BMO Smart Advantage Checking Review: $350 Cash Bonus* & No Monthly Fee

UPDATE: BONUS OFFERS ARE BEING UPDATED

As someone who values smart financial choices, finding the right checking account is crucial for managing your money effectively.

In this review, we’ll take a deep dive into the features and benefits of BMO Smart Advantage Checking, helping you understand if it’s the right fit for your banking needs.

Plus, learn about the enticing $350 cash bonus* awaiting you upon signing up! We’ll discuss how to qualify for this cash reward, including the requirements and steps you need to take to claim it.

READ MORE: SEE THE BEST CHECKING ACCOUNTS HERE.

Understanding BMO Smart Advantage Checking

BMO Smart Advantage Checking is a standout option among BMO personal checking accounts offered by BMO (formerly BMO Harris), a reputable regional bank serving customers across several states.

This account is designed to provide essential banking services while minimizing fees and offering convenient features, making it an attractive choice for those looking to manage their finances efficiently.

Let’s explore what sets it apart: When comparing this account to other bank account options at BMO, such as the Smart Money account, it’s clear that the Smart Advantage Checking account offers benefits like lower monthly fees and more forgiving overdraft fees, which are crucial factors for anyone aiming to maintain a budget effectively.

Account Opening and Accessibility

Opening a BMO Smart Advantage Checking account is a seamless endeavor, characterized by flexibility and convenience. Whether you opt to initiate the process over the phone, in person at a branch, or via the online platform, BMO ensures a hassle-free experience. With an extensive network of over 500 branches spanning various states, accessing banking services has never been more convenient.

Fee Structure

A defining feature of BMO Smart Advantage Checking is its fee structure, which sets it apart from many traditional checking accounts. Unlike accounts burdened by monthly maintenance fees, this account offers respite with its no monthly service fee, making it a standout option when compared to other checking account options that might impose monthly fees.

This absence of monthly fees is particularly appealing for those looking to minimize their banking costs, providing a clear advantage over accounts that can erode your balance with such fees.

However, it’s prudent to familiarize oneself with other potential fees, such as overdraft charges and out-of-network ATM fees, to make informed financial decisions.

We wrote a comprehensive blog post on BMO checking account fees here.

Online and Mobile Banking

BMO prioritizes digital banking convenience, offering a robust online and mobile banking platform tailored to modern-day lifestyles. Account holders benefit from an array of features, including mobile check deposit, bill payment capabilities, real-time account monitoring, and the ability to transfer money easily between accounts.

This feature enhances the convenience of managing finances directly from BMO’s online and mobile platforms. Moreover, the Total Look tool provides a comprehensive financial snapshot, facilitating holistic money management across multiple accounts.

Debit Card Options

Personalization takes center stage with BMO Smart Advantage Checking’s diverse range of debit card designs. Whether you opt for the standard card or choose from themed designs featuring popular sports teams like the Chicago Bulls and Milwaukee Bucks, each card comes imbued with unique perks. (Note: BMO has its roots in the US Midwest but has expanded to other regions, including California & Arizon, after its acquisition of Bank of the West.)

Overdraft Protection

For individuals seeking added peace of mind, BMO offers overdraft protection options to mitigate the risk of overdrawing their account. By enrolling in these services, you can link a backup account or establish an overdraft line of credit, safeguarding against unexpected expenses.

However, as previously discussed, it’s essential to weigh the associated fees and terms carefully before opting in.

What’s Not To Like About the BMO Smart Advantage Checking Account

While BMO Smart Advantage Checking offers numerous benefits and incentives, it’s essential to consider potential drawbacks before making your decision. Here are a few aspects to keep in mind:

Limited Interest-Earning Potential

Despite its numerous perks, BMO Smart Advantage Checking doesn’t accrue interest on your balance. For individuals seeking to grow their funds over time, especially through passive means, this absence of interest accumulation might be a notable drawback. If you’re looking to grow your money, you might want to explore other high yield savings or money market accounts such as this one from American Express Savings.

Overdraft Fees and Protection:

Despite the availability of overdraft protection, there’s still a risk of incurring fees if your account balance dips below zero. While this feature can prevent declined transactions, it’s essential to be mindful of potential charges, which can accumulate if not managed carefully.

Branch Availability and Accessibility

While BMO boasts an extensive network of over 500 branches across several states, its branch availability might not match that of larger national banks. This limitation could inconvenience individuals who prefer in-person banking services or rely heavily on branch access for their banking needs. For larger banks, Chase and Bank of America offers a larger network.

Account Requirements for Bonus Eligibility

To qualify for the cash bonus* associated with BMO Smart Advantage Checking, meeting specific account requirements is required. Failure to fulfill these prerequisites, such as maintaining a minimum balance or setting up direct deposits, could result in disqualification from receiving the cash bonus*.

Additionally, customers have the option of opening a new Relationship Checking or Smart Money Checking account, which also offers a cash bonus* for those who open an account and meet deposit criteria within 90 days.

Additional Fees and Charges

While the absence of a monthly maintenance fee is a notable advantage, it’s essential to be aware of other potential charges. These may include out-of-network ATM fees, overdraft fees, or transaction-based charges, which can impact the overall cost of account ownership. Read more here.

Overall, while BMO Smart Advantage Checking offers many benefits, it’s important to weigh these against any potential drawbacks to ensure that the account aligns with your financial goals and preferences. By carefully considering all aspects of the account, you can make an informed decision that best suits your banking needs.

Is BMO Smart Advantage Checking Right for You?

As you consider whether BMO Smart Advantage Checking is the right fit for your banking needs, there are a few key factors to keep in mind.

If you value fee transparency and accessibility, this account may align well with your preferences. Additionally, the convenience of online and mobile banking, coupled with personalized debit card options, enhances the overall banking experience.

However, if you anticipate frequent overdrafts or prefer a checking account with interest-earning potential, you may want to explore alternative options. Ultimately, the decision comes down to your individual banking habits and financial priorities.

A Cash Bonus* Awaits You

Seize the opportunity to earn a generous cash bonus* by opening a new BMO Smart Advantage Checking account with a minimum opening deposit of $25 and meeting the qualifying criteria within the first 90 days.

Here’s how the cash bonus* offer works:

My Take on the BMO Smart Advantage Checking Account

BMO Smart Advantage Checking offers convenience, accessibility, and transparency. With its no monthly fee feature and an enticing cash bonus*, this account presents an unparalleled opportunity for savvy consumers to optimize their financial journey.

Whether you prioritize fee transparency, digital banking convenience, or personalized banking experiences, BMO Smart Advantage Checking caters to a diverse range of preferences and needs.

READ MORE: SEE MORE BMO BONUSES HERE

READ MORE: SEE THE BEST BANK BONUSES HERE

By John Huynh, with over two decades in finance and investing, including as a Senior Finance & Operations Manager at a renowned research institute and degrees in Economics and International Studies from UC Irvine. Edited by Tony Jay, a seasoned finance blogger and Executive Editor with two decades in banking, specializing in online banking and savings strategies. Tony holds a doctorate from Tulane University.