The best student bank account in Canada is the RBC Advantage Banking for students. This account is jam-packed with features tailored for college and university students, including a big welcome bonus, unlimited transactions, and free ATM withdrawals.
Banking in Canada requires finding the right account type to fit your needs at various points in your life. A student-specific account offers features and perks for the student lifestyle, like $0 monthly fees, free ATM use, and user-friendly mobile apps.
Still, take the time to look beyond "student" accounts and consider chequing, savings, and even hybrid accounts from big institutions and online banks to find the right one for you.
Key Takeaways
- The RBC Advantage Banking for students is the best overall student account.
- The TD Student Chequing Account is a top choice for all youth, whether enrolled in school or not.
- Most student bank accounts come with no monthly fees and offer unlimited transactions.
- You'll need to show proof of enrollment to qualify for a student bank account.
Best student bank accounts in Canada
| Best for… | Best student account | Monthly fee | Details | Learn more |
|---|---|---|---|---|
| Best overall | RBC Advantage Banking for students | $0.00 | * $100 welcome offer * No unaffiliated ATM fees * Earns Avion points | Learn more |
| Credit card access and fee waiver | Scotiabank Preferred Package for Students and Youth | $0.00 | * $175 welcome offer * Annual credit card fee waiver up to $150 * Earn Scene+ points | Learn more |
| Student-centered perks | CIBC Smart for Students | $0.00 | * $175 welcome offer * SPC+ membership * Free 12-month Skip+ membership | Learn more |
| Free ATM use | EQ Bank Personal Account | $0 | * No unaffiliated ATM fees * Earn up to 3% interest * No FX fees | Learn more |
| Family bundle | BMO Performance Chequing Account for Students | $0.00 | * Qualifies for BMO Family Bundle * $175 welcome offer * $40 credit card rebate | Learn more |
| Welcome and referral bonuses | Simplii No Fee Chequing Account | $0.00 | * $350 welcome offer * Access to CIBC ATMs * $125 referral bonus | Learn more |
| Earning interest | KOHO Earn Interest | $0 | * Earn up to 2% interest * Earn cash back * Access to KOHO Earn Interest | Learn more |
| Worry-free graduation transition | Tangerine Chequing Account | $0.00 | * No auto-account switch at graduation * $250 bonus for switching your direct deposit * Comes with debit Mastercard | Learn more |
| For non-students | TD Student Chequing Account | $0.00 | * Free for anyone until age 23 * $125 welcome bonus * Earns Starbucks Stars | Learn more |
| For Indigenous students | First Nations Bank of Canada Student Bank Account | N/A | * Indigenous-owned institution * Branches in northern areas * Well-rated mobile apps | Learn more |
| For international students | National Bank Newcomer Banking Package | $15.95 | * Can be opened before you arrive in Canada * 12 months free legal support * $550 welcome bonus | Learn more |
| Earning cash back | Neo Everyday Account | $0 | * Earn 6% cash back (or more) * Valuable mobile apps * Prepaid Mastercard | Learn more |
| Student investors | Wealthsimple Chequing | $0 | * Earn 1% cash back * Cash back can be earned as stocks * Earn up to 2.75% interest | Learn more |
Best overall student bank account: RBC Advantage Banking for students
- Earn Avion points on purchases
- No ATM fee at non-RBC bank machines
- Unlimited transactions and Interac e-Transfers
- Welcome bonus
- Only available to full-time students
- Automatic changeover to the RBC Advantage Chequing Account
- Be at least 13 years of age
- Enrolled as a full time student.
- Earn Avion points on debit purchases
- Save on fuel at Petro-Canada locations
The RBC Advantage Banking for students is a no-fee plan with perks that make it feel like a premium account, including free unaffiliated ATM use and one rebated NSF per year. Students will particularly enjoy the unlimited transactions, unlimited free Interac e-Transfers, and the opportunity to save on gas at Petro-Canada.
