BMO Smart Advantage vs Smart Money
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BMO's Smart Advantage has $0 monthly fees. Smart Money has no overdraft fees. Which one is a smarter choice? Read on to find out.
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BMO offers several checking options worth considering. They have Smart Advantage, a popular free checking account with little to no fees. But, they also have Smart Money which gives peace of mind with no overdrafts.
When you're budgeting every dollar, both are good options. But which one suits you best? Read on to learn more about both accounts before you decide.
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO Smart Advantage Checking
BMO Smart Money Checking
BMO Smart Advantage vs Smart Money Checking
BMO's Smart Advantage and Smart Money do not earn any interest. But here's how the two checking accounts differ:
- BMO Smart Advantage: has no monthly maintenance fee and no minimum balance. It has a $15 overdraft fee for each item, but you can get overdraft protection to avoid it. Find out more.
- BMO Smart Money: offers no overdraft fees and no minimum balance. It does have a $5 monthly fee, but it can be waived if you are under 25 years old. Find out more.
Both accounts require a $25 opening deposit and have fees if you request paper statements. But when you choose to go paperless, the fees can be waived.[1][2]
| | |
| Get Deal | Get Deal | |
BMO Smart Advantage Checking | BMO Smart Money Checking | |
|---|---|---|
BMO Smart Advantage Checking - | BMO Smart Money Checking - | |
| Monthly Fee | No monthly fees with paperless statements (otherwise $3 for paper statements and $3 for check images) | $5 ($0 if you're under 25 years old) |
| Minimum Deposit to Open | ||
| ATMs | Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide | Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide |
| Balance Requirement |
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Which Account is Best for You?
Both BMO Smart Advantage and Smart Money can give you some peace of mind from certain fees and easy access to your money when you need it.
Take a look at these points to help you decide between the two:
- Choose BMO Smart Advantage: if you simply want a place to store your money without thinking about any monthly fees. This is best to have if you won't be using it for your recurring transactions and expenses.
That way, you won't have to worry about any possible overdrafts. It doesn't earn any interest though, so don't expect your money to grow in the account.
- Choose BMO Smart Money: if you will be using it for your day-to-day expenses or recurring payments. Having no overdraft fees is very helpful when you need to use every dollar in your account. Transactions that may overdraw will simply be declined.
Be careful with clearing out your balance though. Your account may be closed if it has zero balance for too long.
With that, let's check out the pros and cons of both checking accounts to get a better picture.
Yes. BMO is a legitimate bank based in Chicago, Illinois. They were formerly named BMO Harris Bank and renamed to a simplified BMO in September 2022.[3] Your deposits are also insured for up to $250,000 as they are an FDIC-member bank (FDIC# 16571).
- Discover Bank:
Online Checking Account - Earn Cash Back - First Tech Rewards Checking®:
Up to $300 Bonus - Axos Bank:
Rewards Checking - Up to 3.30% APY - Quontic:
High Interest Checking - Up to 1.10% APY - Consumers Credit Union:
Free Rewards Checking - KeyBank:
Key Smart Checking® - $300 Bonus - Upgrade:
Rewards Checking Plus - Up to 2% Cash Back - CIT Bank:
eChecking
Smart Advantage Pros and Cons
Pros:
- No monthly maintenance fee
- No minimum balance
- Access to 40,000+ fee-free ATMs
- Optional overdraft protection
- Complimentary Debit Mastercard
Cons:
- Doesn't earn interest
- $15 overdraft fee
- $25 opening deposit
- $3 out-of-network ATM fee
- $35 stop payment fee per request
- $50 account closing fee
- $3 for paper statements
Learn more about Smart Advantage.
First Tech Rewards Checking® - Up to $300 Bonus
- New Direct Deposit Offer
- New and existing account holders can set up qualifying direct deposits to earn a one-time bonus: $50 for $1,000–$5,000 per month or $300 for over $5,000 per month.
- Direct deposits must meet the required amount for the bonus tier and occur at least once a month for three months.
- Earn up to 3.50% Annual Percentage Yield (APY)
- No minimum balance requirements and no monthly account maintenance fees
- Surcharge-free access at nearly 30,000 CO-OP network ATMs nationwide
- NCUA Insured
Smart Money Pros and Cons
Pros:
- No overdraft fee
- No minimum balance
- Access to 40,000+ fee-free ATMs
- Complimentary Debit Mastercard
Cons:
- Doesn't earn interest
- $5 monthly maintenance fee
- $25 opening deposit
- $3 out-of-network ATM fee
- $35 stop payment fee per request
- $50 account closing fee
- $2 for paper statements
Rewards Checking - Up to 3.30% APY
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Bottom line
BMO Smart Advantage and Smart Money are good checking account options with fewer fees. Both are good choices if you want easy access to your money for spending.
However, neither earns interest, so they may not be the best choice to park your money for a long time. Consider your financial needs and preferences before choosing between them, as they have some differences.
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
References
- ^ BMO. BMO Smart Advantage Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/04/2023
- ^ BMO. BMO Smart Money Checking Deposit Account Disclosure and Bank Fee Schedule, Retrieved 12/04/2023
- ^ BMO. Unifying under one name: BMO, Retrieved 12/04/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at rue.atanacio@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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