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[BMO] BMO: 5% interest on 1-year $6k chequing deposit = $300/yr interest

  • Last Updated:
  • Aug 17th, 2017 8:54 pm
[OP]
Newbie
May 2, 2017
33 posts
24 upvotes

[BMO] BMO: 5% interest on 1-year $6k chequing deposit = $300/yr interest

https://www.bmo.com/main/personal/bank- ... B3-MGDAD14

Get up to $350* when you switch to BMO.

Chequing Account
Up to $300 cash
Bonus: Credit Card
$50 cash

Get your chequing account cash bonus in a few simple steps:


Step 1
Open an Chequing Account in a new eligible Bank Plan and make a deposit by September 30, 2017.
Step 2
Set up one recurring direct deposit from your employer or pension and have it deposited to your account three months in a row by January 31, 2018.

BONUS: Credit Card
$50 cash
Apply and be approved for an eligible BMO Credit Card by September 30, 2017.
Make a bill payment or transfer from your new Chequing Account to the new Credit Card by November 30, 2017.

Might want to consider keeping $6000 on chequing to eliminate $30 monthly fees.
Also, the offer payout is still on March 2017, so the payroll has to stay until then perhaps.

Few things to add: by @janarthan01
1) it's $6000 to waive the fee (for the $300 bonus)
2) offer not valid for anyone that closed their account from January 2017 to September 2017
3) account has to be open till September 2018
Last edited by Seanne on Jul 4th, 2017 7:03 pm, edited 4 times in total.
62 replies
Newbie
Oct 8, 2014
48 posts
78 upvotes
Etobicoke, ON
Few things to add:
1) it's $6000 to waive the fee (for the $300 bonus)
2) offer not valid for anyone that closed their account from January 2017 to September 2017
3) account has to be open till September 2018
Last edited by janarthan01 on Jul 4th, 2017 7:19 pm, edited 1 time in total.
Sr. Member
User avatar
Dec 11, 2010
512 posts
286 upvotes
That's pretty easy to set it up comparing to other offers. Thanks OP.
You'll Never Walk Alone.
Member
Jul 22, 2010
389 posts
56 upvotes
do you think the monthly trillum deposit from CRA would count as a DD for this promotion?
Member
Aug 6, 2012
238 posts
388 upvotes
AURORA
You must keep your Chequing Account open and remain in an Eligible Plan until September 30, 2018. Customers who close their Chequing Account or change to a Plan other than an Eligible Plan before September 30, 2018, will no longer be eligible for the Cash Bonus.
If you close the Chequing Account before September 30, 2018, you agree that you are obligated to return forthwith any Cash Bonus you received. Bank of Montreal reserves the right, in its sole and absolute discretion, to withdraw the full amount of the Cash Bonus from the Chequing Account.

Unfortunately not as good as last year - must keep your account open for at least a year (assuming that you open on Sep 30, 2017)
Deal Guru
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Feb 8, 2014
13193 posts
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Too complicated, their right hand doesn't even know the left hand exists, its a good bet i would be earning every penny :rolleyes:
Lies, damned lies, statistics and alternative facts
Sr. Member
Sep 14, 2015
626 posts
317 upvotes
Mont-Royal, QC
The monthly fee is $30?
you will need to pay $360 bank fee unless you have $6000 sitting in the account, no thanks
[OP]
Newbie
May 2, 2017
33 posts
24 upvotes
How I see it is that you get 5% interest by depositing $6000 for a year. Plus the free 50cad from the cc and the 4% cashback for 4 months. The DD might be the most hassle.
Deal Guru
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Aug 8, 2012
10198 posts
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BC
Seanne wrote:
Jul 4th, 2017 10:08 pm
How I see it is that you get 5% interest by depositing $6000 for a year. Plus the free 50cad from the cc and the 4% cashback for 4 months. The DD might be the most hassle.
You should change the title to "1-year 5% $6k GIC" then ;)
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Jr. Member
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May 19, 2015
162 posts
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Toronto, ON
Horrible service from BMO every time... good luck to those willing to try. BMO charged me for a safety deposit box for 2 year after I closed it and they refunded me my remaining balance AND I complained the first year they charged me and reversed it, still happened the Jan of the next year... I've never been so glad to get rid of a bank before.

As another poster says one hand literally doesn't know what the other is doing. Heck the right thumb probably doesn't know what the right pinky is doing...
Last edited by SignedA on Jul 4th, 2017 10:28 pm, edited 1 time in total.
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[OP]
Newbie
May 2, 2017
33 posts
24 upvotes
ace604 wrote:
Jul 4th, 2017 10:19 pm
You should change the title to "1-year 5% $6k GIC" then ;)
I changed the title we'll see what people will think in a different perspective...
Last edited by Seanne on Jul 4th, 2017 10:31 pm, edited 1 time in total.
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Feb 8, 2014
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Seanne wrote:
Jul 4th, 2017 10:31 pm
I changed the title we'll see what people will think in a different perspective...
I hope you don't think from the replies that you shouldn't post deals, its just BMO is a crummy company and it sucks learning that the hard way :facepalm:
Lies, damned lies, statistics and alternative facts
[OP]
Newbie
May 2, 2017
33 posts
24 upvotes
Quentin5 wrote:
Jul 4th, 2017 10:34 pm
I hope you don't think from the replies that you shouldn't post deals, its just BMO is a crummy company and it sucks learning that the hard way :facepalm:
I've been disappointed and discouraged thus far as a newbie, thanks for acknowledging. I'll keep future deals to myself.
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May 19, 2015
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Yes OP as @Quentin5 says it's not against you, thank you for posting! Just BMO really does suck. :)
Shop&Deal-aholic... it's like gambling except I save money (that I may otherwise not have spent? 😄)
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Seanne wrote:
Jul 4th, 2017 10:37 pm
I've been disappointed and discouraged thus far as a newbie, thanks for acknowledging. I'll keep future deals to myself.
You misunderstand, what i am saying you don't have to keep future deals to yourself, just that BMO is a headache which is certainly not your fault
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