Why it’s good for students:
- $100 welcome bonus
- No monthly fee
- Unlimited transactions and Interac e-Transfers
- Unlimited free withdrawals from unaffiliated ATMs
- Earn Avion points on debit purchases
- Virtual Visa debit card included
- One rebated NSF per year
- No-fee U.S. and international money transfers
- Free paper or online statements
- Link to Petro Points for discounts at Petro-Canada
- Available for those as young as age 13
- Access to excellent student credit cards: RBC ION Visa and RBC ION+ Visa
Other considerations:
- No credit card rebates or waivers
- Auto-converts to the RBC Advantage Chequing Account (with monthly fee) after graduation
Best student account for credit card access and fee waiver: Scotiabank Preferred Package for Students and Youth
The Scotiabank Preferred Package for Students and Youth is one of the best chequing accounts for youth and students in Canada. Get unlimited transactions, earn Scene+ points on debit purchases, all while paying no monthly fee.
- Unlimited transactions
- Earn rewards on debit purchases
- No monthly fee
- Get $175 with a new account
- Only for youth and students
- Age of majority
- Enrolled in a post secondary institute in the US or Canada
$50 GeniusCash + Get up to a $175* welcome bonus + Earn Scene+ points on all debit purchases.- No monthly fee.
- Earn Scene+ points on debit transactions
$50 GeniusCash + Get up to a $175* welcome bonus + Earn Scene+ points on all debit purchases.The Scotiabank Preferred Package for Students and Youth provides students with big bank conveniences, money-saving features and tools, and a very impressive annual credit card fee waiver of up to $150. There are also unlimited opportunities to earn and redeem valuable Scene+ points.
Why it’s good for students:
- $175 welcome bonus
- No monthly fee
- Unlimited debit transactions and Interac e-Transfers
- Earn Scene+ points
- One free unaffiliated ATM withdrawal per month
- First-year annual fee waiver (up to $150) on select credit cards
- Free online and/or paper statements
- Financial tips, tools, and advice via the Student Hub
- Free trades with Scotia iTRADE
Other considerations:
- Overdraft fees aren't waived
- Upon graduation, the account converts to a typical Scotiabank Preferred Package with the associated monthly fee
Best student account for student-centred perks: CIBC Smart for Students
The CIBC Smart for Students bank account delivers all the cash-saving features you want from a student account, while also providing the accessibility and widespread ATM network that a Big-5 bank is known for. But what really sets it apart is its free SPC+ membership, which gets you up to 30% off the top brands in Canada.
- Free SPC+ membership
- No monthly fee
- Unlimited transactions and Interac e-Transfers
- Huge number of physical locations and ATMs
- A cash welcome bonus and refer a friend cash reward
- Pricey non-CIBC ATM withdrawals
- Welcome bonus requires additional steps beyond signing up
- Canadian resident or international student
- Full-time student graduating after age 25
- Free SPC+ membership
- Save up to 10 cents per litre on gas with Journie Rewards
- Free Skip+ subscription for 12 months
A CIBC Smart for Students account comes with some sweet benefits: a free SPC+ membership, 12 months of Skip+ for free, gas savings with Journie Rewards, and more. Plus, it offers the security and peace of mind associated with a big bank.
Why it’s good for students:
- $175 welcome bonus
- No monthly account fee
- Unlimited transactions and Interac e-Transfers
- 1 free unaffiliated ATM withdrawal per month
- Link to your Journie Rewards account to save on gas
- Free SPC+ membership
- Possibility of winning $35,000 towards tuition costs
- Up to $3,750 per year in referral bonuses available
- Access to CIBC Aventura Visa Card for Students, the best student card in Canada
Other considerations:
- Relatively high $2 fee for unaffiliated ATM use
- Auto-converts to the CIBC Smart Account (with monthly fee) six months after graduation
Best student account for free ATM use: EQ Bank Personal Account
If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
- High daily interest rate
- Easy access to all other EQ Bank products
- Less expensive international money transfers
- Zero everyday banking fees
- Free Interac e-Transfers, electronic funds transfers, and bill payments
- No minimum balance
- No welcome bonus
- Age of majority
- Canadian citizen
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
Students with a EQ Bank Personal Account have free, unlimited access to all ATMs in Canada, which makes it an extremely convenient and valuable option for students on the go. Plus, this account earns cash back and a higher-than-average interest rate – all for no monthly fee.
Why it’s good for students:
- No monthly account fee
- Unlimited transactions and Interac e-Transfers
- Free withdrawals from all Canadian ATMs
- Earn up to 3% interest on your balance
- Inexpensive international money transfers (via Wise)
- Earn 0.5% cash back on all purchases
- EQ Bank Card is a prepaid Mastercard, no credit check required
- No annual credit card fee
- No FX fees
- Remains free, even after graduation
Downsides:
- No welcome offers or student promos
- Cannot deposit cash
Best student account for family bundling: BMO Performance Chequing Account for Students
The BMO Performance Chequing Account for Students is the same premium accout as the BMO Performance Chequing Account without the monthly fee. It will get you unlimited transactions and Interac e-Transfers, among other features included with a premium bank account.
