With the end of summer fast approaching, there will be a large number of high school graduates heading to their respective post secondary institutions.
Many of them will be living on their own for the first time, taking on a huge responsibility of being in charge of their finances.
Managing your finances is not an easy task, and truthfully if you are not on top of it at all time (especially) at age, you are likely to make bad financial decisions, only to lead you down a path of unwanted debt.
With that said, it is important that you take your responsibility seriously, and as such you should be looking into the right student bank account that would suit your needs, and not cost you a fortune.
A post-secondary education is a big investment – in some cases upwards of $50,000 – so students are always looking for ways to make life more affordable,” said David Heatherly, Vice President, BMO Bank of Montreal.
To start off this series, I am going to examine the BMO Student Bank account. Below you will find a chart consisting of the general features the student account holds:
| Bank of Montreal (BMO)
|Transactions*||30 transactions per month ($0.60 per additional transaction)|
|Sending INTERAC e-Transfer||- 1 INTERAC e-Transfer a month
($1.50 per additional transfer)
|Non-(bank) ABM withdrawals||$1.50 each withdrawal|
|Account Benefits||- Overdraft Transfer Service between personal Bank Accounts in the Banking Plan
- Personal Credit Reserve up to $2,500 upon approval
- Occasional Overdraft Protection Service (OOPS!® - up to $500) on a Bank Account in your Plan with no per item fee
|Cheque Image return||Yes|
|Personal Cheques||No-fee Travellers cheques (traditional style single signature)|
*Withdrawals (including ABM), Transfers, Pre-authorized payments, Bill payments, Debit purchases
What makes this account worth having?
One of the best features of BMO’s student account is the fact that it will cost you $0/ month, while giving you a few unique features the other Big Banks do not offer. One of these features is the fact that you have 1 INTERAC email transfer a month for free; this is a great feature to have because you will find that in the event you have to pay someone money you owe them, an email transfer is a quick way to get the job done. The fact they are giving you a monthly email transfer a month is a definite bonus.
Like I mentioned, this account is a no fee account, and one of BMO’s goals is to help students lower their day to day expenses. That being said, with their BMO student account, students are able to have a savings of $102 each year, based solely on the fact that there is no monthly fee.
Furthermore, BMO is the only bank that offers recent graduates an extra year of free banking to help keep costs low as they begin to establish themselves professionally.
What makes BMO stand out from the competition?
Creating a budget is important for anyone, especially students. It is important to have a budget and use it because you will be able to track your finances and keep on top of everything, hopefully allowing yourself to stay out of unnecessary debt.
BMO took it upon themselves to create an online financial management tool to help you do just so – BMO MoneyLogic. BMO MoneyLogic. With BMO MoneyLogic at your disposal, you will be able to take complete control of your finances and manage it like never before. You will be able to track your spending, set budget, receive notifications when you are reaching your limit, and much more.
On top of BMO MoneyLogic, BMO is also offering account holders with a free SPC card, which provides you with deals at hundreds of retailers all year long, allowing you to save even more money.
The BMO student account offers everything you could possible need, and more. If you are on the lookout for a new chequing account, then you may want to consider the BMO Student account.
What do you think of the BMO Student Account?
image source: mag3737