Best Student Chequing Accounts

A student chequing account lets you manage your everyday banking needs, but without the expensive hassle of monthly fees. Many banks also offer generous welcome bonuses and other rewards for students, so it’s worth shopping around to see what’s available. Keep reading for our pick of the best student chequing accounts in Canada along with tips on how to find the right account for you.

Best chequing accounts for students in Canada

• Best overall bank account for students: EQ Bank Personal Account
• Best student chequing account for signup bonus: Tangerine No-Fee Daily Chequing Account
• Best student chequing account for no fees: Simplii Financial Student No Fee Chequing Account
• Best student chequing account from Big Five Bank: TD Student Chequing Account
• Best student chequing account for earning SCENE+ Points: Scotiabank Preferred Package for Students and Youth
• Best student chequing account for earning SPC Points: CIBC Smart for Students
• Best student chequing account for domestic students: RBC Advantage Banking for Students

• Methodology: How we selected the best student chequing accounts

  To determine this best list, Finder Canada analyzed 16 student chequing accounts across 16 financial institutions. We compared accounts from traditional banks, digital banks and credit unions, and we narrowed down the list of accounts to the top 8.

  We ranked accounts based on 16 data points within four major categories. Here’s how we ranked and weighted each product:

  • Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, ATM fees, NSF fees, overdraft fees)
  • Perks: 30% (Interest rates, signup bonuses, other tailored rewards)
  • Banking Access: 15% (In-branch banking, online banking access, national availability)
  • Customer Experience: 15% (Live chat availability, Apple app ratings, Google app ratings)

  No single student chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

What is a student chequing account?

A student chequing account is a bank account used for everyday transactions. It provides easy access to your funds via a linked debit card as well as online and mobile banking. You can use it to receive pay from your part-time job, shop in-store and online, and send money to friends and family.

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But student chequing accounts also have a few key features that set them apart from regular chequing accounts:

• No monthly fees. As a student, you probably don’t earn much of an income, so the best student chequing accounts have no monthly fees.
• Support for unlimited transactions. Many accounts don’t place any restrictions on the number of transactions you can perform each month.
• Welcome bonuses. Many banks offer welcome bonuses to entice new customers, such as a $150 cash bonus for opening an account.
• Rewards. Some banks also offer the ability to earn cash back on your spending and provide discounts on other products for account holders. For example, the bank may offer to waive the annual fee on a student credit card.

Benefits of student chequing accounts

• No fees. Student chequing accounts usually don’t come with any monthly fees.
• Unlimited transactions. Many of the best student chequing accounts in Canada support unlimited monthly transactions, like the TD Student Chequing Account.
• Money management tools. Accounts come with tools to help you track your spending and better manage your personal finances.
• CDIC protection. If you open an account with a bank that is a member of the Canada Deposit Insurance Corporation (CDIC), up to $100,000 you deposit will be protected if the bank fails.
• Perks. From welcome bonuses to cash back, student chequing accounts offer a range of perks, rewards and discounts. These can help make your money go further — very important when you’re on a student budget.

Drawbacks of student chequing accounts

• Eligibility restrictions. You’ll need to make sure you satisfy the bank’s eligibility requirements in order to open an account. These typically include being enrolled in post-secondary education and meeting age restrictions.
• They don’t stay no-fee forever. Once you graduate or reach a specified age limit, your bank may automatically switch you over to an account with a monthly fee.
• No interest. Most chequing accounts don’t allow you to earn interest on your balance, so you may need to open a separate savings account.
• Special offer terms and conditions. If a bank’s signup bonus for new student bank accounts sounds too good to be true, check the fine print to find out exactly what you’ll need to do to qualify.

What to look for to choose the best student chequing account

Keep the following factors in mind when searching for a student chequing account that matches your needs.

