BMO is offering a $400 cash bonus to new customers who open a Smart Advantage Checking, Smart Money Checking or Relationship Checking account by Sep. 8, 2026.
Founded in 1817 as the Bank of Montreal, BMO is now one of the largest financial institutions in North America. Residents of any U.S. state can open a personal deposit account, although its physical footprint is limited to approximately 900 branches in 23 states.
BMO is also offering cash incentives for savings account customers and up to $1,500 if you open a business checking account. Here's what you need to know.
Earn $400 with one of these BMO checking accounts
To earn the $400 bonus, you need to make a cumulative total of $4,000 in qualifying direct deposits into a Smart Advantage Checking, BMO Smart Money Checking or Relationship Checking account within 90 days of account opening. You can only qualify for one bonus, however, with whichever account you opened first.
BMO Smart Advantage Checking account
Monthly maintenance fee
$0
Minimum deposit to open
$25
Minimum balance
None
Free ATM network
40,000+ BMO and Allpoint® ATMs nationwide
ATM fee reimbursement
None
Overdraft fee
$20
Mobile check deposit
Yes
Terms apply.
Pros
- Only $25 to open an account, making it an accessible option if you’re just getting started or switching banks.
- No monthly maintenance fees, so you’re not paying just to keep your account open.
- Free access to over 40,000 ATMs nationwide, which is a solid network for fee-free cash withdrawals.
Cons
- Charges a $20 overdraft fee, though there are multiple ways to avoid it if you set up the right protections.
- Out-of-network ATM use comes with a $3 fee and no reimbursement, so it pays to stay in network.
- Foreign transaction fees apply, making it a less ideal pick if you travel or shop internationally often.
Requirements: Register to receive a unique promo code for your application. (If you received a direct mailer about the offer, use the promo code in it instead.)
You'll need to set up direct deposit, which can include paychecks, pension payments and Social Security or government benefits. Internal transfers, ACH deposits, paper checks, Venmo payments and cash deposits aren't eligible.
Provided you have completed the required steps, your cash bonus should be deposited about 100 days after you opened the account.
BMO Smart Money Checking account
Monthly maintenance fee
$5 (waived for account holders under 25)
Minimum opening deposit
$25
Minimum balance
None
Free ATM network
40,000+ BMO and Allpoint® ATMs
ATM fee reimbursement
None
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- Low minimum opening deposit
- No minimum balance requirements
- No overdraft fees
- No monthly fee for account holders under 25
- Free access to 40,000+ ATMs
Cons
- Monthly maintenance fee if you're over 25
- $15 overdraft fee
- $3 out-of-network ATM fee
- Foreign transaction fees apply
- No reimbursement for out-of-network ATM fees
BMO Relationship Checking
Monthly maintenance fee
$25 waivable fee
Minimum deposit to open
$25
Minimum balance
$25 with options to waive
Annual Percentage Yield (APY)
0.01%
Free ATM network
40,000+ BMO and Allpoint® ATMs
ATM fee reimbursement
None
Overdraft fee
$20
Mobile check deposit
Yes
Terms apply.
Pros
- Low minimum deposit to open an account
- Earns interest
- Options to waive monthly maintenance fee
- ATM fee reimbursement up to $25 per statement period
Cons
- Monthly maintenance fee
- $15 overdraft fee
- $3 out-of-network ATM fee
- Foreign transaction fees apply
Restrictions: The promotion is only for new personal checking clients in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, New Mexico, Nevada, Oregon, Utah, Washington and Wisconsin. The offer is not available to existing BMO personal checking clients or to customers who have closed a BMO personal checking account within the past 12 months. Your account must be open, in good standing and have a positive balance when the cash bonus is paid.
Deadline: Your application must be submitted by Sep. 8, 2026.
Earn up to $60 with a BMO Savings Builder account
New BMO Savings Builder account holders get $5 every month their balance grows by at least $200, for up to the first 12 months. BMO will credit the account within five calendar days after the end of the month.
Requirements: You need to make a minimum opening deposit of at least $25. Your account must be open when the savings reward is paid.
BMO Savings Builder Account
Annual Percentage Yield (APY)
0.01% APY
Minimum balance
$0.01 and above
Monthly fee
None
Maximum transactions
No transaction limits
Overdraft fees
Not applicable to savings accounts
Offer checking account?
Yes
Terms apply.
Pros
- Low minimum opening balance
- No monthly fee
- No transaction limits
- May be eligible for cash bonus
Cons
- Low APY
Restrictions: The offer is available for new accounts only, not to existing BMO savings account clients or to customers who have closed a savings account within the past 12 months. An account that was switched into Savings Builder from another BMO account is not eligible. Your account must be open and in good standing when the cash bonus is paid.
Deadline: Not listed
Earn up to $1,500 with a BMO business checking account
Open a new BMO business checking account online or at a local branch to earn a cash bonus.
- $400 cash bonus: You must have a balance of at least $4,000 on day 30 after account opening. From day 31 to 90, you must maintain a balance of at least $4,000.
