Every dollar matters when you’re a student and learning how to manage those dollars is just as critical. Student bank accounts help young adults learn basic money management skills – skills that lay the foundation for future financial skills.
Almost all financial institutions offer bank accounts specifically for students, which usually come with no- or low-fees and generous perks. But to find the best bank account in Canada to meet your needs as a student, you’ll need to shop around.
Best bank accounts in Canada for students in July 2024
- Best overall bank in Canada for students: Scotiabank Student Banking Advantage Plan
- Best student chequing account: BMO Performance Chequing Account
- Best hybrid chequing and savings account for students: EQ Bank Personal Account
- Best online (digital) bank account for students: Simplii High Interest Savings Account
- Best mobile banking student account: KOHO Earn Interest
- Best account for students building credit: Neo Everyday Account
- Best bank account for international students in Canada: Simplii Financial Student No Fee Chequing Account
- Best student bank account for perks and rewards: CIBC Smart for Students
- Best bank account for students learning to budget: TD Student Chequing Account
- Best bank account for ATM access: Tangerine No-Fee Daily Chequing Account
- Best bank account with a student credit card: RBC Advantage Banking for Students
Best overall bank in Canada for students: Scotiabank Student Banking Advantage Plan
Scotiabank Student Banking Advantage Plan
Interest Rate
Account Fee
Transaction Fee
- Unlimited, free transactions
- Access to more than 3,400 Scotiabank ATMs (at no charge)
- Fee-free cash withdrawals at ATMs worldwide using Global ATM Alliance machines
- Reduced transaction fees for online trading using an iTrade direct brokerage account + a 'Trade 1 Get 1 Free' promo
- SCENE points can be redeemed at various restaurants and movie theatres
- Only available to full-time post-secondary students
- Need to reconfirm your status as a full-time post-secondary student every year (before November 30)
- Fees charged for non-standard bank transactions such as bank drafts, overdraft protection and wire transfers
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | unlimited |
Interac e-Transfer Fee | N/A |
Best student chequing account: BMO Performance Chequing Account
BMO Performance Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- No monthly fees while in school
- No monthly fees for one year after graduation
- Mobile banking
- Up to $40 rebate on the annual fee for eligible BMO credit cards
- One free non-BMO ATM withdrawal per month
- Easy First Fee Reversal &ndash
- one fee reversal and can include a non-sufficient funds (NSF) or overdraft fee
- Access to student lines of credit
- Non-BMO ATM withdrawals cost $2 (after freebie)
- US and Global ATM withdrawal costs $5
- Overdraft protection costs an extra $5 per month
Min. Age | 18 |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $17.95 |
Youth Account Fee | $0 |
# of Accounts Included | 20 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $5 |
International ATM Fee | $5 |
Best hybrid chequing and savings account for students: EQ Bank Personal Account
EQ Bank Personal Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Unlimited, free transactions
- Free electronic funds transfers (EFTs) &ndash
- transfers between EQ bank accounts and linked bank-to-bank accounts
- Set up recurring transfers
- No fee for NSF chargeback
- No fee for stop payment requests
- No debit card
- No cheques
- International money transfers powered by Wise at a cost starting at 1%
- There is a maximum number of linked accounts
- There is a maximum number of EQ bank accounts you can hold
Min. Age | 18 |
---|---|
Account Fee | $0 |
Best online (digital) bank account for students: Simplii High Interest Savings Account
Simplii High Interest Savings Account
Interest Rate
Account Fee
Transaction Fee
- No monthly fees
- No minimum balance
- Digital bank with a completely online application process
- Free transactions through CIBC ATMs
- Earn between 0.4% and 0.65% savings rate on deposits (more during promotions)
- Bonus Offer: Earn 5.90% interest for 5 months on up to $1,000,000 in savings. Apply by July 31, 2024.
- Must be the age of majority to open an account
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
NSF Fee | $45 |
Best mobile banking student account: KOHO Earn Interest
KOHO Earn Interest
Interest Rate
Account Fee
Transaction Fee
- Free Transactions: Unlimited, debit transactions and electronic transfers
- Access to a budgeting app
- Savings interest on your deposits if you add an eligible direct deposit
- Earn 1% cashback on groceries, bills and services
- Earn 0.5% savings rate on account balance
- No foreign service (FX) fees and one free international ATM withdrawal per month, if you pay for the Premium plan
- Couples or families members can open a free joint account
- Bonus Offer: Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest.
