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 |
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
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).
- Axos Bank:
Rewards Checking - Up to 3.30% APY - UFB Freedom Checking & Savings:
Unlock Up to 3.46% APY - 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.
UFB Freedom Checking & Savings - Unlock Up to 3.46% APY
Combine Freedom Checking with Portfolio Savings to boost your savings APY by up to 0.20%.* Fewer fees, faster transactions. Plus, earn 2.00% APY* on your checking account.
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
UFB Freedom Checking - 2.00% APY
- Earn 2.00% APY* in your checking account, 25x the national average†
- Fewer account fees keep more of your money where it belongs – with you.
- Use your debit card at over 90,000 fee-free ATMs.
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 Banking - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- 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.
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds 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 may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by 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
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
CIT Bank Platinum Savings - 3.75% APY
- 3.75% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- 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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