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 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 | Waived with paperless statements (otherwise $2 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 | ||
| Get Deal | Get Deal |
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 Bank 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 - Quontic:
High Interest Checking - Up to 1.10% APY - Consumers Credit Union:
Free Rewards Checking - KeyBank:
Key Smart Checking® - $200 Bonus - OnPath Federal Credit Union:
High Yield Checking - Up to 7% APY - Upgrade:
Rewards Checking Plus - Up to 2% Cash Back - Fifth Third Momentum® Checking:
$200 Bonus - 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
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- 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
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
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 - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
BMO Smart Money Checking - $250 Cash Bonus
Open a new BMO Smart Money Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
BMO Relationship Checking - $400 Cash Bonus
Open a new BMO Relationship Checking account and get a $400 cash bonus when you have a cumulative total of $7,500 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
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
BMO Smart Advantage Checking
- No minimum balance required
- Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
- $2 monthly fee for paper statements and $3 monthly fee for check images are waived with paperless statements
BMO Smart Money Checking
- No minimum balance required
- Fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide
- $5 monthly maintenance fee ($0 if you're under 25 years old)
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- 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 - $200 Bonus Offer
- The $200 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 5/31/2024.
- To qualify, open a 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 account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. 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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