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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. 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. 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). None 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. 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..How did we choose the best accounts?
Scotiabank Student Banking Advantage Plan
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Tangerine No-Fee Daily Chequing Account
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RBC Student Banking Account
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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
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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
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