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BMO's Financial Tip of the Week: Students Can Reduce Expenses by Using a No-Fee Student Bank Plan


TORONTO, ONTARIO--(Marketwire - Sept. 27, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.

BMO's Tip of the Week: Students can save money by ensuring they are in a no-fee student bank plan.

For example, BMO offers a free* banking option to students, including complimentary Student Price Card (SPC Card) benefits, making discounts of 10 to 15 per cent available to students when they purchase goods or services from participating fashion, food and lifestyle retailers across Canada. The free Plus Plan holds as many accounts as needed1 and if a different plan is required, students get a discount of $9.95 per month on their bank fees - this means a savings of up to $128 per year including the SPC Card, a $9 retail value. BMO is the only bank to extend this offer to recent graduates for an extra year of free banking.

"Post-secondary education is costly so students are always looking to curb costs wherever possible," said Su McVey, Vice President, BMO Bank of Montreal. "Minimizing banking fees by opening a no-fee student bank plan and taking advantage of student discounts with an SPC Card is one easy way to save."

Ms. McVey adds that applying straightforward steps and taking advantage of online tools and resources can help students improve their spending and savings habits. The BMO Student Budget Calculator is a free tool available on BMO.com that allows students to create a budget. Also, by using online resources, such as BMO Online Banking's BMO MoneyLogic financial management tool, students can stay on top of their budget by setting customized spending and savings goals.

To learn more about how BMO can help make student life more affordable, during school and after graduation, stop by a BMO branch today or visit here for more details.

* Applies to the Kids, Teens and Students Discount Programs in the Plus Plan when a Primary Chequing or Premium Rate Savings account is opened. Recent post-secondary school graduates are eligible for one year of free banking under the Student Discount Program. Customer is responsible for all the fees of any transactions, services and products not included in the Everyday Banking Plan. 1Up to 20 Primary Chequing, Interest Chequing (for existing customers only) or Premium Rate Savings accounts are eligible to be opened under the Banking Plan of your choice for one monthly fee, subject to the Banking Plan's monthly transaction limits. Customer is responsible for all fees of any transactions, services and products not included in the Everyday Banking Plan.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

Media Contacts:
Jessica Park, Toronto
(416) 867-3996
Jessica1.Park@bmo.com

Valerie Doucet, Montreal
(514) 877-8224
Valerie.Doucet@bmo.com

Laurie Grant, Vancouver
(604) 665-7596
Laurie.Grant@bmo.com

Internet: www.bmo.com
Twitter: @BMOmedia