BMO Student Chequing Account Review: Pros and Cons for Students in Canada

Updated: Mar 22, 2023

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A Comprehensive Look at the Key Features, Benefits, and Drawbacks of the BMO Student Chequing Account and its Performance in the Canadian Market

The Bank of Montreal student chequing account is a popular banking product designed specifically for students in Canada. The account offers several key features and benefits to help students manage their finances while in school and beyond. In this review, we will explore the features, benefits, and drawbacks of the BMO student account and provide an overview of its performance in the Canadian market.

What is the BMO Student Chequing Account?

The BMO Student Account – is a type of bank account offered by the Bank of Montreal (BMO) for students who are enrolled in a Canadian post-secondary institution. It offers various features such as no monthly fee, unlimited transactions, and access to online banking services.

BMO Student Chequing Account Review

Features and Benefits

The BMO student chequing account comes with several features and benefits that make it an attractive option for students. Some of the key features of the account include:

  • No Monthly Fees: The account comes with no monthly fees while the account holder is in school and for up to 12 months after graduation. This can provide significant savings for students who are often on a tight budget.
  • Unlimited Transactions: There is no limit to the number of transactions that can be made on the account, making it an ideal choice for students who need to make frequent transactions.
  • Unlimited Interac e-Transfers: The account offers unlimited Interac e-Transfers, providing a convenient and secure way for students to send and receive money electronically.
  • Mobile Banking: The account comes with free mobile banking, allowing students to manage their account on-the-go.
  • Overdraft Protection: The account comes with overdraft protection, which can help students avoid costly fees and charges in the event of an overdraft.
  • Student Credit Card: Account holders can apply for a BMO student credit card, which can help students build their credit history and earn rewards.

Overall, the BMO student chequing account provides students with a range of features and benefits to help them manage their finances while in school and beyond.

Drawbacks

While the BMO student chequing account has several benefits, there are also some drawbacks to consider. These include:

  • Limited Interest: The account does not offer any interest on the balance, which may be a disadvantage for students who want to earn a return on their deposits.
  • Limited to Students: The account is only available to students, which may be a drawback for individuals who are not currently enrolled in a post-secondary institution.

Pros and Cons Summary Table

Here is a pros and cons table summarizing the key advantages and disadvantages of the BMO student chequing account:

ProsCons
No monthly fees while in school and for up to 12 months after graduationLimited to students, not available to non-students
Unlimited transactions and Interac e-TransfersNo interest on the balance
Overdraft protection to help students avoid costly fees and charges
Mobile banking for on-the-go account management
Student credit card to help students build their credit history and earn rewards

Overall, the BMO student chequing account offers a range of benefits that make it a compelling option for students in Canada. The no monthly fee policy, unlimited transactions and Interac e-Transfers, overdraft protection, mobile banking, and student credit card are all advantages that can help students manage their finances effectively. However, the fact that the account is limited to students and does not offer any interest on the balance are potential drawbacks to consider.

Application Requirements

Here are the application requirements for the BMO student chequing account:

  1. You must be a Canadian resident and at least 18 years of age.
  2. You must be enrolled in a full-time post-secondary program or have graduated from one within the past 12 months.
  3. You must provide proof of enrollment or graduation from a qualifying post-secondary institution.
  4. You must have a valid Canadian government-issued photo ID, such as a driver’s license or passport.

To apply for the BMO student chequing account, you can visit the BMO student banking offers website by clicking “Apply Now” and following the instructions for opening an account online. You will need to provide your personal information, such as your name, address, and contact information, as well as your proof of enrollment or graduation and your Canadian government-issued photo ID. The online application process is straightforward and typically takes only a few minutes to complete. Once your application is approved, you can start using your account right away to manage your finances as a student.

