Expired Hot Deals

[BMO] Winter 2019 Chequing Account Opening Offer up to $300 cash

  • Last Updated:
  • Jul 26th, 2020 1:50 pm
[OP]
Member
User avatar
Oct 11, 2009
353 posts
712 upvotes
BC

[BMO] Winter 2019 Chequing Account Opening Offer up to $300 cash

From January 15, 2019 to April 30, 2019 (the “Offer Period”), earn up to a $300 cash bonus or 1,000 AIR MILES reward miles (“Bonus”) when you open a new Canadian Dollar Primary Chequing Account at any BMO branch or on bmo.com.

Terms and Conditions, please refer to the link.
62 replies
Sr. Member
Aug 5, 2018
532 posts
749 upvotes
This is cold deal.

BMO needs you to keep the account open for a long time.

It says you need to keep it open until july 2020.

That is 1 and a half years.

If you pay the $30 monthly fee, you are already behind.

If you keep 6000+ in your checking, compared to an easily attainable rate of 3% (which is an attainable rate for GIC today), you would have got $270+.

example:
hsbc 3.1% for 15 months
https://www.hsbc.ca/1/2/personal/special/gic-offer


This is not to mention the loops you (may) need to jump through with the direct deposit.

So BMO is cold deal, just like previous years.

For comparison, tangerine is offering $200 for no fee account if you set up direct deposit or pre-auth debit.
https://www.tangerine.ca/en/landing-pag ... index.html
Last edited by xx1what on Jan 15th, 2019 6:09 pm, edited 1 time in total.
Jr. Member
May 5, 2017
120 posts
103 upvotes
I would stay away from BMO. For 300, you will have to spend 600 dollar worth time.
Jr. Member
Jun 14, 2018
147 posts
111 upvotes
Toronto
RBC has the same offer, keep open for 1 year.

Lets wait for Cibc and Td promotion
Member
Nov 13, 2016
297 posts
386 upvotes
xx1what wrote: This is cold deal.

BMO needs you to keep the account open for a long time.

It says you need to keep it open until july 2020.

That is 1 and a half years.

If you pay the $30 monthly fee, you are already behind.

If you keep 6000+ in your checking, compared to an easily attainable rate of 3% (which is an attainable rate for GIC today), you would have got $270+.

example:
hsbc 3.1% for 15 months
https://www.hsbc.ca/1/2/personal/special/gic-offer


This is not to mention the loops you (may) need to jump through with the direct deposit.

So BMO is cold deal, just like previous years.

For comparison, tangerine is offering $200 for no fee account if you set up direct deposit or pre-auth debit.
google: orange 50

I see July 2019. Where did you see July 2020?
Newbie
Feb 18, 2015
40 posts
25 upvotes
Toronto
slampii wrote: I see July 2019. Where did you see July 2020?
If you close the Chequing Account or change to a Plan
other than an Eligible Plan before July 19, 2020, and the
Cash Bonus has been awarded, BMO reserves the right,
in its sole and absolute discretion, to withdraw the full
amount of the Cash Bonus from the Chequing Account or
send you an invoice for any amount outstanding.

First they say it has to be open until July 19, 2019 to receive the bonus but to keep the bonus you have to keep it open until July 19, 2020! That's a new unconventional requirement.
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Sr. Member
Aug 5, 2018
532 posts
749 upvotes
slampii wrote: I see July 2019. Where did you see July 2020?
If you close the Chequing Account or change to a Plan
other than an Eligible Plan before July 19, 2020, and the
Cash Bonus has been awarded, BMO reserves the right,
in its sole and absolute discretion, to withdraw the full
amount of the Cash Bonus from the Chequing Account or
send you an invoice for any amount outstanding.
The payment is by July 19 2019. But BMO has their "typical claw-back clause", that tends to show up on all their checking promos over the years.

I havn't heard of any data points of actual claw-back though, but I wouldn't recommend anyone to take this risk.

This "claw-back" clause is also not uncommon:
CIBC $300 (last summer) needs the account to be open for 1 year. But their account only costs $15 or $3000 deposit.
RBC $300 (currently) needs the account to be open for 1 year. They also need the same direct deposit or pre-authorize debit to remain on the account. This seems like a tall order.
Their account is also only $15.


TD $300 does not have the clawback clause, and you can change the account after you receive $300.

Tangerine $200 doesn't have clawback, but their account is free so no reason to cancel in a hurry.
This seems like the easiest promo in comparison.
https://www.tangerine.ca/en/landing-pag ... index.html

You can also use a friend's referral code. The "orange 50" code is the code from the bank itself.
Penalty Box
Oct 18, 2018
1846 posts
871 upvotes
xx1what wrote: The payment is by July 19 2019. But BMO has their "typical claw-back clause", that tends to show up on all their checking promos over the years.

I havn't heard of any data points of actual claw-back though, but I wouldn't recommend anyone to take this risk.

This "claw-back" clause is also not uncommon:
CIBC $300 (last summer) needs the account to be open for 1 year. But their account only costs $15 or $3000 deposit.
RBC $300 (currently) needs the account to be open for 1 year. They also need the same direct deposit or pre-authorize debit to remain on the account. This seems like a tall order.
Their account is also only $15.


