BMO $400 Checking Account Bonus (2026) - Review & Requirements
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What Counts as Direct Deposit
Based on community data points and bank terms. Employer payroll is always the safest method. "Mixed" means some users report success but it is not guaranteed.
Overview
BMO's checking bonus pays $400 for $4,000+ in qualifying direct deposits within 90 days. BMO's Smart Advantage Checking has no monthly fee, making this a clean, mid-tier bonus — just note BMO charges a $50 early closure fee if you close the account within 90 days, so plan to leave it open.
Who This Checking Bonus Is Best For
People who want a no-monthly-fee $400 bonus and can route roughly $1,350/month in direct deposits over a 90-day window.
How to Maximize This Bonus
Open a Smart Advantage Checking account (no monthly fee) by September 8, 2026. Route $4,000+ in qualifying direct deposits within 90 days of opening — about $1,350/month covers it. Keep a balance above $0 when the bonus posts (~100 days after opening). Because BMO charges a $50 fee for closing within 90 days, don't close the account until after the 90-day mark.
Pros
Cons
How This Compares to Other Bonuses
BMO's $400 matches Chase and Wells Fargo on payout, but requires 4x the deposits of Chase ($4,000 vs $1,000) for the same amount. The $0 monthly fee on Smart Advantage is a plus, but the $50 early-closure fee (within 90 days) is a catch Chase and Wells Fargo don't have. Bank of America can go higher ($500) for $10,000 in deposits.
Frequently Asked Questions
Which BMO checking account should I open?
Smart Advantage Checking has $0 monthly fee and qualifies for the bonus. This is the best option unless you need features from the higher-tier accounts.
Can I get the BMO bonus if I'm not near a branch?
Not fully. BMO opens accounts online without a branch visit, but this bonus is geographically restricted: the primary applicant must reside in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, New Mexico, Nevada, Oregon, Utah, Washington, or Wisconsin at the time of application.
Does BMO charge a fee if I close the account early?
Yes — BMO charges a $50 early account closure fee if you close within 90 days of opening. Wait until after the 90-day mark (and after the bonus posts) to close.
What counts as a direct deposit at BMO?
BMO accepts payroll, government benefits, and ACH pushes from Alliant, Ally, Fidelity, Chase, Discover, and Capital One. Schwab has mixed results. PayPal, Venmo, and Zelle do not work.
Related Bonus Reviews
Full Requirements
Open a BMO Smart Money, BMO Smart Advantage or BMO Relationship Checking account with the promo code between June 30, 2026 and September 8, 2026, and have your opening deposit and signed account documents in by September 8. Then have a cumulative total of $4,000 in qualifying direct deposits post within 90 days of opening. Keep the account in good standing with a balance above zero when the bonus is paid. Closing inside 90 days costs a $50 early closure fee.
Fees
Smart Advantage Checking has $0 monthly fee. Smart Money is $5/month (under 25 waived) and Relationship is $25/month.
ChexSystems & Credit Pull
Chex/EWS pull type and sensitivity are not clearly stated in the provided text.
Eligibility
The person listed first on the account has to live in Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, New Mexico, Nevada, Oregon, Utah, Washington or Wisconsin at the time you apply, and BMO may ask for proof of address. You cannot already hold a BMO personal checking account or have closed one in the past 12 months, and it is one bonus per customer.
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Sources (2)
We last checked this against the bank's page on August 15, 2026.
Historical Promotions
This product has offered $600 before (ended ~2026-06-15) — the current $400 is below its historical high.
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What actually counts as a direct deposit at 53 banks. Fidelity, Schwab, ACH pushes, all in one printable table, verified.
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Fat Stacks Academy may earn a commission when you open an account through links on this page, at no additional cost to you. Commissions do not influence our reviews — we verify offer terms directly with each bank before publishing and do not accept paid placement in our rankings. Bonus offers, requirements, and fees are determined by each financial institution and may change at any time. Always verify the current terms directly with the bank before applying. This content is for informational purposes only and does not constitute financial advice.