Cash Back Rebates: BMO Bank Accounts

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.  

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.

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