The main September 2026 change is an approaching expiration: BMO's $400 U.S. personal-checking offer closes September 8, not a newly increased bonus.
BMO also launched a separate business-checking offer September 1, with rewards from $400 to $1,500. Consumers have little time to apply, while business owners have until February 1, 2027. The two promotions also use different qualification tests: direct deposits for personal accounts and maintained balances for business accounts.
Table of Contents
- What the $400 personal offer requires
- Who can qualify—and what counts as a deposit
- Which checking account protects the bonus value?
- How the new business offer differs
- What to do before the deadline—and what to watch next
What the $400 personal offer requires
Eligible new customers must open BMO Smart Money, Smart Advantage, or Relationship Checking by September 8. They must then receive at least $4,000 in qualifying direct deposits within 90 days of opening. According to BMO's personal-checking offer, the bank expects to pay the $400 bonus about 100 days after account opening.
The account must remain open, above zero, and in good standing when BMO pays it. This timeline creates two separate deadlines. Applicants must open the account by September 8, but they receive a fresh 90-day period from the opening date to meet the deposit requirement.
Who can qualify—and what counts as a deposit
The promotion is limited to primary applicants living in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, Nevada, new Mexico, Oregon, Utah, Washington, or Wisconsin. It is not a nationwide offer. BMO excludes current personal-checking customers and anyone who closed a BMO personal checking account during the previous 12 months. The promotion is also limited to one bonus per client and account.
The deposit definition is narrower than ordinary account funding. BMO says qualifying direct deposits generally must be recurring income sent electronically by an employer, government agency, pension provider, or similar third party. These transactions do not qualify: Moving $4,000 from another bank account therefore would not satisfy the requirement. Applicants should confirm that their expected income source fits BMO's qualifying-deposit terms before switching or splitting payroll.
- Transfers between accounts
- Cash or teller deposits
- Wire transfers
- Zelle or Venmo payments
- Merchant-platform payments
Which checking account protects the bonus value?
All three eligible accounts earn the same $400 bonus, but their monthly costs differ. Account selection can therefore change how much of the reward a customer keeps. BMO's account comparison lists no monthly maintenance fee for Smart Advantage Checking. Smart Money costs $5 monthly, while Relationship Checking costs $25 monthly.
Smart Advantage is the clearest choice for someone focused solely on avoiding a monthly maintenance charge. Customers considering the other accounts should decide whether their account needs justify the fee, especially because the bonus does not arrive immediately. Closing too early is risky. BMO requires the account to remain open and eligible when it pays the bonus about 100 days after opening.
How the new business offer differs
BMO's separate business-checking promotion began September 1, 2026. Eligible new business accounts opened by February 1, 2027 can earn between $400 and $1,500. Instead of requiring direct deposits, this offer uses account balances. The qualifying balance is measured on day 30 and must be maintained from days 31 through 90.
The highest tier illustrates the tradeoff behind the headline number. Under BMO's business offer terms, earning $1,500 requires a $100,000 balance on day 30 without dropping below $100,000 through day 90. That condition makes the top tier most relevant to businesses that can leave substantial cash untouched. A business that needs the money for payroll, inventory, taxes, or other operating expenses should judge the offer against that liquidity constraint.
What to do before the deadline—and what to watch next
Consumers considering the $400 offer should verify four points before applying: Applicants should retain the offer terms and document the opening date and qualifying deposits. Those records make it easier to track the 90-day requirement and the expected payment near day 100.
After September 8, the key question will be whether BMO replaces, extends, or ends the consumer promotion. BMO reserves the right to change or cancel the current offer without notice, so anyone applying near the deadline should confirm that the $400 terms still appear during enrollment.
- The primary applicant lives in one of the 14 eligible states.
- Neither the current-customer exclusion nor the 12-month closure rule applies.
- At least $4,000 in eligible direct deposits can arrive within 90 days.
- The selected account's monthly fee fits the intended use.
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