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BMO $300 new Chequing Account deal

  • Last Updated:
  • Mar 4th, 2022 1:59 pm
[OP]
Deal Fanatic
Aug 5, 2006
8511 posts
5502 upvotes
Global Village

[BMO] BMO $300 new Chequing Account deal

BMO $300 chequing account deal is back until Oct 31.
Keep $4K in the Performance account to waive the monthly fees.

1. Open a new BMO Performance or Premium Chequing Account and make a deposit of any amount by October 31, 2021.

2. To get $300, complete at least two of the following actions (from the lead account**) for at least two consecutive months by December 31, 2021 :

Set up an eligible recurring direct deposit
Make an eligible bill payment of at least $50 through online or mobile banking
Set up an eligible pre-authorized debit of at least $50

3. Invite a family member as part of a BMO Family Bundle and earn an additional $50 when they open their account by October 31, 2021.

Complete Terms
https://www.bmo.com/assets/pdfs/edb-che ... ons-en.pdf

If you closed your account between July 5, 2020 and October 31, 2021, you aren’t eligible for this promotion.

The cash bonuses will be paid by January 31, 2022. You
have until March 31, 2022 to notify us if you have not
received a cash bonus.
Last edited by scoper on Aug 27th, 2021 4:11 pm, edited 1 time in total.
All day I dream about sports

My Banks: Tangerine, Meridian, EQ Bank, Simplii
Thread Summary
Eligible Transactions:

• Set up one recurring direct deposit from your employer,
the government or your pension into your Lead Chequing
Account*, and have deposits made into the account for
at least two consecutive months by December 31, 2021;

• Make one bill payment through BMO Online Banking or
the BMO Mobile App (of at least $50) for at least two
consecutive months from your Lead Chequing Account*
by December 31, 2021. A transfer from your BMO Chequing
Account to a BMO credit card product does not qualify as
an eligible bill payment; and

• Set up one pre-authorized debit (of at least $50), such
as a pre authorized bill payment to a service provider
(i.e. utility bill, gym membership) or pre-authorized
payment to a BMO mortgage, loan, line of credit,
or contribution to a BMO investment account, from
your Lead Chequing Account* and have at least two
consecutive monthly payments debited from it. The
second payment must clear from your Lead Chequing
Account* by December 31, 2021.
27 replies
Deal Fanatic
User avatar
Jan 31, 2006
8005 posts
2340 upvotes
Toronto
Your Chequing Account must be open, in an Eligible Plan, and
be in good standing (for example, your Chequing Account
must not be in an unauthorized overdraft or in delinquent
status) at the time the cash bonuses are paid. If you change
between Eligible Plans before the cash bonuses are paid,
21-1671
the cash bonus for the Chequing Account Offer will be
determined by the Eligible Plan with the lower cash bonus
Amount. If you change to a plan other than the Eligible
Plans, you will no longer qualify for the Chequing Account
Offer or the Family Bundle Offer. The Chequing Account must
remain open in an Eligible Plan until October 31, 2022.

Customers who close their Chequing Account or change to
a plan other than an Eligible Plan before October 31, 2022,
will no longer qualify for any cash bonus. If you close the
Chequing Account or change to a plan other than an Eligible
Plan and the cash bonus has been paid, we reserve the
right, in our sole discretion, to withdraw the full value of
the cash bonus from the Chequing Account or send you an
invoice for any amount outstanding.
Deal Addict
User avatar
Dec 4, 2013
1272 posts
699 upvotes
Surrey, BC (GVR)
I wonder if they pay when the requirements are met, or do they make everyone wait until Jan 31 2022.
Please check my feedback:
RFD
HWC
Heatware
Banned
Jun 13, 2020
56 posts
210 upvotes
Keep $4K in the Performance account to waive the monthly fees. The Chequing Account must
remain open in an Eligible Plan until October 31, 2022.
Tbf $300 for tying up $4,000 over a year is still higher than any interest you'd earn in a savings acct right now


