Bank Of Montreal Canada: Open A Childs Account Receive A $25 Bonus


Bank Of Montreal is offering a $25 bonus when you set up a childs account and deposit $25. Opening a bank account for your children is a great idea. It helps them understand money management at a young age.

Here are the details:

*Promotion runs from March 1 – April 30, 2011 inclusive. A deposit of $25 will be made into the lead account of the youth discounted banking plan within 60 days of the first deposit, and only one $25 bonus will be awarded per bank plan. The first deposit must be a minimum of $25 and made on or before April 30, 2011 to qualify. A balance of at least $25 must be maintained in the account for a minimum of 60 days. A “youth” is defined as under the age of 16. One bonus per child. Current youth discounted plan customers are not eligible for this promotion.

Click here for more details

Thanks Chumchum for emailing me about this offer.

9 responses to “Bank Of Montreal Canada: Open A Childs Account Receive A $25 Bonus”

  1. johnny says:

    Nice to know..I’ll open one for my son

  2. Mr Willabie says:

    Back in the mid-fifties my wonderful old grandfather opened a Bank of Montreal savings account for me. What a fondly memorable experience it was!

    I stayed with that same local town bank for the next +50 years. More recently they had consistently long lineups with too few and all too rude tellers. At one point I complained to the manager who said, “So what do you expect me to do about it?” and advised me to bank online instead.

    I closed my account without their slightest concern or inquiry; they couldn’t have cared less!

    I couldn’t care less either and helped my grandchildren with a few dollars in a much nicer bank.

  3. Anita says:

    Thank you very much, Mr Willabie! Trying to entice a person with $25 is a great motive, but your response to this promotion is a deterrent in my eyes. We’ll be looking for a bank account for our daughter elsewhere!! BMO can keep their $25.00!! It seems to be a very common thing in our society today – no service (rudeness included). The only thing we can do is vote with our money and take it where there is good service and appreciation.

  4. sadiem says:

    Yes, Bank of Montreal is known for their rudeness. I had significant problems with them a few years back. I would suggest staying as far away as possible from BMO. There are many other banks out there who will give you bonuses for opening an account. For example ING Direct gives everyone a $25 bonus who opens an account. They also don’t have fees and they do have higher interest! BMO on the other hand pays interest that is significantly below inflation (if any at all).

  5. Lennea says:

    Such perfect timing!
    My son just turned 10 and we were planning on opening an account this month.
    Thanks for the info!

  6. Lennea says:

    On another note, I have banked with BMO for 30 years … since I was around 10 and have had very good overall service. I have been treated very well by them. They have continually offered perks and super friendly service even when I bank out of branch. I think the service just keeps getting better. Yes the fees and the interest are not great but what banks offer good ones?
    ING offers better rates and fees but is it insured like banks, someone told me it was not.
    My husband banks with Royal and gets horrible service.
    I have also banked with TD and had totally snotty service with them.
    I guess it depends on the teller you get and the day they are having.
    I am sure no banks give their tellers a handbook on how to alienated customers (-;
    Just thought I would throw another viewpoint out there.

  7. Moom says:

    I was almost in serious danger of taking advantage of this… Then I actually read the offer – “Opening your child’s first bank account is an exciting event. Double that excitement by depositing $25 in your child’s new BMO account with a Youth Discounted Banking Plan and we’ll contribute another $25*!”

    In other words, this offer is for accounts that have monthly fees attached to them. AND I can’t find details of the fee plan on their website.

    No freaking way. Fees on an account that an excited child may put a few dollars a month into? NO FREAKING WAY, you’d end up with nothing!

    I want to open an account for my son but it’s not going to be somewhere that has fees on that account.

  8. Rasp says:

    I would like to correct you “Moom” – a youth plan is FREE until you are 21 or are finished post-secondary school (ie. If you are still a student at 31, you will still receive free banking) I can’t say that is something to complain about. I am a student and bank at BMO, I have had nothing but amazing service.. They always seem to do anything they can to make you feel appreciated and welcome.

    Giving $25 to a child is a big deal; I think most parents will appreciate this.

  9. Not interested says:

    Here is the down fail.. A grandparent should not be opening an account when the youth already has an account opened.. This should bethe responsibility of the parent… And they should not allow the in correct address to be used where the child does not live… Maybe I am being mean but it would have been easier to give the monies to the parents whom put it in the kids already opened account….

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