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BMO

BMO $350 family bundle or $300 single chequing account

  • Last Updated:
  • Jan 22nd, 2021 12:39 pm
Sr. Member
Jun 12, 2015
801 posts
371 upvotes
Mississauga

[BMO] BMO $350 family bundle or $300 single chequing account

BMO has similar offer as other banks with opening a new chequing account.

Earn up to $350 in three easy steps!

1. Open a chequing account online and make a deposit of any amount.

2. To get $300, complete two of the following:

Set up recurring direct deposits, Make bill payments, Set up pre-authorized payments

3. Invite a family member and earn an additional $50 when they open their account.

From October 1, 2020 – January 4, 2021 (“Offer Period”), earn up to a $350.00 total
cash bonus when you open a new Canadian Dollar Primary Chequing Account at any
BMO branch or online at bmo.com (“Chequing Account Offer”) and add a family member
as part of Family Bundle (“Family Bundle Offer”)

1 Open a new Canadian Dollar Primary Chequing
Account with one of the following plans (each an
“Eligible Plan”):
Eligible Plans Cash Bonus
Plus Plan $100
Performance Plan $300
Premium Plan $300
AND
2 Make a deposit of any amount to the Lead Chequing
Account* by January 4, 2021;
AND
3 Complete at least two of the following
three requirements:
a. 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 February 28, 2021;
b. 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 February 28, 2021.
A transfer from your BMO Chequing Account to a
BMO credit card product does not qualify as an
eligible bill payment;
c. 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 February 28, 2021.

Downside is unlike CIBC you don't get a rebate unless you have $4000 and complete the requirements and need to keep account active until
January 30, 2022
38 replies
Sr. Member
User avatar
Jun 24, 2016
695 posts
703 upvotes
Customers who closed their Existing Account between October 1, 2019 – January 4, 2021, and subsequently open a new Chequing Account are not eligible for the Chequing Account Offer or Family Bundle Offer.


Lit, I finally qualify.

Anyone know if an in-branch meeting is mandatory?
Jr. Member
Nov 24, 2014
129 posts
322 upvotes
Vancouver
Might be a dumb question, but how is a family account different from a joint account?
Deal Fanatic
User avatar
Dec 23, 2008
6114 posts
1693 upvotes
Milton
How soon is the payout after meeting requirements?
Sr. Member
User avatar
Jun 24, 2016
695 posts
703 upvotes
spena wrote: How soon is the payout after meeting requirements?
BMO takes a while afaik. Can be up to 5 months.
Sr. Member
Jun 12, 2015
801 posts
371 upvotes
Mississauga
spena wrote: How soon is the payout after meeting requirements?
Omesuri wrote: BMO takes a while afaik. Can be up to 5 months.
Might be best to sign up in January to avoid paying extra monthly fees if don't have the minimum balance.

The cash bonuses will be paid by March 31, 2021. You have until May 31, 2021 to notify us if you have not received a cash bonus. Any notice received after this date will not be accepted and you will be deemed not to have qualified for the Chequing Account Offer or the Family Bundle Offer.
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, 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 January 30, 2022. Customers who close their
Chequing Account or change to a plan other than an Eligible Plan before January 30, 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.
Sr. Member
Oct 18, 2017
925 posts
1936 upvotes
New Brunswick
chrismaslee wrote: Might be a dumb question, but how is a family account different from a joint account?
Tldr; Family bundle is a bunch of accounts under the master account (ie could make all your children an account). Not joint, just free under the master plan. Joint is well, 1 account, multiple people access.

