BMO Harris Bank periodically offers cash bonuses to customers who open new accounts and meet specific requirements like minimum deposits or direct deposits. These offers vary by account type, promotional period, and region, so the terms you see depend on when and where you apply. Bank bonuses are marketing incentives designed to attract new customers and build account relationships. To get the most from an offer, you need to understand what the bank requires, what disqualifies you, and how the bonus actually lands in your account.
Table of Contents
- How Do Bank Bonuses Actually Work?
- What Eligibility Rules Do These Offers Typically Have?
- Where and How to Verify the Current Offer
- Common Gotchas to Avoid
- How to Compare This Offer to Other Banks
- Verify Terms Before You Apply
- Frequently Asked Questions
How Do Bank Bonuses Actually Work?
When you see a bank bonus offer, the bank credits a lump sum to your account after you meet stated conditions—usually opening an account within a time window, making a qualifying deposit, and maintaining an account status for 30 to 90 days. The bonus is typically taxable income, reported on a 1099-INT or similar tax form in the year it posts.
The offer is only valuable if you meet every condition. A common mistake is opening the account but not completing the required deposit or transfer within the deadline. Read the terms all the way through before you apply, because missing one detail can forfeit the bonus entirely.
What Eligibility Rules Do These Offers Typically Have?
Bank bonuses commonly exclude customers who have held an account with that bank in the past one to three years, or who already have an active account there. You'll also usually need to be a U.S. resident, meet a minimum age (typically 18), and provide accurate identification information.
Deposit requirements vary widely. Some accounts require no deposit; others require $500 or more. Direct deposit bonuses often require that your paycheck or other recurring deposits start flowing into the account before the bonus posts. If the terms mention a "qualifying direct deposit," verify whether your specific paycheck or income source qualifies—government benefits, business transfers, and certain third-party payments sometimes do not count.
Where and How to Verify the Current Offer
Visit bmo Harris Bank's official website directly, not a third-party aggregator, to see what offers are currently available. The bank typically displays promotions on the account signup pages and in the "promotions" or "offers" section of its site. Check the full terms and conditions before applying—the legal fine print will specify the deadline, deposit requirement, bonus amount, and account closure rules.
Watch for geography restrictions. Some offers are available nationwide; others are limited to certain states or regions. The website should indicate this clearly. If you do not see the offer you read about elsewhere, call BMO Harris's customer service to confirm it is still active and whether you qualify in your area.
Common Gotchas to Avoid
Do not close the account too quickly. Most offers require the account to remain open and in good standing for a set period after the deposit is made—often 90 days or longer. Closing it early, even if you have met the deposit requirement, often forfeits the bonus.
Avoid linking the same direct deposit to multiple accounts hoping to qualify for multiple bonuses. Banks track this and may reject the bonus or close accounts flagged for bonus abuse. Also, verify whether the offer applies to the specific account type you are opening—checking and savings accounts often have separate promotions, and premium account bonuses may have higher minimums.
How to Compare This Offer to Other Banks
Before committing, check what other banks are offering for similar account types. An online bank bonus might be higher but come with fewer branches; a credit union offer might have a shorter deadline but lower deposit requirements. Make a quick table: bonus amount, deposit needed, account type, deadline, and minimum balance to avoid fees.
Consider your actual use of the account. If the bonus requires a direct deposit but you do not have one incoming, you may miss the deadline. If the bonus is $200 but the account charges $12 monthly maintenance and you will not maintain the minimum balance, the actual value shrinks. The best offer is the one you can actually qualify for and benefit from.
Verify Terms Before You Apply
Banking terms change frequently, and offers are time-limited. What was posted three months ago may no longer be available. Bookmark the official offer page, screenshot the full terms, and apply within the promotion window.
If the website does not clearly state an end date, ask customer service when the offer expires. Do not rely on email marketing or second-hand sources for the exact terms. Banks sometimes advertise outdated offers, and affiliate sites may display cached pages with old information. Go directly to the bank's site, confirm the offer is current, and proceed only when you have read the complete terms yourself.
Frequently Asked Questions
Do I need direct deposit to get the bonus?
It depends on the specific offer. Some bonuses require a qualifying direct deposit; others do not. Check the terms for your account type to see if direct deposit is required and whether your paycheck qualifies.
What happens if I close the account before the bonus posts?
You will likely forfeit the bonus. Most offers require the account to stay open for 30 to 90 days after the qualifying deposit. Closing the account early almost always disqualifies you, even if you have met the deposit requirement.
How is the bonus taxed?
Bank bonuses are taxable income in the year they are credited. The bank will report it on a 1099-INT or similar tax form, and you will owe federal (and possibly state) income tax on the amount.
Can I qualify for multiple BMO Harris bonuses at the same time?
No. Bonus offers are typically limited to one per customer per account type, and many banks require that you have not held an account with them recently (usually 12 to 36 months).
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