Savings Strategy: Save over $600 with this limited-time BMO offer

To the point Did you know that you can save over $600 by choosing the right chequing account? Find out how you can do it using this strategy with Bank of Montreal.

BMO Performance Program

Savings Strategy Performance chequing account package Savings Amplifier Account and interest rate Minimum balance to avoid monthly chequing account fees Double dip with a credit card

Important terms and conditions Bottom Line

BMO Performance Program

With the BMO Performance Chequing Account, you can earn up to a $600 cash bonus:

Earn $350 when you open a new BMO Performance or Premium Plan Chequing Account and make a deposit of any amount by October 31st, 2024.
Earn an additional $200 when you open a Savings Amplifier Account, make a deposit of $10,000 or more by October 31st, 2024, and maintain this balance at all times until January 31, 2025.
Earn an extra $50 when you invite a family member as part of a BMO Family Bundle and have them open their account by October 31st, 2024.
You can also get up to a 5.50% promo interest rate when you add a BMO Savings Amplifier Account.

In addition, you can benefit from:

Unlimited number of current banking transactions
Up to $40 off the annual fee for eligible BMO credit card
No Fee Global Money Transfer: Send funds quickly and securely to up to 50 countries (regions) in multiple currencies.

You can get it all for $17.95 a month—or no monthly fee if you maintain a $4,000 minimum balance.

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 earn the $350 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 Amplifier Account and deposit $10,000 or more before July 2, 2024. You must maintain this balance of at least $10, 000 at all times until September 30, 2024 to qualify for the bonus.

The bonus linked to the savings account will then be paid no later than October 31, 2024.

Currently, the Savings Amplifier Account offers a promotional interest rate of 5.50%, and this rate is guaranteed for up to 120 days after the account opening date.

Assuming you perform all the actions required to obtain the welcome offer, and maintain a balance of $10,000 in your Savings Amplifier Account from July 2 to October 4, 2024 (to take advantage of the 120-day promotional interest rate), you’ll earn a total of $600 in welcome offer plus interest of $180.82, for a total savings of $780.82.

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. If you take all the above actions and use the offer to its full potential, you could already have saved 834,67 $ (and maybe even more) after three months.

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 July 2, 2025. 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 Program and chequing account offer will reward you for your efforts with up to $600, plus a promotional rate on your savings account, fee waivers for maintaining a minimum balance in your account, and a discount on annual credit card fees.

This is one of the best offers on the Canadian market, but it’s for a limited time only and ends on July 2, 2024, so now’s the best time to take advantage of it, whether you’re saving for your next travel project, home renovation, or any other reason.

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