BMO's main U.S. personal-checking bonus remains $400 in September 2026, but new applicants must open an eligible account by September 8.
A separate business-checking promotion began September 1, with bonuses ranging from $400 to $1,500. The personal offer suits customers who can redirect substantial income deposits quickly. The new business offer requires much larger balances, while Savings Builder offers a smaller monthly reward rather than an upfront bonus.
Table of Contents
- How the $400 personal checking bonus works
- Who is eligible, and which deposits count?
- What do the latest Smart Advantage disclosures mean?
- What changed for business checking in September?
- Key takeaways and the smaller savings reward
How the $400 personal checking bonus works
New clients must open BMO Smart Money, Smart Advantage, or Relationship Checking by September 8, 2026. They must then receive at least $4,000 in total qualifying direct deposits within 90 days. According to BMO bank N.A.'s official personal offer terms, the account must remain eligible, open, in good standing, and above zero.
BMO pays the $400 bonus about 100 days after account opening. The deadline is the immediate concern. Opening after September 8 would not qualify under these terms, even if the customer later completes the deposit requirement.
Who is eligible, and which deposits count?
The primary applicant must live in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, new Mexico, Nevada, Oregon, Utah, Washington, or Wisconsin. Current bmo checking customers and people who closed a BMO checking account within the previous 12 months are excluded. Applicants should confirm that their income source meets BMO's definition of a qualifying direct deposit.
Practical qualifying sources include electronic payments from an employer, pension, Social Security, or government agency. BMO excludes several common funding methods: Moving $4,000 from another personal bank account will therefore not satisfy the requirement. A customer who cannot arrange eligible income deposits within 90 days should not count on receiving the bonus.
- Transfers between a customer's own accounts
- Wire transfers
- ATM deposits
- Zelle or Venmo transfers
- Payments from merchant-processing platforms
What do the latest Smart Advantage disclosures mean?
Smart Advantage Checking has no monthly maintenance fee, making it the simplest of the three eligible products to evaluate from the available disclosures. However, "no monthly fee" does not mean the account is free in every situation. BMO's August 2026 Smart Advantage disclosure lists a $25 opening deposit and a $3 fee for each non-BMO ATM transaction. It also lists a $50 fee if the account closes within 90 days.
Paper statements cost $3 unless the customer chooses paperless delivery or is at least 65 years old. Applicants pursuing the bonus can avoid that recurring charge by enrolling in paperless statements. Keeping the account open past day 90 also avoids the early-closing fee, but bonus eligibility requires more. The account must remain open and above zero until BMO processes the reward around day 100.
What changed for business checking in September?
BMO launched a separate U.S. business-checking promotion on September 1, 2026. Unlike the personal offer, it runs through February 1, 2027 and bases the reward on the balance maintained in the account.
The official BMO business offer provides four tiers: The required balance must be present on day 30 and maintained from days 31 through 90. A brief deposit on day 30 is insufficient if the balance later drops below the applicable threshold. This structure favors businesses with cash they can leave in place for roughly two months after the initial measurement date. Owners should select a tier based on the lowest balance they can reliably maintain, not the highest amount they can deposit temporarily.
- $400 bonus for a $4,000 balance
- $750 bonus for a $25,000 balance
- $1,000 bonus for a $50,000 balance
- $1,500 bonus for a $100,000 balance
Key takeaways and the smaller savings reward
The personal and business offers solve different needs. The personal promotion requires qualifying income deposits, while the business promotion depends on maintaining a specified balance. Before applying for the personal offer, check four points: BMO may change or cancel the personal promotion, and the bonus may be reportable as taxable income.
Customers should retain the offer terms and records of their qualifying deposits until the reward arrives. Savings Builder is a separate, gradual incentive. A new account earns $5 for each month its balance grows by at least $200 during the first year, for a maximum of $60. It requires a $25 opening deposit, and BMO limits the reward to one eligible account per primary owner.
- Open the account no later than September 8, 2026.
- Confirm that the primary applicant lives in an eligible state.
- Verify that neither the current-client nor 12-month closure exclusion applies.
- Make sure $4,000 in eligible direct deposits can arrive within 90 days.
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