Canadian bank offers discount for Americans looking to immigrate

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

Canada’s Bank of Montreal (BMO) is offering a $240 discount for Americans who move north.

The fourth-largest bank in Canada is currently running a promotion called "Newcomers to Canada" that offers no fees and a safety deposit box for 12 months, items that would usually run $240 combined.

The plan is actually available to any “newcomer,” not just Americans, but the bank has been promoting the offer to Americans — not-so-subtly during election season.

"Thinking of moving to the great white North? Our American friends can save $240,” the Bank’s home page says. “Great deal, eh?

Free checking accounts are less common in Canada than in the U.S., and a checking account at the Bank of Montreal runs $15.95 a month. (The cost of a year of the checking account and the safety deposit box is $240.)

Another $300 cash bonus is available to new customers who make a deposit by Jan. 4 and do two other financial transactions, like direct deposit or make a bill payment by the end of February – if the “newcomer” signs up for a special banking plan.

Recently, search volume has gone up for queries about moving to Canada.

The promotion runs as Canada announces that it’s increasing its immigration targets. Its immigration minister said that adding 401,000 new permanent residents in 2021 and even more in 2022 — 50,000 more than in the past — would be a factor in repairing the fallouts and disruptions from the pandemic.

This year, Canada’s closed borders resulted in far less immigration than usual — a problem for economic growth. Back in 2016, search queries regarding immigration to Canada skyrocketed in the U.S. after Donald Trump won the presidential election.

There was a big spike in searches for "move to canada" after the 2016 election.

With Biden favored to win in 2020, there’s been less search activity so far, but Google Trends data shows a distinct spike of late — that perhaps the Bank of Montreal is looking to leverage. The bank did not respond to a request for comment.

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Ethan Wolff-Mann is a writer at Yahoo Finance focusing on consumer issues, personal finance, retail, airlines, and more. Follow him on Twitter @ewolffmann.

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