Sorry, this offer has expired. Set up a deal alert and get notified of future deals like this. Add a Deal Alert

Expired Hot Deals

Sorry, this offer has expired.
Set up a deal alert and get notified of future deals like this.
Set up a Deal Alert
BMO

Up to $1000 bonus with BMO smartfolio

  • Last Updated:
  • Aug 13th, 2018 4:30 pm
Newbie
Jul 26, 2018
2 posts
1 upvote

[BMO] Up to $1000 bonus with BMO smartfolio

This seems to be mis-titled as "cashback" when in fact it's a deposit bonus. However, it's only required to keep the cash there until the end of the year, so not bad at all for up to $1000 after that!
expires September.

Details below (as written on the BMO site):
Get up to $1,000 cash back when you invest with SmartFolio.*
Invest more. Earn more:

You invest:
You earn:
$5,000
$25 cash back
$50,000
$250 cash back
$100,000
$500 cash back
$200,000 or more
$1,000 cash back
Plus get a transfer rebate of up to $200 for switching to BMO.


https://www.bmo.com/smartfolio/
14 replies
Deal Addict
Nov 28, 2017
1045 posts
1092 upvotes
Moving 200k in investments for half a year to churn the offer?

No thanks.
Deal Addict
Sep 4, 2007
1693 posts
1946 upvotes
vancouver
$1,000 / $200,000 = 0.5%

BMO worst bank confirmed
Sr. Member
Aug 27, 2013
781 posts
537 upvotes
cloud
I think transferring $200,000 investments to get $1,000 bonus is actually a good deal. Haven't seen a more generous offer for a long time (> 1 year).

The problem is the "SmartFolio" part, as opposed to self-directed. For anyone signing up, make sure you understand the "SmartFolio" fees and services. And BMO used to offer unlimited transfer-out fees rebate, but not anymore; it's limited to $200 as stated by OP.
Deal Expert
User avatar
Feb 8, 2014
32134 posts
15416 upvotes
Socially Distanced
I feel compelled to point out BMO often screws up accounts so expect to waste a day or two in total fixing things (not all at once, but over time and many repeated visits)
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
Deal Addict
User avatar
Nov 4, 2012
1145 posts
544 upvotes
i have 50K ....but 50K for $250. It's worst than opening a cibc acct LOL.
Deal Fanatic
User avatar
Jan 19, 2005
5202 posts
2486 upvotes
Vancity
cmchiu wrote: I think transferring $200,000 investments to get $1,000 bonus is actually a good deal. Haven't seen a more generous offer for a long time (> 1 year).

The problem is the "SmartFolio" part, as opposed to self-directed. For anyone signing up, make sure you understand the "SmartFolio" fees and services. And BMO used to offer unlimited transfer-out fees rebate, but not anymore; it's limited to $200 as stated by OP.
The self-directed promo is $500k transfer to get $1k. I wonder if they catch on if you just transfer in, wait for bonus, transfer out, and then transfer in again on the next promo. Transfer in-kind of course to reduce equity pricing fluctuations. $1k for an hour or two of work isn't too bad. :)
signature closed for renovation
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
BRB, need to go flip my pillow to get my quarter of a million I have laying around for the sweet sweet 1000 backs
Deal Expert
User avatar
Feb 8, 2014
32134 posts
15416 upvotes
Socially Distanced
Messerschmitt wrote: BRB, need to go flip my pillow to get my quarter of a million I have laying around for the sweet sweet 1000 backs
Your bed is a bad place to keep your money, you should move it to your couch so that when you have visitors and they lose their change you earn interest Smiling Face With Open Mouth And Smiling Eyes
Last edited by Quentin5 on Aug 3rd, 2018 6:09 pm, edited 3 times in total.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
Quentin5 wrote: Your bed is a bad place to keep your money, you should move it to your couch so that when you have visitors and they lose their change you earn interest Smiling Face With Open Mouth And Smiling Eyes
That won't work, I already have renters that use my couch to pay the rent

Image
Sr. Member
Aug 27, 2013
781 posts
537 upvotes
cloud
recordman wrote: The self-directed promo is $500k transfer to get $1k. I wonder if they catch on if you just transfer in, wait for bonus, transfer out, and then transfer in again on the next promo. Transfer in-kind of course to reduce equity pricing fluctuations. $1k for an hour or two of work isn't too bad. :)
The problems with brokerage churning are:
  1. There've been very few meaningful investment transfer promos; Questrade doesn't even offer anything nowadays (other than a few free trades).
  2. During the time the investments are being transferred (a week or two) you lose the ability to trade those investments.

BMO fine prints says you'll need to keep the investments there 'til Dec 31st, 2018 in order to get paid the bonus in Jan 2019.

Last summer (when I took advantage) BMO were offering $1k and $1.2k for $200k (or maybe $250k) transfer in to self-directed InvestDirect accounts. Haven't seen anything better from other brokerages since.
Newbie
Jul 26, 2018
2 posts
1 upvote
Good to hear you utilized a similar BMO offer fairly recently. Was it pain-free? or as said earlier, did BMO manage to mess things up along the way?
cmchiu wrote: The problems with brokerage churning are:
  1. There've been very few meaningful investment transfer promos; Questrade doesn't even offer anything nowadays (other than a few free trades).
  2. During the time the investments are being transferred (a week or two) you lose the ability to trade those investments.

BMO fine prints says you'll need to keep the investments there 'til Dec 31st, 2018 in order to get paid the bonus in Jan 2019.

Last summer (when I took advantage) BMO were offering $1k and $1.2k for $200k (or maybe $250k) transfer in to self-directed InvestDirect accounts. Haven't seen anything better from other brokerages since.
Sr. Member
Aug 27, 2013
781 posts
537 upvotes
cloud
anlyno wrote: Good to hear you utilized a similar BMO offer fairly recently. Was it pain-free? or as said earlier, did BMO manage to mess things up along the way?
It was seamless for me. Account opening bonus and transfer-out fee reimbursements were credited in a timely fashion.

I started off the process by asking some question at Info@bmoinvestorline.com. I kept working with the same Investment Specialist who first replied to my email. When I submitted the account opening paper application forms at a BMO branch, I told my Investment Specialist my application #. After my investments were transferred in, I asked my Investment Specialist to confirm that I'd met the bonus promo requirements. When I sent in transfer-out fee reimbursement forms, I sent them to the same person. I think it helps to work with one Investment Specialist throughout. I think I've only talked to her on the phone once; the rest were all done through email so there's a written record.

Top