BMO's Business Checking Bonus: Up to $1,000 for Your Company

Hey there, business owners. Looking for a little extra cash to pad your company's operating account? BMO has a pretty straightforward offer on the table right now that could be worth a nice chunk of change. It's a tiered bonus, meaning the more you can park in the account, the bigger the reward. Let's break down if this move makes sense for your business's cash flow.

Is This Bonus Right for Your Business?

This offer is best suited for businesses that already have a chunk of cash sitting in a low-interest account or as an operating buffer. The key is the 90-day 'maintain' period. You need to hit the minimum balance on day 30 and then not dip below it for the next two months. That's a significant commitment, so you need to be confident you won't need that money for other expenses during that quarter.

• Consider your cash flow cycle. If you have a slow season coming up where cash sits idle, this could be perfect timing.
• Calculate the effective 'interest' you're earning. Parking $4,000 to get $400 is a 10% return over ~3 months, which is fantastic. The return on the higher tiers is smaller but still solid for guaranteed cash.
• This is not for businesses that are cash-strapped or need every dollar liquid for daily operations.

Navigating the Application and Fine Print

You can apply online or in a branch, but you must use the official offer page to get the correct promotion code. If you apply online, the code is typically applied automatically. If you go to a branch, you'll need to request the code first from the website and bring it with you. Don't just walk in and ask to open an account—you might miss the bonus entirely.

• Eligibility is strict: No existing BMO business checking accounts, and you can't have closed one in the past 12 months under the same business Tax ID (EIN/SSN).
• It's one bonus per business entity, period. You can't stack this or open multiple accounts.
• Mark your calendar! The bonus pays around day 104, but your account must be 'in good standing' (open with a balance >$0) on the payment date.
• Remember, the bank will likely send you a 1099-INT for the bonus money. Set aside a portion for taxes.

Potential Pitfalls to Avoid

The biggest risk here is the balance requirement. If your balance falls even a dollar below the required tier at any point between days 31 and 90, you'll lose the bonus for that tier. You might qualify for a lower tier if you meet its requirements, but don't count on it. Set up balance alerts if your bank allows it.

• Watch out for the monthly fee. While it may be waivable (often by maintaining a minimum balance), factor it into your cost if you plan to keep the account open past the 120-day minimum.
• The offer terms explicitly state they can change or cancel the promotion at any time. While unlikely after you've opened, it's a reminder to keep screenshots of the offer details when you apply.
• Double-check the account names. The offer lists specific account types (Digital, Simple, Premium, Elite). Make sure the one you're opening is on that list.

Bottom Line

• A strong offer for businesses with idle cash, offering an effective annualized return that beats most savings accounts.
• The 90-day maintenance period is the critical hurdle—plan your business finances carefully around it.
• Always use the official offer link and promo code to ensure you're enrolled.

Common Questions