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BMO Get $300 with a New Chequing Account!

  • Last Updated:
  • Nov 10th, 2020 3:27 pm
Sr. Member
Feb 16, 2003
763 posts
167 upvotes
Will Tangerine PAD work? Assuming a PAD from credit card will work.

Can you fully open the account online or do you need to go to a branch (to complete)?
WTB:
Sr. Member
Jun 26, 2010
916 posts
689 upvotes
Vancouver
Warped wrote: Read the details
"...Customers who close their Chequing Account or change to a plan other than an Eligible Plan before May 31, 2021, will no longer qualify for the 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."
Send an invoice for the bonus if it's withdrawn? Banks smartening up and getting aggressive but I guess that's understandable.
Sr. Member
User avatar
Jun 27, 2017
733 posts
1020 upvotes
GTA
For those who have tried, how easy is it to open/close an account online?
Newbie
Feb 5, 2020
3 posts
7 upvotes
Stackable for new immigrant less than 5 years. No fees for a year. So no need for maintaining balance of 4k
Last edited by 3fty05 on Feb 9th, 2020 10:43 am, edited 1 time in total.
Jr. Member
Feb 24, 2015
121 posts
58 upvotes
nova scotia
was going to go for it but says right here ( unfortunately if you already have a chequing account with us you are not eligible for this promotion. Please refer to the Terms and Conditions for more details.) anyone get this that already have checking account with bmo ?
Deal Guru
Aug 5, 2006
10747 posts
7907 upvotes
Global Village
pepsi_dude wrote: Read the main offer: it comes with a $300 Opening bonus
$300 earned on $4K (+ say $200 to meet offer requirements) over a year is a return of ~7%, way better than 0% interest or even 2.75% interest.
Plus the $300 bonus is tax-free. If you wait until the last week of May to open the performance account and have $4K to spare for a year this is definitely worth doing.
All day I dream about sports

Tangerine, Meridian, EQ Bank, Simplii, CIBC Investor's Edge
Member
Jun 22, 2016
495 posts
381 upvotes
Not important
soupmaster666 wrote: Per your $4k or $6k, and the terms saying it must remain until May 31, 2021, the potential interest earnings would be:

$4000 ("Performance" account) averaging 5% return for 16 months: $263.01
$6000 ("Premium" account) averaging 5% return for 16 months: $394.52

So you are guaranteed $300 - depending on how much cash is tied up to prevent fees, that's a reasonable interest rate. But the cash is tied up, and if you pull it out and incur fees, your effective rate of return drops very quickly.

Each month that you pay the $30.00 fee for the "Premium" account type, for example, drops your $300 by a full 10%.
I already did this promo before. I just wanted to make sure I’m not disqualified from doing it again this year. Although I’m sure those numbers have helped some others here that are unsure about the details.
Newbie
Jul 8, 2017
39 posts
47 upvotes
ZAG's return was 7% last year included monthly dividends
VGRO's return was around 20% last year

ZAG is a bond ETF and is relatively safe
Deal Addict
Nov 27, 2019
1418 posts
343 upvotes
Is checking account offering 2.75% interest also?
is it guaranteed 2.75% or it can decrease after 6 month or year..?
Deal Addict
Nov 27, 2019
1418 posts
343 upvotes
3fty05 wrote: Stackable for new immigrant less than 5 years. No fees for a year. So no need for maintaining balance of 4k
Can we do this online?
Online its not asking any details when moved here so not sure how to do it.. Please help?
If i have to goto branch then what and how many proofs should i take with me?
Newbie
Feb 5, 2020
3 posts
7 upvotes
Did it online but had to be completed on the branch. Online just set an appointment and save time to fill up info.
Member
Sep 3, 2017
236 posts
111 upvotes
Q&A says “If you closed your account between February 1, 2019 and May 31, 2020, you aren’t eligible for this promotion”
This is not in the T&C PDF.
Newbie
Jun 8, 2018
6 posts
1 upvote
i closed my chequing account with them last august 2019 but i kept my credit card. does anyone knows if im eligible for the $300?
Member
Jun 22, 2016
495 posts
381 upvotes
Not important
desmat wrote: Is checking account offering 2.75% interest also?
is it guaranteed 2.75% or it can decrease after 6 month or year..?
I just called them. The customer service rep said it was 2.75% for 6 months only and then back to the regular savings rate of less than 1%.
Jr. Member
Aug 19, 2011
177 posts
106 upvotes
VANCOUVER
I already have a BMO account with a Smart Saver account. Can I open another Smart Saver acc to get the 2.75% ?
Deal Addict
User avatar
Jan 31, 2004
3279 posts
1272 upvotes
Montreal
So are people actually waiting end of may before opening there accounts for this $300 offer?

Also why is this in expired hot deals?
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Newbie
Aug 26, 2019
11 posts
3 upvotes
BMO is declining to open new chequings account due to COVID situation. Their logic is that only critical needs of banking are entertained. Did anyone experience this?
Deal Addict
Feb 28, 2011
1203 posts
355 upvotes
Surrey
I just opened an account online. It says the debit card is coming in the mail, I guess I don't have to go to the branch? Also I wonder if we could park the money in the savings account.

Again, why is this in expired deals??
Tangerine and Public Mobile customer
Member
May 21, 2019
229 posts
199 upvotes
They changed the T&C last week, they extended requirements by one month due to covid-19, you now have until August 31, 2020 to complete 2 of the 3 requirements.

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