BMO Promotions: $300 Checking Account Cash Bonus

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

BMO Bank N.A. is based in Chicago and is one of the Top 10 largest banks in the United States (ranked by assets as of July 31, 2024 per SNL Financial and internal analysis).

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase Bank, SoFi, KeyBank, 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 Promotions

1. BMO Smart Advantage Checking Account – $300 Cash Bonus*

Open a new BMO Smart Advantage Checking account and get a $300 cash bonus* when you make a total of at least $4,000 in qualifying direct deposits within 90 days of account opening. The BMO Smart Advantage Checking account is BMO’s most popular personal checking account with no monthly maintenance fee.

Bonus Amount: $300
Availability: Nationwide
Expiration: February 3, 2025

Bonus Requirements:

1. Open a new BMO Smart Advantage Checking account using the link below.
2. Have qualifying direct deposits totaling $4,000 or more within 90 days of account opening.
3. Receive a $300 cash bonus* approximately 100 days after account opening if requirements are met.

*Conditions apply. Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC

2. BMO Smart Money Checking Account – $300 Cash Bonus*

Get a $300 cash bonus* when you open a new BMO Smart Money Checking account and have a total of at $4,000 or more in qualifying direct deposits within the first 90 days of account opening.

The BMO 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 under the age of 25.

Bonus Amount: $300
Availability: Nationwide
Expiration: February 3, 2025

Bonus Requirements:

1. Open a new BMO Smart Money Checking account using the link below.
2. Have qualifying direct deposits totaling $4,000 or more within 90 days of account opening.
3. Receive the $300 cash bonus* approximately 100 days after account opening if requirements are met.

*Conditions apply. Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC

Tips & Tricks for BMO Bank Deposit Account Promotions

Existing vs New Customers

BMO deposit account offers are typically valid for new customers to each “product family”.

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

You also:

• Can’t be an existing BMO personal checking account customer (including trustees or 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 the offer.

BMO Promotions FAQs

Are cash bonuses taxed?

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

Do BMO offers expire?

Yes. Most offers have an expiration date with the exception of the BMO Savings Builder savings reward feature.

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 cash bonus from BMO?

Every cash 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 cash bonuses within 10 days of completing the offer requirements.

Can I take advantage of multiple BMO Bank promotions?

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

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 cash bonuses are very competitive too.

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

And remember, most deposit account offers can still be taken advantage of if the account is opened online, even if BMO doesn’t have a physical branch location in your state. They have many customers who don’t live in a footprint state.

BMO Bank N.A. Member FDIC