Personal Finance

Free unlimited bank account for new customers only - Account no more

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Apr 7, 2013
245 posts
92 upvotes
Deux-Montagnes, QC
Anyone actualy did it? I've try couple time and always get at the end of the form: "Oops! There’s a technical issue on our end."

I wonder if its a real issue or if its their way to decline my business, haha
Deal Addict
Apr 9, 2010
3793 posts
2617 upvotes
Montreal
Why all the down votes? it's simple.

The majority are judging the main offer (the bank account) and not everyone wants/is eligible for a premium credit card.

Personally, I wouldn't want to be chained to BMO, depositing a fixed amount monthly forever (which can change at anytime) and redeem mainly travel products.

I prefer bank accounts with no fees at all, without requirements and a credit card that gives me straight up cash back applied to my account anytime I want.
Deal Addict
Jan 2, 2013
1640 posts
442 upvotes
Mississauga
darthcloud wrote: Anyone actualy did it? I've try couple time and always get at the end of the form: "Oops! There’s a technical issue on our end."

I wonder if its a real issue or if its their way to decline my business, haha
I did last night, at about 5pm. Worked fine.
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User avatar
Jun 6, 2013
1082 posts
1668 upvotes
Toronto
It's not a bad deal but this looks like one of those offers that BMO "suddenly" has to add fees to in a year or decides to shut down due to "low use" forcing everyone to move to a $6000 minimum balance account to keep their World Elite cards because they know people don't want to go through the hassle of moving money between banks.
Deal Addict
Nov 13, 2013
4527 posts
3688 upvotes
Ottawa
TheWalrus wrote: Protip; Any other bank that you're a customer of (a credit card is enough, no chequing account required) will be happy to sell you a money order. I bank with tangerine but needed a money order the other day. Walked into a rbc branch and got a money order for about 8$ (flat fee). I only have a credit ard with rbc.with tangerine, it would have costed 20$ (I think) and 3 days to receive it by mail. I tried with CIBC too because they were closer but they are so competent that I couldn't get it done there. Rbc is a fine bank, I'd use them more of they had free accounts.
This could be useful in some situations but when buying property you will eventually need to get bank drafts couriered and use wire transfers wheras your lawyer can deal directly with a bank branch . The 3+ days lost interest on say $500K also adds up. Overall cost still better than the big banks but my only point is that a no fee account from the big banks does have value online banks can't offer.
Deal Addict
User avatar
Feb 24, 2004
2131 posts
797 upvotes
Ottawa
PC financial
L.I.F.E. - Let It Flow Effortlessly - R. McDougal/ Isle of View
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Deal Guru
Jul 19, 2012
14763 posts
4912 upvotes
Montreal
kenze wrote: Why all the down votes? it's simple.
I think it's because of the incredibly disingenuous thread title, as with all these myriad requirements and stipulations, it's hardly a "free account".
Deal Addict
User avatar
Aug 25, 2009
2349 posts
2808 upvotes
JackWhyte wrote: I think it's because of the incredibly disingenuous thread title, as with all these myriad requirements and stipulations, it's hardly a "free account".
Myriad requirements and stipulations?

RFDers put more effort than this into getting a $50 bonus. Really don't see the hate - this deal isn't for everyone but if you're looking for a great travel card along with no fee banking and don't currently have an account with BMO this is a great way to jump in
Jr. Member
Jan 8, 2017
168 posts
93 upvotes
This is a really good deal relative to the status quo at BMO. As someone who uses BMO as their main account, it's frustrating to see this as I have my pay cheques go into my BMO account...

