[Expired] BMO Harris – $250 Checking Bonus – Available Nationwide

This deal has now expired, but there is a $200 bonus that is still available.

Offer at a glance

• Maximum bonus amount: $250
• Availability: Nationwide
• Direct deposit required: $300
• Additional requirements: None
• Hard/soft pull: Soft
• Credit card funding: Up to $1,000
• Monthly fees: $10, waivable
• Early account termination fee: $50 if closed within 90 days, you’ll also forfeit the bonus if you closed the account within six months.
• Expiration date: February 8th, 2016

The Offer

Direct link to offer

There are no longer any online opening options, but you can open the account over the phone or at a BMO harris branch. Make sure to confirm the bonus when giving them the promotional code “flexcode12”.

• Receive a bonus of up to $250 when you open a checking account with BMO Harris, use the promotional code “flexcode12” and complete the following requirements:
  • Open a BMO Harris Everyday Checking®, BMO Harris Select Checking® or BMO Harris Portfolio Checking® account
  • Set up a qualifying recurring direct deposit of at least $300 (these first two steps qualify you for a $200 bonus)
  • Meet the requirements for the $200 bonus and turn on paperless statements (this qualifies you for another $50)

The Fine Print

• Offer 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 of opening a new account as part of this promotion
• “Qualifying direct deposits” are recurring direct deposits of a paycheck, pension payment, Social Security payment, or other government benefits payment electronically deposited into your new personal checking account on a recurring basis, at least monthly, from an employer or an outside agency. Each direct deposit must be in an amount of $300 or more and the first direct deposit must occur within 60 days of account opening
• We reserve the right to request documentation to support that the direct deposits are qualifying direct deposits
• If we determine you have met the terms of the offer, the cash bonus will be deposited into your new BMO Harris personal checking account on the Payment Date. “Payment Date” means approximately 120 days after account opening
• To receive the $50 paperless statements cash bonus, you must 1) meet the criteria to receive the $200 checking cash bonus, 2) enroll in BMO Harris Online Banking^® and 3) opt to receive electronic only statements on your new checking account by February 8, 2016.
• You must still be opted in for electronic only statements on the Payment Date. “Payment Date” means approximately 120 days after opting to receive electronic only statements
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Your best option is to open the BMO Harris Everyday Checking ($10 monthly fee), the monthly fee is waived if you meet any of the following requirements:

• You receive an external deposit of $500 or more
• The minimum daily balance is $1,000 or more
• You’re a college student and you request a fee waiver. This will result in the account being fee free for a period of four years
• Your BMO Harris Select Checking® account meets its $10,000 minimum Combined Balance requirement, and you have requested we link this account to your BMO Harris Select Checking account to receive benefits under Relationship Waiver. (Monthly maintenance fee waiver is limited to one (1) BMO Harris Everyday Checking account.)
• Your BMO Harris Portfolio Checking® account meets its $25,000 minimum Combined Balance requirement, and you have requested we link this account to your BMO Harris Portfolio Checking account to receive benefits under Relationship Waiver. (Monthly maintenance fee waiver is limited to a total of two (2) BMO Harris Everyday Checking accounts.)
• Your Wealth Checking account meets its $25,000 minimum Average Daily Balance requirement, and you have requested we link this account to your Wealth Checking account to receive benefits under Relationship Waiver. (Monthly maintenance fee waiver is limited to a total of two (2) BMO Harris Everyday Checking accounts.)

Early Account Termination Fee

You need to keep your account open for a minimum of six months to keep the bonus, in addition to this if you closed it within 90 days you’ll be charged an additional $50.

Our Verdict

BMO Harris were previously offering a $200 bonus with the same direct deposit requirements, but they have now added the $50 bonus for setting up paperless statements. If you want to do this deal, I’d do it sooner rather than later otherwise you might run out of time to set up those paperless statements.

We’ve added this to our best bank bonus list and our complete list of all banking bonuses.

Hat tip to reader Jared