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 - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
BMO Smart Money Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by 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]
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Get Deal | Get Deal | |
BMO Smart Advantage Checking | BMO Smart Money Checking | |
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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 - Axos Bank:
Rewards Checking - Up to 3.30% APY - UFB Freedom Checking & Savings:
Unlock Up to 4.21% 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.
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
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
Axos ONE - Earn up to 4.86% APY
- Earn up to 4.86% APY* on savings, and 0.51% APY* on checking when you meet requirements.
- Get your money up to 2 days early.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
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 - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
BMO Smart Money Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by 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 05/31/2025.
- 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.
Silver Business Checking account - $500 Bonus
Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 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, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- 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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