- Unlock a sweet $75 GeniusCash bonus with your new account
- Get a $175 welcome bonus
- No monthly fee in this BMO student chequing account
- Unlimited transactions on all everyday purchases
- Unlimited e-transfers up to a certain amount
- Credit card rebate with your chequing account
- Available to international students
- BMO requires proof of enrollment for its student chequing account
- Extra charges on non-BMO withdrawals per month
- Students enrolled full-time in university, college, or private vocational school
- Proof of registration of student status or expected graduation required
$75 GeniusCash + Earn a $175 welcome bonus + no monthly plan fees while in school and one year after graduating.- Annual credit card rebate of $40 on eligible BMO credit card
- Stays no fee for up to 12 months after graduation
- New account holders earn a cash bonus
$75 GeniusCash + Earn a $175 welcome bonus + no monthly plan fees while in school and one year after graduating.The BMO Performance Chequing Account for Students offers many student essentials, including a rebate on a BMO credit card, and continues to be fee-free up to one year after graduation. It can also be part of the BMO Family Bundle program, which means accounts are separate, but family members can easily transfer money into the student account.
Why it’s good for students:
- $175 welcome bonus
- BMO Family Bundle makes fund transfers quick and easy
- No monthly account fee
- Unlimited transactions and Interac e-Transfers
- Free Domino's Pizza for six months
- One-time fee reversal for NSF, overdraft, or overage fee
- Free OnGuard identity and fraud protection
- Promo interest rate for the BMO Savings Amplifier Account
- One free unaffiliated ATM withdrawal per month
- Cash back offer for opening and funding a new BMO InvestorLine account
- $40 annual rebate for eligible BMO credit card
- Remains free for 12 months after graduation
Other considerations:
- No opportunity to earn reward points
- Auto-converts to the BMO Performance Chequing Account (with monthly fee) 12 months after graduation
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Best student account for welcome and referral bonuses: Simplii No Fee Chequing Account
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
The Simplii No Fee Chequing Account may not be a student-specific account, but it still offers everything a student needs in a bank account, with a few extras too. It offers a solid welcome bonus and the opportunity to earn up to $6,250 in referral bonuses each year (max 250 per lifetime).
Why it’s good for students:
- $350 welcome bonus
- Earn up to $6,250 in referral bonuses per year
- No monthly account fee
- Unlimited transactions and Interac e-Transfers
- Access to over 3,400 CIBC ATMs
- Earn 0.1% interest
- Debit Mastercard included
- Inexpensive international money transfers with Simplii Financial™ Global Money Transfer
- Free home delivery for ordering foreign cash
- Access to Simplii Financial Cash Back Visa
- Remains free, even after graduation
- Backed by CIBC, a trusted Canadian banking institution
Downsides:
- No physical branch locations
- Unavailable in Quebec
Best student account for earning interest: KOHO Earn Interest
Want a savings account that consistently has one of the best rates in Canada? You'll want to check out KOHO Earn Interest With The KOHO Prepaid Mastercard, which gets you up to 3.5% interest, depending on your subscription level.
- No transaction fees
- Earn 3.5% interest on every dollar
- Comes with a free cash back prepaid Mastercard
- Supports major digital wallets
- Free app for tracking spending and setting savings goals
- Automate your savings with RoundUps
- Monthly fees
- You must meet your province's age of majority
- Comes with a KOHO Prepaid Mastercard which you can upgrade for even more perks
- Earn up to 6.5% cash back on your spending
- Free app for setting saving goals and tracking spending
- Savings paid on a monthly basis
- KOHO International Money Transfer allows you to send money abroad to people in over 190 countries, right from your KOHO balance
This KOHO Earn Interest account offers one of the highest interest rates available to Canadians, plus several features that appeal to students, including unlimited transactions and a highly-rated mobile app with savings goal features.