- No debit card
- Credit-building service is optional and costs an extra $10 per month
- Works best if you already have a day-to-day or student chequing account that you can link to
- To earn more cashback or higher savings rates, you need to pay for the Essential or Extra subscription plan at $4 or $9 per month respectively
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
NSF Fee | $0 |
Best account for students building credit: Neo Everyday Account
![Neo Everyday Account](https://www.finder.com/niche-builder/63ff53b65f69d.png)
Neo Everyday Account
Interest Rate
Account Fee
Transaction Fee
- Guaranteed approval on Neo Secured credit card regardless of credit score
- No-fee Neo Card offers 5% cashback on purchases as partner retailers
- All online transactions such e-transfers and bill payments are free
- Neo Financial is partnered with ATB Financial and People's Bank
- Free Transactions: Unlimited, free online transactions
- Bonus Offer: Guaranteed approval on Neo Secured credit card regardless of credit score
- Does not offer a debit card (all cashless transactions must be done through Neo credit card)
- Must be age of majority and a Canadian resident to open an account
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
NSF Fee | $0 |
International ATM Fee | $0 |
Best bank account for international students in Canada: Simplii Financial Student No Fee Chequing Account
Simplii Financial Student No Fee Chequing Account
Interest Rate
Account Fee
Transaction Fee
- Free Transactions: Unlimited
- Bonus Offer or Perks: Get $50 if you refer a friend (when you arrive in Canada)
- Easy, online application process that only takes a few minutes to complete
- Set up an account and get access to money straight away, with the remaining invested in a one-year GIC
- Maximum $20,000 in the GIC program
- Must provide proof of residency and school enrollment
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
Best student bank account for perks and rewards: CIBC Smart for Students
CIBC Smart for Students
Bonus Offer
Monthly Account Fee
Free Transactions
- unlimited, free transactions including e-transfers
- Access to more than 3,800 CIBC ATMs (at no charge)
- Continue to use the account up to six months after your studies end
- Get a free SPC+ membership
- Save up to 30% on over 450 top brands from fashion to tech
- One free non-CIBC Candian ATM withdrawal per month
- Keep the perks and no-fee student status up to six months after you graduate
- Link your CIBC student debit card with Journie Rewards and save up to $0.10 per litre on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations
- Mobile banking
- Service fees charged for non-CIBC ATM withdrawals, plus wire transfers and insufficient fund charges
- Must be a Canadian resident or an international student with proof of enrollment status
Min. Age | N/A |
---|---|
Account Fee | $0 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Best bank account for students learning to budget: TD Student Chequing Account
![TD Student Chequing Account](https://www.finder.com/niche-builder/5fa04f39057fd.png)
TD Student Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Bonus Offer: Earn up to $445 in value when you open a new TD Student Chequing Account. Valid until October 31, 2024
- No monthly fee for monthly plan overdraft protection services
- Unlimited, free transactions
- Earn 50% more Stars at participating Starbucks stores (when you link your TD Access Card with Visa Debit with your Starbucks Rewards Account)
- Free paper statements + improve spending habits using the TD app's TD MySpend
- Mobile banking
- Overdraft protection
- Simply Save Program lets you save set up automatic saving deposits (between $0.50 and $5) every time you use your TD debit card
- Non-TD ATM fee is $2 per transaction
- Pay $3 per transaction for ATM use in America or Mexico
- Pay $5 per transaction for ATM use anywhere else in the world
Min. Age | 18 |
---|---|
Min. Age Teen Account | 12 |
Account Fee | $0 |
Overdraft Fee | $0 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Best bank account for ATM access: Tangerine No-Fee Daily Chequing Account
Tangerine No-Fee Daily Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Bonus Offer: Earn up to $250. Open a No-fee daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.
