BMO Harris Bank Promotions $500 Bonus

BMO Harris Bank Promotions & Offers

BMO Harris Bank is currently running 5 new account promotions and special offers. These promotions are only available in the states where BMO Harris Bank operates, those being Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin. If you live in another state (or your business is based in another state), unfortunately you won’t be able to capitalize on these offers.

Here’s a breakdown of each of the promotions:

#1 BMO Harris Smart Advantage™ Checking Account – $300 Bonus

BMO Harris’ Smart Advantage Checking Account is a no-fee checking account. When you make at least $4,000 in qualifying direct deposits to the account within the first 90 days, you’ll earn a $300 bonus—no questions asked. This makes it a great option for anyone looking for a free checking account with an impressive signup bonus.

BMO Harris waives the $5 monthly maintenance fee on the Smart Advantage account if you’re under 25 or opt for paperless statements, though there is a $25 minimum balance requirement. 

Bonus Amount	Expiry Date	Requirements
$300	September 15, 2023	$4,000+ in direct deposits within 90 days

• Who It’s For: Anyone who wants a basic checking account with zero fees
• When You’ll Receive Your $300 Bonus: ~100 days after opening your account

#2 BMO Harris Smart Money™ Checking Account – $300 Bonus

BMO Harris’ Smart Money account is quite similar to its Smart Advantage account: both offer free ATM withdrawals at all BMO and Allpoint ATMs and come with $300 signup bonuses when you make at least $4,000 in qualifying direct deposits to the account within the first 90 days. They’re especially great accounts for young people, since BMO Harris waives the $5 monthly maintenance fee on the Smart Money account if you’re under 25.

Unlike the Smart Advantage account, there’s no minimum balance requirement on the Smart Money checking account.

Bonus Amount	Expiry Date	Requirements
$300	September 15, 2023	$4,000+ in direct deposits within 90 days

• Who It’s For: Customers under the age of 25 looking for a basic free checking account
• When You’ll Receive Your $300 Bonus: ~100 days after opening your account

#3 BMO Harris Premier™ Checking Account – $500 Bonus

If you’re looking for a more premium checking account with a higher signup bonus, the BMO Harris Premier checking account is a good choice.

The Premier checking account comes with great benefits like reimbursement of ATM fees (up to $25/month) if you use the ATMs of other networks and zero overdraft fees charged up to $500. Premier checking account users also get access to a dedicated account manager and private banking services, making it more of a private banking experience overall.

To claim your $500 signup bonus, you’ll need to set up direct deposits of $7,500 or more over the first 90 days of opening your account.

Bonus Amount	Expiry Date	Requirements
$500	September 15, 2023	$7,500+ in direct deposits within 90 days

• Who It’s For: Anyone with $10,000 or more
• When You’ll Receive Your $500 Bonus: ~100 days after opening your account

#4 BMO Harris Business Checking Account – $300 – $500 Bonus

The BMO Harris Business checking account is offering two separate bonuses of $300 and $500 for business owners, freelancers, gig economy workers, part-time entrepreneurs and anyone else self-employed in some capacity:

• Get a $300 bonus if you maintain a balance of $4,000 or more for 120 days or more and also make 10 or more qualifying transactions within your first 120 days.
• Get a $500 bonus if you maintain a balance of $10,000 or more for 120 days or more and also make 10 or more qualifying transactions within your first 120 days.

Bonus Amount	Expiry Date	Requirements
$300	September 15, 2023	Maintain a $4,000+ balance for 120+ days + 10 qualifying transactions within 120 days
$500	September 15, 2023	Maintain a $10,000+ balance for 120+ days + 10 qualifying transactions within 120 days

• Who It’s For: Business owners of any type, including freelancers and the self-employed
• When You’ll Receive Your $300 – $500 Bonus: Within 14 days of meeting the bonus requirements.

#5 BMO Harris Savings Builder Account – Up to $60 Bonus

BMO Harris’ Savings Builder account is ideal for anyone who isn’t receiving regular direct deposits but still wants to capitalize on a signup bonus. For the entire first year, you'll earn a $5 reward each month you save $200 or more. 

The Savings Builder account requires just a $25 minimum deposit and has no monthly maintenance fee. 

Bonus Amount	Expiry Date	Requirements
$60	N/A	Earn $5 for each of the first 12 months you grow your savings account by at least $200

• Who It’s For: Anyone not receiving regular direct deposits.
• When You’ll Receive Your $5 Bonus: Within 5 days of the end of each month that you meet the $200 savings account growth requirements.

Now that you’ve seen all of the promotions one by one, here’s a table comparing them side-by-side.

Account	Bonus Amount	Requirements
Smart Advantage™ Checking Account	$300	$4,000+ in direct deposits within 90 days
Smart Money™ Checking Account	$300	$4,000+ in direct deposits within 90 days
Premier™ Checking Account	$500	$7,500+ in direct deposits within 90 days
Business Checking Account	$300	Maintain a $4,000+ balance for 120+ days + 10 qualifying transactions within 120 days
Business Checking Account	$500	Maintain a $10,000+ balance for 120+ days + 10 qualifying transactions within 120 days
Savings Account	$60	Earn $5 for each of the first 12 months you grow your savings account by at least $200

My Recommendation

If you’re unsure which account to open, here’s how I suggest thinking about it:

• If you just want a fairly standard checking account, go with either the Smart Advantage or Smart Money accounts ($300 bonus each).
• If you want a more upscale checking account with additional benefits, go with the Premier checking account ($500 bonus).
• If you’re a business owner of any sort—including a freelancer, gig worker, or self-employed person—go with the Business checking account ($300 or $500 bonus, depending on how much you maintain in the account).
• If you aren’t receiving an active income and aren’t able to make direct deposits of $4,000 or more in the first 90 days, go with the Savings account (up to $60 bonus).

