There are literally thousands of real checking accounts to select from, and new ones are always popping up as online banks grow and expand. You can’t look at them all. BMO Smart Money Checking Account Review — For Those Under 25
If you’re under 25 and don’t care about getting many extra features, you can safely focus your search by only looking at simple checking accounts that are made for young individuals who don’t want a lot of other features. The BMO Smart Money Checking Account should still be one of the options.
People under 25 using the BMO Smart Money Checking Account don’t pay a monthly maintenance fee, and there aren’t many other expenses associated with the account. It comes with a Mastercard debit card that millions of stores around the world accept. It might be suitable for you, but make sure you understand its features and limitations before registering for an account.
What ‘s the BMO Smart Money Checking Account?
The BMO Smart Money Checking Account is a basic checking account designed for younger people and those seeking the peace of mind that comes with fee-free overdraft protection.
Smart Money has no monthly maintenance fee for anyone under 25 and no overdraft fee. Otherwise, it has the same basic features as BMO’s two other consumer checking accounts—Advantage and Relationship—including a vast fee-free ATM network, a robust mobile app, and no ongoing minimum balance requirement.
What Sets the BMO Smart Money Checking Account Apart?
The BMO Smart Money Checking Account stands out from competing checking accounts in a few key ways:
- No overdraft fees. Smart Money has no overdraft fees. This clause is less generous than it sounds because BMO declines most Smart Money transactions that would result in an overdraft. Still, BMO may allow some transactions to go through even if they result in a negative balance. If and when it does, there’s no charge.
- There is no maintenance fee for younger users. Smart Money has no monthly maintenance fee for users under 25. For younger people, it is equivalent to a free checking account.
- There is no option for older users to waive the maintenance fee. Smart Money does have a maintenance fee ($5 per month) for users 25 and older. This price tag is low as checking account maintenance fees go. But it’s also unusual (in a bad way) because there’s no way to waive it. Most checking accounts waive maintenance fees if you maintain a minimum balance or have an incoming direct deposit.
Key Features of the BMO Smart Money Checking Account
The BMO Smart Money Checking Account is a simple checking account designed for individuals who require minimal features.
Age Restrictions
Smart Money has no official age restrictions. Kids under age 18 can open an account with a parent as a joint owner, and anyone 18 or older can open an account as the sole owner.
However, Smart Money does make an important distinction between account holders under age 25 and those 25 and older. Users under 25 do not have to pay a monthly maintenance fee, but those over 25 are required to pay $5. There’s no way to waive this fee, either.
Minimum Deposit & Balance
The minimum deposit to open this account is $25. Once opened, there’s no ongoing minimum balance.
ATM Network
BMO belongs to the Allpoint ATM network, which has more than 40,000 fee-free ATMs across the United States. The distribution of these ATMs is relatively even across the country, including many locations where BMO does not have physical branches.
Smart Money doesn’t reimburse out-of-network ATM fees, however. Be sure to use Allpoint ATMs to the extent possible.
Possible Account Fees
Smart Money has no maintenance fee for users under 25 and a $5 maintenance fee for users 25 and older. It has no overdraft fee for any users, though BMO declines most transactions that would result in a negative balance.
Other possible fees include:
- A $2 paper statement fee per month
- A $3 fee for each out-of-network ATM transaction
- A $3 fee per statement period for cheque images if you choose paper statements
Mobile Features of BMO Smart Money Checking Account Review — For Those Under 25
Smart Money users get access to BMO’s user-friendly mobile app. Notable capabilities include:
- No BMO user fees for person-to-person Zelle transfers (though other fees may apply)
- Free mobile cheque deposit
- Free budgeting and expense-tracking tools
- A single view of all your BMO accounts, including bank accounts and credit cards
Advantages of BMO Smart Money Checking Account Review — For Those Under 25
Like the account itself, Smart Money’s advantages are straightforward: no maintenance fees for younger users, no ATM fees if you stay in-network, and excellent mobile features, to name a few.
- For younger users, there is no monthly maintenance fee. BMO waives the $5 monthly fee for account holders under age 25. That makes Smart Money an appealing choice for college students and recent college graduates.
- No overdraft fees. Though it declines most transactions that would result in negative balances, BMO waives overdraft fees and insufficient funds fees for such transactions anyway. If it allows negative-balance transactions to go through at its discretion, it still doesn’t charge an overdraft fee.
- Big fee-free ATM network. As part of the Allpoint ATM network, BMO has more than 40,000 fee-free ATMs in the United States. You can find these machines in every corner of the country, including places far from any physical BMO branches.
- Excellent mobile features. BMO has a comprehensive, user-friendly mobile app with useful, time-saving features like mobile check deposit and Zelle transfers.
Disadvantages of BMO Smart Money Checking Account Review — For Those Under 25
Smart Money’s biggest downsides include an unavoidable monthly fee after age 25 and unavoidable ATM fees outside the Allpoint network.
- Can’t waive the monthly fee after age 25. Most checking accounts offer a way around their monthly maintenance fees, and sometimes several. Maintaining a minimum balance of a few thousand dollars or receiving a recurring direct deposit often suffices. Smart Money is different — in a bad way. There’s no way to waive the $5 monthly fee after you turn 25.
- There is also no reimbursement for out-of-network ATM fees. Smart Money doesn’t reimburse out-of-network ATM transaction fees. These can really add up, so if you expect to use non-Allpoint ATMs often, consider an account with a more generous reimbursement allowance.
Here is a comparison of the BMO Smart Money Checking Account with other options.
The BMO Smart Money Checking Account is one of three BMO checking accounts. Before you open yours, see how it compares to the highest-end account in the BMO family: BMO Relationship Checking (formerly BMO Premier).
| BMO Smart Money Checking | BMO Relationship Checking | |
| Monthly Maintenance Fee | $5, limited waiver only | $25, waived with requirements |
| Waiver Requirements | Only waived if you’re under 25 | Yes, $10,000+ daily balance OR $25,000+ combined monthly balance |
| Overdraft Fee | $0 | $15 per item (when overdrawn by more than $50) |
| ATM Fee Reimbursement | None | Up to $25 per month |
| Credit Card Benefits | None | Up to $75 in quarterly spending bonuses |
| Mortgage Benefits | None | Closing cost and interest rate discounts |
| Interest on Balances | None | Variable tiered rates (0.01% base) |
Final Word of BMO Smart Money Checking Account Review — For Those Under 25
If you’re a college student or recent college graduate looking for a basic checking account that lets you spend as you please, wherever you please, the BMO Smart Money Checking Account makes sense for you.
Just don’t expect Smart Money to be anything more than it claims. With no sign-up bonus or perks beyond fee-free in-network ATM withdrawals, it’s not a lifelong checking account. Better to use it as you work to build your net worth, then trade up to a more generous product — whether with BMO or another bank of your choice.