- In Canada, enjoy free access to more than 3,600 Scotiabank ATMs or visit any Tangerine Cafe in Vancouver, Calgary, Toronto and Montreal
- Enjoy fee-free access to 44,000 ATMs worldwide through Scotiabank's Global ATM Alliance network
- Unlimited, free transactions
- Earn 0.1% on all deposits
- Use your online account to track and categorize your spending
- Mobile banking compatible with Apple Pay, Google Pay and Samsung Pay
- Use your Tangerine Visa Debit Card to make purchases worldwide
- Order bank drafts online and have it delivered to your door
- Free cheque book (with 50 cheques)
- Free replacement card
- Online-only bank, so no in-person branch support
- Pay $50 for additional cheque books
- Pay $12.50 for any stop payment orders (first one is free)
- Canadian bank drafts cost $10
- Non-sufficient funds cost $45
- Non-Tangerine or Scotiabank ATM fee of $1.50
- Non-Global ATM Allliance ATM fee of $3
- Foreign currency conversion fee of 2.5% is added to the exchange rate for all non-Canadian dollar debit purchases
Min. Age | 16 |
---|---|
Account Fee | $0 |
Overdraft Fee | $10 |
ATM Out-of-Network Fee | $1.50 |
International ATM Fee | $3 |
Best bank account with a student credit card: RBC Advantage Banking for Students
RBC Advantage Banking for Students
Bonus Offer
Monthly Account Fee
Free Transactions
- Bonus Offer: Get $100 when you open an account. Plus, you could get an additional $230 in value with special RBC credit offers.Valid until October 31, 2024.
- No monthly fees
- Unlimited debit and e-transfers
- Save $0.03 per litre on fuel at Petro-Canada stations + 20% more Petro-Points when paying with your RBC debit card
- Account is open to any student 13 years of age or older who is a Canadian resident
- No fees charged when using non-RBC ATMs in Canada
- Mobile app
- Earn Avion points on debit purchases
- Students who are 25 years of age or older must provide proof of enrollment
- Limit of 999 free ATM transactions per month
Min. Age | 13 |
---|---|
Account Fee | $0 |
ATM Out-of-Network Fee | $0 |
What is the best bank in Canada for students?
On average, it will cost you almost $200 per year for a bank account in Canada. As a student, that’s a lot of money. It makes sense then that the best bank in Canada for students is one that offers no or low fees on banking services.
Thankfully, finding a bank account doesn’t need to be a difficult process. To find the best bank account in Canada for students, you’ll need to compare features, perks and fees. To help, we examined more than two dozen student bank accounts from a variety of providers, including big banks, credit unions, digital banks and money apps.
To save time, we list these best bank accounts based on the most common or sought-after features, such as the best chequing account for students, the best online account or the best international account for students with family overseas.
For more details, scroll down to discover the benefits of each student account as well as the pros and cons of student bank accounts versus regular chequing and savings accounts.
What is a student account?
In general, there are few differences between a student bank account and a regular bank account. Most student bank accounts offer the same services and transactions as regular bank accounts.
The big difference is the fees. Most student bank accounts come with no or low monthly fees, along with generous transaction limits.
Another advantage of a student account is that many come with perks and benefits, such as free overdraft protection, the ability to earn rewards, access to linked debit cards as well as prepaid or student credit cards.
However, to open a student account you will have to meet a few requirements. Most student accounts require proof that you’re attending post-secondary schooling, although some accounts only require proof of age (with a standard minimum age of 18 and a common maximum age of 24).
What is the difference between a student saving account and a regular savings account?
Student savings accounts generally waive any ongoing monthly fees and can be linked to your student chequing account. This varies from bank to bank, so you’ll want to check the fine print before signing up.
Types of student bank accounts
Most Canadian financial institutions and all of the big banks offer bank accounts and packages tailored for students. Despite all the choices, the offerings typically fall into two general categories:
Student chequing accounts
Student day-to-day bank accounts allow the account holder to deposit and withdraw money, pay bills and, for students, offer a few perks such as cashback or reward points. They offer easier access to other financial products such as credit card rebates, a student line of credit or quick links to high-interest savings accounts.
Student savings accounts
There are only a handful of savings accounts dedicated to students in Canada. While most savings accounts are not tailored specifically to students, that doesn’t mean you should skip opening a savings account while you are a student. Many high-interest savings accounts and no-fee accounts from online banks are useful for students given the low or no fees and the higher rate of interest paid on deposits.
