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Earn 1,400 Airmiles when you open a BMO Savings Account and deposit $10K

  • Last Updated:
  • Oct 6th, 2010 7:28 pm
[OP]
Sr. Member
Jul 11, 2004
928 posts
157 upvotes

[BMO] Earn 1,400 Airmiles when you open a BMO Savings Account and deposit $10K

1,400 Airmiles is enough for a roundtrip flight to NYC.

Open a New Premium Rate Savings (Interest Rate 0.25%) or Smart Saver account (Interest Rate 1%) by June 20/2010 and deposit $10K and maintain at least $10K in that account until September 30/2010.

Link your airmiles collector number to your new savings account and the 1,400 will be credited by Nov 30/2010.

Valid for new customers of BMO only, who do not have one or more Everyday Banking accounts with BMO.

Link to coupon and details.
20 replies
Deal Fanatic
Jul 4, 2004
7533 posts
790 upvotes
Toronto
1400 Airmiles as direct GC redemptions is worth about $200.
Deal Addict
Dec 22, 2008
2161 posts
964 upvotes
Victoria
You can get more than $200 out of it though when booking short-haul flights between airports where Air Canada has a monopoly.
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Dec 11, 2005
19797 posts
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Deal Addict
User avatar
Oct 20, 2004
3194 posts
30 upvotes
thx op... hope TD also comes up with some offer this summer!
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Deal Addict
User avatar
Apr 9, 2006
1544 posts
69 upvotes
does it have to be cdn$, how about US$ account.
Deal Addict
Jul 22, 2008
3854 posts
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1400 miles = approx $350 value, including the 1% smart cash interest on the $10K that's an ROI of 4.5%. If you can do much better by investing in a high-yield bond ETF (6%) or income trust fund (5-8%) in a TFSA - where the capital gains aren't taxable either! :D

Your choice: $450 with almost no risk (one-year only b/c of the airmiles promo) OR $600-800 with very low risk (compounded annually)...
Member
Jul 9, 2007
259 posts
90 upvotes
GTA
Terrific_Deals2k8 wrote: 1400 miles = approx $350 value, including the 1% smart cash interest on the $10K that's an ROI of 4.5%. If you can do much better by investing in a high-yield bond ETF (6%) or income trust fund (5-8%) in a TFSA - where the capital gains aren't taxable either! :D

Your choice: $450 with almost no risk (one-year only b/c of the airmiles promo) OR $600-800 with very low risk (compounded annually)...
I wouldn't say that high-yield (ie non-investment grade/junk bond) fund or income trust fund (as we approach the income trust conversion) would be considered low risk in a rising interest rate environment. The yield may be safe but capital preservation is not certain.

You only need to hold the investment until November so if you were to say keep the funds invested for 6 mths, annualize the the value of the air miles (tax free) and add the 1% APR you get for the holding period you are north of 7% annualized with no risk to your capital. Once november rolls around there will probably be more options for higher yield as the Bank of Canada will be well into its tightening cycle.
Deal Addict
User avatar
Feb 28, 2005
3167 posts
1192 upvotes
Montreal
Is this ROI correct?

200 interest / 10,000 principal = 0.02 %

0.02 * 12 / 3 months = 8 %

8 % + 1 % interest in account = 9 %
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Deal Addict
Jan 18, 2010
1205 posts
87 upvotes
OK, I don't have AirMiles, but should I get it? I have way more than 10K in my PC savings account. Can I just sign up, put in 10K till the end up Sept, get my points and cancel Oct 1st?

I'll make what $200/interest in that time? Any fee's with the account?

Also can I link more than one bmo account to just one air miles account?

Do it for me and my mom, get the points on one card?
Sr. Member
Feb 12, 2006
706 posts
94 upvotes
The email that I got on Apr 30th did not mention anything about depositing $10k....This will require only $5k so you don't pay any fee on the account and nothing about keeping the money there until Sept 30th..

http://emails.airmiles.ca/PS!WrxU+Zp5uy ... 2MDQ0MTEF?

Get 1,400 AIR MILES reward miles just for opening a
BMO®† Everyday Banking account1. That’s enough for a flight2!

Visit a BMO Bank of Montreal®† branch by June 30, 2010, and open a chequing account with a Performance, Premium or Senior Plan with AIR MILES Everyday Banking Plan and you’ll receive 1,400 AIR MILES reward miles.

To receive your 1,400 reward miles, simply set up and complete a new direct deposit and an automatic bill payment through your new account by August 31, 2010.

