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[BMO] New Chequing Account $300 offer

  • Last Updated:
  • Oct 6th, 2020 12:10 am
[OP]
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Oct 10, 2008
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[BMO] New Chequing Account $300 offer

BMO is now offering a $300 welcome offer just like CIBC and TD!

Image
Terms and conditions below:
To qualify for the Chequing Account Offer, between February 1, 2020 – May 31, 2020, you must:

1. Open a new Canadian Dollar Primary Chequing Account (the “Chequing Account”) with a Performance Plan or Premium Plan (each an “Eligible Plan”);

AND

2. Make a deposit of any amount to the Chequing Account by May 31, 2020;

AND

3. Complete at least two of the following three requirements:

a. Set up one recurring direct deposit from your employer, the government or your pension into your Chequing Account, and have deposits made into the account for at least two consecutive months by July 31, 2020;
b. Make one bill payment through BMO Online Banking or the BMO Mobile App (of at least $50) for at least two consecutive months from your Chequing Account by July 31, 2020;
c. Set up one pre-authorized debit (“PAD”), such
as a pre authorized bill payment to a service provider (i.e. utility bill, gym membership) or pre-authorized payment to a BMO mortgage, loan, line of credit, or contribution to a BMO investment account, from your Chequing Account and have at least two consecutive monthly payments debited from it. The second payment must clear from your Chequing Account by July 31, 2020.
Other offers from the other banks:
Last edited by tr!xxy on Mar 1st, 2020 11:17 am, edited 7 times in total.
86 replies
Newbie
User avatar
Nov 3, 2012
85 posts
46 upvotes
Montreal
"Free" with a minimum balance of $4,000 for the "Performance" account.
"Free" with a minimum balance of $6,000 for the "Premium" account.
Sr. Member
Oct 11, 2005
781 posts
1516 upvotes
Airdrie, AB
Worth noting, since this will kill the deal for many -- you either tie up $4000 for over a year, or incur $15.95/mo for over a year. From the terms and conditions:
The Chequing Account must remain open
in an Eligible Plan until May 31, 2021. 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.
Sr. Member
Nov 28, 2011
980 posts
852 upvotes
Toronto
Any credit inquiry when setting up a BMO Chequing account? If so, any way to opt out of overdraft?

Thanks :)
Member
Apr 13, 2016
494 posts
315 upvotes
CalgaryBen wrote: Worth noting, since this will kill the deal for many -- you either tie up $4000 for over a year, or incur $15.95/mo for over a year. From the terms and conditions:
Tbf $300 for tying up $4,000 over a year is still higher than any interest you'd earn in a savings acct right now

$4,000 * 0.0275 = $110

$300/$4000 = 7.5%
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Oct 11, 2016
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redflag0 wrote: Tbf $300 for tying up $4,000 over a year is still higher than any interest you'd earn in a savings acct right now

$4,000 * 0.0275 = $110

$300/$4000 = 7.5%
Instead you could print money with SPY puts with that 4k.
Sr. Member
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Dec 11, 2010
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betercallsaul wrote: Instead you could print money with SPY puts with that 4k.
And how did that worked out on Friday..:p
You'll Never Walk Alone.
[OP]
Sr. Member
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Oct 10, 2008
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YYZ/YOW
redflag0 wrote: Tbf $300 for tying up $4,000 over a year is still higher than any interest you'd earn in a savings acct right now

$4,000 * 0.0275 = $110

$300/$4000 = 7.5%
Even for the Premium plan at $6000 (% gained at $4K is lower, but still higher than 2.75%), this holds true. Plus, you can get cards like the World Elite with no annual fee.
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Feb 8, 2014
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redflag0 wrote: Tbf $300 for tying up $4,000 over a year is still higher than any interest you'd earn in a savings acct right now

$4,000 * 0.0275 = $110

$300/$4000 = 7.5%
Go with TD and avoid this nonsense altogether.
And your less likely to hit the same ineptitude as BMO has.
In fact in Rand McNally they wear hats on their feet and hamburders eat people
Deal Fanatic
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Dec 11, 2005
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TO
DeltaSingh wrote: Still waiting on this from the last time.
As in waiting for the payout or waiting for the 12 month term to keep funds and cancel?
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Sr. Member
Oct 11, 2005
781 posts
1516 upvotes
Airdrie, AB
Quentin5 wrote: Go with TD and avoid this nonsense altogether.
Or, if you qualify, the CIBC $300 WB offer. Also a 1-year commitment, but no minimum balance requirement (first year of fees waived if you fulfill requirements), and for most people, the monthly fees start at $4.95, not $16 as with TD and BMO. Plus larger application window (ends June 30).

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