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While PMB is focused on the credit cards and the premium travel, who doesn’t love free money in their wallet? The current BMO bank account bonus is one of the strongest banking offers in Canada, with an easy path to earning the first $700.
Usually, while the total bonus is very high, the first $500 or so is easily achievable through simple requirements. BMO took this to the next level because, under the current scheme, the first $700 is easily achievable — far surpassing every other offer on the market.
As an added bonus, BMO is offering a free 12-month Walmart+ membership.
Get $700 with BMO Bank Account Bonus — Apply Now
Qualifying for the first $700 with BMO is very simple.
You must open either a BMO Performance Chequing Account ($17/month) or BMO Premium Chequing Account ($31/month) by August 6, 2026. The monthly fees are waived when you maintain a minimum balance ($4,000 for Performance, $6,000 for Premium), then fulfil the following requirements:
- Set up a recurring direct deposit of at least $500.
- Complete one of the following:
- Make two eligible online bill payments of at least $50 to different payees.
- Set up two eligible pre-authorized debits of at least $50 to different payees.
That’s it! To get $700, you don’t need to maintain a minimum balance, open or fund a savings account, maintain a minimum balance for multiple months, open a credit card, or hit a required spending amount on that credit card.
Remember that most banks offer ~$700 after completing all requirements, with $500 as the initial chunk, while BMO offers $700 as the initial chunk and $900 if you complete all the requirements.
To get free Walmart+, sign up for or update your existing Walmart+ Membership by September 30, 2026, and select Debit Mastercard as the payment option after you open and fund your chequing account.
How to Get All $900 — Apply Now
For completeness, let’s look at how to unlock the full $900 bonus ($200 additional):
- $150 bonus for opening a Savings Amplifier Account by August 6 and completing the following:
- Deposit $10,000 within 30 days
- Maintain for 120 calendar days to earn a 4.65% promotional interest rate.
- Maintain for an additional 90 days
- $50 for registering for My Financial Progress by September 30:
- Create one goal in My Financial Progress Plan
- Go to the Planning Tab and apply one Strategy to the plan
You can see that there’s definitely a point of diminishing returns where the initial $700 is very worth it and the rest less so. The extra $50 for My Financial Progress is pretty straightforward, but you must earn the $150 to qualify for the last $50.
If you don’t mind storing $10,000 with BMO for at least 7 months, then getting the full $900 may be worth it. For most people, I suspect the first $700 is good enough.
Takeaway
What makes this promotion stand out isn’t the headline $900 bonus. Plenty of banks advertise bonuses in the $700–$900 range. The difference is that most competitors only hand out roughly $500 after completing the easy requirements, while BMO is offering a whopping $700 for the same level of effort.
However, like other banks, the remaining bonus is tied to opening additional products, maintaining balances, or completing extra steps. In this case, the remaining $200 is available if you’re willing to park $10,000 in a savings account for several months, but even if you stop at $700, opening a new BMO bank account is absolutely worth your time.