$300/$4000 = 7.5%

Treat it as 1 year GIC
Jr. Member
User avatar
Sep 29, 2018
151 posts
245 upvotes
crazyea wrote: I wonder if they pay when the requirements are met, or do they make everyone wait until Jan 31 2022.
I called them just a few days ago and they confirmed the payout is in January, despite all requirements met already.
Deal Addict
Jul 21, 2005
1341 posts
501 upvotes
Any ideas if the pull from Tangerine will count as a PAD?
Member
User avatar
Apr 28, 2019
330 posts
332 upvotes
Those trying the PAD route, any idea whether pulls from the likes of EQ bank/Tangerine/Wealthsimple count?
Set up one pre-authorized debit (of at least $50), such as a pre authorized bill payment to a service provider (i.e. utility bill, gym membership) or pre-authorized payment to a BMO mortgage, loan, line of credit, or contribution to a BMO investment account, from your Lead Chequing Account* and have at least two consecutive monthly payments debited from it. The second payment must clear from your Lead Chequing Account* by December 31, 2021.
Public Mobile | Tangerine
Newbie
Mar 13, 2018
52 posts
12 upvotes
Toronto
Any idea if opening a Chequing Bank account does a hard credit check or soft one?
Sr. Member
Dec 20, 2018
746 posts
1137 upvotes
I know BMO runs these promos constantly as the old one ends a new one begins. Does anyone know if the requirements have been getting worse or more or less like promos of the past?

Has anyone had trouble with BMO being dickish about the payment?

Whoops: I just realized this is the current one that expires tomorrow.
Outlaw ellipses and apostrophes.
Member
Jun 27, 2012
271 posts
197 upvotes
I had a BMO chequeing account 3 years ago. Would I still qualify for this?
Member
Jun 22, 2016
442 posts
328 upvotes
Not important
anthony9 wrote: I know BMO runs these promos constantly as the old one ends a new one begins. Does anyone know if the requirements have been getting worse or more or less like promos of the past?

Has anyone had trouble with BMO being dickish about the payment?

Whoops: I just realized this is the current one that expires tomorrow.
I've churned BMO twice now. The requirements seem to be the same and I've never had a problem getting the payout. Never had to call for it. The only thing with BMO is I've had to make a reminder approximately a year from the date I opened the account. This is because you can't close the account within that timeframe or they will claw back the money. Basically like someone else says, it's a one year GIC except that if you really do need the money, just pay the monthly fee that month.

Also a tip for BMO when you close your account is to just take out cash or if you're lucky, a free draft. It's not like some other banks who only tally the amount you have in the account end of day. You absolutely cannot dip below the minimum requirement for fee waiver with BMO at any time. I moved a lot of my money out immediately before going to the branch and got dinged with the fee. I had no idea. Hope this helps some people.

As for the guy asking if you can qualify, it's in the original post that July 2020 is the cut off for people who have closed their accounts.
Sr. Member
Dec 20, 2018
746 posts
1137 upvotes
Thanks for the answer and the tips, Lag333.
Outlaw ellipses and apostrophes.
Member
User avatar
Aug 26, 2005
336 posts
116 upvotes
Metro Vancouver
Has anyone received the $300 yet?

I know the fine print says they have 7 months to pay, but just curious if anyone has gotten theirs early.
You can send me a message using this Google Form
Sr. Member
Jan 1, 2018
621 posts
790 upvotes
Nothing yet! Hopefully soonFace With Stuck-out Tongue
Ahh the feeling I get when I've saved some money...more money for the more important things!
Deal Addict
Jul 21, 2005
1341 posts
501 upvotes
Waiting for the bonus as well!
Fingers crossed I don't have to call in...
Newbie
Jan 24, 2022
2 posts
Has anyone received their $300 Bonus from BMO that was to be paid by Jan 31
Newbie
Jul 24, 2016
79 posts
59 upvotes
Cash bonus appeared in my chequing account today!
Member
User avatar
Apr 28, 2019
330 posts
332 upvotes
Edares wrote: Cash bonus appeared in my chequing account today!
hello, would you be able to share what combination worked for you. Thanks.

I'm yet to receive any.
I have had EQ Bank, Tangerine pull, Wealthsimple Cash (Invest & Save) for PAD.
As for bill payments, I paid my Scotia Visa from the BMO Chequing account. All atleast once a month, twice, before end of Dec'21.
Public Mobile | Tangerine
Deal Addict
Jul 21, 2005
1341 posts
501 upvotes
balaca wrote: hello, would you be able to share what combination worked for you. Thanks.

I'm yet to receive any.
I have had EQ Bank, Tangerine pull, Wealthsimple Cash (Invest & Save) for PAD.
As for bill payments, I paid my Scotia Visa from the BMO Chequing account. All atleast once a month, twice, before end of Dec'21.
PAP consisted of Eq bank, tangerine and amex.
Bill payments for credit cards twice a month.
All were over $50 transactions.

I actually got an email that notified me the bonus $300 was awarded.

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