BMO Bank Bonus 2026: Complete Guide
BMO is one of the most generous banks for bonus hunters right now. Their flagship Smart Advantage Checking pays $500 for direct deposits, and they offer a separate $400 checking bonus with no direct deposit requirement. Stack on the $350 Alto savings bonus and you are looking at up to $850 from one bank. This guide covers every BMO bonus, requirements, fee avoidance, and how to maximize your total payout.
Current BMO Checking Bonuses
Current BMO Savings Bonuses
BMO Checking and Savings Products
BMO offers multiple account types with different bonus structures. Here is how they compare for bonus hunters.
| Feature | Smart Advantage Checking | BMO Checking | Alto Online Savings |
|---|---|---|---|
| Bonus Amount | $500 | $400 | $350 |
| Key Requirement | $7,500+ direct deposits in 90 days | No direct deposit needed | $25,000 deposit for 90 days |
| Monthly Fee | $15 (waivable) | $0 | $0 |
| Fee Waiver | $1,500 balance or monthly DD | N/A — no fee | N/A — no fee |
| Bonus Posting | ~60 days | ~30 days | ~45 days after 90-day hold |
| ChexSystems | Sensitive | Sensitive | Not sensitive |
| Best For | Highest payout | Easiest requirements | High-balance savers |
BMO Smart Advantage Checking $500 Bonus: Step by Step
1. Check your eligibility
You must be a new BMO checking customer. If you previously had a Bank of the West account (which BMO acquired in 2023), your eligibility may differ. Call BMO at 1-888-340-2265 to confirm before applying.
2. Open the account online
Apply at bmo.com. Select the Smart Advantage Checking account. BMO does not do a hard credit pull for checking accounts, so there is no impact to your credit score. The application takes about 10 minutes.
3. Set up direct deposit within 90 days
You need $7,500 or more in total qualifying direct deposits within 90 days of account opening. This can be spread across multiple deposits. At $2,500/month in payroll direct deposit, you will meet the threshold in 3 months. See the direct deposit alternatives guide for strategies.
4. Waive the monthly fee
The $15 monthly fee is waived with a $1,500 minimum daily balance or a qualifying monthly direct deposit. Since you are setting up direct deposit for the bonus, the fee is automatically waived during the qualification period. Keep $1,500 in the account to stay fee-free after you stop direct deposits.
5. Receive the bonus
The $500 bonus typically posts within 60 days after meeting the direct deposit requirements. The bonus is deposited directly into your BMO Smart Advantage Checking account.
6. Keep the account open for 6 months
BMO may claw back the bonus if you close the account within 180 days of opening. Keep it open for at least 6 months. Factor the $15 monthly fee into your net profit calculation if you stop meeting the waiver requirements.
BMO $400 Bonus With No Direct Deposit
BMO also offers a $400 checking bonus that does not require direct deposit. This is one of the best no-direct-deposit bonuses currently available, making it ideal for bonus hunters who cannot easily redirect payroll.
Note: This offer expires April 29, 2026. If you are reading this after that date, check the BMO bank page for current offers.
BMO Alto Online Savings $350 Bonus
BMO Alto is BMO's online-only high-yield savings product. The $350 bonus is a solid add-on for bonus hunters who have capital to park. Combine it with a checking bonus for up to $850 total.
The effective return on a $25,000 deposit over 90 days is the $350 bonus plus whatever interest the savings account earns. At current high-yield rates, this makes it one of the better savings account bonuses available. Compare it to other large-deposit bonuses to decide if your capital is best deployed here.
BMO Bonus Stacking: How to Earn Up to $850
BMO is one of the best banks for bonus stacking because checking and savings bonuses have completely independent requirements.
Option 1: Maximum payout ($850)
Open BMO Smart Advantage Checking ($500 bonus) and BMO Alto Online Savings ($350 bonus) at the same time. Set up $7,500 in direct deposits for the checking bonus and deposit $25,000 into the savings account. Total capital needed: $25,000 in savings + whatever you keep in checking.
Option 2: Easy checking only ($400)
If you cannot redirect direct deposits, go with the $400 BMO checking bonus that has no direct deposit requirement. No monthly fee, minimal effort. This is one of the simplest no-DD bonuses available right now.
Option 3: Savings only ($350)
If you have the capital but want to avoid ChexSystems inquiries, open just the BMO Alto savings account. It is not ChexSystems sensitive and has no monthly fees. You earn the $350 bonus plus competitive interest on your $25,000.
Direct Deposit Strategies for BMO
The $500 Smart Advantage Checking bonus requires $7,500 in qualifying direct deposits within 90 days. Here is how to plan your approach. For more strategies, see the direct deposit alternatives guide.
Meeting the $7,500 Threshold
- ✓$2,500/month payroll DD = $7,500 in 3 months
- ✓Split direct deposit: partial payroll to BMO, rest to primary bank
- ✓Government payments count (Social Security, tax refunds)
- ✓Multiple smaller deposits add up to the $7,500 total
Timeline Planning
- •Week 1: Open account, initiate direct deposit switch
- •Weeks 2-12: Accumulate $7,500 in direct deposits
- •Week 12-20: Wait up to 60 days for bonus to post
- •Month 7+: Close account after 180-day hold period
BMO Availability and Branch Network
BMO has a growing U.S. presence after acquiring Bank of the West in 2023. While branches are concentrated in the Midwest, all bonus-eligible accounts can be opened online nationwide.
