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.
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 18 data points within five major categories. Here’s how we ranked and weighted each product:
Although not tailored specifically for students, the EQ Bank Personal Account tops the list for the high interest rate and no fees. Earn 2.50% - 4.00% interest on your savings and enjoy zero everyday banking fees, free transactions and no minimum balance requirements.
$0 account fee
$0 transactions
$0 Interac eTransfers
Earn 2.50% - 4.00% interest on your balance
No physical branches for in-person service
Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
Best student chequing account for no fees: Simplii No Fee Chequing Account for Students
With a $0 monthly fee, free transactions, free e-transfers and no minimum deposit, the Simplii Financial Student No Fee Chequing Account is our pick for best no fee student chequing account. Earn 0.01% – 0.1% interest on your balance, and make purchases with a Debit Mastercard.
Earn a welcome bonus of up to
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% to 0.1% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
Min. Age
18
Account Fee
$0
Best student chequing account for signup bonus: Tangerine No Fee Daily Chequing Account
While again this isn't a student specific account, the Tangerine No-Fee Daily Chequing Account is one of our best picks since it comes with one of the strongest welcome offers on the market and is a no-fee account. It comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers. Easily manage your money 24/7 with Tangerine's highly-rated mobile app. Plus, earn 0.01% – 0.1% interest on every dollar.
Earn decent interest rates
Unlimited transactions
Free Interac e-Transfers
Free cheques
Mobile cheque deposits
Charges for certain ATMs
No in-person service
Only one free replacement card
Min. Age
16
Account Fee
$0
Overdraft Fee
$10
ATM Out-of-Network Fee
$1.50
International ATM Fee
$3
Best student chequing account from Big Five Bank: TD Student Chequing Account
The TD Student Chequing Account is a great day-to-day bank account for young adults or students still learning money management skills. 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. Plus, the Simply Save Program helps develop the habit of saving even as they spend.
Earn up to $225 in value when you open a new TD Student Chequing Account. Valid until May 6, 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)
Overdraft protection
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 student chequing account for earning SCENE+ Points: Scotiabank Student Banking Advantage Plan
The Scotiabank Student Banking Advantage Plan removes some of the financial burden of being a student with no monthly account fee, free transactions and free Interac e-Transfers. Plus, you can earn and spend SCENE+ points. Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
No account fee for full-time post-secondary students
Enjoy unlimited free transactions and e-Transfers
Earn SCENE+ points on debit transactions.
Not free for part-time students
You must verify that you're a student each year.
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
Best student chequing account for earning SPC Points: CIBC Smart Account for Students
If you're motivated to earn SPC Points, then the CIBC Smart for Students may be a great option. Between the SPC+ membership and the various digital and online access points, this account makes it interesting and fun to pay attention to your what you earn and where you spend.
unlimited, free transactions including e-transfers
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
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 student chequing account for domestic students: RBC Advantage Banking for Students
This student-specific chequing account gives account-holders unlimited debit transactions as well as free e-transfers and access to the largest ATM network in Canada. The biggest advantage is the annual rebate on credit card fees. That means students can choose from a few different RBC credit cards, many of which are ranked highly in best credit card lists. Having a credit card can be a great perk for students who want to hone their cashless money management skills while building their credit history.
Get $100 when you open an account. Valid until June 30, 2024.
No
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
Best student chequing account for international students: National Bank The Connected Account with Student Offer
With access to 650+ Canadian branches and access in 20 U.S. cities and 120+ foreign countries, National Bank can be a great option for many international students. National Bank offer a Connected Account with Student Offer, which offers unlimited transactions and no annual fee.
Unlimited free transactions
No annual account fee if you're a student
Access credit cards and a line of credit
No welcome offer
Not many student specific perks offered compared to other banks
Min. Age
N/A
Account Fee
$15.95
Overdraft Fee
$5
ATM Out-of-Network Fee
$2
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.
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.
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:
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.
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.
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.
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.
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.
Yes, you can. Online providers such as Simplii Financial, Tangerine and Motusbank all 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.
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.
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.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Earn a little interest without limiting your transactions. But don’t expect it to replace your high-interest savings account.
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