Sep 3, 2024 BMO's student bank account options include chequing and savings accounts with low or no fees.
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Student bank accounts generally have low fees and flexible service offerings to make managing daily finances easier and more affordable. Here’s what to know if you’re comparing student bank account options from BMO in Canada.
BMO offers several bank accounts and financial products with features that students may find appealing.
After graduation, students can keep their BMO accounts, though the fee structures may change. The ability to maintain the same account and features may appeal to account holders who don’t wish to change banking products upon graduation.
When shopping for banking services at BMO or any bank, students should compare introductory offers and new account bonuses that may factor into the overall value of a particular account.
Performance Student Chequing Account: This account charges no monthly fee for students and offers unlimited debit and Interac e-Transfer transactions. With this account, students may also benefit from a promotional interest rate on a Savings Amplifier account and a rebate on annual fees for eligible BMO credit cards. The account also offers one free non-BMO ATM withdrawal each month. Account holders can access overdraft protection for $5 per month.
Premium Student Chequing Account: For a $13 monthly fee (waived for balances over $6,000), this account offers unlimited debit transactions, Interac e-Transfers and no-fee ATM withdrawals worldwide. It also includes overdraft protection, potential to earn a promotional interest rate on Savings Amplifier accounts, and a rebate on annual fees for eligible BMO credit cards.
Banking for International Students: BMO offers a suite of banking products to support international students, including a Student GIC Program, no-fee student bank accounts and student credit cards.
Savings Amplifier Account: This fee-free savings account requires no minimum balance. It also offers unlimited transfers to other BMO accounts, making it an appealing option for students who need that flexibility. Account holders also benefit from a 1.8% ongoing interest rate, with the possibility of more rewards for new account holders who also open a chequing account.
