BMO Bank Promotions for September 2023

Here’s all the details about the latest BMO Bank promotions; how to qualify, what are the best bonuses available and the offer requirements, when do the promos expire, and more!

BMO Bank (formerly BMO Harris Bank) is based in Chicago and is the 21st largest bank in the United States. It has over 600 branches and 1,300 ATMs across the Midwest, with availability in AZ, FL, IL, IN, KS, MN, MO, and WI.

While their regional footprint is growing, if you’re not located near a branch, you can check out other bank promotions that may be available to you.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase Bank, SoFi, U.S. Bank, and Axos Bank.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Current BMO Bank Promotions

Here are the best BMO bonuses currently available right now:

1. BMO Smart Advantage™ Checking Account – $400 Bonus

BMO is offering a $400 cash bonus when you open a BMO Smart Advantage Checking account and make a total of at least $4,000 in qualifying direct deposits within the first 120 days.

BMO Smart Advantage Checking is the most popular personal checking account with no monthly maintenance fee and no minimum balance required when you opt into paperless statements.

Bonus Amount: $400
Availability: Nationwide
Expiration: December 8, 2023

Bonus Requirements:

1. Open a new BMO Smart Advantage Checking account using the link below.
2. Set up a direct deposits totaling $4,000 or more within 120 days of account opening.
3. Receive the $400 bonus approximately 100 days after account opening.

2. BMO Business Checking Account – Up to $600 Cash Bonus

Business owners (self-employed, small businesses, and gig economy workers count!) can get a bonus of up to $600 when they open a BMO business checking account.

There are two bonus tiers. You can get a $400 bonus or a $600 bonus depending on your account balance and qualifying transactions:

• Get a $400 bonus when you maintain a balance of $4,000 or more for 120 days
• Get a $600 bonus when you maintain a balance of $10,000 or more for 120 days

For both bonus offers, you also need to make 10 qualifying transactions within 120 days of opening your account.

This is available on all BMO business checking accounts, including:

• BMO Simple Business Checking
• BMO Premium Business Checking
• BMO Elite Business Checking
• BMO Digital Business Checking

Bonus Amount: $400 or $600
Availability: Nationwide
Expiration: December 8, 2023

Bonus Requirements:

1. Open a new BMO business checking account with the ‘View Offer’ button below.
2. Deposit and maintain an account balance required by the bonus tier you select for 120 days.
3. Make 10 qualifying transactions within 120 days of account opening.
4. Receive a $400 or $600 bonus within 14 days of meeting the promotion requirements.

3. BMO Relationship Checking Account – $600 Bonus

Earn a $600 bonus when you open a BMO Relationship Checking account and have total direct deposits of $7,500 or more within the first 120 days of account opening.

This is BMO’s high-end personal checking account product that gives you the chance to unlock more rewards (like higher interest and additional perks) the more you bank with them.

Bonus Amount: $600
Availability: Nationwide
Expiration: December 8, 2023

Bonus Requirements:

1. Open a new BMO Relationship Checking account via the link below.
2. Set up a direct deposits totaling $7,500 or more within 120 days of account opening.
3. Receive a $600 bonus within 100 days after account opening.

4. BMO Smart Money™ Checking Account – $400 Bonus

Get a $400 bonus when you open a BMO Smart Money checking account and have a total of at $4,000 or more in direct deposits within the first 120 days of account opening.

The Smart Money Checking account is ideal for young customers because while it does have a $5 monthly maintenance fee, it’s waived for those who are 25 and under.

Bonus Amount: $400
Availability: Nationwide
Expiration: December 8, 2023

Bonus Requirements:

1. Open a new BMO Smart Money account using the link below.
2. Set up a direct deposits totaling $4,000 or more within 90 days of account opening.
3. Receive the $400 bonus approximately 100 days after account opening.

5. BMO Savings Account – Up to $60 Bonus

BMO is offering a welcome bonus of up to $60 when you open a Savings Builder account. You’ll earn a $5 reward every month you save $200 or more, for the entire first year.

This savings account is FDIC-insured, has no monthly maintenance fee, and requires just a $25 minimum opening deposit.

Bonus Amount: $60
Availability: Nationwide
Expiration: None Listed

Bonus Requirements:

1. Open a new BMO Savings Builder account by click the link below.
2. Receive a $5 bonus for every month you grow your savings account by at least $200 (this promo is available for 12 months beginning with the month your account is opened).

Tips & Tricks for BMO Bank Promotions

Existing vs New Customers

BMO bonus offers is typically valid for new customers to each “product family”.

For example, personal checking accounts is considered a “product family”. You can only receive one person checking account bonus and can’t open multiple checking accounts and receive multiple bonuses, but you may still be eligible for a savings account bonus or a business checking account bonus since they’re considered a different “product family”.

You also:

• Can’t be an existing BMO personal checking account customer (including signers on joint accounts)
• Your last BMO personal checking account (if you had one) had to be closed more than 12 months ago

Other product families (savings account, business checking account, credit cards) have similar terms and conditions, so be sure to read it carefully to determine if you’re eligible for a welcome bonus.

BMO Promotions FAQs

Are bank sign-up bonuses taxed?

Yes, cash bonuses from bank account offers are taxable. Cash bonuses are not considered part of the opening deposit and will be reported to the IRS for tax purposes.

Expect to receive a IRS From 1099-MISC or 1099-INT from the bank at the end of the calendar year. Keep in mind that even if you don’t receive a tax form, you’re still required to self-report and pay taxes. Consult your tax advisor for further information.

Do BMO offers expire?

Yes. Most offers have an expiration date with the exception of the BMO savings account bonus (although BMO can decide to end the offer at any time).

If you want to take advantage of a promo, you need to open an account before the stated deadline.

How long does it take to receive my bank bonus from BMO?

Every bank bonus offer has its own timeline so I recommend that you read the specific promotion that you’re intending to sign up for.

Generally, BMO will deposit welcome bonuses within 100 days of account opening for personal checking account offers, provided that you fulfilled the offer requirements.

Savings account deposit bonuses will be sent monthly five days after the close of the month. Business checking account bonuses will be awarded within 14 days of meeting the promotion requirements.

Can I take advantage of multiple BMO Bank promotions?

It depends. For example, once you receive a bonus for opening a BMO personal checking account, you won’t be eligible to receive another bonus on a different personal checking account.

However, you’re still eligible to get a BMO savings account bonus or a BMO business checking bonus since the offer terms only exclude you from other personal checking account promotions.

The Bottom Line

BMO Bank may be smaller than national banks like Bank of America, Chase Bank, and Wells Fargo, but they have great banking products for consumers and businesses.

I consider them to be a good bank with a strong and stable parent company. Their sign-up bonuses are very competitive too.

The only negative from my detective skills (googling) is that customer service tends to be a bit slow.

I’d definitely take up one of these BMO bonus offers and give their banking products a test drive, but I don’t live in one of the states they operate in. When are you coming to the Northeast, BMO?!?