BMO's New $600 Checking Bonus: Worth the Six-Month Commitment?

BMO has brought back a bigger checking bonus, but it comes with a longer commitment than we've seen in the past. The bank is now offering up to $600 for new checking accounts, paid out in $100 monthly increments when you receive at least $1,000 in qualifying direct deposits each month for six months. There's also a smaller savings bonus on the side. The catch? You need to live in one of 15 eligible states, and you'll need to keep those direct deposits coming for half a year to get the full amount. If you can meet the requirements, it's a solid payday for what amounts to a few minutes of setup and some patience.

How the BMO bonus actually pays out

The $600 checking bonus isn't a lump sum. Instead, BMO pays you $100 for each month you receive at least $1,000 in qualifying direct deposits, starting the month after you open the account. You can earn up to six of these monthly bonuses, and if you miss a month, you don't lose out on future months—you just don't get that particular $100.

Qualifying direct deposits include regular income like salary, pension, Social Security, or government benefits that are electronically deposited. Things like transfers from other banks, mobile check deposits, or peer-to-peer payments (Zelle, Venmo) don't count. BMO may ask for documentation to verify your deposits qualify.

• Open a BMO Smart Money Checking, Smart Advantage Checking, or BMO Relationship Checking account between September 9, 2026 and December 15, 2026.
• Use the promo code when applying—online applications get it automatically if you go through the offer page.
• Receive $1,000+ in qualifying direct deposits each month for up to six consecutive months.
• Each qualifying month earns a $100 bonus, paid about 10 days after the month ends.
• The savings bonus: Open a Savings Builder account and grow your balance by $200+ each month to earn $5 per month for a year, up to $60.

The fine print you shouldn't skip

This offer is only for new BMO personal checking customers. If you currently have a BMO personal checking account or had one that you closed in the past 12 months, you're not eligible. The same goes for joint account owners and signers.

You also need to live in one of these states at the time you apply: Arizona, California, Colorado, Florida, Iowa, Illinois, Indiana, Minnesota, New Mexico, Nevada, Oregon, Utah, Washington, or Wisconsin. BMO may ask for proof of address.

The account must stay open and in good standing with a balance above zero when the bonuses are paid. If you close the account within 90 days of opening, there's a $50 early termination fee. And yes, the bonus is considered taxable income—you'll get a 1099-INT if you earn $10 or more in interest, which includes these bonuses.

• Offer limited to one per client and account.
• Cannot be combined with other offers.
• BMO can change or cancel the offer at any time.
• If your balance hits zero, BMO may close your account.

Avoiding monthly fees on your new account

The BMO Smart Advantage Checking account has no monthly fee, which makes it the simplest choice for this bonus. The other eligible accounts—Smart Money Checking and BMO Relationship Checking—may have a $25 monthly fee, but those can be waived if you meet certain balance or activity requirements.

If you're also doing the savings bonus, your combined balances might be enough to waive the fee on the Relationship Checking account. But if you want to keep things simple, the Smart Advantage account is the way to go.

Is this bonus worth your time?

Compared to BMO's previous $200 or $500 offers, this $600 bonus is more generous—but the requirements are steeper. You're committing to six months of direct deposits, and you need to live in an eligible state. If you can meet those conditions, the return on your effort is excellent. The sooner you open the account, the sooner you can start earning those monthly bonuses and the sooner you'll be eligible to try for another BMO bonus down the road.

One thing to keep in mind: BMO sometimes runs targeted offers of up to $1,000, though those are harder to come by. If you're not in a rush, you might wait to see if a bigger offer appears. But if you can easily redirect $1,000 of your paycheck each month, this is a straightforward way to earn $600.

Bottom Line

• The $600 bonus is paid as $100 per month for six months of $1,000+ direct deposits.
• You must live in one of 15 eligible states to qualify.
• The Smart Advantage Checking account has no monthly fee.
• A $50 fee applies if you close the account within 90 days.
• Bonuses are taxable, so expect a 1099-INT if you earn $10+ in interest.

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