How to compare student bank accounts
To help you find the best bank account in Canada as a student, consider comparing the following:
Accessibility and ATM access
As a student, you will want frequent access to your money to pay tuition and monthly bills and deposit earnings. Look for student bank accounts that provide convenient access to your money such as unlimited monthly transactions, mobile banking or an accessible ATM network.
Fees and costs
Even small fees can eat away at your balance, so the best banking options are accounts that won’t cost you any ongoing fees. Look for student accounts with no monthly fees or find a bank account that offers rebates for multiple products.
Consider the cost of transactions as well as minimum balance requirements. For instance, some bank accounts require a minimum balance to be kept in the account to waive the monthly fee. Other accounts will charge a fee for specific transactions such as e-transfers or debit payments. Examine the type of transactions included with the account as well as any balance requirements before opening an account.
Number and type of transactions
Pay attention to the number and type of transactions included in your low or no monthly fee account. Some accounts will offer unlimited transactions, but only for a certain type. For instance, some student savings accounts may include free ATM or mobile deposits but charge a fee for each debit or e-transfer. While per transaction fees are usually small – between $0.50 and $2.50 – use enough of them and the fees add up.
The best option is to consider how you will access the account and use the funds. Then pick an account that offers enough free transactions to stop fee creep.
Savings and interest rates
While some chequing accounts offer interest earnings, most don’t. This isn’t a problem if you spend what you earn quickly. But if you use student loans, work full-time in the summer or part-time during the school year, you may carry a larger bank balance at certain times of the year. This makes it a good idea to use a bank account that offers a better interest rate on the account balance.
Features and perks
To get your business, banks and money apps offer features and perks enticing to students. This can include cashback on debit purchases, access to a student prepaid credit card and even promotional account-opening bonuses. While you should take advantage of these perks, be sure to concentrate on comparing the ongoing features, such as whether or not the account offers mobile banking, automatic bill payments or budgeting tools that help you manage your money.
Access to additional products
Most banks and financial firms are trying to win you over as a life-long customer, so they’ll compete to win your loyalty. This means access to additional features and products such as no-fee credit cards, student lines of credit and other financial services. When comparing these additional products and services, recognize how you will use them and how they will impact your budget and credit score.
Promotions and bonuses
Look for bonuses or rewards programs that can help you grow your account balance or save on expenses. Be careful – a big, upfront cash bonus is worthless if the account you open ends up costing you more in the long-run because it doesn’t have the features you need or if it requires you to pay extra for services or transactions.
7 optimal features that make the best student accounts
A quick scan of student bank accounts illustrates the choice and variety available in the marketplace. To narrow down your options and find the best bank account for your needs, consider how each account ranks based on these seven features:
- No monthly fees. One of the biggest benefits of having a student bank account is that you get to avoid monthly fees, so you won’t have money trickling out of your account.
- Student perks. Many banks offer student perks such as sign-up bonuses or discounts for related financial products.
- Linked student debit card. Most student bank accounts include a free linked Visa or Mastercard debit card (or a debit bank card for cashless payments). Many of these cards also have a tap-to-pay feature to make paying a lot easier.
- Mobile banking. While most banks offer mobile banking, they’re not all equal. Compare the features of each bank’s app before choosing an account. Features to look for include online bill paying, transaction history tracking, money transfer services, customer service and the ability to lock or unlock a debit card.
- Unlimited transactions. How are you supposed to live the student life if you have restrictions on your withdrawals? Most banks offer unlimited electronic transactions and ATM withdrawals.
- Competitive credit card terms. If you decide to apply for a student credit card, you may be eligible for extra perks if it’s through the same bank as your chequing account.
- Lower limits. Student debit cards often come with lower purchase limits. This can help keep you from splurging but can also be a con if you need to make a big purchase.
What fees are associated with bank accounts for students?
While student accounts rarely have ongoing monthly fees, you may still have to deal with the following:
- Overdraft charges. If you make a purchase that causes your account to dip below $0, you could be charged a fee. You can set your account to not cover overdrafts to prevent this.
- International transaction fees. If you’re travelling overseas, you might be charged a fee when you make a purchase or use an ATM. These can add up, so check the fees before signing up if you plan to travel.
- ATM fees. This includes fees for using an ATM outside of your bank’s network. Some accounts will occasionally also charge for using in-network ATMs if you make too many withdrawals per month, but that’s more common with savings accounts.
