Every dollar matters when you’re a student, which is why you don’t want to waste hundreds of dollars a years on banking fees. But finding the right student banking can feel overwhelming with so many options out there.
That’s why we compared student accounts from across Canada—looking at features like banking fees, transaction limits and extra perks—to come up with this list of the best student bank accounts, by category. You can also keep reading to learn more about how student accounts work.
| Student account | Best | Monthly fee | Features | |
|---|---|---|---|---|
Overall student bank account in Canada | $0 | unlimited transactions | ||
Student account from a digital bank | $0 | unlimited transactions | ||
Student chequing account | $0 | unlimited transactions | ||
Student savings account | $0 | 2.85% - 3.00% | ||
For international students in Canada | $0 | unlimited transactions | ||
Student account from a traditional bank | $0 | unlimited transactions | ||
Student bank account for add-ons | $0 | unlimited transactions | ||
Bank account for students learning to budget | $0 | unlimited transactions |
You get unlimited monthly transactions and Interac e-Transfers, plus the ability to earn 1.25% - 3.50% interest (one of the highest in Canada) on every dollar in your account.
Plus, this account is one of the few chequing accounts in Canada that let you earn even more by offering 0.5% cashback on your purchases with the associated EQ Cash Card. And if you plan on travelling internationally, you'll like that this card doesn't charge FX fees. And because this account isn't only limited to students, you can keep using it after you graduate.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
Students can open this account as young as 16 year old, and keep using the exact same account into adulthood without having to worry about getting slapped with a monthly fee after graduating.
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $1.50 |
| International ATM Fee | $3 |
You'll get a competitive welcome bonus for signing up, unlimited monthly transactions and Interac e-Transfers, OnGuard Identity Theft Protection and up to a $40 credit card rebate on qualifying BMO credit cards. Plus, students will be able to keep all of the perks of this student account for 12 months after graduating.
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $5 |
| International ATM Fee | $5 |
Here's how it works: Earn 3.00% interest if you choose a 30-day withdrawal notice period or 2.85% interest if you choose a 10-day notice period.
With no account fees, no minimum balance requirements and CDIC protection up to $100,000, this account combines competitive returns with the flexibility of choosing your notice period. It's ideal for those who want to grow their savings without immediate access needs.
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Transaction Fee | $0 |
| Interac e-Transfer Fee | unavailable |
Plus, this account comes with no monthly fees, unlimited transactions and Interac e-Transfers and access to CIBC's entire ATM network.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
With the Scotiabank Preferred Package for Students and Youth, students get access to mobile banking, unlimited monthly transactions and Interac e-Transfers and no monthly fees while in school and for one year after graduating.
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $5 |
| Dormancy Fee | $20 |
Students who sign up for this account also get a SPC+ membership, a 12-month Skip+ free trial and free online trading with CIBC Investor's Edge. When you open the account, you'll also get a $100 Skip gift card and $125 cash.
| Min. Age | N/A |
|---|---|
| Min. Age Teen Account | 13 |
| Account Fee | $0 |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | N/A |
| NSF Fee | $45 |
With no monthly fee, interest earned on all deposits and free overdraft protection, students can earn, spend and learn money skills without having to pay for these life lessons. And like the other best student accounts we've listed, this account gives students unlimited monthly transactions and Interac e-Transfers.
| 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 |
The best student bank account in Canada is the EQ Bank Personal Account, which is designed for both students and adults after graduation. It offers no-fee banking, unlimited free transactions, cashback on your purchases and one of the highest interest rates on a bank account in Canada.
The best bank for a student account in Canada is Tangerine, a digital bank that is a registered as a Schedule I bank in Canada offering no-fee banking for students and Canadians in all stages of life. Besides its chequing account that students can use, Tangerine also offers mortgages, lines of credit, savings accounts and investment options.
Many student bank accounts in Canada offer signup promotions—like cash bonuses and gift cards—when you open a new account. The reason banks do that is to help you decide to open their account compared to competitors. It’s a win-win—the banks get your business and you get something for free.
Here are the latest student bank account offers available now in Canada:
EQ Bank Personal Account
Tangerine No-Fee Daily Chequing Account
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.
BMO Performance Student Chequing Account
Earn a $125 cash bonus and up to 6 months of Domino’s Pizza (one pizza per month) when you open a new BMO Student Chequing Account. Valid until October 31, 2025.