Not sure what all the BMO hate is about. I switched to BMO from TD and before that Coast Capital (largest credit union in BC). The # of problems I've had with BMO can be counted on no hands. They seem significantly more professional than TD and random credit unions. Obviously it's all subjective experiences. BMO's credit cards also seem much better than other banks' offers, with perhaps the exception of Scotia.
Deal Addict
Feb 29, 2012
2654 posts
1461 upvotes
Richmond
Djb990 wrote: Obviously it's all subjective experiences.
True. At one time a few years ago I would have rated BMO near the top of Canadian major banks for consistently good customer service. Now I would rate them second from the bottom in customer service (only Scotia is worse). And they also seem to be lagging increasingly in modernization of technology, features, and policies compared to the other banks.
Deal Addict
Sep 9, 2015
1595 posts
1210 upvotes
Nanaimo
Can OP change the title to read "free unlimited ONLINE ONLY account?" Thanks.
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Apr 24, 2017
7313 posts
6264 upvotes
Faith24 wrote: True. At one time a few years ago I would have rated BMO near the top of Canadian major banks for consistently good customer service. Now I would rate them second from the bottom in customer service (only Scotia is worse). And they also seem to be lagging increasingly in modernization of technology, features, and policies compared to the other banks.
In terms of technology, they have already supported Apple Pay. Which aspect are you talking about?
🤑 Amex Cobalt | MBNA RWE | Rogers MC
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Deal Addict
Feb 29, 2012
2654 posts
1461 upvotes
Richmond
EdisonL299 wrote: In terms of technology, they have already supported Apple Pay. Which aspect are you talking about?
Examples: no mobile cheque deposit, no ATMs that handle US$
Deal Addict
Jan 14, 2011
1151 posts
340 upvotes
66 down votes, yeah, it's a crappy offer. I like the new breakdown of reasons to down vote though.
Deal Fanatic
User avatar
Feb 1, 2006
6494 posts
2490 upvotes
Ontario
jellytime wrote: Thanks. I just clicked the link. Duh, should have done that int he first place.



You will not qualify. Because you already have the BMO Credit Card, you are ineligible for this offer =(
This is the same for me. I have the BMO WE card, but it states if you have a BMO credit card, you can NOT qualify for this promotion.

I spend about $1,500 per month which means I spend ~$18,000 per year.
$18,000 x 2% = $360 travel rewards - $150 fee = $210 net travel rewards
$18,000 x 1% (my no fee credit card) = $180 in cashback

So for my situation, I think i'll just keep the BMO WE card and pay the annual fee, as I think it's worth it for the travel insurance and lounge passes.
Or, disregarding the travel medical insurance you could go with Rogers Platinum , Fido Mastercard or Amex Simply Cash:

Rogers Platinum: $18,000 x 1.75% = $315 cashback - $29 fee (free if PAD for Rogers set up) = $286 net cashback
Rogers Fido: $18,000 x 1.5% (no annual fee) = $270 in cashback
Amex Simply Cash: $18,000 x 1.25% (no annual fee) = $225 in cashback
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Deal Addict
Aug 7, 2011
1942 posts
3072 upvotes
VANCOUVER
I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.

Right now I pay $10.95 to RBC which seems like a waste. Just the other day I was looking for a free banking account from a major bank and I couldn't find anything. This offer seems like exactly what I needed. I am a bit annoyed with the CC requirement but it's not the end of the world. I will probably switch over my accounts to this.
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User avatar
Dec 10, 2006
1096 posts
670 upvotes
Vancouver
I just want this deal for the free BMO World Elite (with Priority Pass), but I recently got the PC Financials World Elite last month and don't want to change so soon. And there are horror stories about bmorewards having bad pricing. :/
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User avatar
Aug 25, 2009
2349 posts
2808 upvotes
rageguy wrote: I just want this deal for the free BMO World Elite (with Priority Pass), but I recently got the PC Financials World Elite last month and don't want to change so soon. And there are horror stories about bmorewards having bad pricing. :/
1) PC is free so why not have both?
2) They've always matched any lower prices for me so not sure what all the fuss is about
goozy1 wrote: I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.

Right now I pay $10.95 to RBC which seems like a waste. Just the other day I was looking for a free banking account from a major bank and I couldn't find anything. This offer seems like exactly what I needed. I am a bit annoyed with the CC requirement but it's not the end of the world. I will probably switch over my accounts to this.
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