BMO Smart Advantage Checking Account

You are in the market for one free checking account and you want the security that comes with a larger, FDIC insured bank. Where do you go back?

If you don’t care about bells or whistles or financial benefits, BMO Smart Advantage Checking Account is a good place to start. It’s as simple as a checking account can be without sacrificing any of the basics.

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What is the BMO Smart Advantage Checking Account?

BMO Smart Advantage Checking Account is a free checking account from BMO. It’s a simple account with no monthly maintenance fee, no minimum ongoing balance and a wide ATM network with no fees.

This account has few benefits or value-added benefits. For example, BMO does not refund out-of-network ATM fees or waive overdraft fees for Smart Advantage account holders. But the account has a great mobile app that essentially eliminates the need to bank in branch.

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What sets the BMO Smart Advantage Checking Account apart?

The BMO Smart Advantage Checking Account doesn’t have any truly unique features, but it stands out for a few important reasons:

• There is no monthly maintenance fee. This account has no monthly maintenance fee regardless of statement preference.
• Large network of ATMs with no withdrawal fees. BMO Bank has more than 40,000 ATMs in its fee-free network. But note that BMO does not reimburse out-of-network ATM fees for this account.

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Key features of the BMO Smart Advantage Checking Account

The BMO Smart Advantage Checking Account is a basic checking account that stands out primarily for its generous sign-up bonus and no monthly maintenance fee.

Signup bonus

Open a new BMO Smart Advantage Checking account or BMO Smart Money Checking account through September 8, 2026 and earn a $400 cash bonus* when you make $4,000 in qualified direct deposits within 90 days of opening the new account.

*Conditions apply and other offers may be available. Accounts are subject to approval and are offered in the United States by BMO Bank NA Member FDIC

Deposit and minimum balance

The minimum deposit to open a BMO Advantage Smart Checking Account is $25. There is no ongoing minimum balance once your account is open.

ATM network

BMO is part of the Allpoint ATM network, which means there are more than 40,000 fee-free ATMs across the United States. This includes many areas where BMO does not have branches.

However, Smart Advantage does not reimburse out-of-network ATM fees, so avoid them to avoid additional fees.

Possible account fees

This account has no monthly maintenance fee.

Other possible fees include:

• A $3 out-of-network ATM fee
• A $15 overdraft fee when your account is overdrawn by more than $50 (maximum 3 fees per business day)
• A $3 fee per statement period for control images if you choose paper statements
• A $3 monthly paper statement fee if you choose paper statements (waived if you’re paperless or over 65)

Mobile phone features

BMO has a comprehensive, user-friendly mobile app that supports:

• Free Mobile Check Deposit
• Person-to-person Zelle transfers with no BMO user fees (although other fees may apply)
• Budgeting and expense tracking tools
• One table view of all your BMO bank and credit card accounts

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The advantages

BMO Smart Advantage has no monthly maintenance fees and an extremely large network of fee-free ATMs.

• There is no monthly maintenance fee. BMO Smart Advantage has no monthly maintenance fee. However, there is a $3 fee for paper statements if you choose paper statements (waived if you go paperless or are over 65).
• More than 40,000 fee-free ATMs. BMO Bank has a large network of fee-free ATMs that includes much more than just BMO-branded machines. This is a major advantage over banks with smaller or proprietary ATM networks, including the big ones like Chase Bank.

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Disadvantages

BMO Smart Advantage’s downsides revolve around what it lacks: relationship benefits, out-of-network ATM discounts, ongoing bonuses for account holders, and interest on balances.

• No benefit from the relationship. BMO Smart Advantage is an entry-level checking account with no relationship benefits for account holders. In contrast, BMO Relationship Checking Account offers quarterly bonuses on credit card spending and discounts on loans originated by BMO. If you can afford the maintenance fee for that account or meet the waiver requirements, it’s a more rewarding option.
• There are no out-of-network ATM discounts. BMO Smart Advantage does not reimburse out-of-network ATM surcharges. This is a disadvantage with BMO Premier, which does this, and other more generous checking accounts as well.
• There are no ongoing bonuses. Unlike the more generous BMO Relationship Checking Account, Smart Advantage has no ongoing bonuses for account holders.
• There is no interest on balances. This account does not earn interest on balances. This is a disadvantage in relation to the growing number of high interest current accounts on the market, a list that includes several accounts with no maintenance fees.

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How the BMO Smart Advantage Checking Account Accumulates

If you’re just looking for a free basic checking account, BMO Smart Advantage is perfect for you. If you’re looking for something more generous, it’s not – but the BMO Relationship Checking Account might be.

	BMO Smart Advantage Control	BMO Relationship Control
Monthly maintenance fee	$0	$25 but waiveable
Waiver requirements	Not applicable (no monthly fee)	Yes, balance over $10,000 is required
ATM fee refund	ANY	Up to $25 per month
Credit Card Benefits	ANY	Up to $75 in quarterly spending rewards
Mortgage benefits	ANY	Closing costs and interest rate discounts
Interest on balances	ANY	Variable rate rates

The last word

of BMO Smart Advantage Checking Account is a no-fuss checking account that’s ideal if you’re not looking for anything fancy. With only a minimum initial deposit and no minimum ongoing balance, it’s a good starter bank account that you can easily grow into (and hopefully, eventually, out of).

However, if you expect more from your checking account, Smart Advantage probably won’t cut it. Unlike the BMO Relationship Checking Account, it does not offer discounts to BMO borrowers, does not offer rewards on credit card spending, and does not offer refunds on out-of-network ATM fees. It’s your money – choose wisely.

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