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
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]
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 |
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.
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).
- Quontic:
High Interest Checking - Up to 1.10% APY - Chase High School Checking℠:
$125 Bonus - KeyBank:
Key Smart Checking® - $300 Bonus
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.
Chase High School Checking℠ - $125 Bonus
- Your teen gets $125 when you open a new Chase High School Checking℠ account together with qualifying activities within 60 days of coupon enrollment
- As a co-owner of the account, you must be present at account opening.
- $0 Monthly Service Fee
- Help your teen build good money habits with their own debit card. Plus, they can add their debit card to their digital wallet.
- With Zelle®, pay and get paid back from friends and family who have an eligible account at a participating U.S. bank. No fees and no waiting for days for money to hit their account.
- You and your teen can stay on top of their account activity by choosing which Account Alerts you both want to sign up for — such as low balance, posted payments, and more.
- Chase makes it easy for your teen to access their money from anywhere with the Chase Mobile® app, plus thousands of ATMs and branches.
- JPMorgan Chase Bank, N.A. Member FDIC
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
Key Smart Checking® - $300 Bonus
- Open a Key Smart Checking® account online by December 11, 2026.
- Make the minimum opening deposit of $10 and a total of $2,000 or more in eligible direct deposits within the first 90 days of account opening.
- Your $300 cash bonus will be deposited into your account within 60 days of meeting requirements. Account must not be closed at the time of gift payment.
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.
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® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer
- New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
- Bank of America N.A. Member FDIC.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3.00% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
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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