BMO New Account Offer (How to Get Up to $600 Cash)

If you’re in the market for a new bank account or you’re looking to make an easy-ish $600… here’s some information about the BMO New Account Offer. It all started with the RBC new account offer of the free Apple iPad, and then I noticed a few years ago TD gave away a flat screen television. Now most of the big banks participate in the new bank account offers in Canada, where you can get a signing bonus for switching your bank to theirs.

BMO New Account Offer

Post last updated March 2024

BMO NEW ACCOUNT OFFER

The gist of the BMO new account offer is up to $600 cash.

Technically $350 cash depending on which BMO chequing account you choose to sign up with.

The extra $50 (to make up to $400) is from adding a BMO Family Bundle.

Then you can get $200 (to make up to $600) from adding the Savings Amplifier Account and depositing $10,000 before July 2, 2024 and maintaining the $10,000 balance until August 30, 2024.

The deadline for the new account sign up is July 2, 2024.

Here’s further details on the offer.

BMO Chequing Account Offer

The BMO chequing account offer can be completed online or at the BMO branch.

To get $350 from the BMO chequing account offer:

  • Sign up for the BMO Performance Plan
  • It costs $16.95 per month, but it is waived if you have $4000 minimum.
  • This is roughly a 8.75% return for your $4000 ‘locked in’ for one year

To get $350 from the BMO chequing account offer:

  • Sign up for the BMO Premium Plan
  • It costs $30.00 per month, but this is waived if you have $6000 minimum.
  • This is roughly a 5.8% return on your $6000 ‘locked in’ for one year

To get $400 in TOTAL from the BMO chequing account offer:

  • Sign up for the BMO Premium Plan or the BMO Performance Plan
  • Then sign up for the Family Bundle (meaning you and a few other family members in the same household share the same banking plan) to get $50 cash bonus
  • The Family Bundle Bonus is only for the Premium and Performance Plans

To get $600 in TOTAL from the BMO chequing account offer:

  • Do the above
  • Sign up for the Savings Account Offer
  • Deposit a total of $10,000 or more into your Savings Amplifier Account before July 2, 2024
  • Maintain that $10,000 balance until September 30, 2024

Here are the next steps to get your cash bonus:

For all of these accounts, you have to set up a deposit before July 2, 2024 and keep the account open until July 2, 2025 (keep the account open for one year)

Then you have to complete two of the threes steps:

  • Set up a recurring direct deposit into lead chequing account by August 30, 2024 (and keep for two months)
  • Have a recurring direct deposit transaction posted to lead account byAugust 30, 2024 (for two months)
  • Set up one pre-authorized debit of at least $50 by August 30, 2024 (for two consecutive months)

When is the BMO Cash Bonus Deposited?

The cash bonus will be posted to the account by September 30, 2024 (and October 31, 2025 for the savings account bonus.

Also, if you open up a joint account, one of you are allowed to receive the cash bonus.

If you close your account before July 2, 2025 you are not eligible for this offer (and it will be retracted).

BMO Savings Amplifier Account

If you open either the BMO Performance Plan or the BMO Premium plan, and sign up for the BMO Savings Amplifier account you can get the promotional rate if you make deposits to the Savings Amplifier Account.

What is the promotional rate?

The BMO Savings Amplifier account with a 5.50% bonus interest rate where you can get a high interest on your deposits from 120 days of account opening.

After the promotional interest period, the rate decreases to 1.90% for deposits up to $10,000 (and also over $10,000). For current Savings Amplifier Account interest rates, click here.

Here’s a look at what is included with the various BMO chequing account plans:

BMO Performance Plan

The BMO Performance Plan is the most popular of the chequing accounts available.

It is $16.95 per month or free if you keep a minimum of $4000 in the account.

The Performance Plan includes:

  • Unlimited transactions
  • Unlimited Interac e-Transfer transactions
  • $40 rebate on a BMO annual fee for the credit card
  • Option to add a free US dollar savings account
  • 1 non-BMO ATM withdrawal per month included, and then $2 if you use a non-BMO ATM in Canada or $5 if you use a non-BMO ATM outside of Canada
  • Eligible to open up a Savings Amplifier Savings account

You can get this plan FREE while you are a student and also for 1 year after you graduate.  

If you are between the ages fo 13 and 18, you can get this plan for $5.00 per month.

BMO PRemium Plan

Finally, the BMO Premium Plan has the most included for this chequing account

It is $30.00 per month or free if you keep a minimum of $6000 in the account.

Here’s what is included in the Premium Plan.:

  • Unlimited transactions
  • Unlimited Interac e-Transfer transactions
  • $150 rebate on a BMO annual fee for the credit card (you’ll be able to get premium BMO credit cards for free)
  • Option to add a free US dollar savings account
  • Unlimited non-BMO ATM withdrawals
  • No fee global money transfers
  • Free money orders and bank drafts
  • Preferred USD exchange rates
  • Free personal cheques
  • $12 annual discount for a safety deposit box
  • Eligible to open up a Savings Amplifier Savings account

As you can see you get a lot more “bang for your buck with the BMO Premium Plan.

However if you’re strictly looking at cash back ‘value’ for your money being locked up to avoid paying the annual fee, the BMO Performance Plan is your best bet.

Hope you found this BMO new account promotion for 2023 list helpful.

For more information, here’s a link to the $600 cash offer from BMO

Here’s the terms and conditions for the BMO cash offer.

Other New Bank Account Offers in Canada

Here are some other notable new bank account offers in Canada.

These banks below will waive your monthly bank fees if you have a certain minimum account balance with them, so they will essentially be free, compared to the “almost” free gift that RBC is handing out.

Here’s a review on the Scotiabank Ultimate package and on the Scotiabank Preferred Package for further information.

Have you signed up with the BMO new account offer?

How was your experience in getting paid your signing bonus?

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2 thoughts on “BMO New Account Offer (How to Get Up to $600 Cash)”

  1. It’s always great to get relatively free $400. However those of us in provinces (like Ontario) that follow the federal carbon “tax” rebates also get “free” money. Between the money sent to my account last week, and that sent back in the spring, my wife and I (both retired) have received around $400 in total this year. That’s a lot more than the extra cost of fuel we have used.

    Reply
    • @VLW- Nice! That’s great when you can get a rebate for something that you didn’t use much of (fuel). We got a little bit refunded from our car insurance but nothing near $400.

      Reply

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