Guide to BMO Student Bank Accounts
Both BMO student chequing plans give you unlimited debit transactions and Interac e-Transfers. So if you’re paying rent, splitting groceries or depositing a paycheque, the $0-a-month plan already covers the basics. The question is whether you’ll use enough of Premium’s extras to justify $13 a month.
Nerdy Verdict
Start with Performance. Eligible students get no monthly fee and no minimum balance requirement. It’s the BMO plan we’d start with for everyday banking.
Consider Premium if you often withdraw cash abroad or can use the larger annual fee rebate on an eligible BMO credit card. Add up what those perks would save you before paying $156 a year for the plan.
Set a graduation reminder. Give BMO proof of graduation by November 30 of the year you graduate to keep your discounted pricing.
View details
- Enjoy a no monthly fee* BMO Performance Chequing Account for Students, featuring unlimited debit purchases and Interac e-transfers.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
- Students earn up to $850 in value, including a $300 tech reward from Best Buy.
- Enjoy no monthy plan fees while in school and one year after graduation.*
- Unlimited transactions* and Interac e-Transfer®§ transactions*
- Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
- The Performance Plan chequing account is eligible for CDIC insurance.
- *T&Cs apply.
Compare BMO’s two student chequing plans
What to compare | Performance | Premium |
|---|---|---|
Monthly fee for eligible students | $0 | $13, waived with a $6,000 minimum daily balance |
Limited time offer | Up to a $200 Tech reward from Best Buy | Up to a $200 Tech reward from Best Buy |
Debit transactions and Interac e-Transfers | Unlimited | Unlimited |
Non-BMO ATM withdrawals in Canada | One per month included, then $2 each | No BMO fee for eligible withdrawals |
ATM withdrawals outside Canada | $5 per eligible withdrawal | No BMO fee for eligible withdrawals |
Annual fee rebate on an eligible BMO credit card | Up to $40 | Up to $150 |
When would you pay for Premium?
Four ATM withdrawals on a trip abroad would cost you $20 in BMO fees with Performance. If that’s the only Premium perk you’d use all year, you’d still spend less with Performance.
If you already carry an eligible BMO credit card, check what your card qualifies for on each plan. Even the difference between the two maximum rebates is $110 a year. At $156 a year for Premium, you’d still need another $46 in savings to break even if you pay the monthly fee.
Fees you could still pay as a student
In many cases, BMO waives or lowers monthly account maintenance fees for students. But, there are several types of account fees to be aware of when comparing banking products.
ATM operator fees. The ATM owner can add its own charge, even when BMO waives its fee. Check the amount on screen before you withdraw.
Overdraft. Standard overdraft protection generally costs $5 a month on Performance and has no monthly fee on Premium. Interest can still apply to money you borrow. BMO also includes a separate transfer service for eligible students that can move money from a linked BMO account to cover a shortfall if you set it up.
Returned payments. If a payment bounces because you don’t have enough money in the account, you may be charged a non-sufficient funds fee. BMO’s Easy First Fee Reversal can cover the first eligible accidental fee on a new student account. Call BMO or visit a branch to request it.
Paper statements. Eligible students on Performance get one monthly paper statement included. Check your plan’s terms if you want additional copies.
How to get student pricing
You’ll need to be enrolled full time at a post-secondary university, college or registered private vocational school. Bring proof of enrolment and your expected graduation date to a BMO branch.
Studying in Canada from abroad? Also bring your Canadian visa or study permit and government-issued photo ID, such as your passport. BMO offers pre-arrival account opening to students from eligible countries. Compare banks for international students in Canada.
What happens to your account after graduation?
Give BMO proof of graduation by November 30 of the year you graduate. Under BMO’s recent graduate terms, your discounted pricing then runs through November 30 of the following year. If you miss the proof deadline, the regular plan fee can start that December.
Once your discount ends, theBMO Performance Chequing Account for Students costs $17.95 a month unless you keep a $4,000 minimum daily balance. Premium costs $30.95 a month unless you keep a $6,000 minimum daily balance.
If you’d rather avoid a monthly fee without keeping thousands of dollars in chequing, you can choose an account that stays free after school. That saves you from having to move your paycheque and automatic payments later.
» MORE: Compare no-fee chequing accounts in Canada
Other BMO services students might use
BMO Savings Amplifier Account
Use it to set aside money for tuition, rent or an emergency. There’s no monthly fee or minimum balance requirement, and you can move money to your other BMO accounts for free online or at a BMO ATM. Withdrawals and pre-authorized debits can cost $5 each, so use chequing for regular payments.
Student credit card
BMO offers a no-annual-fee student card. If you’re using it to build credit, start with purchases you can pay off in full each month.
Student line of credit
BMO offers interest-only payments on lines of credit while you’re in school and, for eligible borrowers, for two years after graduation. Budget for principal payments once that period ends.
Self-directed investing
BMO InvestorLine offers registered and non-registered investing accounts. If you’ll need the money for next semester’s tuition, keeping it in savings avoids having to sell an investment on a deadline.
International student GIC
Students from eligible countries can apply for a BMO GIC before arriving. A GIC is one form of proof of financial support Canada accepts for regular study permit applications.
More great accounts from our partners
Interest rate Up to 3.50% No minimum balance required | Interest rate Up to 0.01% | Interest rate N/A |
Monthly fee $0-$14.75 | Monthly fee $0 | Monthly fee $0 |
Transactions Dollar limits apply* | Transactions Unlimited | Transactions Unlimited |
Bonus offer 30-day free trial | Bonus offer $300 + $50 Skip Gift Card | Bonus offer Up to $300 |
Nerdy Verdict
Start with Performance. Eligible students get no monthly fee and no minimum balance requirement. It’s the BMO plan we’d start with for everyday banking.
Consider Premium if you often withdraw cash abroad or can use the larger annual fee rebate on an eligible BMO credit card. Add up what those perks would save you before paying $156 a year for the plan.
Set a graduation reminder. Give BMO proof of graduation by November 30 of the year you graduate to keep your discounted pricing.
DIVE EVEN DEEPER
Shannon Terrell
Siddhi Bagwe
Clay Jarvis