Cash Back Rebates: BMO Bank Accounts

by | Published Sep 20, 2022 | Edited Nov 6, 2022


BMO Bank of Montreal and Frugal Flyer Have Partnered to Offer You Up to $450 for Free

Bank of Montreal is currently offering some lucrative account opening promotions on both their Everyday Banking Accounts, including the BMO Plus Plan Chequing Account, BMO Performance Chequing Account, and the BMO Premium Chequing Account.

We have now partnered with BMO to offer cash back rebates on these accounts, making the offers even more lucrative. See the table below.  

ProductWelcome BonusFrugal Flyer RebateTotal Value
BMO Plus Plan Chequing AccountEarn $100 after making a deposit and ⅔ of the following: 
-Set up recurring direct deposit 
-Make a bill payment of $50
-Set up a pre-authorized debit of $50
$50$150
BMO Performance Chequing AccountEarn $350 after making a deposit and ⅔ of the following for two consecutive months: 
-Set up recurring direct deposit 
-Make a bill payment of $50
-Set up a pre-authorized debit of $50

Earn $50 after adding a new family member account as part of the Family Bundle. 
$50$450
BMO Premium Chequing AccountEarn $350 after making a deposit and ⅔ of the following for two consecutive months: 
-Set up recurring direct deposit 
-Make a bill payment of $50
-Set up a pre-authorized debit of $50

Earn $50 after adding a new family member account as part of the Family Bundle. 
$50$450

BMO Everyday Banking Chequing Accounts

The BMO Everyday Banking Accounts include the Plus Plan Chequing Account, Performance Chequing Account, and Premium Chequing Account. 

BMO Plus Plan Chequing Account

The BMO Plus Plan is a flexible and budget-friendly chequing account with an $11.95 monthly fee. This fee is waived if you maintain a $3,000 balance throughout the entire month. 

There are 25 included debit transactions per month as well as unlimited Interac eTransfers. 

Other than that the account is fairly minimal. 

BMO Performance Chequing Account

The BMO Performance Chequing account is the most popular BMO chequing account. It comes with a $16.95 monthly fee which is waived if you maintain a $4,000 balance throughout the entire month. 

This account includes unlimited debit transactions per month as well as unlimited Interac eTransfers. You’ll also get 1 free ATM withdrawal included per month, in Canada.

A few additional perks are included as well. You’ll get up to a $40 rebate on the annual fee for an eligible BMO credit card. You will also get a boosted savings interest rate if you hold the Savings Amplifier Account with BMO.

BMO Premium Chequing Account

The BMO Premium Chequing account is the BMO chequing account with the most benefits. It comes with a heftier $30.00 monthly fee, but this is waived if you maintain a $6,000 balance through the entire month. 

As with the Performance account, this account includes unlimited debit transactions per month as well as unlimited Interac eTransfers. You’ll also get unlimited worldwide free ATM withdrawals with no fee charged by BMO.

The Premium Chequing account comes with several other valuable perks, including:

  • Up to a $150 rebate on the annual fee for an eligible BMO credit card. 
  • A boosted savings interest rate if you hold the Savings Amplifier Account with BMO.
  • Unlimited no fee global money transfers
  • No fees for overdraft protection
  • Cheques, money orders, and bank drafts at no cost
  • Safety deposit box annual $12 discount

The current $400 bonus being offered on the BMO Performance and Premium accounts is one of the highest we’ve seen. Combine it with our rebate to earn an easy $450.

How to Get the BMO Chequing Account Signup Bonus

To be eligible for the bonus, you must not have any current banking relationship with BMO, and must not have closed an existing account between July 1, 2021 to December 31, 2022. 

From there, you must make a deposit to the lead chequing account by January 31, 2023, and complete two of the following by March 31, 2023: 

  • Set up one recurring direct deposit from your employer, the government, or your pension and have deposits made into the account for at least two consecutive months by March 31, 2023;
  • 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 March 31, 2023
  • Set up one pre-authorized debit (of at least $50), 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 March 31, 2023.

The above will award you the first part of the bonus: $350. For the second part, you must add a new family member as part of the Family Bundle to the new chequing account plan, by January 31, 2023. 

Please read the full Terms and Conditions on BMO’s secure site to confirm your eligibility and deposit requirements and see the full list of exclusions, prior to applying.

Is the BMO Chequing Account Bonus Worth It? 

If you’ve read our recent post on the value of bank account opening promotions, you know that not all bank offers are worth it, depending on the value and the steps involved. This BMO chequing account bonus is fairly straightforward and the required transactions are typical. For a potential $450, I would say it is worth it for most.

We can also do some simple math to consider the return on investment given a few scenarios: 

  1. Paying the monthly fee for one year
  2. Maintaining the minimum balance for one year

With the Performance chequing account, you will earn a total of $450. If you pay the monthly fee for a full year, then you’d have a total of $203.40 in fees. That leaves you with $246.60 in profit.

On the other hand, you could maintain a balance of $4,000 in the account for a year. In that case, you’d make the full $450 and pay no monthly fees. However in such a case, it’s also useful to think in terms of interest return: $450 on $4,000 is an 11.25% return, which is very good considering it is risk-free. You’re not going to get an 11.25% easily in equity investments, and not without significant risk. 

Apply Now Through Frugal Flyer Rebates

If any of these offers entice you, head over to the Frugal Flyer Rebates page and follow the steps to apply.

Frequently Asked Questions

  1. When will the cash for the chequing offer be deposited into my account?

    The cash will be deposited directly into your chequing account by January 31, 2023.

  2. Can I sign up for multiple of these offers?

    Unfortunately no, as customers who have an existing Canadian or U.S. dollar chequing account are not eligible for the welcome bonus. 

  3. Can I close my account after I receive the welcome bonus?

    According to the BMO Terms and Conditions, you cannot close the account until January 31, 2024, or you may forfeit the cash bonus. Whether this is enforced strictly is unknown… 

  4. Does a  transfer from your BMO Chequing Account to a BMO credit card product qualify as an eligible bill payment?

    Unfortunately no this is explicitly stated to not be an eligible transaction. 

  5. Is my money insured at the Bank of Montreal?

    Yes, Bank of Montreal is a CDIC member, and therefore your deposits are insured for up to $100,000.

Reed Sutton

Reed Sutton

Founder at Frugal Flyer
Reed is addicted to the science (and art) of earning and redeeming travel points, and frequently pairs his trips with his other hobby: photography. Through Frugal Flyer, Reed aims to distill some of the complex and esoteric points strategies into digestible information. Furthermore, he hopes to use his technical expertise to develop invaluable applications and tools for the travel community.

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4 comments on “Cash Back Rebates: BMO Bank Accounts

  1. I tried to sign up through frugal flyer but got referred to the branch to set up, which I did. How do I ensure I get the extra $50 from frugal flyer?

    Reply
    • We will look into that but I am not sure it’s possible. Unless the agent somehow continued the online application that was started.

      Reply
  2. Till which date, can I open BMO Performance Checking account in order to get $50 Frugal Flyer rebate?

    This blog mentions as 31st Oct 2022 but it is showing on ‘Apply for Rebates’ page.

    Reply
    • Hi Anish,

      The offer is still available – whatever dollar amount our rebate page shows for this account is the current Frugal Flyer cash back offer available. We have also updated this article; BMO has extended the $350 welcome bonus until January 31, 2023.

      Hugh

      Reply