- $750 cash bonus: You must have a balance of at least $25,000 on day 30 after account opening. From day 31 to 90, you must maintain an account balance of at least $25,000.
- $1,000 cash bonus: You must have a balance of at least $50,000 on day 30 after account opening. From day 31 to 90, you must maintain an account balance of at least $50,000.
- $1,500 cash bonus: You must have a balance of at least $100,000 on Day 30 after account opening. From day 31 to 90, you must maintain an account balance of at least $100,000.
BMO will credit the account approximately 100 to 120 days after account opening.
BMO Simple Business Checking account
Annual Percentage Yield (APY)
None
Monthly maintenance fee
$10 (can be waived if you maintain an average collected balance of $100 or more per statement period)
Minimum opening deposit
$100
Minimum balance
None
Small business perks
100 free transactions and $2,000 in fee-free cash deposits per statement period
Free ATM network
40,000+ BMO and Allpoint® ATMs nationwide
ATM fee reimbursement
None
Overdraft fees
$20 per item, up to three items per business day. No fee if the transaction is $5 or less or your account is overdrawn by $20 or less.
Terms apply.
Pros
- $10 monthly fee can be waived with $100 average deposits
- Generous overdraft grace period
- Free access to over 40,000 ATMs nationwide
Cons
- $0.40 for every extra transaction over 100 per statement cycle
- Only $2,000 in cash deposits for free, then $0.25 for every $100
- Charges a $3 fee for using out-of-network ATMs
Restrictions: You are not eligible for the business checking cash bonus if you have an existing BMO business checking account or have closed one within the past 12 months. The offer cannot be combined with any other offer and is limited to one cash bonus per business entity.
Deadline: Aug. 31, 2026.
What to know about BMO bonus offers before you apply
Before you try to take advantage of a BMO sign-up bonus, there are a few things to keep in mind:
You must be a new customer: Cash bonuses are intended to attract new business, so if you already have an account, you're likely ineligible. In most cases, banks also exclude customers who have closed an account within the past 12 months. You may still qualify if you have another product with the bank (for example, a credit card).
You must meet the enrollment requirements: To receive a bonus from BMO, you must make a minimum opening deposit or a qualifying total of direct deposits and keep the funds in place for a number of weeks. Residents of certain states may not be eligible for every promotion.
You must use new money: The funds used to open your account need to come from an outside source, such as a paycheck, government benefits (e.g., Social Security), a transfer from an account at a different bank or an external wire transfer or ACH transfer. Moving money between your BMO checking, savings or investment account is typically not allowed.
You might not get the best rate: A promotional bonus doesn't necessarily mean the account is the bank's strongest option. BMO's Savings Builder account, for example, has an APY of just 0.01%. You could earn a much higher return with a CD or a BMO Growth Money Market account, especially if you also have a BMO Relationship Checking and a sufficient balance.
BMO credit card promotions
BMO also issues credit cards with cash back, travel rewards and other benefits to match your spending habits.
To qualify for a credit card with a sign-up bonus, you typically need to meet spending requirements on eligible purchases within a given timeframe and keep the account open and in good standing.
Cards that offer cash back or travel rewards typically require good to excellent credit (FICO Score 670+)
Pros and cons of bank bonuses
Consider the benefits and drawbacks before taking advantage of a new sign-up bonus.
Pros
- Free cash. Even if you have to meet account requirements, a few hundred dollars can help pay down debt or fatten your emergency fund.
- Other perks. Some banks include additional incentives, such as a higher APY on a checking account or cash back on a linked credit card.
Cons
- Eligibility requirements. You'll need to deposit a minimum amount and leave it in your new account for weeks or even months.
- The account offerings may not be great. A hefty bonus may be used to attract customers to an account with little or no interest, high fees, a limited ATM network or other red flags.
- Bonuses are taxable. Bank account bonuses are usually considered taxable income, so a slice of the bonus you earn will have to be given to the IRS.
FAQs
What states does BMO operate in?
Residents of all 50 U.S. states can open checking and savings accounts with BMO online, provided they meet the bank's account eligibility requirements. BMO has roughly 900 physical branches in 23 states, primarily in the Midwest and Southwest and on the West Coast.
Can I close my BMO account after I get my bonus?
BMO requires your account to be open and in good standing when you receive the bonus, which is typically around 100 days after opening. While some banks assess an early-closure penalty if you close your account immediately after earning your cash incentive, BMO does not specify a post-bonus holding period.
What qualifies as direct deposit?
Each institution defines direct deposit differently, but paychecks, pension payments and government benefits are all typically accepted. Cash deposits, personal checks, internal transfers between your accounts at the same bank, transfers from your account at another bank or from peer-to-peer (P2P) payment apps like Venmo are typically excluded.
Is it OK to have more than one bank account?
If you are good at staying on top of your finances, having multiple deposit accounts can allow you to take advantage of various benefits. You can use one checking account for bills and another for daily spending, or use separate accounts for business and personal expenses.
Some couples have joint accounts for household expenses, as well as their own private accounts.
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