Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Best student chequing accounts

These top-rated chequing accounts can help students manage money and stay on track for the future.

There are a number of chequing accounts specifically designed to help students control their funds, handle their expenses and avoid losing money to fees while in school. When you’re comparing accounts, be sure to consider things like costs, features, customer service availability and access to ATMs.

Many student chequing accounts come with fewer fees and lower rates than regular chequing accounts. Whether you’re looking for an account that lets you transfer money for free, make frequent withdrawals and deposits, avoid monthly fees or earn interest and rewards, there are options for you.

How did we choose the best accounts?

With so many student savings accounts out there to choose from, we narrowed down the options to a list of the top 3 by considering key factors like whether or not an account was designed specifically for students, how easy it is to open and how rewarding it is in terms of growing savings. That meant digging into account details like interest rates, age requirements, initial deposit and ongoing balance minimums, fees and signup bonuses.

Scotiabank Student Banking Advantage Plan


The Scotiabank Student Banking Advantage Plan is well designed to meet the needs of a student with a $0 monthly fee and $0 Interac e-Transfers that make it easy to transfer money between your friends and family within Canada. Plus, your regular spending gets you SCENE or Scotia Rewards program points that can be put towards fun rewards like free movie passes, meals and travel discounts (depending on which rewards program you choose to participate in).

Pros

  • $0 monthly fee
  • All Interac e-Transfers are $0
  • Track your TransUnion credit score for free
  • Participate in the SCENE or Scotia Rewards program

Cons

None

Tangerine No-Fee Daily Chequing Account


While not strictly a student bank account, the Tangerine No-Fee Daily Chequing Account is still competitive with the other accounts on this list because it offers an interest rate of 0.1% on your balance and because of Tangerine’s commitment to simple, inexpensive banking. Enjoy a $0 monthly fee, unlimited monthly transactions, 24/7 customer service via phone and a simple, straightforward online banking platform that makes it easy to manage your money.

Pros

  • Earn up to 0.1% interest on your balance.
  • $0 monthly fees.
  • Monthly transactions are unlimited.
  • Interac e-Transfers are $0.
  • 24/7 customer service via phone; live chat available every day during regular business hours.

Cons

  • No in-person service (online only)

RBC Student Banking Account


Any student who is at least 13 years old can have an RBC Student Banking Account account as long as a student ID is presented. With a $0 monthly fee and unlimited Interac e-Transfers, this account provides both young and adult students with a convenient way to manage their funds. You can also Get a partial rebate on annual fees for select credit cards..

Pros

  • $0 monthly fee.
  • Monthly Interac e-Transfers are unlimited.
  • Get Get a rebate of up to $39 per year when you sign up for an eligible RBC credit card..

Cons

  • You only 25 free debit transactions per month ($1.25 each afterwards).

Beyond student savings accounts

Savings accounts are an essential part of any financial strategy, but they’re only one piece of the puzzle.

A Registered Education Savings Plan (RESP) encourages you to save for future costs of education. This plan offers tax advantages and allows you or your loved ones to put money away – in fact, anyone can set up an RESP, regardless of whether they’re related to the beneficiary.

To set up an RESP, simply visit a certified financial planner, bank, credit union or another financial institution. Most provide RESP services and can get you registered. Bring your Social Insurance Number (SIN) as well as your child’s SIN and birth certificate. Note that other documents may be required, so speak to a customer service representative beforehand to find out what the requirements are.

There are 3 different types of RESPs to choose from:

  • Family plan: Allows you to name one or more children as the beneficiary of the funds, so this plan is ideal if you have more than multiple children. The children/beneficiaries must be related to you by blood or adoption – grandchildren and stepchildren are included.
  • Individual (non-family plan): Allows you to name anyone as the beneficiary, including yourself or another adult, if you choose. However, the money can only go to one person, not multiple. You do not have to be related to the beneficiary.
  • Group plan: With this plan, you can only save for one child who may or may not be related to you. The reason why it’s called a group plan is because your savings are put into a pool with other people’s savings for their own beneficiaries. The amount that will be given to your child will depend on how much money is in the account when he or she goes to school and how many other children/beneficiaries of the account are going to school that same year. The benefit here is that the proportion of the fund your child receives from a group of people saving may end up being more than the amount you could’ve saved for your child alone.

Click here to read more about RESPs on the Government of Canada website.

How to compare student chequing accounts

Here are a few things to look for when you start comparing student chequing accounts:

Compare regular chequing accounts

1 - 15 of 15
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95
unlimited
$0
Earn $400
Earn $350. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until April 30, 2023. Plus, earn a 5% bonus interest rate when you add a Savings Amplifier Account.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
N/A
Simplii No Fee Chequing Account
Simplii No Fee Chequing Account
$0
unlimited
$0
Earn $350
Earn $350 when you become a new client and set up direct deposit of at least $100 for 3 months. Offer ends March 31, 2023.
Scotiabank Preferred Package
Scotiabank Preferred Package
$16.95
unlimited
$0
Earn $350
Earn a $350 welcome bonus. Conditions apply. Valid until April 30, 2023. Plus, earn up to 4.55% interest on your MomentumPLUS Savings Account for 5 months.
BMO Practical Chequing Account
BMO Practical Chequing Account
$4
12/month
$0
N/A
BMO AIR MILES Chequing Account
BMO AIR MILES Chequing Account
$16.95
unlimited
$0
N/A
Scotiabank Basic Bank Account
Scotiabank Basic Bank Account
$3.95
12/month
$0
N/A
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30
unlimited
$0
Earn $400
Earn $350 with a Premium Chequing Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until April 30, 2023.
Scotiabank Ultimate Package
Scotiabank Ultimate Package
$30.95
unlimited
$0
Earn $350
Get a welcome bonus of $350. Conditions apply. Valid until April 30, 2023. Plus, earn up to 4.60% interest on your MomentumPLUS Savings Account for 5 months.
BMO Plus Chequing Account
BMO Plus Chequing Account
$11.95
25/month
$0
Earn $100
Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until April 30, 2023.
Scotiabank Student Banking Advantage Plan
Scotiabank Student Banking Advantage Plan
$0
unlimited
$0
Earn 12,500 Scene+ points
Earn up to 12,500 Scene+ points ($125 value) with the Scene+ Student Banking Bundle. Apply by April 30, 2023.
Scotiabank Basic Plus Bank Account
Scotiabank Basic Plus Bank Account
$11.95
25/month
$0
N/A
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until May 31, 2023.
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95
unlimited
$0
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
loading

Compare up to 4 providers

Bottom line

Student chequing accounts can make it easy to track and manage your money while in school and can help you establish good financial habits before you jump into your career. When you’re looking for the right account, remember to be aware of fees that can eat away your balance.

These are some of the best student chequing accounts we’ve come across, but if you want to learn more, check out our guide to chequing accounts to see if there’s a better option for you.

Frequently asked questions

More guides on Finder

Go to site