BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

November 18, 2011 11:06 ET

Financial Literacy Month-BMO's Tip of the Day: Students Can Reduce Expenses by Using a No-Fee Student Banking Plan

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2011) - To mark Financial Literacy Month, which was launched by Finance Minister Jim Flaherty, BMO Bank of Montreal is releasing a series of financial tips throughout November. As part of Making Money Make Sense and BMO SmartSteps, BMO's tips are designed to help individuals and families save and manage their day to day finances more effectively.

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

For example, BMO offers free banking to students, including both chequing and savings accounts and the no-fee BMO Student Price Card (SPC) MasterCard. This has the potential to save up to $300 a year. BMO is the only bank to extend this offer to recent graduates with 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 account 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. BMO offers BMO SmartSteps for Students, a program designed to provide useful ideas to help students stay on top of their money, as well as other online tools, such as BMO MoneyLogic and the Student Budget Calculator.

BMO Financial Literacy Month Tips

November 1: Pay more than the minimum payment on a credit card balance.

November 2: Choose a shorter amortization for your mortgage.

November 3: Contribute to a child's Registered Education Savings Plan (RESP) as early as possible.

November 4: Invest in a Tax-Free Savings Account (TFSA) to maximize your savings.

November 7: Switch to weekly mortgage payments to save interest and become debt-free faster.

November 8: Take advantage of credit card travel insurance to lower costs.

November 9: Start early and contribute often to your investment account, rather than waiting to invest.

November 10: Use a line of credit to consolidate high-interest debt and save on interest costs.

November 14: Canadians can give the gift of securities and benefit at tax time.

November 15: Students, pay off your credit card balances and take advantage of student discounts to save money.

November 16: Pay an extra five per cent on your mortgage every year to reduce interest costs.

November 17: Secure your retirement by starting to save early and taking advantage of compounding growth.

For more on financial literacy, BMO encourages Canadians to visit and

Contact Information