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BMO vs CIBC (CANADIAN BANKS PROS AND CONS COMPARISON) [2024]Students are encouraged to apply for a government student loan (if a Permanent Resident or Citizen of Canada) before applying for a line of credit to save you. Whether you already bank with them or intend to it is easy to switch all of your banking to BMO Bank of Montreal. Student Lines of Credit: Use only the funds. BMO Canada offers a wide range of personal banking services including chequing and savings accounts, mortgages, credit cards, loans, investments and.