How to compare student bank accounts to use overseas
This could be a suitable account for overseas travel for those who are fee-conscious. For most of the popular student bank accounts, withdrawing money from an overseas ATM doesn’t come cheap, carrying foreign transaction fees of 2% to 5% and an international ATM withdrawal fee that typically costs between $2 and $5 per transaction. You’ll want to look for an account that waives one or both of these fees and comes with a variety of money transfer options such as:
- International money transfers services that are accessible through online banking
- Free Interac e-transfers
- Email money transfers
TD Canada Trust offers Visa Direct money transfers where customers can send money quickly to more than 170 countries. Banks such as TD, BMO and Scotiabank also give customers convenient access to Western Union transfer services through online banking.
If you travel to America frequently, consider opening a US dollar chequing account. Though still technically a Canadian bank account, you can make US dollar transactions at a preferred exchange rate.
Best debit cards for travelling overseas
How do I create a student account?
It’s easy to open a student account – even for international students. (For more information on opening a bank account as an international student, please see below.)
In most cases, you’ll need to provide documentation to prove your age, student status and where you live. To qualify for a student account, you may need to provide proof of post-secondary enrollment as well as proof that you are of the age of majority in your province of residence (either 18 or 19). Most financial institutions will also want proof of where you live as well as an email address.
You can either open a student account, in person at a local bank branch or through an online process. Keep in mind that most banks allow you to apply online for an account but some will require an in-person visit to a branch even if you start the process online.
Big banks vs online banks: A comparison for students
When considering a new bank account, most people gravitate towards a well-known big bank brand such as RBC, BMO or Scotiabank.
One reason the Big Five banks are so popular is that customers can find in-person branches and local ATMs easily. This makes a student bank account at a Big Five bank a great option. However, big banks aren’t known for extra perks such as higher interest rates earned on deposits or cashback on debit spending.
If you’re comfortable with the idea of not visiting a brick-and-mortar branch, then a digital bank or a money-spending account may be a better option. These money apps and online banks typically offer extra perks such as cashback on debit charges and unlimited debit transactions. They may not require the annual submission of proof that you are still enrolled in a post-secondary institution.
What happens to my student bank account after I graduate?
Most banks will automatically convert your account to a regular chequing or savings account and start charging you the regular monthly and transactional fees.
Some banks give you a grace period that allows you to keep your student account with all of its benefits for a limited period. Check with your bank or financial institution to find out how long the grace period lasts and the best options for converting to a chequing or savings account once it expires.
Keep in mind that if you open a student account at one of Canada’s Big Five banks, you may be required to show proof of post-secondary enrollment every year. You can skip this administrative formality if you choose to open a student account with a digital bank or an online money app.
Can I open a student chequing account or get a credit card if I’m an international student?
Many banks have products and services designed specifically for international students and newcomers to Canada.
For instance, RBC works closely with foreign students and even offers a Chinese International Student Guaranteed Investment Certificate (GIC) to help eligible students finance their education. You can learn more about GICs here.
CIBC has several credit cards designed for international students as well. Popular online bank Simplii also offers a student savings account package specifically for international students.
To open a bank account as an international student, you will need to provide proof of residency showing that you’re currently living in Canada, such as a utility or cell phone bill or similar document showing your name and address. You will also likely be required to present proof of post-secondary enrollment, such as:
- Canadian visa or study permit
- Government photo ID, like your passport
- Proof of school registration (either a letter or student ID card)
- Expected graduation date
Student prepaid credit cards
Finally, as a student, you have the option of skipping the traditional day-to-day account or standard savings account and using a prepaid credit card.
Most prepaid credit cards or money apps offer basic banking features such as automatic paycheque deposits and recurring bill payments, along with a card for online or in-store cashless purchases. The biggest drawback of these prepaid credit card accounts is the limitations they have when depositing cash or cheques.
Still, for students with basic banking needs and a high level of comfort with online and cashless payments, a prepaid credit card or money app account can be an excellent, no-fuss alternative to a student bank account.
Bottom line
While finding an account that charges little or no fees is important, it isn’t the only factor you should consider before opening a student bank account. Compare chequing accounts based on fees, features and accessibility. Consider the earning interest rate on student savings accounts and review the bonuses, promotions and perks to find an account that suits your lifestyle.
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