Winter 2019 Chequing Account Opening Offer up to $300 cash

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

I would stay away from BMO. For 300, you will have to spend 600 dollar worth time.

RBC has the same offer, keep open for 1 year.

Lets wait for Cibc and Td promotion

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?

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.

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.

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?

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

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.

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

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.

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

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.

if it was only 1 year i'd probably do it but 1 year and a half =

Whats the best current offer for Chequing account?

Tangerine or RBC?

also does RBC have a no previous account policy for this offer?

but RBC has no waive account meaning you're going to lose money by paying monthly fees.
I will go to BMO and open and account and get $300. Time flies, i will let my money make some money.

Tangerine's free $200 is easily the best and easiest promo. 200% rate of return?
RBC is bad because you have to pay monthly fees. There's no sense getting $300 and then paying your account fee.

Ridinginoffice7 wrote: ↑ is RBC having promo? -- can there monthly fee be waived with keeping a deposit?

Yes, RBC have $300 promo right now but they don't have a waive account which means you have to pay monthly fees.
BMO also have $300 promo with a waive account. You need $6k in your chequing account so that you don't pay monthly fees.

majala wrote: ↑ Why are you guys complaining from BMO, is it that bad or you just had a bad experience with them? Newbie here

The BMO $300 is way better than RBC's. I've done all the free money promo's from BMO, CIBC, RBC, TD, HSBC, National Bank and Tangerine. Open account, park some money so you don't pay monthly fees, set up direct deposit, wait a few months, get the bonus, close the account after one year and move to the next promo. It's easy as 1, 2, 3...and it's free money. Time flies and if you don't move, you won't get anything!