The Bank of Montreal (BMO) Premium Plan is designed for Canadians who want absolute freedom in their daily banking, offering unlimited transactions, global ATM access, and substantial credit card fee rebates. To attract new clients, BMO frequently pairs this top-tier chequing account with a lucrative promotional cash offer, rewarding users who transition their primary banking activities—such as payroll deposits and bill payments—over to their new BMO account.
Applying for the BMO Premium Plan and securing the promotional offer is a streamlined digital process. Whether you are upgrading an existing account or joining BMO for the first time, you can complete the entire application online. Understanding the specific qualification steps, fee structures, and how to navigate the digital onboarding portal ensures you get the maximum value out of your new banking relationship.
BMO Premium Plan Offer Details
| Category | Details |
|---|---|
| Standard Monthly Fee | $30.00 (Waived entirely by maintaining a minimum daily closing balance of $6,000). |
| Offer Requirements | Typically requires setting up a recurring direct deposit and making online bill payments within 60 days. |
| Premium Perks | Includes up to $150 annual rebate on eligible BMO premium credit cards and unlimited global non-BMO ATM withdrawals. |
Algorithm: How to Apply and Qualify for the Offer
- Step 1: Navigate to the official BMO website, locate the Bank Accounts section, and click on the Premium Plan promotional banner.
- Step 2: Click Open an Account. Existing customers can sign in using their 16-digit debit card number to pre-fill the application; new customers will need to provide standard Canadian identification details.
- Step 3: Follow the prompts to configure your account options, such as overdraft protection, and consent to the digital account agreements.
- Step 4: Once approved, download the BMO Mobile Banking app and log in, completing the 2-Step Verification process with your mobile number.
- Step 5: To trigger the promotional cash bonus, immediately use the online portal to set up a recurring payroll Direct Deposit and schedule at least two recurring Bill Payments from your new account.
Pro-Tip: To maximize your financial efficiency, treat the $6,000 minimum balance requirement as an extension of your emergency fund. This efficiency hack not only waives the $30 monthly fee (saving you $360 annually, which is a guaranteed 6% tax-free return on that $6,000) but also ensures you have immediate, penalty-free access to cash during unexpected life events.
Troubleshooting Common Application Issues
- MFA Code Delays: If your 2-Step Verification code is delayed during your initial app login, check your cellular connection. If the SMS fails, select the prompt to receive the code via an automated voice call to verify your device securely.
- Browser and Verification Errors: If the online application freezes or fails to upload your ID documents, clear your browser cache and cookies. Often, ad-blockers interfere with the secure Equifax identity verification scripts; temporarily disable them or use an Incognito/Private window.
- Locked BMO ID: For existing clients upgrading their account, entering an old password incorrectly multiple times will lock your digital profile. Use the Forgot Password link to reset your credentials using your current debit card and MFA before attempting to upgrade the account again.
Frequently Asked Questions
When will I receive the BMO Premium Plan cash bonus?
Once you have successfully opened the account and completed all qualifying actions (like your direct deposit and bill payments), the promotional cash bonus is typically deposited directly into your new Premium chequing account within 100 to 120 days from the account opening date.
Do transfers between my own accounts count toward the offer?
No. Standard promotional terms dictate that moving money between your personal BMO savings and chequing accounts does not qualify as a valid transaction for the bonus. You must use external sources, such as an employer payroll deposit or external bill payments, to qualify.
