Guide to BMO Student Bank Accounts
Nov 1, 2024BMO's student bank account options include chequing and savings accounts with low or no fees.
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.
Introduction to BMO student bank accounts
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.
Types of BMO bank accounts for students
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 for no monthly fee, potential to earn a promotional interest rate on the Savings Amplifier Account, 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 Performance Chequing account for international students 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 1.35% ongoing interest rate (as of this writing), with the possibility of earning a bonus interest rate and cash back for new account holders who also open a chequing account.
Comparing BMO bank accounts for students
Eligibility requirements | Proof of full-time enrollment in university, college, or registered vocational program. | Proof of full-time enrollment in university, college, or registered vocational program. International students must provide a valid Canadian visa or study permit and a government photo ID. |
Monthly maintenance fees | $13, waived for balances over $6,000. | $0 |
Transactional fees | Unlimited free transactions and Interac e-Transfers. | Unlimited free transactions and Interac e-transfers. |
Non-BMO ATM withdrawals | Unlimited free withdrawals, worldwide. | One free Canadian withdrawal, then $2 each in Canada and $5 each outside of Canada. |
Overdraft protection | No monthly fee. | $5/month. |
Promotional interest rate | Earn 5.5% on deposits to Savings Amplifier account until January 31, 2025 | Earn 5.5% on deposits to Savings Amplifier account until January 31, 2025 |
Best Bank Accounts from Our Partners
| APY | Monthly Fee | Transactions | ||
|---|---|---|---|---|
| KOHO Spending and Savings Account | ||||
 | APYUp to 5.00%No minimum balance required | Monthly Fee$4-$19 | TransactionsDollar limits apply* | APPLY NOW on KOHO's website |
| Simplii Financial™ No Fee Chequing Account with Student Banking Offer | ||||
 | APYUp to 0.10% | Monthly Fee$0 | TransactionsUnlimited | APPLY NOW on Simplii Financial™'s website |
| BMO Performance Chequing Account | ||||
 | APYN/A | Monthly Fee$17.95Waived with minimum balance | TransactionsUnlimited | APPLY NOW on BMO's website |
Who can open a BMO student bank account?
BMO student bank accounts are available for anyone who can provide proof of full-time enrolment in a post-secondary program. Enrolment in universities, colleges and registered vocational programs is accepted.
To maintain their student banking status, students must provide proof of enrolment (or their expected graduation date) by November 30th.
International students must provide proof of school enrolment as well as a study permit or visa, and government-issued photo identification.
Understanding BMO student bank account fees
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.
Monthly maintenance fees: These are waived for students on some products, but it’s worth double-checking. If your student status lapses, you’ll be on the hook for these fees.
Transaction fees: BMO’s student chequing accounts don’t charge transaction fees, but other types of accounts may. For instance, you may incur fees for debiting money from your savings account. Review account fees carefully to avoid unexpected charges.
ATM fees: Some accounts charge fees for withdrawing cash from an ATM outside the BMO network. Usually, the ATM withdrawal fee within Canada is $2 and outside of Canada it's $5.
Overdraft services: Depending on your account, you may be charged a monthly fee for overdraft protection. You’ll pay interest on the balance you owe when you use your overdraft. Review your account agreement so you’re aware of this cost.
Non-sufficient funds (NSF) fees: You may be charged a one-time NSF fee if you overdraw your account. Performance and Premium Student Chequing accounts offer a one-time reversal for accidental fees. You must contact BMO to activate this offer.
Statement fees: BMO may charge fees for account holders who wish to receive a monthly paper statement. This may cost $2.25 per month.
Benefits of using a BMO student bank account
Student bank accounts often offer flexible features and minimal fees, making them a convenient option for students. Here’s why they may appeal:
BMO waives many fees for anyone with student status, making it more affordable to access flexible account features, like unlimited debit transactions and Interac e-Transfers.
Access to online and mobile banking makes it easy for students to manage their finances while on the go.
Welcome incentives like cash bonuses and free Domino’s pizza may be compelling for students on tight budgets while helping them reach their financial goals.
Features like Easy First Fee Reversal may offer students peace of mind as they adjust to managing their finances independently.
Access to promotional interest rates on BMO savings accounts could help students maximize their savings.
Additional BMO financial services for students
BMO offers several additional financial products for students that could help them meet their financial goals.
Student credit cards: Students can select one of two no-fee student credit cards to help build credit history. They can opt for either cash back or Air Miles rewards.
Student lines of credit: A line of credit can help cover the cost of tuition and living expenses during schooling. With a no-fee BMO line of credit, students can make interest-only payments until 2 years after graduation.
Banking for medical and dental students: BMO offers a suite of products to help medical and dental students navigate studying, residency, and starting their own practice. It includes chequing and savings account options, lines of credit, credit cards and investing accounts to help new healthcare professionals start their careers.
Self-directed investing accounts: With access to self-directed investing accounts, students can start putting money away for the future. Students can save funds in non-registered or registered accounts, like a TFSA, RRSP and more.
Student Guaranteed Investment Certificate (GIC) program: This GIC program can help students meet the Canada Student Direct Stream (SDS) study permit guidelines.
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