Savings Strategy: Save Over $700 With This Limited-Time BMO Offer

Updated Dec 9, 2024
Fact checked by
Alexandrine Bertrand
Alexandrine Bertrand

Alexandrine Bertrand

Alexandrine Bertrand
An avid solo traveller, Alexandrine is an expert on loyalty programmes such as Aeroplan, Avios, AIR MILES, Flying Blue and Marriott Bonvoy. With a budget-conscious approach, she helps travellers make the most of their points and miles to experience affordable, off-the-beaten-path getaways. She also shares a love of gastronomy and enjoys exploring local flavours and culinary traditions.
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To the point Did you know that you can save over $700 by choosing the right chequing account? Find out how with this strategy from the Bank of Montreal.

BMO Performance Program

With the BMO Performance Chequing Account, you can earn up to $700 in welcome bonus:

  • $450 for opening a Performance or Premium account with a deposit before March 3, 2025.
  • $200 for opening a Savings Builder Account with a deposit of $10,000 or more before March 3, 2025, and maintaining this balance for 90 days.
  • $50 to invite a family member to open an account before March 3, 2025.

Also enjoy a promotional interest rate of 4.75% with a BMO Savings Amplifier Account.

Other benefits :

  • Unlimited banking transactions
  • Up to $40 off annual fees on eligible BMO credit cards
  • Free money transfers to 50 countries

All for $17.95 a month, or free if you maintain a minimum balance of $4,000.

Are you a student or newcomer? BMO offers Performance Chequing accounts for each of these categories; discover their advantages.

BMO Offer - Savings Strategy

Performance chequing account package

To obtain the $450 bonus associated with the chequing account, complete two of the following actions:

  • Set up a recurring direct deposit; and/or
  • Make two eligible online bill payments of at least $50 to different payees; and/or
  • Set up two eligible pre-authorized debits of at least $50 from different payees

Please note that these conditions must be met in order to continue to Step 2, the bonus associated with the Savings Amplifier Account .

Savings Amplifier Account and interest rate

You can earn $200 when you open a Savings Builder Account before March 3, 2025 and deposit $10,000 or more before April 2, 2025. You must maintain this balance of at least $10,000 at all times for 90 days.

The bonus linked to the savings account will then be paid no later than July 31, 2025.

Currently, the Savings Builder Account offers a promotional interest rate of 4.75%, guaranteed for up to 120 days from the account opening date.

Assuming you complete all the actions required to obtain the welcome offer, and maintain a balance of $10,000 in your Savings Builder Account from March 3 to July 1, 2025 (to take advantage of the 120-day promotional interest rate), you’ll earn a total of $700 in welcome offer plus interest of $203.01, for a total bonus of $903.01.

Minimum balance to avoid monthly chequing account fees

By maintaining a minimum balance of $4,000 in your Performance chequing account, you save on monthly fees of $17.95, which can save you up to $215.40 per year.

Double dip with a credit card

Do you have a Bank of Montreal credit card? By participating in this Performance Account offer, you could receive a $40 rebate on your annual credit card fees. Here are some of the cards eligible for this offer:

So you can select the eligible credit card that’s right for you, and take advantage of welcome offers to earn valuable BMO Rewards points, AIR MILES miles or cash back that can be used for future travel or to pay off your credit card balance.

Consult our page on the best BMO credit card offers to choose the one that best suits your needs:

Important terms and conditions

To keep your welcome offer, you must ensure that your eligible chequing and savings accounts remain open until March 3, 2026. If you close your accounts before this date, BMO reserves the right to take back your bonus.

Exclusions: Be sure to check the list of exclusions, as you may not be eligible for this offer if you are a current or recent BMO customer.

Please take the time to read the terms and conditions to ensure that you comply with them and qualify for this limited-time offer.

Bottom Line

Would you like to save and benefit from a bonus? BMO’s Performance Plan and chequing account offer will reward you for your efforts with up to $700, plus a promotional rate on your savings account, fee waiver by maintaining a minimum balance in your account, and a discount on annual credit card fees.

It’s one of the best offers on the Canadian market, but it’s for a limited time only, ending on March 3, 2025. So now’s the perfect time to take advantage, whether you’re saving for your next travel project, home renovation, or any other reason.

To discover other banking offers, visit our best account offers page.

Come to discuss that topic in our Facebook Group!
Marie-Ève Leclerc

Marie-Ève Leclerc

Marie-Ève Leclerc
Marie-Ève, Web Director at Milesopedia, is an expert in budget travel and a slow travel enthusiast. Specializing in Aeroplan, Scene+, and Marriott Bonvoy programs, she spends nearly six months a year abroad, making travel her way of life. Constantly seeking the best waves to surf, excellent coffee, and strategies to extend her travels, she is often found in coworking spaces with fellow digital nomads or by the sea, watching the sunset.
All posts by Marie-Ève Leclerc
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