*86. No-fee daily banking under our Family Bundle is available to all family members who reside at the same household as the customer with a Lead Account on an eligible Performance or Premium Bank Plan. The “Lead Account” is the one you designate to pay a standard fee per month for eligible no-fee daily banking Bank Plans (Performance: $15.95/month, Premium: $30.00/month) unless a minimum balance is maintained, in which case the monthly Bank Plan fee is waived. Note that the balance in a family member’s account does not count toward the minimum balance for the monthly Bank Plan fee waiver. No-fee daily banking with our Family Bundle may be added at no additional fee and is capped at 20 accounts (held jointly or individually) in Canadian or U.S. dollars per eligible Bank Plan. Family Bundle option is not available on Practical Plan.
For full terms and conditions please visit www.bmo.com/familybundle, and read our Agreements, Bank Plans and Fees for Everyday Banking.
Member
User avatar
Mar 24, 2016
476 posts
122 upvotes
Toronto
I closed my account with them last year and I still have Bmo credit card.
Am I eligible?
Deal Addict
Jul 22, 2019
2811 posts
3875 upvotes
Anyone know how to do direct deposits if self employed? My parents are self employed how would I get something direct deposited in their account ?
Sr. Member
Nov 25, 2009
794 posts
460 upvotes
Vancouver
I signed up for it a week ago but got no communication from them, is that normal?
Deal Addict
Dec 5, 2011
1039 posts
1188 upvotes
This deal is pretty bad compared to CIBC considering you have to keep the account open until Jan 30, 2022. Unlike CIBC, you won't get your fees waived for maintaining the DD or PAD. Unless you have already taken advantage of the CIBC promo I would pass on this. Even the HSBC promo is better than this considering the first 6 months' fees are waived.
Member
Dec 8, 2014
369 posts
298 upvotes
Calgary, AB
If I have a BMO credit card but closed the account in May 2019, do I still qualify for this bonus?
Deal Fanatic
Apr 5, 2016
6116 posts
4613 upvotes
Calgary/Vancouver
simplypop wrote: Anyone know how to do direct deposits if self employed? My parents are self employed how would I get something direct deposited in their account ?
Most business bank account should have a plan you can apply for to set up direct deposit. For BMO, it's a separate $20 a month for their online business for banking plan that gives you direct deposit and PAD access.
Sr. Member
Jun 12, 2015
801 posts
371 upvotes
Mississauga
kaisin82 wrote: If I have a BMO credit card but closed the account in May 2019, do I still qualify for this bonus?
You should be fine, says from October 1, 2019. And if you add others the same applies


Customers who closed their Existing Account between October 1, 2019 – January 4, 2021, and subsequently open a new Chequing Account are not eligible for the Chequing Account Offer or Family Bundle Offer.
• If customers open a joint Chequing Account, no bonus will be paid if either customer has an Existing Account or closes an Existing Account during the Offer Period, and subsequently opens a new Chequing Account.
Deal Addict
Jul 22, 2019
2811 posts
3875 upvotes
bomber17 wrote: Most business bank account should have a plan you can apply for to set up direct deposit. For BMO, it's a separate $20 a month for their online business for banking plan that gives you direct deposit and PAD access.
Do you have a link for your BMO plan? I didn't realize that.
Sr. Member
Jun 12, 2015
801 posts
371 upvotes
Mississauga
islander59 wrote: This deal is pretty bad compared to CIBC considering you have to keep the account open until Jan 30, 2022. Unlike CIBC, you won't get your fees waived for maintaining the DD or PAD. Unless you have already taken advantage of the CIBC promo I would pass on this. Even the HSBC promo is better than this considering the first 6 months' fees are waived.
Yea it's true, I did sign up for CIBC too since there's no minimum balance required.

BMO works for some and fees waived if you have $4000. But not everyone has $4000

With HSBC not everyone has $5000 to get the bonus $300 plus its also a long term commitment, up to 18 months you have to stay active, so it's worse than BMO

HSBC Advance Chequing Account
Open an Advance Chequing Account and deposit a min. of $5,000 CAD, within 30 calendar days of account opening, into any product of your choice, from chequing & savings to RRSPs and TFSAs, and hold for 3 consecutive months to qualify for $300 bonus. Also, register for online banking within 30 days of account opening as well.
We’ll waive the $25.00/ month HSBC Advance chequing account fee when:
 You maintain $5,000 minimum balance in combined personal deposits & investments with us,
OR
 You hold $150,000 minimum mortgage amount with us
Monthly Fee will be charged 6 months after account opening if fee waiver conditions are not
met. Some exclusions apply. For full details regarding eligibility and any fees which may apply
please refer to the Personal Service Charges/Statement of Disclosure.


