BMO Bank Promotions for June 2024

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 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, CA, CO, FL, IA, ID, IL, IN, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, UT, WA, WI, and WY. 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 BankSoFi, 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

1. BMO Smart Advantage Checking – $350 Bonus

Open a new BMO Smart Advantage Checking account and get a $350 cash bonus when you make a total of at least $4,000 in qualifying direct deposits within 90 days of account opening.

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

Bonus Amount: $350
Availability: Nationwide
Expiration: September 9, 2024

Bonus Requirements:

  1. Open a new BMO Smart Advantage Checking account using the link below.
  2. Set up qualifying direct deposits totaling $4,000 or more within 90 days of account opening.
  3. Receive a $350 bonus approximately 100 days after account opening.

2. BMO Relationship Checking Account – $500 Bonus

Earn a $500 bonus when you open a new BMO Relationship Checking account and have a cumulative total of $7,500 in qualifying direct deposits within 90 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: $500
Availability: Nationwide
Expiration: September 9, 2024

Bonus Requirements:

  1. Open a new BMO Relationship Checking account via the link below.
  2. Set up qualifying direct deposits totaling $7,500 or more within 90 days of account opening.
  3. Receive a $500 bonus within 100 days after account opening.

3. BMO Smart Money Checking Account – $350 Bonus

Get a $350 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 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: $350
Availability: Nationwide
Expiration: September 9, 2024

Bonus Requirements:

  1. Open a new BMO Smart Money account using the link below.
  2. Set up qualifying direct deposits totaling $4,000 or more within 90 days of account opening.
  3. Receive the $350 bonus approximately 100 days after account opening.

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?!?

BMO Bank N.A. Member FDIC

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

Subscribe
Notify of
guest
2 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Larry
Larry
5 months ago

I have tried more times than I can count to open a checking account with BMO but when I get to the ID verification step it always rejects my Licence picture as too Blurry and insists I try again. I Called to see if there was an alternate like emailing the image and there is not. Will have to give up on this effort. Very frustrating.

Daniel
Daniel
1 year ago

This is a pretty awesome bonus. They do pull ChexSystem report but not sure how sensitive. I had to apply in branch as well as a few other people I know as for some reason their system was unable to verify us. Definitely add this to your list of banks to open!