BMO vs. Chase Checking Account Bonuses Compared: Guide to Maximizing Your Bank Bonus Earnings

Compare the latest BMO and Chase checking account bonuses to find the best fit for your financial needs. Discover key insights on qualifying activities, account features, and tips to maximize your earnings. Make an informed decision with our expert analysis on BMO vs. Chase bonuses.

Exploring the best checking account bonuses, BMO (formerly BMO Harris Bank) and Chase stand out with their compelling offers. Each bank presents a unique proposition to prospective customers, aiming to attract new account holders with cash bonuses*.

Drawing from years of personal success in leveraging bank bonuses to enhance my financial portfolio, and a thorough analysis of various banking products, I offer insights into navigating the offers from BMO and Chase.

BMO Checking Account Bonus

BMO offers a cash bonus* with a BMO Smart Advantage Checking or BMO Smart Money Checking by making qualifying direct deposits within the first 90 days.

Learn more about the BMO Relationship Checking or BMO Smart Advantage/Smart Money bonuses here.

Chase Total Checking® Account Bonus

Chase Bank is offering a bonus for new customers who open a Chase Total Checking® account. To qualify for this bonus, account holders must make direct deposits totaling $500 or more within 90 days of account opening. This offer is available online nationwide, with exceptions in Alaska, Hawaii, and Puerto Rico.

Learn more about the Chase Total Checking bonus here.

Detailed Analysis of BMO and Chase Checking Account Bonuses

When evaluating the checking account bonuses from BMO and Chase, it’s crucial to look into the intricacies of each offer to understand their true value to potential customers. Both institutions have crafted their bonuses to attract a wide range of clients, but the details reveal distinct paths to qualification and different benefits that may appeal to diverse financial needs and preferences.

BMO Bonus Offer Analysis

BMO presents a structured bonus system that rewards new customers with strong cash bonus*. The BMO Relationship Checking account requires at least $7,500 in qualifying direct deposits for a $400 bonus, while the Smart Advantage and Smart Money Checking accounts offer a $250 bonus for $4,000 in direct deposits.

The account benefits, such as access to a vast ATM network and the absence of monthly fees with specific account types, add value beyond the initial bonus. Yet, the premium account comes with a monthly maintenance fee unless certain balances are maintained, which could offset the bonus advantage for some users.

Chase Total Checking® Bonus Offer Analysis

Chase Bank’s offer of a $300 bonus for new Total Checking® account holders is designed with a lower barrier to entry, requiring $500 in total direct deposits within 90 days of account opening. This lower threshold makes the Chase bonus more accessible, including those who cannot commit to the higher deposit requirements of the BMO Relationship Checking offer.

Moreover, Chase’s extensive branch and ATM network, along with its acclaimed digital banking platform, enhance the overall value of their checking account beyond the initial bonus. The Chase Total Checking® account, however, includes a $12 monthly service fee, which can be waived under specific conditions. These conditions align closely with the activities required to earn the bonus, making it a potentially cost-effective option for new customers.

The Chase offer also comes with features like Overdraft Assist℠, which can provide additional financial safety nets for users.

Chase also offers other variations of the Chase Total Checking bonus that would earn you a higher bonus amount. However, these would require a much higher qualifying direct deposit and other requirements. See the full list here.

Account Features Comparison

While BMO offers a range of checking accounts tailored to meet various customer needs, the BMO Smart Advantage Checking is the most comparable option to Chase’s well-regarded Total Checking® account. This focused comparison aims to shed light on the similarities and differences between these two accounts, helping you make an informed decision based on your personal banking preferences.

BMO Smart Advantage Checking: A Closer Look

The BMO Smart Advantage Checking account is designed for customers seeking convenience and affordability in their banking experience. Notably, this account distinguishes itself by offering no monthly maintenance fee when customers opt for eStatements, aligning with a growing preference for digital banking solutions. Additionally, account holders benefit from fee-free access to over 40,000 Allpoint network ATMs, making it easier to manage cash on the go without worrying about ATM fees.

Chase Total Checking®: Key Features

Chase’s Total Checking® account is a cornerstone of Chase’s banking services, offering a comprehensive suite of features designed to meet the everyday banking needs of a wide range of customers. With a $12 monthly service fee that can be waived by meeting certain conditions—such as direct deposits totaling $500 or more—the account provides flexibility for customers to avoid monthly charges. The extensive Chase branch and ATM network, coupled with the advanced Chase Mobile® app and online banking platform, ensure that customers have access to their finances whenever and wherever they need.

Comparing Account Features and Fees

When juxtaposing the BMO Smart Advantage Checking with Chase Total Checking®, several key areas stand out for comparison: accessibility, digital banking capabilities, fee structures, and overdraft policies.

• Accessibility: Both accounts offer robust ATM networks, but Chase additionally provides the convenience of a vast number of branches nationwide, which may appeal to customers who prefer in-person banking services.
• Digital Banking: Both BMO and Chase emphasize their digital banking platforms, but Chase’s mobile app and online banking might have a slight edge in terms of functionality and user experience, based on broader customer feedback.
• Fee Structure: The BMO Smart Advantage Checking account eliminates the monthly maintenance fee with eStatements, making it a compelling choice for customers keen on minimizing fees. On the other hand, Chase Total Checking® offers multiple pathways to waive its $12 monthly fee, providing flexibility based on direct deposit, daily balance, or overall banking relationship.
• Overdraft Policies: Chase includes Chase Overdraft Assist℠, a feature that helps customers avoid overdraft fees under specific conditions. This feature adds a safety net for account management, which might not be as prominently featured in BMO’s offering.

Account Fees Comparison

BMO Fee Structure

• BMO Smart Advantage Checking: Features no monthly maintenance fee with eStatements, making it an attractive option for customers looking for cost-effective banking without compromising on essential services.

Chase Total Checking® Fee Structure

• $12 or $0 with one of the following, each monthly statement period:
  • Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNow℠ network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network
  • OR a balance at the beginning of each day of $1,500 or more in this account
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.

Deciding Between BMO and Chase

Choosing between the BMO Smart Advantage Checking and Chase Total Checking® account depends on your banking habits, fee sensitivity, and preferences for digital versus in-person banking services. If avoiding monthly fees with minimal conditions is your priority, and you primarily engage in digital banking, the BMO Smart Advantage Checking could be the ideal choice. Conversely, if you value a comprehensive banking experience with flexible fee waiver options and extensive branch access, Chase Total Checking® may better serve your needs.

That is if you had to choose only one bank to do business with. Here’s another thought – why settle for one when you could double dip? If you’re like me, always on the hunt for the best deals and maximizing returns, playing the field by opening accounts with both BMO and Chase might just be the power move. Think about it: you can earn a cool $400 from BMO and then turn around and pocket another $300 from Chase. That’s a tidy sum for simply diversifying your banking portfolio.

And why stop there? The world of bank bonuses is vast and varied. You can find more of more best bank bonuses here so you can accumulate and maximize your bank bonus earnings.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.