BMO New Account Offers in August 2022 ($400 offer)

Want to open a new chequing account? You can take advantage of BMO’s new account offer.

The current BMO new account promotion offers up to a $400 cash bonus when you open an eligible chequing account.

In addition to BMO, other Canadian banks like RBC, Simplii Financial, TD, and Scotiabank are also offering new customer incentives that may be worth checking out.

BMO New Account Promotion

You can qualify for a $100 to $350 cash bonus when you open a new BMO Premium Plan, Performance Plan, or Plus Plan chequing account by October 31, 2022, and deposit any amount.

You must also complete at least two of the following by December 31, 2022:

  • Add a recurring direct deposit
  • Make a bill payment of $50 or more through BMO Online Banking or the BMO Mobile App (excludes paying off your credit card balance)
  • Setup one pre-authorized debit payment of at least $50

After meeting the conditions, the cash bonus is paid to your account by January 31, 2023.

Below is how much you receive for each account type:

BMO AccountOffer
BMO Plus Chequing Account$100
BMO Performance Chequing Account$350
BMO Premium Chequing Account$350

You can get an extra $50 by adding a new family member account to a new eligible chequing account that qualifies for the bonus offer as part of the Family Bundle offer.

BMO Premium Chequing Account Review

The BMO Premium Chequing Account has a $30 monthly fee and includes:

  • Unlimited debit transactions
  • Unlimited Interac e-Transfers®
  • Fee rebate on an eligible BMO credit card
  • Free worldwide non-BMO ATM withdrawals
  • Free cheques, money orders, and drafts

You can waive the monthly fee by maintaining a $6,000 daily minimum balance.

BMO Performance Chequing Account Review

This chequing account has a $16.95 monthly fee and includes:

  • Unlimited debits and Interac e-Transfer® transactions
  • Up to $40 annual fee rebate on eligible BMO credit cards

You can waive the monthly fee by maintaining a minimum daily balance of $4,000.

BMO Plus Chequing Account Review

The BMO Plus Plan costs $10.95 per month and includes 25 transactions each month.

You can also open free Canadian and U.S. dollar savings accounts alongside this plan.

To waive the monthly fee, you need to maintain a $3,000 minimum daily balance.

BMO AccountBMO Premium PlanBMO Performance PlanBMO Plus Plan
Monthly fee$30$16.95$10.95
Minimum balance to waive the monthly fee$6,000$4,000$3,000
Number of free debitsUnlimitedUnlimited25
Free Interac e-Transfers/monthUnlimitedUnlimitedIncluded in 25 transactions
Credit card fee rebateUp to $150/yearUp to $40/yearNone
BMO New Bank Account Offers

BMO Savings Account Promotion

The BMO Savings Builder account offers a 0.30% base interest rate on your deposits.

That said, if you increase your balance by $200 or more each month, you receive a 1.30% bonus interest rate.

Bonus interest is only available on balances up to $250,000.

Best New Bank Account Promotions in Canada

You could also benefit from these new account promotions.

Simplii No Fee Chequing Offer ($350 Bonus)

Open a free Simplii chequing account and get a $350 cash bonus.

To qualify for the cash reward, you must set up a direct deposit payment of at least $100 for 3 consecutive months.

Eligible direct deposits include payroll, employment insurance, pension, and government benefits.

Simplii Financial is also offering a high interest rate on savings for a limited time. Earn a 3% interest rate here or read our review.

EQ Bank Savings Account Offer

Open a new EQ Bank Savings Plus Account and earn a standard 1.65% interest rate.

This free account includes:

  • Unlimited free debits and Interac e-Transfer® transactions
  • Mobile cheque deposits
  • Access to international money transfers
  • CDIC deposit guarantee

For a limited time, new clients can also qualify for a $150 cash bonus. Learn more about EQ Bank in this review.

Scotiabank Chequing Account Offer

When you open a new Scotiabank Preferred or Ultimate Chequing account by September 30, 2022, you receive a $300 bonus.

To qualify for the offer, you need to complete at least two of the following:

  • Pay a $50 bill through online or mobile banking
  • Add one recurring direct deposit, such as your payroll or pension, and have it running for 3 consecutive months
  • Set up 2 eligible recurring pre-authorized transactions of $50 or more and have them running for 3 consecutive months

These two premium accounts have monthly fees you can waive with a minimum daily closing balance.

Best Promotions this month

Get the best FREE chequing account offer in Canada with *$350 cash bonus*

$350 cash bonus when you add a $100 direct deposit for 3 months.

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

Earn a 3.00% high-interest rate on your savings.

No monthly or minimum balance is required.

Best no-fee cash back credit card with a $150 welcome bonus

$150 sign-up bonus on first $1,000 spending within 2 months.

Get unlimited 2% cashback in three categories of spending.

Low $12,000 income requirement and 600+ credit score.

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Get $20 welcome bonus with free KOHO app & up to 10% cash back

Free reloadable prepaid Mastercard (use CASHBACK referral code).

Earn 0.50% cash back on all purchases and up to 10% at select partners.

Save automatically and earn 1.20% interest on your balance.

Access to a free budgeting app.

Get a cash bonus and FREE stock trading in Canada ($25 bonus)

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Earn up to 225x more than other banks!
  • Get 2.25% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
  • Earn up to 225x more than other banks!
  • Get 2.25% interest rate* on every dollar.
  • No monthly fees & unlimited transactions.
Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.