BMO Club Sobeys Bank Account - Grandfathered

nice, a pcf competitor finally! Going to open one now and be a guinea pig xD

...and approved. Now 5-7 business days of waiting for welcome package orz

angel_wing0 wrote: ↑nice, a pcf competitor finally! Going to open one now and be a guinea pig xD

just did the same thing too. Looks promising too!

Pros:

• Alternative to President's Choice Financial (PCF) that still has good ABM coverage.
• When you initially setup auto-withdrawls / direct deposits, each one earns you Air Miles (25 / 50) OR Club Sobeys points (500 / 1000) but these cannot be converted into Aeroplan miles
• In-branch services are presumably more reliable, vs CIBC who is often uncooperative when you try to get a service like foreign currency or instant bank drafts.

Cons:

• Like with Thrive, you only get 1 book of free cheques upon request, but BMO only gives you 25 in it. Further books (of 50) cost $9.95.
• No interest earned on chequing account, though the rates at PCF are so low that it isn't a huge difference.
• Savings account has lower interest rate (only 1.3% if over $5000, vs PCF's rate of 1.5% if over $1000)
• Savings account only has 1 free withdrawal per month, costs $5 for each additional one

Here's a PDF with all the details: http://www.bmo.com/pdf/Sobeys%20BBG%20EN.pdf

For those who are thinking of signing up just for the point bonuses and then cancelling, note that they'll charge you $20 if you close the account within 90 days of opening it.

bjserink wrote: ↑For those who are thinking of signing up just for the point bonuses and then cancelling, note that they'll charge you $20 if you close the account within 90 days of opening it.

planning to keep it for use at bmo atm's.

Hopefully we can add external accounts just like pcf/ing/etc. Else this account would not be very useful...

To the OP, can u add this one to the first post? Yours is for the Airmiles account, and there is one that focuses on Club Sobey points: http://www.bmo.com/home/promo/sobeys/on ... sc=6117047...i m going to get that one since they can be converted in Aeroplan miles...or can they (bmo relationship orz)? @@

angel_wing0 wrote: ↑To the OP, can u add this one to the first post? Yours is for the Airmiles account, and there is one that focuses on Club Sobey points: http://www.bmo.com/home/promo/sobeys/on ... sc=6117047...i m going to get that one since they can be converted in Aeroplan miles...or can they (bmo relationship orz)? @@

pretty sure I heard they can longer be converted, at least not the ones issued by BMO I believe.

blu3xtc wrote: ↑pretty sure I heard they can longer be converted, at least not the ones issued by BMO I believe.

have to agree, guess no pt in getting another one then...

bjserink wrote: ↑

• Savings account only has 1 free withdrawal per month, costs $5 for each additional one

1 free TRANSFER. Every withdrawal costs $5.

epiphano wrote: ↑1 free TRANSFER. Every withdrawal costs $5.

an atm transfer is a withdrawal, it's basically the carbon copy of the Smart Savers account so very certain it can be a withdrawal.

There is a third type of chequing account offered: BMO IGA AIR MILES chequing/savings account.

Available here: http://www.bmo.com/home/[...]/quebec/QueTA/WPC140?rg=SOB_QC&sc=6117052 <= !!!This link doesn't include the 175 bonus AIR MILES points!!!

http://www.bmo.com/home/promo/sobeys/qu ... sc=6417029 <= Correct link to obtain the bonus points (thanks to Djino)

(edited for the bonus points)

Received the email from BMO today too...my link here focuses on IGA/BMO (QUEBEC) -> http://www.bmo.com/home/promo/sobeys/qu ... sc=6417029

I guess you can add that too to the OP.

djino

By the way the BMO IGA Air Miles gives you an automatic bonus of 175 air miles just for opening the checking account (unlike the Sobeys Air Miles account) on top of the other bonus for setting up preauthorized debits/credits/etc..

djino

Damn, I opened the Sobeys account too fast then. I am in QC, so the IGA account would be better for me.

Is there a way to switch the account? I just applied 1 hour ago for it.

What if I apply a 2nd time for the IGA account?

singsonn wrote: ↑Damn, I opened the Sobeys account too fast then. I am in QC, so the IGA account would be better for me.

Is there a way to switch the account? I just applied 1 hour ago for it.

What if I apply a 2nd time for the IGA account?

Call and find out (and post back here).

singsonn wrote: ↑Is there a way to switch the account? I just applied 1 hour ago for it.

What if I apply a 2nd time for the IGA account?

from what i was told u cannot cancel the application, just close the account after u receive the package and such.

Nothing, i was told to do that

Just finished applying. Approved, but gotta wait 5-7 days like Angel

Going to apply!

djino wrote: ↑Just finished applying. Approved, but gotta wait 5-7 days like Angel

just applied and approved for the IGA account, going to cancel club sobeys airmiles account once i get the package.