Why it’s good for students:
- Earn up to 3.5% interest
- No monthly account fee for base tier
- Unlimited transactions and Interac e-Transfers
- Earn up to 2% cash back on purchases
- Subscription tiers available for customizable rewards
- Tenant insurance add-on available
- Free eSIM card for travel
- Access to KOHO Earn Interest
- Highly rated app with excellent budgeting features
- Unique metal prepaid Mastercard
- No FX fees
- Access to Walnut tenant insurance
- Remains free, even after graduation
Downsides:
- No promotions or special offers for students
- Cannot deposit cash
Best student account for easy post-grad transition: Tangerine Chequing Account
The Tangerine Chequing Account is one of the best no fee chequing accounts around. Get unlimited transactions, all the Interac e-Transfers you need, and earn an interest rate of up to 0.1% on your balance, rare for a chequing account.
- No monthly fee
- Unlimited free transfers
- No minimum balance requirement
- Pairs well with a Tangerine Savings Account
- Welcome bonus available
- Advertised interest rates are misleading
- Limited free cheques
- High non-affiliated ATM fees
- Limitations of an online bank
- Age of majority
- Canadian citizen
- Automatically categorizes your spending
- Free first book of 50 cheques
Tangerine is backed by Scotiabank, a huge Canadian financial institution, and its Tangerine Chequing Account is an excellent fit for budget-conscious students. Because it's not student-specific, there aren't any concerns about this account automatically switching to a standard account after graduation – nor are there concerns about a hefty monthly fee.
Why it’s good for students:
- No monthly account fee
- No minimum balance requirements
- $250 bonus for switching your direct deposit
- Unlimited transactions and Interac e-Transfers
- Earn up to 0.1% interest
- 50 free cheques
- One free stop payment per year
- One free replacement card per year
- Access to Scotiabank's 8,500+ Canadian ATMs
- Highly-rated, easy-to-use mobile app
- Access to valuable cash back Mastercards
- Won’t turn into a paid account after graduation
Downsides:
- No physical branch locations
- No promotions or special offers for students
Best student account for non-students too: TD Student Chequing Account
The TD Student Chequing Account provides a budget-friendly banking solution for young people and full-time students. It comes with unlimited transactions, no monthly fees, and even a modest interest rate. New signups can get a welcome bonus of up to $125, along with discounts on trades through TD Direct Investing.
- No monthly fee for this account
- Unlimited transactions and e-Transfers
- Free overdraft protection
- Earn 0.01% interest on account balance
- Earn 50% more Stars at Starbucks
- Extra ATM fees
- Welcome bonus requires a few extra steps
- Lacking extra perks like CIBC or Scotiabank’s student accounts
- Be the age of majority in your province or territory
- Must be under the age of 23 or a full-time student
- Earn 50% more Starbucks stars
- Free overdraft protection
- Discounted trades with TD Direct Investing
TD is one of Canada's largest banks and the TD Student Chequing Account is designed for youth, with several perks designed to attract a younger clientele. It's free for all Canadians until they turn 23 years old, at which point it continues to be free for full-time students.
Why it’s good for students:
- $125 welcome bonus
- No monthly account fee
- No minimum balance requirements
- Unlimited transactions and Interac e-Transfers
- Earn up to 0.01% interest
- Earn 50% more Starbucks stars
- Free overdraft protection service
- Mobile cheque deposit available
- Free paper statements
- Cash bonus offers for also using TD Direct Investing and TD Cash Back Visa
- TD MySpend app can help track and improve spending habits
Downsides:
- Not as many student-specific perks as other accounts
- Welcome bonus details are complicated
Best student account for Indigenous students: First Nations Bank of Canada Student Bank Account
The First Nations Bank of Canada Student Bank Account is a straightforward chequing account created for full-time post-secondary students. With no monthly fee, unlimited transactions, and free Interac e-Transfers, this account holds its own among the many other student bank accounts in Canada. It’s also easy to access through a top-rated mobile app, giving students a simple way to manage their money.
- No monthly fee
- Unlimited transactions and Interac e-Transfers
- Well-rated mobile app
- Branches and ATMS across most of Canada
- Supports an Indigenous-owned and operated institution
- Automatically converts after graduation
- No online applications
- Be enrolled as a full-time student
- An Indigenous-owned Canadian bank
The First Nations Bank of Canada serves more than just Indigenous peoples, but with most branches located on reserves and a leadership team consisting mostly of Indigenous individuals, this institution has a strong focus. The First Nations Bank of Canada Student Bank Account offers students no-fee banking, and access to branch locations in remote locations.