• Monthly fee. Student chequing accounts in Canada typically do not charge a monthly fee, so make sure you choose a no-fee account.
• Number of transactions. Most student chequing accounts in Canada support unlimited transactions. Look for an account that supports the type of transactions you need to make, including Interac e-Transfers.
• Other fees. Read the terms and conditions for details of any fees that may apply to specific transactions, such as depositing a cheque, sending an e-Transfer or making a withdrawal from a non-network ATM.
• Online and mobile banking. Read reviews of the bank’s mobile app and online banking portal to ensure that they’re user-friendly.
• ATM access. Check the size and scope of the bank’s ATM network to ensure that you can make fee-free ATM withdrawals when needed.
• Minimum balance requirement. Most student chequing accounts don’t require you to keep your balance above a minimum level to avoid fees, but check the fine print just in case.
• Overdraft protection. Check whether the account comes with overdraft protection, or whether an overdraft facility is available for a fee.
• Special offers and packages. Some banks offer student banking packages that come with additional discounts, such as a waived annual fee on a student credit card. Others may also include a student savings account that lets you earn interest on your money.
• Rewards. Some financial institutions offer other rewards and perks to students, such as the ability to earn cash back on your spending or a cash bonus when you open an account. Be sure to check if you have to meet any special requirements to activate a signup bonus offer — for example, you may need to meet a minimum deposit requirement.
• Customer support. Check how and when you can get in touch with customer support if you have any problems with your account.
• Graduation. It’s also worth checking what will happen to the account once you graduate or reach the account’s maximum age limit. In many cases, your account may be converted to one of your bank’s regular chequing accounts that has a monthly fee.

Who is eligible for a student chequing account?

Eligibility requirements vary between banks. However, as a general rule you will need to:

• Be the age of majority in your province or territory
• Be a student

But the definition of a student differs between banks. Many student chequing accounts are only available to people who are enrolled in post-secondary education, but some providers allow you to open an account while you’re still a high school student.

Check the eligibility criteria with your bank before you apply.

How to open a student chequing account

When you’ve found the best student chequing account for your needs, here’s what you need to do to apply:

1. Apply online. You’ll need to fill out an online application form with your name, date of birth, contact information and details of your study. You’ll also need to enter your expected date of graduation.
2. Provide supporting documents. You’ll need to provide proof of ID (such as a driver’s licence or passport) to open an account. The bank will also request proof of your enrollment as a student, such as a student card or your academic transcript, and you may also need to supply proof of your residential address.
3. Fund your account. Once your application is approved, you’ll be sent your account details and be able to set up online and mobile banking. Your bank will also post out a debit card linked to your account — you’ll need to activate this via online or mobile banking before you can start using it.

Dive deeper: Open a bank account online in 5 easy steps

Frequently asked questions

• Can I open a Canadian bank account as an international student?

  Yes. It's easy to open a Canadian bank account as an international student, and many banks have special packages and offers designed specifically for international students. Some banks will let you open an account before you even arrive in Canada, but you may need to visit a branch once you arrive to verify your identity. You may also need to show your study permit or Canadian visa to open an account.

• What's the best bank for students in Canada?

  Many Canadian banks offer student banking packages, but the best bank for you will depend on your banking needs. Consider the number and type of transactions you perform each month, check how user-friendly the bank's mobile and online banking portals are, and take into account the reach of its ATM network. Banks also regularly offer welcome bonuses and discounts for students to try and entice new customers, so be sure to compare the latest offers before choosing an account.

• Can I open a student chequing account with an online-only bank?

  Yes, you can. Online providers such as Simplii Financial and Tangerine offer no-fee chequing accounts. While these accounts aren't necessarily targeted at students, they provide unlimited debits and bill payments as well as easy online account management. However, keep in mind that you won't have the convenience of branch access if you choose an online bank, while you'll also need to check the size of the bank's ATM network for fee-free withdrawals.

• Is it a good idea to open a student bank account?

  Yes. If you're a student and you qualify for this type of account, a student bank account is a good choice. It allows you to pay bills, send money to friends and family, shop online and in-store, and manage your money. Student accounts commonly come with no monthly fees, while generous welcome bonuses also help make opening an account worth your while.

• Which banks offer student chequing accounts in Canada?

  A wide range of banks, credit unions and online-only providers offer student chequing accounts in Canada. There are accounts available from the "Big Six" banks if you want the peace of mind of banking with a major financial institution, but it's also worth comparing other options to find the account that's right for you.

• Do student chequing accounts convert to regular accounts after graduation?

  Yes, some student chequing accounts automatically convert to regular chequing accounts after you graduate or reach the account's maximum age. This can mean you start paying a monthly fee, so check your account's terms to find out when your student benefits end.