UPDATE 3/2/2017: Offer now extended through April 28, 2017.
Deal Summary: $200 bonus for opening a new checking account.
You can earn $200 when opening a new BMO Harris Bank Everyday Checking, Select Checking, or Portfolio Checking account. This promotional offer is valid now through
February 28 April 28, 2017.
|0.05*%||$10k||-||BMO Harris Bank||BMO Harris Select Checking|
|OTHER TIERS: 0.01% → Up to $10k|
|0.05*%||-||-||BMO Harris Bank||BMO Harris Portfolio Checking|
- Use or mention the promotion code when opening the new checking account.
- Have at least two qualifying direct deposits of $300 or more within 90 days of account opening.
- Qualifying direct deposits are defined as "a paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited."
- Not available to existing BMO Harris personal checking account customers (including all signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months.
- Limited to one bonus per customer
- If requirements are met, the bonus will be credited after approximately 120 days of account opening.
- The account must be open and in good standing to receive the cash bonus.
- The account must be open for a minimum of six months to keep the bonus, and there is an Early Termination Fee of $50 if the account is closed within 90 days
Of the three checking accounts, the Everyday Checking is probably the best option. The $12 monthly fee can be waived if any of the following requirements are met:
- Receive an external deposit of $500 or more, OR
- Maintain a minimum daily balance of $1k or more, OR
- If you are a college student, you can request a fee waiver, which could result in the account being fee free for four years.
Complete details for all BMO Harris checking accounts are listed on the Checking Accounts page for easy comparison.
BMO Harris Bank’s market area includes Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin.
Opening a checking account and/or applying for the $200 cash bonus can be done at any of the more than 606 full-service branches located in Arizona (47), Florida (32), Illinois (202), Indiana (64), Kansas (8), Minnesota (22), Missouri (20), Washington (1), and Wisconsin (210), or by calling 1.866.362.1166.
The promotion code (sent via email) must be used or mentioned when opening a new checking account to qualify for the $200 bonus.
Note: In the past, applying for the $200 bonus could be done online. I’ve read comments that the online application isn’t working, and I wasn’t able to find any mention of an online application on BMO Harris’ website. In fact, the fine print on the promotion page states,
Open a new BMO Harris Everyday Checking®, BMO Harris Select Checking®
or BMO Harris Portfolio Checking® account between December 19, 2016
and April 28, 2017 in a BMO Harris Branch or by calling 1-866-362-1166.
BMO Harris Bank has an overall health grade of "B+" rating at DepositAccounts.com, with a Texas Ratio of 5.64% (excellent) based on September 30, 2016 data. BMO Harris Bank has an excellent capitalization level of 14.99%, the result of holding $106.68 billion in assets with $15.99 billion in equity. Please refer to our financial overview of BMO Harris Bank (FDIC Certificate # 16571) for more details.
BMO Harris Bank can trace its origins to the Glencoe National Bank, which was established in 1947 in Glencoe, Illinois. Almost 40 years later, the name was changed to Harris Bank Glencoe-Northbrook, N.A. May 2005 was a busy month for the Bank, with the acquisition of 26 Illinois banks, the Bank headquarters moved to Chicago, and another name change (Harris National Association). The next six years saw another 11 acquisitions and a final name change. Today, BMO Harris Bank is the 2nd largest bank in Illinois and the 25th largest bank in the country.
How the $200 Checking Bonus Compares
Assuming $1k is left in an Everyday Checking account undisturbed for six months to avoid the
$10 $12 monthly fee and $50 early termination fee.
- $1k in an Everyday Checking account for six months = $200 cash bonus
- $1k in a savings account earning 1.00% for six months = $4.99 interest
Other Bank Promotions and Bonuses
Not eligible for BMO Harris Bank’s checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.