Why it’s good for students:
- No monthly account fee
- No minimum balance requirements
- Unlimited transactions and Interac e-Transfers
- Overdraft protection available
- Access to 1,800+ ATMs across Canada
- Convenient, well-rated mobile app
- Many branches in northern locations
- Supports an Indigenous-owned and operated institution
- CDIC insured
Downsides:
- No promotions or special offers for students
- No opportunity to earn reward points
Best student account for international students: National Bank Newcomer Banking Package
If you're a newcomer to Canada, the National Bank Newcomer Banking Package is an excellent choice for getting started with your financial journey in your new country. It's available to all newcomers within 5 years of their arrival in Canada and can easily be opened online. In fact, the account can be opened up to 90 days before you even arrive in Canada, as long as the eligibility requirements are met.
- No monthly fee for the first year
- Personalized phone support for more than just banking info
- Unlimited electronic transactions
- Access to National Bank credit cards
- Continuing fee-free requires signing up for other products
- Be a newcomer to Canada of age 18 or older
- Apply to open an account from your home country up to 90 days before you arrive in Canada, or within 5 years of your arrival
- Be the only user of the account
- Have a valid passport from a country outside of Canada or a Canadian permanent residency card (Newcomers already in Canada)
- Have a Canadian phone number (Newcomers already in Canada)
- Exclusive phone support for personal finance topics, immigration, and more
- Access to a National Bank Mastercard without needing Canadian credit history
- Free paper statements for a year
If you're an international student residing in Canada while pursuing your education, the National Bank Newcomer Banking Package is the best bank account for you. While it's not a student-specific account, it is catered for individuals arriving in Canada from other countries and offers many valuable features curated for newcomers.
Why it’s good for international students:
- $550 welcome bonus
- No monthly fee (up to three years)
- Unlimited electronic transactions (debit card spending, Interac e-Transfers, etc.)
- Access to National Bank credit cards (no credit history required)
- Personalized phone support for a variety of topics
- 12 months of legal support
- Inexpensive international money transfers
- Ability to open the account before or after you arrive in Canada
- More cash bonuses available for adding more products and services
- Free paper statements for one year
Downsides:
- No promotions or special offers for students
- Continuing fee-free after the first year requires signing up for other products
Best student account for earning cash back: Neo Everyday Account
Love having easy access to your money, but want to make the most of your cash savings before it's spent? With a Neo Everyday account, you can earn 0.1% on your balance PLUS an average of 3% cash back on your purchases (with a minimum of 1%). All transactions and Interac e-Transfers are free and unlimited.
- Comes with a prepaid Mastercard
- No transaction fees
- No monthly fees
- Eligible for CDIC deposit protection
- Lower interest rate than the Neo Financial High-Interest Savings Account
- Canadian citizen
- Earn up to 3% cash back on spending
- Free app for tracking your spending and savings
- Pairs well with other Neo products
The Neo Everyday Account is the base account, but users can choose subscription tiers (called Perks) and earn higher cash back rates on specific areas of spending along with other rewards. This hybrid account is an excellent choice for savvy students who want to maximize their spending and saving.
Why it’s good for students:
- No monthly account fee
- No minimum balance requirements
- Unlimited transactions and Interac e-Transfers
- Neo Money prepaid Mastercard included
- Virtual Mastercard included
- Earn up to 6% cash back
- Earn up to 0.1% interest
- Subscription tiers available for customizable rewards
- Valuable and popular mobile app
- CDIC insured
Downsides:
- Interest rate is low
- Can't deposit cash
Best student account for student investors: Wealthsimple Chequing
Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, this account is worth taking a look at – especially for investors.
- Impressively high standard interest rate
- Free and unlimited Interac e-Transfers
- No monthly fees, and no transaction fees
- Earn 1% back in cash, stocks, or crypto with the Wealthsimple card
- Get paid early with direct deposits
- Free from foreign transaction fees
- High minimum balance to reach maximum interest rate
- Get 1% back in cash, stock, or crypto with the Wealthsimple card
- Up to $1 million in CDIC coverage
While anyone can benefit from this account, those who already have a Wealthsimple managed investing and/or Wealthsimple Self-Directed Investing account will find the Wealthsimple Chequing especially valuable. Along with other common chequing account perks, this account provides the ability to earn cash back in stock, plus instant transfers to your investment accounts.
