Are you eager to explore a detailed review of BMO Smart Advantage Checking? At Responsible Economy, we’ve taken an in-depth look at its features, covering fees, interest rates, welcome bonuses, requirements, and everything you need to know. We also offer a comprehensive comparison of the best checking accounts available in the United States for 2023. Welcome!
Features
Let’s now take a look at the key features of BMO Smart Advantage Checking.
Fees
Certainly, one of the great advantages of BMO Smart Advantage Checking is that it has no monthly or annual maintenance fees, and there are no minimum requirements to fulfill.
Minimum deposit
The minimum deposit to open the account is $25.
Cash withdrawals at ATMs
You can withdraw money with no fees at all Allpoint ATMs. Allpoint has more than 40,000 ATMs in the United States and around the world. Additionally, you can also withdraw money with no fees at all BMO ATMs. However, for other ATMs, there is a $3 withdrawal fee.
Zelle
BMO allows you to conveniently send and receive money using Zelle.
Overdraft assist
Smart Advantage Checking does offer overdraft service. For each overdraft transaction, there is a $15 fee. It is crucial to try to avoid any overdraft to prevent incurring these fees. Being mindful of your account balance and managing your finances responsibly can help you avoid overdrafts and the associated charges.
Early direct deposit
Even if you have direct deposit set up, Smart Advantage Checking does not offer a payroll advance service. Therefore, it’s important to be aware that you won’t have the option to get an advance on your payroll through this account. However, the absence of this feature doesn’t negate the other benefits and advantages that come with the Smart Advantage Checking account.
Bonus
You have a welcome bonus of $300 if you make a direct deposit of at least $4,000 within the first 90 days of opening the account.
Summary table
Here is a summary table with all the features offered by the BMO Smart Advantage Checking:
| Feature | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| BMO and Allpoint ATM transactions in the U.S. | $0 |
| Non-BMO ATM transactions | $3 |
| Paper statements | $3 (fee is waived if any individual associated with your account is 65 years or older; you can also go paperless for free statements) |
| Check images | $3 (you can opt out of check images; or go paperless statements for free check images) |
| Overdraft fee | $15 each (or get overdraft services to avoid fees) |
| Minimum opening deposit | $25 |
Requirements
To open a BMO Smart Advantage Checking account, you need to meet the following requirements:
- Reside in the United States and provide proof of your address.
- Have a valid Social Security number.
- Possess a US phone number.
Pros
We have compiled a list of all the advantages that the BMO Smart Advantage Checking account offers:
- No maintenance fees and no need to fulfill specific requirements.
- Access to over 40,000 fee-free ATMs worldwide.
Cons
Here we present all the disadvantages:
- Very low interest rates on the checking account.
- No welcome bonus.
- Limited number of branches.
Frequent questions
Now we are going to answer all the questions you may have about Smart Advantage Checking:
Comparison of checking accounts in 2023
We have made a comparison of the Smart Advantage Checking with the best checking accounts you can open in the United States:
- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates
- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs
- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings
- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings
- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Video with the best banks
Here you have a video with best checking accounts:
Learn more about BMO
We show you a table that we have made with information of interest about BMO:
| Información | Description |
|---|---|
| Web page | https://www.bmo.com/en-us |
| https://www.facebook.com/bmoUSA | |
| https://twitter.com/BMO_US | |
| https://www.linkedin.com/company/bmo-us/ | |
| YouTube | https://www.youtube.com/@bmoUS |
Conclusions
After conducting our analysis, our opinion is that BMO Smart Advantage Checking is a competitive checking account because it has no annual maintenance fees, and you can withdraw money without fees at over 40,000 ATMs across the United States. However, it is essential to note that it does not offer any interest and does not provide a welcome bonus.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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