is no monthly fee if you park 4000 or 6000 in the account. Looks like a deal to me. Doesn’t say anything about having a previous account before that disqualifies you from this years promo.
      Customers who have an existing Canadian or U.S.
      Dollar Primary Chequing Account, Canadian or U.S.
      Dollar Interest Chequing Account, BMO Sobeys
      AIR MILES®† Chequing Account, BMO Club Sobeys
      Chequing Account, BMO IGA AIR MILES Chequing
      Account (each an “Existing Account”) are not eligible
      for the Chequing Account Offer.
    • Report Post
    • Lag333 wrote: There is no monthly fee if you park 4000 or 6000 in the account. Looks like a deal to me. Doesn’t say anything about having a previous account before that disqualifies you from this years promo.
      Not true, unless you want $300 bonus / have more then 3 products from BMO.
    • Report Post
    • Lag333 wrote: There is no monthly fee if you park 4000 or 6000 in the account. Looks like a deal to me. Doesn’t say anything about having a previous account before that disqualifies you from this years promo.
      Per your $4k or $6k, and the terms saying it must remain until May 31, 2021, the potential interest earnings would be:

      $4000 ("Performance" account) averaging 5% return for 16 months: $263.01
      $6000 ("Premium" account) averaging 5% return for 16 months: $394.52

      So you are guaranteed $300 - depending on how much cash is tied up to prevent fees, that's a reasonable interest rate. But the cash is tied up, and if you pull it out and incur fees, your effective rate of return drops very quickly.

      Each month that you pay the $30.00 fee for the "Premium" account type, for example, drops your $300 by a full 10%.
    • Report Post
    • simsin wrote: i just opened an account on jan 30th!

      is there still a way to qualify for this?
      Officially no. However, if you have a nice PBA, they can close your existing accounts down, and open a new one under a new profile which should qualify for the promo. However, not many of them will do it as it's not allowed.
    • Report Post

Other Banking & Investing Deals

View all
get deal