Why it's good:
- No monthly account fee
- No minimum balance requirements
- Unlimited transactions and Interac e-Transfers
- Unlimited free withdrawals from unaffiliated ATMs
- Earn up to 2.75% interest
- Earn up to 1% cash back
- Cash back provided as cash or stock
- Instant transfers to investment accounts
- Wealthsimple Cash prepaid Mastercard included
- No FX fees
- Valuable, convenient mobile app
- Access to other valuable Wealthsimple products and services
- Up to $1 million in CDIC coverage
Downsides:
- Can't deposit cash
- No physical branch locations
What to consider before choosing a student bank account
A student account is likely the first account you'll choose for yourself, and students have very specific needs, so keep these details in mind when weighing your options:
- Location of your school: Especially if your school is outside your hometown, ensure that the account you're considering is still available in the city/province where you'll be studying. Check for nearby branch and ATM locations too.
- Branch access vs. online banking: If you think you'll need to visit a branch, check that there's a location near you. Otherwise, check that the mobile app and/or website are user-friendly and well-rated.
- How often you'll use it: Most student accounts have unlimited transactions, but you'll want to double-check this. Make sure there are enough included transactions to meet your needs.
- Your long-term plans: If you know you'll be in school for an especially long time, make sure the age limit restrictions are compatible with this plan. If you have a specific, long-term savings goal in mind, choose a savings account with a high interest rate.
- Perks and bonuses: Check for welcome offers, student-specific perks (like an SPC+ membership), and more. Are they beneficial for your specific needs?
- Rewards program: If there's a rewards program at all, is it one that benefits you? Will you use it?
- Savings potential: Check all interest rates to ensure you're getting the best rate possible. If the rates are tiered, check that your balance meets the best thresholds.
- CDIC protection: Always choose an account that has CDIC coverage. If CDIC isn't available, ensure there's another type of insurance from an appropriate governing body, such as the Deposit Guarantee Corporation of Manitoba (DGCM).
Types of student bank accounts
These are a few categories of student bank accounts that you can find from institutions in Canada:
| Account type | Details | Example account |
|---|---|---|
| Student chequing | * Used for everyday spending * No monthly fee * Unlimited transactions | First Nations Bank of Canada Student Bank Account |
| Student savings | * Used to set money aside and earn interest * No monthly fee * Limited monthly transactions | Tangerine Savings Account |
| Youth/teen chequing | * Designed for tweens/teens in secondary school * No monthly fee * High limit/unlimited transactions | CIBC Smart Start Account |
| International student | * Designed for newcomers to Canada * No monthly fee * Free/discounted global money transfers | National Bank Newcomer Banking Package |
| Graduate student | * Designed for graduate and/or medical/law students * Stays fee-free for longer than other student accounts * Easier access to credit products | BMO Medical and Dental Student Banking |
| Bundled accounts | * Rolls accounts, credit cards, and other services into one product | CIBC Best Student Life Bundle |
Best features of student bank accounts
The best bank accounts for students will include these basic features:
- No monthly fee: Since it’s a student bank account, you’ll want to save money wherever you can. You’ll have plenty of no-fee options, so it’s best to avoid any accounts with a fee, no matter how small.
- Unlimited transactions: Chequing accounts are meant to be used for all your transactions. If you have a limit on them, it’s just going to cause extra stress for you trying to make sure you don’t go over it.
- Unlimited e-Transfers: A lot of things are done online now, so making sure you never have to pay a fee for transferring money online can save you a lot in the long run.
- High interest: An account with interest will help build your savings a little while you focus on your studies.
- Any extra perks: You have a lot of options for a student bank account, so anything a bank can do to set themselves apart from the crowd is a good thing to look out for. This includes earning rewards and getting access to special discounts.
Pros and cons of student bank accounts
| Pros | Cons |
|---|---|
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Who's eligible for a student chequing account?
It won't come as a surprise to hear that most banking institutions have qualification requirements for student accounts – you can't just walk into a bank and open a student account without showing proof that you are a student.
You'll likely have to show that you meet these eligibility requirements:
- You're at least 18 years old
- You have proof of full-time enrollment
- You currently live in Canada
Students under 18 can usually open a student account, but they must have a parent or guardian as a joint account owner. Younger students may not be eligible for the perks of standard chequing accounts, which are geared toward college students.
Non-traditionally aged students may be eligible for student chequing accounts if they are post-secondary students at a college, university, or other educational institution.