If you meet the criteria for opening a business account, you can also open a personal checking account and receive both bonuses. However, you cannot receive bonuses on two personal accounts; only the first account you open will receive the bonus. 

What Is BMO Harris Bank?

BMO Harris Bank is a regional bank with headquarters in Chicago, Illinois. It’s the U.S. subsidiary of BMO Financial Group, the Canadian financial services company. BMO Harris Bank has over 500 branches and 1,300 ATMs across Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin.

BMO Harris Bank offers a variety of banking products and services, including checking accounts, savings accounts, certificates of deposit (CDs), loans, credit cards, and investment products. It also offers a variety of online and mobile banking services.

BMO Harris Bank is a member of the FDIC and currently holds “A+”, “Aa3”, and “AA-” credit ratings from S&P, Moody’s, and Fitch, respectively.

Benefits Of Banking With BMO Harris Bank

Here are some of the advantages of banking with BMO Harris Bank:

1. Strong Reputation: BMO Harris Bank is a subsidiary of the Bank of Montreal (BMO), one of the oldest and most respected banks in North America. The bank has a long-standing reputation for financial stability and reliability.
2. Wide Range of Products and Services: BMO Harris provides a comprehensive range of banking products and services to meet the diverse needs of its customers. This includes personal banking, business banking, mortgages, loans, credit cards, investment services, retirement planning, and more.
3. Extensive Branch and ATM Network: BMO Harris has a widespread branch and ATM network in the eight states they operate in, making it convenient for customers to access their accounts and perform transactions in person.
4. Online and Mobile Banking: BMO Harris offers robust online and mobile banking platforms, allowing customers to conveniently manage their accounts, transfer funds, pay bills, and deposit checks remotely. The digital banking services are user-friendly and provide secure access to financial information.
5. Specialized Programs: BMO Harris Bank offers specialized programs tailored to specific customer needs, including student banking, senior banking, and small business banking. These programs generally come with additional perks, benefits, and customized solutions, such as the Business Checking Account mentioned above.

The one big drawback to banking with BMO Harris is that it’s not available in most states, so access to branches and the BMO Harris ATM network is limited when traveling out of state. However, BMO Harris has partnered with Allpoint to give BMO Harris clients free access to Allpoint’s ATM network, of which there are 55,000 all across the United States.

Other Bank Promotions & Special Offers

There are a handful of other banks running promotions like those from BMO Harris Bank:

#1 Citi Priority Account — Up to $2,000 Bonus

The Citi Priority Account offers a cash bonus of up to $2,000 when you open a new account and deposit a minimum amount of new-to-Citibank funds within 20 days. You must also maintain a minimum balance for 60 consecutive calendar days from the 21st day. Your bonus will be paid within 30 days after you successfully meet all of the requirements.

#2 Discover Online Savings Account — $150 – $200 Bonus

Discover Online Savings is offering a $150 or $200 cash bonus to new customers who open an account and deposit at least $15,000 or $25,000 respectively within 30 days of opening their account. The account must remain open for at least 60 days to receive the bonus.

#3 Chase Business Complete Banking℠ — Up to $500 Bonus

Chase Business Complete Banking is a full-service business banking account offering a $500 bonus for new customers who deposit a total of $2,000 or more within 30 days and keep it in the account for at least 60 days. You’ll also need to complete 5 qualifying transactions within 90 days of opening your account.

BMO Harris Bank Promotions FAQs

Are BMO Harris Bank signup bonuses taxable?

Yes, BMO Harris Bank signup bonuses are taxable. The IRS considers cash bonuses from bank account signup offers to be taxable income, and BMO Harris is required to report the cash bonuses to the IRS for tax purposes. 

You are likely to receive an IRS Form 1099-MISC or 1099-INT from BMO Harris bank at the end of the calendar year, though even if you don't receive a tax form, it's still your responsibility to report and pay taxes. 

Do BMO Harris Bank offers have expiration dates? 

Yes, these BMO Harris Bank signup offers do have expiration dates, except for the BMO Harris Savings account signup bonus. Any of the signup bonuses you see above are still active, and you can see their expiry dates in the tables below the details on each offer.

How long does it take to receive my signup bonus from BMO Harris Bank? 

BMO Harris Bank generally pays out its signup bonuses fairly quickly. On personal accounts, the signup bonuses are paid within 10 days after the first 90 days of your account, when you need to meet the requirements. On business accounts, bonuses are paid out within 14 days of when you meet the requirements.

Savings accounts signup bonuses are paid out 5 days after the end of the month, assuming you meet the requirements.

What are the terms and conditions of BMO Harris Bank promotions? How do I qualify?

The terms and conditions of BMO Harris Bank promotions vary depending on the specific offer. Most of the terms have been included with the respective promotion above, though you may find additional conditions on BMO Harris Bank’s website.

What is a “qualifying direct deposit”?

A qualifying direct deposit with BMO Harris Bank is a payment that is electronically deposited into your account from your employer or another source. Here are some examples of qualifying direct deposits:

• Paycheck: Payments made to your account by your employer.
• Pension payment: Monthly pension payments made to you by your former employer (if you’re retired).
• Social Security payment: Your monthly Social Security payment made by the Social Security Administration.
• Government benefit: Any other form of government benefit payment made by the government.

Can I open multiple accounts and receive multiple bonuses?

Yes, you can receive multiple BMO Harris Bank signup bonuses, but only by opening a business account and a personal account. If you open multiple personal accounts, you will only be eligible for one signup bonus.