The Advance Welcome Offer will be paid into your Advance Chequing Account within six (6)
months after meeting the Advance Welcome Offer criteria
set out in section 2(a). For greater clarity,
if the Chequing Account is opened in May 2020, after accounting for 30 days to meet the Total
Relationship Balance criteria, the bonus will be credited into the account by end of November 2020

Clawback
i. The Advance Welcome Offer is subject to the condition that the Advance Chequing Account must
remain open and in good standing for at least one (1) year after the end of the month during which
the Advance Welcome Offer is received.

ii. If you fail to meet the condition above, you will be obligated to repay the full amount of the Advance
Welcome Offer to HSBC. We may withdraw the full amount of the Advance Welcome Offer from
your Advance Chequing Account or any account you have with HSBC or send you a demand to
repay the full value of the Advance Welcome Offer to us within one (1) month.
Member
Nov 3, 2018
360 posts
169 upvotes
bigmancanada wrote: I closed my account with them last year and I still have Bmo credit card.
Am I eligible?
Are you able to open chequing account online? It is stupid it requires to go in-branch (even if you are already ID'ed credit card customer).
Deal Addict
Dec 5, 2011
1039 posts
1188 upvotes
Tigre1215 wrote: Yea it's true, I did sign up for CIBC too since there's no minimum balance required.

BMO works for some and fees waived if you have $4000. But not everyone has $4000

With HSBC not everyone has $5000 to get the bonus $300 plus its also a long term commitment, up to 18 months you have to stay active, so it's worse than BMO
I guess it just depends on your definition of "better"

1. It pays more for the same requirements:
BMO: you need to complete two of the following to get $300:
Set up recurring direct deposits, Make bill payments, Set up pre-authorized payments

HSBC: you don't have to do those but if you do, you get the following bonus payments:
$100 for payroll switch within 6 months
$50 for making 2 bill payments within 3 months
$50 for making 2 pre-authorized payments within 3 months
$50 for creating an HSBC non-registered investment account and set up a recurring investment plan
$50 for sending 2 International foreign exchange wires within 6 months
$51 for opening a safety deposit box within 6 months
Get first year annual fee rebate (value up to $149) on your HSBC credit card if opened within 3 months of account opening.

So at minimum, you will get an extra $100 on top of the $300 for completing the same requirements as BMO. Not to mention, you can get a referral and you and the referee both get an extra $100. HSBC = minimum $500-$550 if you get a referral.

2. The HSBC offer is more flexible:
You don't have to tie up $5,000 in a no interest chequing account. You can put it into a chequing, savings, or an investment like a GIC, mutual fund etc.

3. You can get referral bonuses

Once you have an account, you can refer others and get $100 for each referral to an Advance account
$1000 for Jade
$350 for Premier
$100 for Advance
$50 for Personal Banking
$250 for Small Business Banking


So again, it is really just about personal preference and your definition of "better"
Last edited by islander59 on Oct 7th, 2020 4:17 pm, edited 1 time in total.
Deal Fanatic
Apr 5, 2016
6116 posts
4613 upvotes
Calgary/Vancouver
simplypop wrote: Do you have a link for your BMO plan? I didn't realize that.
There's no link unfortunately. It's done by BMO's Treasury and Payment Specialist team. You'll have to get your branch or BMO contact centre to refer you.
Deal Addict
Nov 11, 2006
1669 posts
1178 upvotes
kaisin82 wrote: If I have a BMO credit card but closed the account in May 2019, do I still qualify for this bonus?
Tigre1215 wrote: You should be fine, says from October 1, 2019. And if you add others the same applies


Customers who closed their Existing Account between October 1, 2019 – January 4, 2021, and subsequently open a new Chequing Account are not eligible for the Chequing Account Offer or Family Bundle Offer.
• If customers open a joint Chequing Account, no bonus will be paid if either customer has an Existing Account or closes an Existing Account during the Offer Period, and subsequently opens a new Chequing Account.
I'm not even sure that applies since post referenced "credit card" and your clause only mentions "chequing account."
Last edited by CanRulez on Oct 26th, 2020 9:06 am, edited 1 time in total.

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