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 $450 cash bonus when you open an eligible chequing account.
In addition to BMO, other Canadian banks like RBC, Simplii Financial, TD, and Scotiabank are 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 July 2, 2024, and deposit any amount.
You must also complete at least two of the following by August 30, 2024:
- 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 September 30, 2024.
Below is how much you receive for each account type:
| BMO Account | Offer |
| BMO Plus Chequing Account | $100 |
| BMO Performance Chequing Account | $350 |
| BMO Premium Chequing Account | $350 |
You can get an extra $100 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 Account | BMO Premium Plan | BMO Performance Plan | BMO 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 debits | Unlimited | Unlimited | 25 |
| Free Interac e-Transfers/month | Unlimited | Unlimited | Included in 25 transactions |
| Credit card fee rebate | Up to $150/year | Up to $40/year | None |
BMO Savings Account Promotion
The BMO Savings Builder account offers a 0.50% base interest rate on your deposits.
That said, if you increase your balance by $200 or more each month, you receive a 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 ($400 Bonus)
Open a free Simplii chequing account and get a $400 cash bonus (limited time offer).
To qualify for the cash reward, you must set up a direct deposit payment of at least $100 for three consecutive months.
Eligible direct deposits include payroll, employment insurance, pension, and government benefits.
Simplii Financial also offers a high interest rate on savings for a limited time. Earn a 6.00% interest rate, or read our review.
Scotiabank Chequing Account Offer ($350 Bonus)
When you open a new Scotiabank Preferred or Ultimate Chequing account by July 31, 2024, you receive a $350 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.
- Scotiabank Preferred Package ($16.95 monthly fee)
- Scotiabank Ultimate Package ($30.95 monthly fee)
EQ Bank Savings Account Offer
Open a new EQ Bank Savings Plus Account and earn a standard 2.50% interest rate (4% if you set up a direct deposit).
This free account includes:
- Unlimited free debits and Interac e-Transfer® transactions
- Mobile cheque deposits
- Access to international money transfers
- CDIC deposit guarantee
Learn more about EQ Bank in this review.
