To keep a BMO bonus, keep the account open until the bonus posts and the holding period ends. Then move your funds and ask BMO to close the account. BMO is Bank of Montreal's U.S.
retail bank. Its bonus offers link payment to an open account, qualifying activity, and time. Your offer terms set the safe closing date.
Table of Contents
- What must you check before closing?
- When is it safe to close?
- How do you untangle deposits and bills?
- How do you close the BMO account?
- What mistakes put the bonus at risk?
What must you check before closing?
Start with the offer terms you accepted. They control qualifying activity, payout timing, and how long the account must stay open. Look for three items: what counts as qualifying activity, when the bank pays the bonus, and whether early closure forfeits it.
Save a copy of those terms. Also check the regular account disclosures. They cover monthly fees, minimum-balance rules, and any fee for closing soon after opening.
When is it safe to close?
It is safest after two events have both happened. The bonus has posted to your account, and the required holding period has passed. Do not rely on the posting date alone.
Some offers require the account to remain open for extra weeks or months after payment. Confirm the payout in your statement and transaction history. If anything looks missing or short, resolve it before you request closure.
How do you untangle deposits and bills?
Move incoming and outgoing payments before you close. Closing too fast can bounce deposits, miss bills, or trigger fees.
Keep a small cushion in the BMO account during this overlap. It helps catch payments you forgot to move.
- Redirect direct deposit and regular income to the new account
- Move bill payments, subscriptions, and linked transfers
- Watch both accounts for one full pay cycle
- Leave enough to cover pending checks and delayed charges
How do you close the BMO account?
Bring the balance near zero after pending items clear. Leave the bonus amount accessible until you confirm the account can stay closed. Ask BMO which closing method applies to your account type.
Options can vary, so request closure through the channel BMO confirms for you. Get written confirmation of closure and a zero balance. Keep that record with your bonus terms, payout statement, and final statement.
What mistakes put the bonus at risk?
Closing before payout is the main risk. Another risk is changing the account type during the holding period. Zeroing the account too early can also cause trouble.
An account with pending fees or overdrafts may not close cleanly. Avoid downgrading, merging, or letting the account go inactive while the offer is pending. Ask BMO to note any change in writing before you act.
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