TD $300 does not have the clawback clause, and you can change the account after you receive $300.

Tangerine $200 doesn't have clawback, but their account is free so no reason to cancel in a hurry.
This seems like the easiest promo in comparison.
https://www.tangerine.ca/en/landing-pag ... index.html

You can also use a friend's referral code. The "orange 50" code is the code from the bank itself.
is RBC having promo? -- can there monthly fee be waived with keeping a deposit?
Sr. Member
Aug 5, 2018
532 posts
749 upvotes
Ridinginoffice7 wrote: is RBC having promo? -- can there monthly fee be waived with keeping a deposit?
No.

https://www.rbcroyalbank.com/dms/pba/op ... -n-or.html

Only "multi product rebate" which brings $15 to $9,

I'm not completely sure of the details, but based on experience from many years ago, having any no annual fee credit card, would get you this rebate.

So you are looking at $9 *12 = $108 costs over a year.
But the requirement to keep the direct deposit or pre-authorize debit to remain on the account for a year, seems very difficult.
https://www.rbcroyalbank.com/dms/pba/op ... tions.html
Deal Fanatic
Aug 5, 2006
5438 posts
2643 upvotes
Global Village
xx1what wrote: This is cold deal.

BMO needs you to keep the account open for a long time.

It says you need to keep it open until july 2020.

That is 1 and a half years.

If you pay the $30 monthly fee, you are already behind.

If you keep 6000+ in your checking, compared to an easily attainable rate of 3% (which is an attainable rate for GIC today), you would have got $270+.
I agree, when you compare this to the Meridian 3.25% 1.5 year GIC offer the same $6K will get you $295.6 in interest and you don't have to go through any of the BMO hoops. Pass.
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Penalty Box
Oct 18, 2018
1846 posts
871 upvotes
xx1what wrote: No.

https://www.rbcroyalbank.com/dms/pba/op ... -n-or.html

Only "multi product rebate" which brings $15 to $9,

I'm not completely sure of the details, but based on experience from many years ago, having any no annual fee credit card, would get you this rebate.

So you are looking at $9 *12 = $108 costs over a year.
But the requirement to keep the direct deposit or pre-authorize debit to remain on the account for a year, seems very difficult.
https://www.rbcroyalbank.com/dms/pba/op ... tions.html
Ok thank you for this information..its not worth then
Deal Addict
User avatar
Oct 23, 2006
4683 posts
1676 upvotes
Winnipeg
EdwardA376 wrote:
If you close the Chequing Account or change to a Plan
other than an Eligible Plan before July 19, 2020, and the
Cash Bonus has been awarded, BMO reserves the right,
in its sole and absolute discretion, to withdraw the full
amount of the Cash Bonus from the Chequing Account or
send you an invoice for any amount outstanding.

First they say it has to be open until July 19, 2019 to receive the bonus but to keep the bonus you have to keep it open until July 19, 2020! That's a new unconventional requirement.
You don’t have to. It’s a clause that they may or may not enforce. A lot of paperwork for them.
xx1what wrote:
The payment is by July 19 2019. But BMO has their "typical claw-back clause", that tends to show up on all their checking promos over the years.

I havn't heard of any data points of actual claw-back though, but I wouldn't recommend anyone to take this risk.
I’m going for it. I’ll open an account in April, Park $6000 in it and get the bonus in July. Come August I will close. If they ask for the $300 back, fine, I like getting mail anyways.
scoper wrote:
I agree, when you compare this to the Meridian 3.25% 1.5 year GIC offer the same $6K will get you $295.6 in interest and you don't have to go through any of the BMO hoops. Pass.
Don’t forget taxes on the $295...


Side note:

IMO These promos will be disappearing in the next couple years so take advantage while you can. They are getting stricter and stricter, and if they cost you more than $300 in time and lost opportunity cost then pass. This isn’t a cold deal, it’s still a lot of free money after costs/time is factored in.

For me it’s a part time hobby to get something back from these Big 5 profit machines.
Newbie
Jan 14, 2019
7 posts
3 upvotes
Rakalraj wrote: I would stay away from BMO. For 300, you will have to spend 600 dollar worth time.
scoper wrote: I agree, when you compare this to the Meridian 3.25% 1.5 year GIC offer the same $6K will get you $295.6 in interest and you don't have to go through any of the BMO hoops. Pass.
Why are you guys complaining from BMO, is it that bad or you just had a bad experience with them? Newbie here :)
Deal Guru
User avatar
May 7, 2007
11845 posts
4777 upvotes
When was the last similar promo from BMO? ..... Re:

Customers who closed their Existing Account between
January 1, 2018 – April 30, 2019
, and subsequently
open a new Chequing Account are not eligible for the
Chequing Account Offer.



I know I participated in 300 dol. BMO promo ... but can't remember now when ... Pretty sure though it was before Jan. 1, 2018.
Sr. Member
Dec 25, 2013
996 posts
627 upvotes
Toronto
if it was only 1 year i'd probably do it but 1 year and a half =

:(

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