Are you eager to explore a detailed review of BMO Smart Money 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 Money Checking:
Fees
BMO Smart Money Checking has a monthly fee of $5, which adds up to $60 per year, and can only be waived if you are under 25 years old. This means that this account is only recommended for those who are younger than 25.
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
BMO Smart Money Checking does not offer Overdraft service, so all charges that would cause your account to go into negative balance will be rejected.
Early direct deposit
Even if you have direct deposit set up, Smart Money 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 Money Checking:
| Feature | Fee |
|---|---|
| Monthly maintenance fee | $5 or $0 if you’re under 25 |
| BMO and Allpoint ATM transactions in the U.S. | $0 |
| Non-BMO ATM transactions | $3 |
| Paper statements | $2 (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 | $0 |
| Minimum opening deposit | $25 |
Requirements
To open a BMO Smart Money 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 Money Checking account offers:
- No maintenance fees and no need to fulfill specific requirements.
- Access to over 40,000 fee-free ATMs worldwide.
- Welcome bonus of $300.
Cons
Here we present all the disadvantages:
- Very low interest rates on the checking account.
- Limited number of branches.
Frequent questions
Now we are going to answer all the questions you may have about Smart Money Checking:
Comparison of checking accounts in 2023
We have made a comparison of the Smart Money 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 the analysis, our opinion is that BMO Smart Money Checking is only recommended for those who are under 25 years old, as the account is free for them and they can withdraw money without fees from all BMO and Allpoint ATMs. However, it’s worth noting that the account offers very low interest rates, and obtaining the welcome bonus can be quite challenging.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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