How to open a student bank account
To open a new bank account as a student, you'll need to follow these steps:
- Choose the bank and account: Consider the questions and details mentioned above to make sure the bank and the specific student account meet your needs
- Gather your documents: You'll likely need at least two forms of ID and will be asked to prove that you're currently enrolled in school
- Fill out and submit the application: Most applications can be completed online, but some may require you to visit a bank branch, especially if extra proof of enrollment is required
- Fund your account: Deposit funds into your account and spend accordingly
What do you need to open a student bank account?
As with opening any bank account, you'll need to provide your name, contact info, social insurance number, and a few pieces of ID in order to open a student bank account.
What's different, though, is that you'll also be asked to show proof of enrollment. Here are some examples of the documentation you can use to confirm your student status:
- Letter of acceptance
- Study permit
- Student ID card
- Recent transcript
- Student email account
What happens to student accounts after graduation?
If you’re on a student-specific plan, you'll be automatically switched to a normal account once you’re no longer in school, which means you'll likely be charged a monthly fee.
These fees can really add up, so make sure you know which account your student account will be converted to after graduation and consider switching to another bank account with no fees or a sweet welcome bonus (or both!) if that is a better fit for you.
Pro tip: Since switching banks can be annoying, it's a good idea to check the other typical accounts before you open a student bank account, since that's what you'll likely be converted to after you graduate.
A bank account for lifelong learners
Anyone, at any stage of life, can open a Coast Capital Elevate Chequing Account and take advantage of its multiple benefits, including free access to Coursera's global learning platform. Coursera offers more than 11,000 courses, professional certificates, and designations from over 300 world-class universities and companies, providing valuable learning opportunities for hungry minds.
Monthly fees for the Coast Capital Elevate Chequing Account are based on age groups, with a significantly lower fee of $8.50 (down from the typical $16.95) for those under age 26 or over age 58. For this, you get:
- Unlimited free transactions
- Unlimited free Interac e-Transfers
- One book of 50 cheques per year
- An annual credit card waiver of $50
- 2 free unaffiliated (Canadian) ATM transactions per month
- 3 free international ATM withdrawals per year
The Coast Capital Elevate Chequing Account offers complimentary Coursera*** access and identity theft protection, in addition to free unlimited e-Transfers, more included ATM transactions and a credit card rebate.
- Monthly fee discounts available****
- Annual fee rebate on select Coast Capital credit cards
- 50 free cheques annually
- Free ID protection and password manager
- Free access to Coursera***
- Limited unaffiliated ATM withdrawals and slightly higher ATM fee
- Not available in Quebec
- Have a SIN
- Age of majority in your province
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
- Free access<sup>***</sup> to Coursera's global learning platform (Value $538/year)<sup>*</sup>
- Free identity theft protection and password manager with ID Assist
- New members must purchase a minimum of $5 in membership equity shares
- 2 free Interac network Canadian ATM withdrawals per month<sup>†</sup>
- 3 free International ATM withdrawals per year<sup>††</sup>
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
FAQ
What is a student bank account?
A student bank account is a specialized type of financial product tailored for those pursuing higher education. Common features include low or no monthly fees, unlimited transactions, and opportunities for earning rewards points on spending.
What is the best bank for students in Canada?
RBC is the best big bank for students, thanks to the RBC Advantage Banking for students and all its benefits. Online banks are excellent for these clients too – EQ Bank and Simplii offer especially valuable accounts for students.
Which bank is free for students?
Most banks offer free student accounts, with online banks like Tangerine and Simplii Financial providing free accounts of all kinds for all people groups. You'll likely have to show proof of enrollment to qualify for a big bank student account.
Is TD good for students?
Yes, the TD Student Chequing Account is a top no-fee student chequing account that offers unlimited transactions and free overdraft protection. TD also has a few valuable student credit cards, including cash back, rewards, and low-rate versions.
Is RBC good for students?
Yes, RBC has a few excellent student-centred products, including the RBC Advantage Banking for students. It's a no-fee account with unlimited transactions, free unaffiliated ATM use, earns Avion points, and is available for students aged 13+.
Which bank is the most student-friendly?
RBC offers the best student chequing account, the RBC Advantage Banking for students, proving that it's very student-friendly. CIBC also fits the bill as it provides student-friendly perks, like free SPC+ and Skip+ memberships.
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