With your 1,400 AIR MILES reward miles you can enjoy a return, short-haul flight or use your reward miles to redeem for other rewards, like movie passes, sports tickets, gift cards or magazine subscriptions. What you redeem your reward miles for is up to you.

Open an account online, or take your AIR MILES Collector Number and two pieces of valid identification (such as a driver’s licence and a major credit card) to your closest
BMO Bank of Montreal branch. It really is that easy.

Here’s a reminder of what you need to do:

Open a chequing account with a Performance, Premium or Senior Plan with AIR MILES Everyday Banking Plan by June 30, 2010. Remember your AIR MILES Collector Number and two valid pieces of identification.


Set up and complete a direct deposit and an automatic bill payment through your new account by August 31, 2010.


Watch your Collector Account for your 1,400 AIR MILES reward miles by October 31, 2010.
Sr. Member
Oct 14, 2009
549 posts
521 upvotes
Rothesay
james-007 wrote: The email that I got on Apr 30th did not mention anything about depositing $10k....This will require only $5k so you don't pay any fee on the account and nothing about keeping the money there until Sept 30th..

http://emails.airmiles.ca/PS!WrxU+Zp5uy ... 2MDQ0MTEF?

Get 1,400 AIR MILES reward miles just for opening a
BMO®† Everyday Banking account1. That’s enough for a flight2!

Visit a BMO Bank of Montreal®† branch by June 30, 2010, and open a chequing account with a Performance, Premium or Senior Plan with AIR MILES Everyday Banking Plan and you’ll receive 1,400 AIR MILES reward miles.

To receive your 1,400 reward miles, simply set up and complete a new direct deposit and an automatic bill payment through your new account by August 31, 2010.

With your 1,400 AIR MILES reward miles you can enjoy a return, short-haul flight or use your reward miles to redeem for other rewards, like movie passes, sports tickets, gift cards or magazine subscriptions. What you redeem your reward miles for is up to you.

Open an account online, or take your AIR MILES Collector Number and two pieces of valid identification (such as a driver’s licence and a major credit card) to your closest
BMO Bank of Montreal branch. It really is that easy.

Here’s a reminder of what you need to do:

Open a chequing account with a Performance, Premium or Senior Plan with AIR MILES Everyday Banking Plan by June 30, 2010. Remember your AIR MILES Collector Number and two valid pieces of identification.


Set up and complete a direct deposit and an automatic bill payment through your new account by August 31, 2010.


Watch your Collector Account for your 1,400 AIR MILES reward miles by October 31, 2010.
This is a different, targeted, offer that I don't think is applicable to everyone. They just both happen to be offering 1400 AirMiles as a bonus.
Deal Addict
Jan 18, 2010
1205 posts
87 upvotes
I called them not too long ago, and the person didn't really know what was going on. First she said deposit 10K @ 1% account, fee free, no chequing account needed. Than as she was conforming she said she was wrong you need 10K, plus 5K in a chequing account to make it fee free. But really sounded like she had no idea what was happening. Anyone have any luck?
Deal Addict
User avatar
Sep 14, 2004
2266 posts
325 upvotes
London
Sounds good to me. Thank OP!
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Newbie
Mar 9, 2009
99 posts
113 upvotes
Alberta
james-007 wrote: The email that I got on Apr 30th did not mention anything about depositing $10k....This will require only $5k so you don't pay any fee on the account and nothing about keeping the money there until Sept 30th..
You do pay a fee for the chequing account promo. Either the Performance Plan at $13.95/month, the Premium Plan at $25.00/month, or the Senior's Plan with AirMiles at $5.45/month. If you have to have your $5k in the account by June 30 and keep it there until August 31, you'll pay 3 month's worth of fees (maybe 2, I'm not sure how their fee structure is set up).

So for most of us, that would work out paying $41.85 in fees. If 1400 AM = $200, your return would be $158.15.

EDIT: Nvm, if you have $5k in the account the fees are waived.
Deal Addict
User avatar
Oct 20, 2004
3194 posts
30 upvotes
any new insights on the chicken/egg came first kind of confusion wrt opening the smartsaver account?
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Sr. Member
User avatar
Jul 27, 2009
768 posts
239 upvotes
toronto
when cashing in for coupons. food etc.

1400 x .15 = $21.00
Member
May 13, 2007
488 posts
278 upvotes
British Columbia
mr poopy pants wrote: when cashing in for coupons. food etc.

1400 x .15 = $21.00
No wonder they tell kids to use calculators these days instead of pencils...

1400 x .15 = $210.00

:-)

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