It’s Sebastian from SMB and today I’m going to tell you how to get $200 from BMO Harris by opening up a bank account. If you are new here, we’re all about how to maximize the value of your credit cards, how to travel for free and how to get the most cash back as well, if that sounds interesting to you, then maybe subscribe to our Channel. Let’s get started.
BMO Harris is the US version of a Canadian bank, BMO stands for Bank of Montreal and my guess is that they’re trying to expand into the US to get a ton of customers, because the U.S. is a bit bigger than Canada in terms of population, so it makes sense that they’re giving you a sign-up bonus of $200 if you open up an account depending on what account you open.
So there are different versions to apply for this account. The minimum starting deposit is either $25 or $100, the only requirement for the bonus is that you have to have at least two direct deposits of at least $300 each in the first 90 days to get the bonus.
A lot of other bank account bonuses have either a very high minimum balance that you have to keep or some transaction rules, but this only requires a direct deposit here, which is helpful. If you can move the direct deposit from your work to this account, you can use the credit card to fund it.
So you can fund up to $1,000 of the initial deposit with your credit card, which means if you’ve got the SPT card which a lot of people have recently, you can hit $1,000 of minimum spend which is good. It’s an easy way to do if you are struggling on minimum spend. If you don’t, do a comfortable loading for credit card.
The main reason I mentioned is that a lot of people have the MS PG card and I figure I tend to help you towards minimum spend, you will approximately get the bonus 120 days after opening the account. I don’t see any costs for early closure, but you may want to double check yourself , this promotion lasts until April 28th 2017 depending on how many people sign up.
You might want to sign up sooner and the main reason is because of what the Wells Fargo offers, it was supposed to end at the end of the month, and they pulled the offer earlier, because too many people signed up. So what’s the catch? There’s a 12-dollar monthly fee, but there are three easy ways you can use to waive it.
So either you’re a college student, in that case you have to wait for four years at most or you have $500 transfers to the account, it sounds like even if I transfer it from another bank I have, as long as I have at least $500 every month, that would be fine as well. And the third way is that if you have at least $1000 minimum daily, you can open it. If you load it with $4,000 to hit a$1,000 suspend, which is really helpful for you. I’m assuming that you have other funds to pay off, if you have a SBG account, that thousand dollars would sit here and make you money the worst case.
If you don’t want to do any of these different methods to waive the fee, you could eat the feed, so you’re going to get paid out in 120 days, which is four months, $12 times four months is $48, I wouldn’t recommend it, but you would still be thinking about it.
So you’re making $200, and you’re eating $48 and fees, so you’re getting $152 back on your investment in time for all this to go to direct deposits. So who’s the software good for? I think it’s good for someone who has an MS SPG card and wants to hit $1,000 of the $5,000 or $8,000 of minimum spend.
This is helpful if you’re someone who values $200 and you don’t mind spending ten minutes doing some online paperwork to do it. I’m the type of person who can do all this while watching Hulu or YouTube, it’s moving money around. Making 200 bucks is a no-brainer to me, I think it’s good for people who can ideally keep $1,000 on that separate account or maybe you don’t mind transferring $500 over every month and $500 back right afterwards. And the main thing is that you’re doing this while you’re under computer, you’re on your computer for about five to ten or fifteen hours every day, so five minutes is nothing. So who’s the software not good for? It’s not good for someone who doesn’t care about $200.
If there’s an insignificant amount of money for me, I’m not going to turn it down, especially if it’s relatively low hanging fruit. For those who think it is too much work, I have to say it’s not, because I’m doing it while doing other things for you. You might feel filling in paperwork is really hard, I disagree.
So I hope it was helpful and let me know if you want to hear more about these bank bonuses or if you have any questions. My question for you is how much money is enough to make you want to do something. So for bank bonuses for me, typically it’s between $100 to $200, depending on how much work there is, then I’ll be signing up for credit cards. If I’m not getting at least $200 in value, I’m not going to sign up for a card, that’s the reason why I don’t have a Costco card or a city double cash card, it’s not worth to me. You can say that you might get some percentage point with the Costco card, but you have to spend $1,000, which doesn’t make sense to me.
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