BMO Harris is offering a bonus of up to $700 when opening a new checking and money market account. The accounts can be opened online or in branch.
Warning! This bank is a hassle to deal and most likely only real direct deposits will work.
Bonus Requirements
Here’s the breakdown of this bonus:
- Get a $400 bonus for completing the following activities with a new checking account in the first 120 days
- Have a total of at least $6,000 in qualifying direct deposits.
- Enroll in BMO Digital Banking and set up paperless statements.
- Make at least 10 qualifying electronic transactions.
- Get a $200 bonus when you open a Platinum Money Market account, deposit at least $10,000 in new money and keep it for 90 days.
- Get a $100 bonus just for opening a checking account and a Platinum Money Market account
Eligibility
If you are opening your account online or by phone, you must reside in a state that BMO Harris operates retail branches and use that address to open the account. BMO Harris currently operates retail branches in AZ, FL, IL, IN, KS, MO, MN and WI
Bonus not available to existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months.
Fees
BMO Harris Smart Advantage Account has no fees with paperless statements.
Platinum Money Market account has no fees either and also earns 2.45% APY.
There’s a $50 fee if the account is closed within 90 days. Plus your account must be open and in good standing when the bonus is paid approximately 120 days after opening.
Guru’s Wrap-Up
Pretty good bonus for opening a checking and money market account. You need to have $6K+ in direct deposits and 10 electronic transactions for the checking bonus and $10K balance for 90 days for the money market bonus. You also get the extra $100 for doing both bonuses for a total of $700.
Some data points in the past show that this might not be the easiest bank to deal with. The account opening used to a bit cumbersome when it was done in branch or by phone and the bonus takes 120 days to post and you’ll need to request it yourself. This means that direct deposits requirement should be met with actual direct deposits. Even in the fine print they note that they “reserve the right to request documentation that the direct deposits qualify”.
You can also fund account with a credit card up to $1,000, which is an added bonus on its own. Most likely this can’t be done in branch, but you can do it online. Set CA limit to $0 or less that the funding amount so you avoid any cash advance fees.
If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.
Offer Details
- Promo Page
- Bonus: $700
- Account Type: Smart Advantage and Platinum Money Market
- Availability: AZ, FL, IL, IN, KS, MO, MN, WI
- Expiration Date: 7/31/2019
- Type of Inquiry: Soft pull
- Direct Deposit Requirement: Total of at least $6,000
- Other Requirements: 10 electronic purchases and $10K deposit
- Credit Card Funding: Up to $1,000 (Set CA limit to $0 before funding)
- Monthly Fee: No
- Closing Account Fee: $50 fee if the account is closed within 90 days.Plus must keep account open for 120 days to get bonus.
HT: DoC
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