BMO BMO: Get Up to $350.00 When You Open a BMO Chequing Account Before January 4 Get Up to $350 with a New BMO Chequing Account!

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Get some extra spending money with a new account from BMO, because you can earn up to $350.00 when you open a new BMO chequing account!

This offer is only available to new or eligible customers who open a new BMO Performance Chequing Account or BMO Premium Chequing Account before January 4, 2021.

After opening your preferred account online, simply make a deposit of any amount and complete any two of the following before February 28, 2021 to qualify for a $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 of at least $50.00 and have at least two consecutive monthly payments

You'll receive an additional $50.00 bonus by inviting a new family member to open a BMO account. Once complete, your eligible cash bonuses will be deposited into your account by March 31, 2021.

This offer is available until January 4, 2021 to new or eligible customers -- click here to read the complete terms and conditions of this offer.

31 Comments

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    • Customers who closed their Existing Account between October 1, 2019 – January 4, 2021, and subsequently open a new Chequing Account are not eligible for the Chequing Account Offer or Family Bundle Offer.


      Lit, I finally qualify.

      Anyone know if an in-branch meeting is mandatory?
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    • Might be a dumb question, but how is a family account different from a joint account?
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    • How soon is the payout after meeting requirements?
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    • spena wrote: How soon is the payout after meeting requirements?
      BMO takes a while afaik. Can be up to 5 months.
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    • spena wrote: How soon is the payout after meeting requirements?
      Omesuri wrote: BMO takes a while afaik. Can be up to 5 months.
      Might be best to sign up in January to avoid paying extra monthly fees if don't have the minimum balance.

      The cash bonuses will be paid by March 31, 2021. You have until May 31, 2021 to notify us if you have not received a cash bonus. Any notice received after this date will not be accepted and you will be deemed not to have qualified for the Chequing Account Offer or the Family Bundle Offer.
      Your Chequing Account must be open, in an Eligible Plan, and be in good standing (for example, your Chequing Account must not be in an unauthorized overdraft or in delinquent status) at the time the cash bonuses are
      paid. If you change between Eligible Plans before the
      cash bonuses are paid, the cash bonus for the Chequing Account Offer will be determined by the Eligible Plan with the lower cash bonus Amount. If you change to a plan other than the Eligible Plans, you will no longer qualify for the Chequing Account Offer or the Family Bundle Offer.
      The Chequing Account must remain open in an Eligible
      Plan until January 30, 2022. Customers who close their
      Chequing Account or change to a plan other than an Eligible Plan before January 30, 2022, will no longer qualify for any 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.
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    • chrismaslee wrote: Might be a dumb question, but how is a family account different from a joint account?
      Tldr; Family bundle is a bunch of accounts under the master account (ie could make all your children an account). Not joint, just free under the master plan. Joint is well, 1 account, multiple people access.

      *86. No-fee daily banking under our Family Bundle is available to all family members who reside at the same household as the customer with a Lead Account on an eligible Performance or Premium Bank Plan. The “Lead Account” is the one you designate to pay a standard fee per month for eligible no-fee daily banking Bank Plans (Performance: $15.95/month, Premium: $30.00/month) unless a minimum balance is maintained, in which case the monthly Bank Plan fee is waived. Note that the balance in a family member’s account does not count toward the minimum balance for the monthly Bank Plan fee waiver. No-fee daily banking with our Family Bundle may be added at no additional fee and is capped at 20 accounts (held jointly or individually) in Canadian or U.S. dollars per eligible Bank Plan. Family Bundle option is not available on Practical Plan.
      For full terms and conditions please visit www.bmo.com/familybundle, and read our Agreements, Bank Plans and Fees for Everyday Banking.
    • Report Post
    • I closed my account with them last year and I still have Bmo credit card.
      Am I eligible?
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    • Anyone know how to do direct deposits if self employed? My parents are self employed how would I get something direct deposited in their account ?
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    • I signed up for it a week ago but got no communication from them, is that normal?
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    • This deal is pretty bad compared to CIBC considering you have to keep the account open until Jan 30, 2022. Unlike CIBC, you won't get your fees waived for maintaining the DD or PAD. Unless you have already taken advantage of the CIBC promo I would pass on this. Even the HSBC promo is better than this considering the first 6 months' fees are waived.
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    • If I have a BMO credit card but closed the account in May 2019, do I still qualify for this bonus?
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    • simplypop wrote: Anyone know how to do direct deposits if self employed? My parents are self employed how would I get something direct deposited in their account ?
      Most business bank account should have a plan you can apply for to set up direct deposit. For BMO, it's a separate $20 a month for their online business for banking plan that gives you direct deposit and PAD access.
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    • kaisin82 wrote: If I have a BMO credit card but closed the account in May 2019, do I still qualify for this bonus?
      You should be fine, says from October 1, 2019. And if you add others the same applies


      Customers who closed their Existing Account between October 1, 2019 – January 4, 2021, and subsequently open a new Chequing Account are not eligible for the Chequing Account Offer or Family Bundle Offer.
      • If customers open a joint Chequing Account, no bonus will be paid if either customer has an Existing Account or closes an Existing Account during the Offer Period, and subsequently opens a new Chequing Account.
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    • bomber17 wrote: Most business bank account should have a plan you can apply for to set up direct deposit. For BMO, it's a separate $20 a month for their online business for banking plan that gives you direct deposit and PAD access.
      Do you have a link for your BMO plan? I didn't realize that.
    • Report Post
    • islander59 wrote: This deal is pretty bad compared to CIBC considering you have to keep the account open until Jan 30, 2022. Unlike CIBC, you won't get your fees waived for maintaining the DD or PAD. Unless you have already taken advantage of the CIBC promo I would pass on this. Even the HSBC promo is better than this considering the first 6 months' fees are waived.
      Yea it's true, I did sign up for CIBC too since there's no minimum balance required.