Scotiabank Preferred Package for Students and Youth
Earn up to $100 as a welcome cash bonus when you open an account. Apply by July 1, 2025.
CIBC Smart Start
Get a $100 Skip gift card and $125 cash. Offer ends June 23, 2025. T&Cs apply.
TD Student Chequing Account
Earn $125 in value when you open a new TD Student Chequing Account. Valid until November 5, 2025.
RBC Advantage Banking for Students
Get $100 when you open an account and complete one of three steps. Valid until July 2, 2025.
While most student bank accounts offer the same services and transactions as regular bank accounts, the big difference is the fees. Student bank accounts come with no or low monthly fees, along with more generous transaction limits compare to standard accounts.
Another advantage of a student account is that many come with perks and benefits, such as free overdraft protection, the ability to earn rewards and access to student credit cards.
However, to open a student account, you will have to show 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 between 23 and 25).
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.
To help you find the best student bank account in Canada, consider comparing the following:
As a student, you will want frequent access to your money to pay tuition and monthly bills and deposit earnings. The best student accounts will provide convenient access to your money such as unlimited monthly transactions, mobile banking or an accessible ATM network.
Even small fees can eat away at your balance, so the best student 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.
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 the best student account that offers enough free transactions to stop fee creep.
While some chequing accounts offer interest earnings, many 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 student bank account that offers a better interest rate on the account balance.
To get you to sign up, banks and fintechs 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.
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.
Many of the best student accounts offer bonuses or rewards programs that can help your account balance grow 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.
As you narrow down your options and find the best student bank account for your needs, consider how each account ranks for your banking needs based on these seven features:
What are the top features for Canadians choosing a new bank account?You don’t have to take our word for it. It turns out that many of these features for the best student accounts are also important for the majority of other Canadians as well. When we surveyed Canada in our Finder: Consumer Sentiment Survey January 2025, here’s what we found out.
The results showed that the top priority for 65.43% of Canadians was finding an account with no or low monthly fees. Over half of Canadians (51.25%) also prioritized having no or low transaction fees and 40.06% looked for free e-transfers.
Using criteria like this is not only important for choosing the best student bank account, but also when choosing bank accounts after graduating and well into a adulthood.
While student accounts rarely have ongoing monthly fees, you may still have to deal with the following:
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:
Our pick for the best overall student bank account in Canada, the EQ Bank Personal Account, offers no currency conversion fees on international payments and fast money transfer services powered by Wise.
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.
It’s easy to open a student account – even for international students. 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 open a student account online, through the bank’s mobile app or in person at a local bank branch.
Applying online takes only a few minutes. All you have to do is fill in some personal information on the bank’s website or app and then upload a picture of your ID for instant bank verification.
Keep in mind that if you open a student account at a traditional bank, you may be required to show proof of post-secondary enrollment every year. You can usually skip this administrative formality if you choose to open a student account with a digital bank or an online money app.
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. However, big banks aren’t known for extra perks such as low fees, higher interest rates earned on deposits or cashback on debit spending.
If you’re comfortable with managing your finances online, then a digital bank or fintech may be a better option. These types of accounts typically offer extra perks, lower fees, well built out mobile apps, higher return rates or cashback and unlimited debit transactions. Plus, if the account is not only designed for students, you can keep using it after graduating.
If you signed up for a student-specific account, 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.
If you signed for a regular account, like from a fintech like EQ Bank or Tangerine, nothing will change after you graduate, you won’t have to notify the bank that you graduated and you keep banking as normal.
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:
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 the best student 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.
We compare Canada’s best banks to help you find your perfect banking match.
Enjoy zero monthly fees, unlimited free transactions and a high interest rate when you sign up for the PC Money Account.
We compare EQ Bank and Wealthsimple head to head to see how their banking products and services stack up against one another.
New to BMO? Check out these bonus offers and see if you can save more with promotions and deals on now.
Overdraft protection means you don’t pay high NSF fees if you overspend. But overdraft limits and fees still apply.
Earn cash, rewards points, bonus interest rates and more with these new bank account offers and promotions.
Read Finder’s BoC Interest Rate Report for forecasts from some of Canada’s brightest minds in economics and learn more about how recent rate increases could affect Canada’s real estate market.
Earn high interest rates and get unlimited free transfers when you sign up for an account with this innovative online bank.
Compare and open a bank account online in Canada in as little as 5 minutes. Learn what you need to apply and how to get started today.