Branch states
BMO has physical branches primarily in Illinois, Wisconsin, Minnesota, Indiana, Kansas, Missouri, and Arizona. Former Bank of the West branches in Western states have been converted to BMO. The branch network is smaller than Chase or Wells Fargo, but that does not matter for online account opening.
Online access
BMO checking and savings accounts can be opened online from all 50 states. The BMO Alto Online Savings account is specifically designed as a nationwide digital product with no branch requirements. All bonuses are available regardless of your location.
Former Bank of the West Customers
BMO completed its acquisition of Bank of the West in 2023, and all Bank of the West accounts have been transitioned to BMO. If you were a Bank of the West customer, keep these points in mind.
Tax Implications of BMO Bonuses
BMO bank bonuses are considered taxable income by the IRS. BMO will issue a 1099-INT or 1099-MISC for any bonus you receive. Plan accordingly.
- •1099 reporting: BMO reports bonuses of $10 or more to the IRS. Expect to receive the 1099 by January 31 of the following year.
- •Tax impact: An $850 combined bonus at a 22% marginal tax rate costs $187 in taxes, leaving $663 after tax. Even after taxes, this is a strong return for the effort involved.
- •Record keeping: Track all bonuses you earn across banks for tax filing. See the bank bonus tax guide for detailed tax strategies.
BMO Bonus Eligibility Checklist
- •New customer: Must not currently hold or have recently held a BMO checking account (including converted Bank of the West accounts)
- •Direct deposit (Smart Advantage): $7,500+ in qualifying direct deposits within 90 days of opening
- •Minimum deposit (Alto Savings): $25,000 deposited and maintained for 90 days
- •Account retention: Keep accounts open for at least 180 days to avoid bonus clawback
- •No hard pull: BMO does a soft inquiry only — no impact on your credit score
- •Nationwide: All accounts can be opened online from any U.S. state
How BMO Compares to Other Bank Bonuses
BMO's combined $850 potential puts it near the top of the highest bank bonuses list. Here is how it stacks up against other popular offers.
| Bank | Checking | Savings | Max Total | DD Required? |
|---|---|---|---|---|
| BMO | $400 – $500 | $350 | $850 | $500 offer: Yes / $400 offer: No |
| Chase | See Chase bonus details → | Yes | ||
| Wells Fargo | See Wells Fargo bonus details → | Yes | ||
| Discover | See Discover bonus details → | Yes (ACH works) | ||
| KeyBank | See KeyBank bonus details → | Yes | ||
Frequently Asked Questions
What is the BMO checking bonus for 2026?
BMO currently offers two checking bonuses. The BMO Smart Advantage Checking bonus pays $500 when you receive $7,500 or more in qualifying direct deposits within 90 days. A separate BMO checking offer pays $400 with no direct deposit requirement. Both are available to new customers who have not held a BMO checking account recently.
Does BMO require a direct deposit for the bonus?
It depends on the offer. The $500 BMO Smart Advantage Checking bonus requires $7,500 in qualifying direct deposits within 90 days. The $400 BMO checking bonus does not require a direct deposit. The $350 BMO Alto savings bonus requires a $25,000 deposit held for 90 days but no direct deposit.
Can I stack BMO checking and savings bonuses?
Yes. The BMO checking bonus and BMO Alto Online Savings bonus are separate offers with separate requirements. You can open both accounts and earn up to $850 combined ($500 checking + $350 savings). The checking bonus requires direct deposits while the savings bonus requires a $25,000 deposit held for 90 days.
Does BMO do a hard credit pull for checking accounts?
No. BMO performs a soft inquiry for checking and savings account applications, which does not affect your credit score. However, BMO is sensitive to ChexSystems reports for checking accounts, so negative marks from other banks could result in a denial. The BMO Alto savings account is not ChexSystems sensitive.
How do I avoid the BMO Smart Advantage Checking monthly fee?
The BMO Smart Advantage Checking account has a $15 monthly fee that is waived if you maintain a $1,500 minimum daily balance or receive a qualifying monthly direct deposit. Setting up the direct deposit required for the bonus will automatically satisfy the fee waiver, so you pay nothing during the bonus qualification period.
Is BMO the same as Bank of the West?
BMO acquired Bank of the West in 2023. Former Bank of the West customers were transitioned to BMO accounts. If you previously held a Bank of the West account, you may have different eligibility rules for BMO bonuses. Check with BMO directly if you are unsure about your eligibility.
How long does it take for the BMO bonus to post?
The BMO Smart Advantage Checking $500 bonus typically posts within 60 days after meeting the direct deposit requirements. The $400 BMO checking bonus posts within approximately 30 days. The BMO Alto savings bonus posts within 45 days after the 90-day holding period ends.
Is BMO available nationwide?
BMO has physical branches primarily in the Midwest, including Illinois, Wisconsin, Minnesota, Indiana, Kansas, Missouri, and Arizona. However, BMO checking and savings accounts can be opened online from anywhere in the United States. The BMO Alto Online Savings account is specifically designed as a nationwide online product.
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