      BMO works for some and fees waived if you have $4000. But not everyone has $4000

      With HSBC not everyone has $5000 to get the bonus $300 plus its also a long term commitment, up to 18 months you have to stay active, so it's worse than BMO

      HSBC Advance Chequing Account
      Open an Advance Chequing Account and deposit a min. of $5,000 CAD, within 30 calendar days of account opening, into any product of your choice, from chequing & savings to RRSPs and TFSAs, and hold for 3 consecutive months to qualify for $300 bonus. Also, register for online banking within 30 days of account opening as well.
      We’ll waive the $25.00/ month HSBC Advance chequing account fee when:
       You maintain $5,000 minimum balance in combined personal deposits & investments with us,
      OR
       You hold $150,000 minimum mortgage amount with us
      Monthly Fee will be charged 6 months after account opening if fee waiver conditions are not
      met. Some exclusions apply. For full details regarding eligibility and any fees which may apply
      please refer to the Personal Service Charges/Statement of Disclosure.


      The Advance Welcome Offer will be paid into your Advance Chequing Account within six (6)
      months after meeting the Advance Welcome Offer criteria
      set out in section 2(a). For greater clarity,
      if the Chequing Account is opened in May 2020, after accounting for 30 days to meet the Total
      Relationship Balance criteria, the bonus will be credited into the account by end of November 2020

      Clawback
      i. The Advance Welcome Offer is subject to the condition that the Advance Chequing Account must
      remain open and in good standing for at least one (1) year after the end of the month during which
      the Advance Welcome Offer is received.

      ii. If you fail to meet the condition above, you will be obligated to repay the full amount of the Advance
      Welcome Offer to HSBC. We may withdraw the full amount of the Advance Welcome Offer from
      your Advance Chequing Account or any account you have with HSBC or send you a demand to
      repay the full value of the Advance Welcome Offer to us within one (1) month.
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    • bigmancanada wrote: I closed my account with them last year and I still have Bmo credit card.
      Am I eligible?
      Are you able to open chequing account online? It is stupid it requires to go in-branch (even if you are already ID'ed credit card customer).
    • Report Post
    • Tigre1215 wrote: Yea it's true, I did sign up for CIBC too since there's no minimum balance required.

      BMO works for some and fees waived if you have $4000. But not everyone has $4000

      With HSBC not everyone has $5000 to get the bonus $300 plus its also a long term commitment, up to 18 months you have to stay active, so it's worse than BMO
      I guess it just depends on your definition of "better"

      1. It pays more for the same requirements:
      BMO: you need to complete two of the following to get $300:
      Set up recurring direct deposits, Make bill payments, Set up pre-authorized payments

      HSBC: you don't have to do those but if you do, you get the following bonus payments:
      $100 for payroll switch within 6 months
      $50 for making 2 bill payments within 3 months
      $50 for making 2 pre-authorized payments within 3 months
      $50 for creating an HSBC non-registered investment account and set up a recurring investment plan
      $50 for sending 2 International foreign exchange wires within 6 months
      $51 for opening a safety deposit box within 6 months
      Get first year annual fee rebate (value up to $149) on your HSBC credit card if opened within 3 months of account opening.

      So at minimum, you will get an extra $100 on top of the $300 for completing the same requirements as BMO. Not to mention, you can get a referral and you and the referee both get an extra $100. HSBC = minimum $500-$550 if you get a referral.

      2. The HSBC offer is more flexible:
      You don't have to tie up $5,000 in a no interest chequing account. You can put it into a chequing, savings, or an investment like a GIC, mutual fund etc.

      3. You can get referral bonuses

      Once you have an account, you can refer others and get $100 for each referral to an Advance account
      $1000 for Jade
      $350 for Premier
      $100 for Advance
      $50 for Personal Banking
      $250 for Small Business Banking


      So again, it is really just about personal preference and your definition of "better"
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    • simplypop wrote: Do you have a link for your BMO plan? I didn't realize that.
      There's no link unfortunately. It's done by BMO's Treasury and Payment Specialist team. You'll have to get your branch or BMO contact centre to refer you.
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    • kaisin82 wrote: If I have a BMO credit card but closed the account in May 2019, do I still qualify for this bonus?
      Tigre1215 wrote: You should be fine, says from October 1, 2019. And if you add others the same applies


      Customers who closed their Existing Account between October 1, 2019 – January 4, 2021, and subsequently open a new Chequing Account are not eligible for the Chequing Account Offer or Family Bundle Offer.
      • If customers open a joint Chequing Account, no bonus will be paid if either customer has an Existing Account or closes an Existing Account during the Offer Period, and subsequently opens a new Chequing Account.
      I'm not even sure that applies since post referenced "credit card" and your clause only mentions "chequing account."
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    • With the Premium chequing account ($30/monthly), there is "Up to $150 annual rebate for any BMO World Elite®* Mastercard" benefit.

      Since family members can be added to the family bundle and are provided with their OWN chequing account, does this mean each member is also given a $150 annual rebate on this card, or does this apply only to the Master Account holder?
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