BMO Tells Students to Take a Six Pack to School

    'Six Pack' of discount-laden banking services among top ten ways to lower
    cost of Going to School

    TORONTO, Sept. 2 /CNW/ - This fall the rising cost of education has put
finances squarely on the study list of many post secondary students. BMO Bank
of Montreal offers the following financial checklist to help University and
College students make financial decisions in the early going that may help
them save thousands of dollars over the next four years.


    1)  Put together a realistic budget (and stick to it) - Develop a monthly
        budget that calculates all of your income (summer job, part-time job,
        student loan, scholarships and grants, parental support, savings,
        etc.) against fixed expenses such as tuition and books, and monthly
        expenses such as rent, groceries, phone, internet, tv,
        transportation, entertainment, credit card payments, loan payments
        and discretionary spending money. If you need help, try using an
        online budget calculator (BMO's Student Budget Calculator at is fast
        and easy to use) or speak with a financial professional. Once you've
        established your budget, stick to it. The school year lasts a full
        eight months or more and so should your money. BMO also offers a
        pre-paid MasterCard to help students budget throughout the school
        year. There are no interest charges and it includes most of the
        benefits of a regular Mosaik MasterCard.

    2)  Plan for the unexpected - Even if you plan well, you could still face
        unexpected expenses at some point during the school year. A student
        credit card or a line of credit will give you the peace of mind of
        knowing you have ready access to emergency funds whenever you need
        them. Most banks offer a line of credit and credit cards to students
        but look for a card that gives you flexibility and the best possible
        rates. BMO Bank of Montreal offers a student MasterCard that includes
        Student Price Card (SPC) rewards and lets you customize your card
        with no fee AIR MILES or CashBack(R) rewards and your choice of
        interest rate plan - which can help you manage your costs more

    3)  Take advantage of student discounts - Every cent counts, so hook up
        with organizations that offer discounts on school books,
        transportation, entertainment, clothing, and banking services. BMO
        Bank of Montreal is the only bank to offer free banking for students
        during school and after graduation so shop around before you open a
        bank account or ask for a loan. BMO's SPC MasterCard is unique in
        that it provides exclusive discounts on purchases made at thousands
        of Student Price Card (SPC) retailers nationwide for no added fee.

    4)  Use a reward program to stretch your dollars throughout the year - If
        you anticipate travelling home throughout the school year to see
        family or friends, a card that earns rewards such as AIR MILES makes
        good sense. AIR MILES reward miles can be redeemed for flights,
        merchandise and more. If, on the other hand, you'd rather realize
        annual savings, a CashBack Reward program will put money back in your
        pocket for every purchase you make. And BMO is the only Canadian bank
        that rewards Collectors for purchases made through BOTH a credit card
        and a debit card.

    5)  Pay today - If you can, pay for your education as you go. Many
        students enter college or university without having a sound plan to
        fund their education; you shouldn't be one of them. The last thing
        that you want to do is get so far into debt that you spend the first
        few years following graduation working just to pay off student loans.

    6)  Know your financing options - If you do not qualify for government
        assistance and/or do not have enough savings from a summer job, most
        financial institutions can provide financial help with a loan or a
        line of credit. It is wise to make an appointment with your banker
        and together review your needs. You may have options you never
        considered before.

    7)  Think both short and long term - By having two different bank
        accounts, you can manage your short and long-term financial needs
        separately. A day-to-day chequing account is perfect for daily and
        weekly needs, while a premium rate savings account earns competitive
        interest rates on money needed later in the year.

    8)  Regularly re-evaluate your financial needs - As you progress through
        college or university, the financial assistance you require often
        changes. Schedule regular appointments with your bank manager or
        financial advisor to review your current finances and to make any
        necessary adjustments.

    9)  Manage your money effectively - Avoid unnecessary banking expenses
        that can add up over time. Debit card purchases and transactions
        made from other-bank ABMs can be costly if they are not included in
        your bank plan. Choose a plan that is tailored to how you like to
        bank and manage your day-to-day living and use your own banking
        institution to save money throughout the year.

    10) Protect your identity - Always shield your PIN numbers during debit
        purchases. Also, when paying with debit, make sure that the merchant
        is a trusted and reputable business.


    BMO's Student Six Pack
        -  Free Banking -- Students who open a Personal Banking account with
           the Plus Plan can bank for Free (a savings of $102 each year) and
              -  Up to 30 transactions each month
              -  1 Interac(R) Email Money Transfer per month
              -  Overdraft Transfer Service at no extra charge
              -  BMO is the ONLY bank to provide recent graduates with an
                 extra year of FREE banking.
        -  Premium Rate Savings Account
              -  Competitive interest rate without locking in your money
              -  Up to 30 transactions each month
              -  1 Interac(R) Email Money Transfer per month
              -  Overdraft Transfer Service at no extra charge
        -  Student Line of Credit
              -  Low interest rates - set at Prime plus 1%
              -  Credit Limit -- borrow up to $15,000 in your first year and
                 $10,000 in each remaining year to a 4-year maximum of
                 $45,000 for full-time students
              -  Lower borrowing costs than a student loan - pay interest
                 only on the amount you actually use
              -  Easy access to funds - use your BMO debit card or your
                 Student Line of Credit MasterCard(R)(*), write a cheque or
                 visit a BMO branch.
              -  Easy repayment - monthly interest-only payments up to one
                 year after you leave school
              -  No fees - no annual or monthly fees; no ABM fees.
        -  BMO SPC Mosaik MasterCard
              -  NO FEE rewards
              -  Choice of Interest Rate plans
              -  10 - 15% off purchases made at retailers and restaurant
                 chains that offer Student Price Card (SPC) discounts
        -  Easy Access to Cash and Banking Services
              -  Interac Email Money Transfer
              -  Change your address
              -  Reorder cheques
              -  Open a Premium Rate Savings Account
              -  Order travellers cheques and foreign currency
              -  Set up a consolidated statement
        -  Air Miles reward miles
              -  On purchases you make with your BMO Debit Card
              -  On purchases you make with your BMO SPC Mosaik MasterCard
              -  Up to 40% more reward miles on other eligible BMO banking

For further information:

For further information: Ralph Marranca, Toronto,, (416) 867-3996; Jodi Salem, Toronto,, (416) 867-3996; Lucie Gosselin, Montréal,, (514) 877-1101; Laurie Grant, Vancouver,, (604) 665-7596

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