Do you want to learn about all the features of the student checking account at BMO Harris? At Responsible Economy, we present you with all the details of the student account at BMO Harris and compare it to the best student checking accounts you can open in the United States. Let’s get started!
Features
In this section, we show you all the features. Before we begin, we’d like to mention that BMO doesn’t offer a specific checking account designed exclusively for students. However, among all their accounts, we have selected the BMO Smart Money Checking as the top choice for students to open at this bank.
Fees
If you’re under 25 years old, you won’t have to pay monthly fees. Once you turn 25, the monthly fee will be $5.
Interest rate
This account does not offer any type of interest for the money you have saved. If you want an account that generates interest, take a look at the best savings accounts.
Wire transfers
There are no fees for incoming bank transfers, while outgoing domestic transfers have a $30 fee and international transfers have a $50 fee.
Minimum deposit
To open the account, you need a minimum deposit of $25.
ATMs
You can withdraw money without fees at all BMO and Allpoint ATMs.
Bonus
BMO Harris does not offer any welcome bonus.
Overdraft service
It does not offer overdraft service, so all payments that would result in a negative account balance will be declined.
Summary table
We have created a summary table with all the features we analyzed in the previous section:
| Feature | Details |
|---|---|
| Fees | $0 up to 25 years old |
| Interest Rate | 0% APY |
| Wire Transfers | Domestic – Incoming $0. Domestic – Outgoing $30. International – Outgoing $50. |
| Minimum Deposit | $25 |
| ATMs | $0 BMO and Allpoints |
| Bonus | $0 |
| Overdraft Service | No |
Comparison best student checking accounts
We have conducted a comparison of the BMO Harris Student Checking accounts with the best student checking accounts you can open in the United States:
- It is very easy to avoid monthly commissions.
- Welcome bonus of 100 dollars fulfilling conditions.
- More than 16,000 ATMs in the United States.
- $25 minimum deposit.
- Very low interest rates.
- It is very easy to avoid monthly commissions.
- $0 welcome bonus.
- More than 70,000 ATMs in the United States.
- $0 minimum deposit.
- Very low interest rates.
- $0 fees up to 23 years old.
- $0 welcome bonus
- Two withdrawals free
- $0 minimum deposit
- Very low interest rates
- $0 Annual fees
- $0 welcome bonus
- ATMs free: BMO and Allpoints
- $0 minimum deposit
- Very low interest rates
- Easy to avoid monthly commissions
- $0 welcome bonus
- ATMs free: U.S. Bank
- $0 minimum deposit
- Very low interest rates
- Easy to avoid monthly commissions
- $0 welcome bonus
- ATMs free: TD Bank
- $0 minimum deposit
- Very low interest rates
- No monthly fees
- $0 welcome bonus
- More than 70,000 ATMs in the United States
- $0 minimum deposit
- High interest rates.
- It is very easy to avoid monthly commissions
- $0 welcome bonus
- fulfilling conditions
- More than 60,000 ATMs in the United States
- $25 minimum deposit ($0 online)
- Very low interest rates
- It is very easy to avoid monthly commissions
- No welcome bonus
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
Requirements
These are the requirements to open the student account at BMO:
- Be over 18 years old.
- Reside in the United States.
- Have a Social Security number.
- Have an American phone number.
Pros and cons
Now that we have reviewed the features and explored the best student checking accounts, we have created a table outlining all the advantages and disadvantages:
| Pros | Cons |
|---|---|
| $0 fees up to 25 years old | 0% APY |
| $0 fees incoming transfers | |
| $0 fees withdrawals Allpoints |
Conclusion and opinions
After conducting our analysis, we conclude that the BMO Harris Student Checking account is a competitive option because it remains fee-free until the age of 25, offers fee-free domestic incoming transfers, and allows you to withdraw money without fees at all BMO and Allpoint ATMs. However, it does not offer any interest or a welcome bonus.
Interesting information about BMO
We have created a table with relevant information about BMO:
| Information | Description |
|---|---|
| Website | https://www.bmo.com/en-us |
| https://www.facebook.com/bmoUSA | |
| https://twitter.com/BMO_US | |
| https://www.instagram.com/bmo_US/ | |
| https://www.linkedin.com/company/bmo-us |
Other BMO products
We’ve also provided a list of all the BMO Harris products we have analyzed:
- BMO Harris checking accounts.
- BMO bonus checking account.
- BMO certificate of deposit.
- BMO Harris savings accounts.
- BMO Harris credit cards.
Frequent questions
If you still have any questions, here we provide answers to all your inquiries.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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