BMO's current 2026 U.S. checking offer pays eligible new customers $400 after $4,000 in qualifying direct deposits within 90 days. Applications must be submitted during the June 30–September 8 offer period, with deadline-day online applications approved by 9:00 p.m.
Central Time. The bonus is available with three checking accounts, but eligibility is limited by residence and BMO account history. It is a one-time promotion, not an interest rate, and account fees can reduce its value.
Table of Contents
- What must you do to earn the $400 bonus?
- Which deposits count?
- Who is eligible?
- Which account offers the best value?
- What are the rate, deadline, and payment caveats?
What must you do to earn the $400 bonus?
Open a Smart Advantage, Smart Money, or Relationship Checking account with the required promotion code. BMO's official offer lists a $4,000 cumulative direct-deposit requirement, which must be completed within 90 days after opening.
"Cumulative" means the money can arrive through multiple qualifying deposits. For example, four qualifying deposits of $1,000 would reach the threshold; one $3,900 deposit would not. Before applying, make sure you can complete every step:.
- Apply by September 8, 2026.
- Use the promotion code shown with the offer.
- Deposit at least $25 to open the account.
- Receive at least $4,000 in qualifying direct deposits within 90 days.
- Keep the account open, in good standing, and above zero until payment.
Which deposits count?
bmo defines a qualifying direct deposit as electronically deposited regular income or government benefits. Payroll, pension, Social Security, and other payments may qualify when they fit that definition. Do not assume every electronic transaction counts.
BMO excludes account transfers, cash deposits, teller or ATM deposits, wire transfers, brokerage transfers, Zelle and Venmo payments, and merchant-platform payments. That distinction matters for freelancers and gig workers. A payment sent through a merchant platform may look like direct deposit in an account ledger but remains excluded under the stated terms. Confirm how your payer transmits funds before relying on the offer.
Who is eligible?
The offer is limited to primary applicants living in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, New Mexico, Nevada, Oregon, Utah, Washington, or Wisconsin. BMO may ask for proof of address. Current BMO personal-checking customers do not qualify.
Anyone who closed a BMO personal checking account during the previous 12 months is also ineligible under the official eligibility restrictions. Only one bonus is available per client and account. Adding another person as a joint signer does not create a second bonus opportunity.
Which account offers the best value?
All three eligible accounts require a $25 opening deposit, but their ongoing costs differ: Smart Advantage has the simplest cost structure for someone focused only on earning the bonus. Smart Money or Relationship Checking may make sense when their account features justify the fee or the customer can qualify for a waiver.
Check fee-waiver requirements before choosing. Several months of Relationship Checking fees could materially reduce the net value of a $400 bonus.
- Smart Advantage: $0 monthly maintenance fee.
- Smart Money: $5 monthly maintenance fee, waived for customers under 25.
- Relationship Checking: $25 monthly maintenance fee unless the customer satisfies the waiver conditions.
What are the rate, deadline, and payment caveats?
The application window ends September 8, 2026. An online application submitted that day must also receive approval by 9:00 p.m. Central Time, so merely starting an application before the cutoff is insufficient. BMO says it pays the bonus about 100 days after account opening, provided the account remains open, in good standing, and above zero.
Because the direct-deposit window lasts 90 days, customers should expect a gap between completing the requirement and receiving the payment. Do not confuse the $400 incentive with an annual percentage yield, or APY. Relationship Checking's disclosed APY was 0.01% on every balance as of June 30, 2026, and BMO says the rate may change daily. BMO may also report the cash bonus to the IRS and reserves the right to change or cancel the offer.
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