Just the Tip:
BMO is currently offering a cash bonus of $400* for those who open a new personal checking account and initiate direct deposit. By directing $4,000 in qualifying direct deposits over a period of 90 days, you can pocket $400, all while enjoying the potential for no monthly fees or minimum balance requirements depending on the account type.
Bank account bonuses are a straightforward and effective way to generate extra cash, and BMO’s current promotion is particularly easy to qualify for. If you open a BMO Smart Money Checking, BMO Smart Advantage Checking, or BMO Relationship Checking account by September 8, 2026, you can secure a $400* bonus simply by adjusting your direct deposit.
The condition stipulates that you must have $4,000 in total qualifying direct deposits within 90 days after account opening. While this may seem daunting, the word “cumulative” is crucial; you don’t need to make one single deposit of $4,000. For instance, receiving two months’ worth of paychecks from a job that pays around $24,000 annually is enough to meet this requirement. This is achievable for anyone with a regular salary or consistent ACH transfer without significant changes to their financial habits.
Here’s how you can actively secure the $400:
- Open your account before September 8, 2026. You’ll need a minimum deposit of $25 to get started, with no ongoing balance required thereafter.
- Change your direct deposit with your employer to funnel into your new BMO account. Generally, most payroll systems can handle this within one pay cycle, so aim to do this early to take full advantage of the 90-day period.
- Monitor your total deposits. BMO counts all qualifying direct deposits cumulatively, so a combination of payroll and government benefits can collectively count toward the $4,000 target.
Once you meet the threshold, you’re all set. There’s no need to wait the full 90 days. The hassle is minimal; just submit a form to your HR or payroll department for a temporary change of your paycheck. For $400, this is a simple and worthwhile exchange. Plus, each checking account option comes with the benefit of no-fee transactions at over 40,000 Allpoint® network ATMs nationwide, along with access to BMO Digital Banking** for bill payments, money transfers, and account management from anywhere.
* Terms and conditions apply, and other promotional offers may also be available. All accounts are subject to approval and are offered in the United States by BMO Bank N.A. Member FDIC.
** Standard messaging and data rates may apply. Please consult your wireless provider for additional information.
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