BMO Smart Advantage Checking Account Review

You’re in the market for a free checking account and you want the security that comes with a bigger, FDIC-insured bank. Where do you turn?

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

What Is the BMO Smart Advantage Checking Account?

The BMO Smart Advantage Checking Account is a free checking account from BMO. It’s a simple account with no monthly maintenance fee, no ongoing minimum balance, a broad fee-free ATM network, and a sign-up bonus that’s better than most free checking accounts’.

This account has few value-added benefits or perks. For example, BMO doesn’t reimburse out-of-network ATM fees or waive overdraft fees for Smart Advantage account holders. But the account does have an excellent mobile app that basically eliminates the need to bank in-branch.

What Sets the BMO Smart Advantage Checking Account Apart?

The BMO Smart Advantage Checking Account has no truly unique features, but it does stand out for a few important reasons:

• No monthly maintenance fee. This account has no monthly maintenance fee regardless of statement preference.
• Above-average sign-up bonus for a free checking account. For a free checking account, Smart Advantage has an excellent sign-up bonus with qualifying direct deposits. 
• Big ATM network with no withdrawal fees. BMO Bank has more than 40,000 ATMs in its fee-free network. But be forewarned that BMO doesn’t reimburse out-of-network ATM fees on this account.

Key Features of the BMO Smart Advantage Checking Account

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

Sign-up Bonus

Open a new BMO Smart Advantage Checking Account or BMO Smart Money Checking Account by January 28, 2026, and get a $400 bonus when you have $4,000 in direct deposits within 90 days of opening. Conditions apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC

Minimum Deposit and Balance

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

ATM Network

BMO is part of the Allpoint ATM network, which means it has more than 40,000 fee-free ATMs across the United States. That includes many areas where BMO doesn’t have branches.

However, Smart Advantage doesn’t reimburse out-of-network ATM fees, so avoid those to avoid surcharges.

Possible Account Fees

This account has no monthly maintenance fee.

Other possible fees include:

• A $3 out-of-network ATM fee
• A $15 fee per overdraft when your account is overdrawn by more than $50 (maximum of 3 fees per business day)
• A $3 fee per statement period for check images if you choose paper statements
• A $3 paper statement fee each month if you choose paper statements (waived if you go paperless or are 65+)

Mobile 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 (though other fees may apply)
• Budgeting and expense-tracking tools
• One-dashboard view of all your BMO bank and credit card accounts

Advantages

BMO Smart Advantage has no monthly maintenance fees, a generous sign-up bonus, and an unusually large fee-free ATM network. 

• No monthly maintenance fee. BMO Smart Advantage has no monthly maintenance fee. However, there is a $3 paper statement fee if you choose paper statements (waived if you go paperless or are 65+).
• Sign-up bonus with qualifying direct deposits. By the standards of the no-maintenance-fee checking space, BMO Smart Advantage has an above-average sign-up bonus. The direct deposit requirement is manageable for many would-be account holders too.
• More than 40,000 fee-free ATMs. BMO Bank has a big fee-free ATM network that includes many more than just BMO-branded machines. This is a big advantage over banks with smaller or proprietary ATM networks, including big ones like Chase Bank.

Disadvantages

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

• No relationship benefits. BMO Smart Advantage is an entry-level checking account with no relationship benefits for account holders. By contrast, the BMO Relationship Checking Account offers quarterly bonuses on credit card spending and discounts on loans originated with BMO. If you can afford that account’s maintenance fee or meet the waiver requirements, it’s a more rewarding option.
• No out-of-network ATM rebates. BMO Smart Advantage doesn’t reimburse out-of-network ATM surcharges. This is a disadvantage relative to BMO Premier, which does, and other more generous checking accounts too.
• No ongoing bonuses. Unlike the more generous BMO Relationship Checking Account, Smart Advantage has no ongoing bonuses for account holders. The sign-up bonus is all you get.
• No interest on balances. This account earns no interest on balances. That’s a disadvantage relative to the growing number of high-interest checking accounts on the market, a list that includes some accounts with no maintenance fees.

How the BMO Smart Advantage Checking Account Stacks Up

If you’re just looking for a basic free 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 could be.

Final Word

The BMO Smart Advantage Checking Account is a no-frills free checking account that’s ideal if you’re not looking for anything fancy. With only a token minimum opening deposit and no ongoing minimum balance, it’s a good starter bank account that you can easily grow into (and hopefully, eventually, grow out of). The above-average sign-up bonus and robust mobile app are nice too.

However, if you expect more from your checking account, Smart Advantage probably won’t cut it. Unlike the BMO Relationship Checking Account, it offers no discounts for BMO borrowers, no bonuses on credit card spending, and no out-of-network ATM fee reimbursements. It’s your money — choose wisely.