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[BMO] Free unlimited bank account for new customers only

[OP]
Newbie
Jul 5, 2014
6 posts
158 upvotes
Toronto, ON

[BMO] Free unlimited bank account for new customers only

Just saw this offer. It is only for new customers who never had chequing or savings or credit card with BMO.

Conditions: 1. Must deposit at least $1500 every month (no minimum balance required but can be removed after money gets deposited)
2. Make at least one purchase with any BMO credit card
3. Strict online banking only

What you get ? Free unlimited self-serve transactions
Free unlimited Interac e-Transfer transactions
Free unlimited non-BMO ATM withdrawals** in Canada
Free unlimited transfers to and from your Premium Rate Savings Account
Annual card fee rebate on your credit card every year, if applicable
Thread Summary
People are downvoting this deal because they are looking at it as a crappy free banking deal. If you look at it as a free credit card deal (with a crappy free bank account attached to it) then it's not that bad - if you want one of the credit cards. e.g. $150 BMO World Elite that comes with 4 free lounge passes ... for $0, for jumping through a few tiny hoops that you can automate.

Terms & conditions: https://www.bmo.com/pdfs/BankUnlimitedP ... ils_EN.pdf

FAQ: Is account fee waived first month?
See 2nd bullet on page 2 of PDF:
"The monthly Plan fee will be waived for the
month you open your Chequing and Savings
Accounts if you open your accounts after the
first day of the month."
1463 replies
Deal Addict
User avatar
Dec 24, 2006
1950 posts
700 upvotes
Barrie
Fees apply if you:

Deposit less than $1,500 into your chequing account, don't make a purchase with your credit card or don't keep your savings account open – $12.95 fee for that month

Do a transaction (withdrawal, transfer, etc.) in a branch or by phone with a BMO associate that could have been done online or at a BMO ATM – $2.50 each

This deal seem cold to me when you can get a PC Account or Tangerine account with better services and ALWAYS free.
Last edited by RunnerForDeals on Mar 7th, 2017 1:11 pm, edited 1 time in total.
Newbie
Dec 15, 2015
85 posts
91 upvotes
Hamilton, ON
1. Must deposit at least $1500 every month... not very enticing.
Member
Sep 21, 2008
318 posts
157 upvotes
So, as long as I meet all those criteria, I get a bank account that has no particularly enticing extra features compared to my current P.C. Financial account, or any other number of no-fee banks? Wow, thanks BMO!
Deal Addict
Oct 28, 2009
1157 posts
217 upvotes
Does BMO have any attractive credit cards that would otherwise cost a lot? That's the only angle here in my eyes.
Sr. Member
Nov 13, 2013
599 posts
205 upvotes
If you have a job the $1500 a month is pretty easy to meet. I'm with PC but there are downsides to internet only. For example when a bank draft is needed it ends up costing more than with a bank branch. That said I doubt I would switch as I wouldn't be surprised if a couple of years from now fees are added to this account. If I was graduating starting my first job and looking to move out of my student account I might consider this offer.
Newbie
May 23, 2016
83 posts
34 upvotes
You can get the same with a Premium Account from BMO but you need a 6000 minimum balance. Higher than the other banks 5000 minimum.

CC wise, you can get a 1.75% CB card or 2% in points for travel.
Sr. Member
User avatar
Dec 10, 2006
608 posts
73 upvotes
Vancouver
This is a very good way to get the BMO World Elite card for $0 annual fee. You get 2% cash back and also 4 lounge pass per year (can be shared with travel companions).
Sr. Member
Jun 1, 2008
949 posts
105 upvotes
Toronto
RunnerForDeals wrote:
Mar 7th, 2017 1:11 pm

This deal seem cold to me when you can get a PC Account or Tangerine account with better services and ALLWAYS free.
Tangerine charges for interac transfers. I don't particularly find the bmo offer that enticing but Tangerine is not what it once was.

On the other hand, BMO seems to do a hard credit check when opening an account. In fact possibly two. One for the card and the other for the account. This is what I experienced a few years ago and that was a prepaid card not even a credit card. Complained for months with no avail..
Deal Addict
Feb 29, 2012
1693 posts
829 upvotes
Richmond
This seems like a pretty good deal for new customers if you can direct something like a payroll deposit or automated transfer to BMO to meet the $1500 deposit requirement. Screw existing customers of course.

Note that the interest rate on the "Premium Rate Savings Account" is 0.050%. Enjoy that along with your Super-Size Hungry Man triple burger* and Monster Gulp drink **
(* actual beef content 0.05 micrograms) (** 0.05 fluid ounces)
Deal Addict
Nov 25, 2014
1177 posts
455 upvotes
Newton Brook, ON
mjagadee wrote:
Mar 7th, 2017 12:56 pm
Just saw this offer. It is only for new customers who never had chequing or savings or credit card with BMO.
I don't think it is only for customers who "never" had an account, just customers who haven't had an account this year...
Customers with an existing BMO chequing or
savings account, or BMO credit card (each an
“Existing Account”), or customers who close
their Existing Account between January 1, 2017
and May 31, 2017, are not eligible for this Offer.
https://www.bmo.com/pdfs/BankUnlimitedP ... ils_EN.pdf


There seems to be a typo on the page, too:
Bank like it's 2017.
They must have meant "like it's 1998". You know, back when mobile deposit didn't exist, and PC Financial's no-fee bank account was just introduced.
Member
Feb 22, 2009
216 posts
185 upvotes
Whitby
Strict online banking only

little cryptic if you ask me.
Sr. Member
User avatar
Dec 23, 2006
925 posts
103 upvotes
Oshawa
buriboi wrote:
Mar 7th, 2017 1:14 pm
So, as long as I meet all those criteria, I get a bank account that has no particularly enticing extra features compared to my current P.C. Financial account, or any other number of no-fee banks? Wow, thanks BMO!
PCF and Tangerine also do not offer Visa Debit, which is helpful for those who cannot get a traditional credit card. It would be nice if either Tangerine or PCF would as I'd switch over (I was with PCF, but I disagree with how they conduct themselves - had too many issues). I'm with RBC and spent $10.95/mn, but I'm on a low/fixed income and I would be short of the $1,500 monthly deposit - unless I asked a family member to spot the shortfall and then just withdraw and give it back to them. Seems like too much of a headache.
Member
Jul 3, 2013
285 posts
71 upvotes
Toronto
Aliac9000 wrote:
Mar 7th, 2017 1:22 pm
BMO = the worst bank in the solar system™
Pretty sure BMO = Bank of Montreal :D

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