Summary of Fees Associated with BMO Student Chequing

Fee / ValueAmount
Monthly fee while in school and for up to 12 months after graduation$0
Interac e-Transfer fee$0
Overdraft protection fee$4 per month
Non-BMO ATM withdrawal fee in Canada$2
BMO ATM withdrawal fee in the US$3
BMO ATM withdrawal fee outside Canada and the US$5
Overdraft interest rate21%
Overdraft limitUp to $500

Overall, the BMO student chequing account offers no monthly fees while in school and for up to 12 months after graduation, unlimited Interac e-Transfers, and a reasonable overdraft protection fee of $4 per month. However, non-BMO ATM withdrawals in Canada and BMO ATM withdrawals outside of Canada and the US do come with a fee. Additionally, the overdraft interest rate of 21% is quite high, so it’s important for students to avoid overdrawing their accounts whenever possible.

Performance in the Canadian Market

The BMO student chequing account is a popular banking product in the Canadian market, thanks to its range of features and benefits designed specifically for students. The account offers a range of features and benefits that make it a competitive option for students.

One of the key advantages of the account is its no monthly fee policy, which provides significant savings for students who are often on a tight budget. Additionally, the unlimited transactions and Interac e-Transfers features are significant advantages in the Canadian market, where students often need to make frequent transactions.

To better understand the performance of this student chequing account in the Canadian market, we can look at some numbers. According to the BMO website, students who open a BMO student chequing account can save over $203 in monthly fees while in school and for up to 12 months after graduation. Additionally, the website reports that BMO has over 1,500 branches and over 4,000 ATMs across Canada, making it a convenient banking option for students.

Furthermore, BMO has received several awards and accolades for its student banking products. For example, in 2021, BMO was named the Best Student Bank in Canada by Global Finance Magazine, and in 2022, BMO was recognized by Ratehub as the Best Student Banking Package.

However, the lack of interest on the balance may be a disadvantage for

students who are looking to earn a return on their deposits. Additionally, the fact that the account is limited to students may limit its appeal to a wider audience.

Should I Get the BMO Student Chequing Account?

Whether or not you should get the BMO student chequing account depends on your individual needs and preferences as a student in Canada. Here are some factors to consider when deciding if this account is right for you:

Monthly Fees

One of the main advantages of this student chequing is that it comes with no annual fees while you’re in school and for up to 12 months after graduation. If you’re looking for a cost-effective banking solution, this account could be a good fit.

Transactions

The account offers unlimited transactions and Interac e-Transfers, which can be a significant advantage for students who need to make frequent transactions.

Overdraft Protection

The account comes with overdraft protection, which can be helpful for students who may be at risk of overdrawing their account and incurring costly fees and charges.

Limited Interest

The account does not offer any interest on the balance, which may be a disadvantage for students who are looking to earn a return on their deposits.

Limited to Students

The account is only available to students, which may be a drawback for individuals who are not currently enrolled in a post-secondary institution.

Based on these factors, if you are a student in Canada looking for a cost-effective banking solution with no monthly fees, unlimited transactions, and overdraft protection, the BMO student account could be a good fit for you. However, if you are looking for an account that offers interest on the balance or if you are not currently enrolled in a post-secondary institution, this account may not be the best option for you. Ultimately, it’s important to consider your individual needs and preferences when deciding whether or not to open a BMO student chequing account.

Conclusion

In conclusion, the BMO student chequing account is a comprehensive banking product designed specifically for students in Canada. The account provides a range of features and benefits to help students manage their finances while in school and beyond. While there are some drawbacks to consider, such as the lack of interest on the balance and the account being limited to students, the benefits of the account make it a compelling option for students in the Canadian market.

Overall, the BMO student account is a cost-effective and convenient banking solution for students who need to manage their finances while in school. With its no monthly fee policy, unlimited transactions and Interac e-Transfers, mobile banking, overdraft protection, and student credit card, the account provides everything a student could need to manage their finances. Additionally, the fact that BMO has over 1,500 branches and over 4,000 ATMs across Canada makes it a convenient banking option for students across the country.

If you are a student in Canada looking for a reliable and cost-effective banking solution, the BMO student chequing account is definitely worth considering. With its comprehensive set of features and benefits, this account is designed to help you manage your finances with ease, giving you one less thing to worry about as you pursue your studies.

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