The Canadian Western Bank Student Account provides "the ultimate no-hassle chequing account," giving students an easy way to manage their money without worrying about fees or limits. And this is really what student bank accounts are all about.
While the Canadian Western Bank Student Account does deliver on those core promises, that’s just about all this account has to offer. It’s a very basic product with no frills, but it does offer exactly what a focused student needs to keep their finances simple and low cost.
Canadian Western Bank Student Account features
Here are the core features of CWB’s student account:
Why You Want It
No monthly fee + Unlimited transactions and Interac e-Transfers.
Special Features
- No monthly fee
- Unlimited transactions and Interac e-Transfers
Eligibility
- Post-secondary student
- Canadian resident
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Canadian Western Bank Student Account product rating: 2.9 stars
Student accounts are meant to help cash-strapped students to keep more of their money, and the Canadian Western Bank Student Account does just that. However, it’s rather bare-bones, lacking many helpful features for students that other accounts offer to help these (usually) young adults learn to manage their finances.
Still, this is a valuable and viable option since it’s a free place for students to keep their funds and it's free to access those funds too. It may not be fancy or exciting, but this student account works.
Rating methodology
While our ratings system uses an algorithm to more objectively rank products, the process itself is easy to understand. First, we list all the features that a banking product offers (such as no monthly fees, free Interac e-Transfers, etc), and then compare it to other products in the market. Each feature gets a rating out of five. Finally, we average all the feature ratings to come up with a singular 5-star rating for the product.
Learn more about our rating methodology.
The pros of the Canadian Western Bank Student Account
The Canadian Western Bank Student Account thankfully does get the most essential features right:
Pros
No monthly fee
Students pay nothing to keep this account open. As students are often cash-strapped, with little to no regular income, not having to pay a monthly fee or maintain a minimum balance are major perks.
Unlimited transactions
First come the school-related expenses like books and computer accessories, and then there's the fun stuff like takeout and movie streaming services. No matter what you spend on or how often you spend it, the Canadian Western Bank Student Account won't charge you a penny for using your money.
Interac e-Transfers are free
Students are also known for being tech-friendly, and being able to send an Interac e-transfer to split the cost of a pizza at a study session is a very convenient option. With the Canadian Western Bank Student Account, you can send and receive as many of these transfers as you like for free.
The cons of the Canadian Western Bank Student Account
Before signing on the dotted line, consider the following downsides of this account:
Cons
Very basic features
Unfortunately, you won’t be offered any budgeting tools, rewards, or even welcome bonuses here. Every feature offered by CWB’s student account is simply what's standard among all other student bank accounts in Canada.
Pricey unaffiliated ATM use
If you're not someone who plans ahead and you often find yourself needing fast cash, the Canadian Western Bank Student Account might not work for you. You’ll pay $1.50 each time you withdraw money via a non-EXCHANGE Network ATM, and that’s on top of whatever service fees the ATM charges.
Limited physical locations
CWB is a smaller bank that focuses on serving clients in western Canada. While it does have a few branches elsewhere, visiting a brick-and-mortar bank location outside of Alberta or British Columbia can be tricky. So if you're not a Westerner and you prefer in-person conveniences, this account and bank will likely let you down.
Canadian Western Bank Student Account alternatives
You want to do your homework before committing to an account, so here are some alternatives to the Canadian Western Bank Student Account for you to consider:
 |  |  | |
|---|---|---|---|
| Account | RBC Advantage Banking for students | BMO Performance Chequing Account for Students | Simplii No Fee Chequing Account |
| Genius Rating | |||
| Why You Want It | A full featured bank account for students with no monthly fees. | Earn a $175 welcome cash bonus + no monthly plan fees while in school and one year after graduating. | Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. |
| Minimum Balance To Waive Fee | $0 | N/A | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $0.00 | $0.00 |
| Excess Transaction Fee | $0.00 | N/A | N/A |
Show More | |||
| Open an account See more RBC products Compare | Open an account See more BMO products Compare | Open an account See more Simplii Financial products Compare |
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FAQ
What do you need to open a Canadian Western Bank Student Account?
To open this student account, you need to be registered with and/or attending a post-secondary institution in Canada. International students are eligible too. You can find applications by visiting the Canadian Western Bank website or at a branch location.
Is the Canadian Western Bank Student Account completely free?
This account is almost entirely free. It has no monthly fee, free Interac e-Transfers, and free daily transactions. However, be careful to use only ATMS affiliated with CWB (including the EXCHANGE Network), or you'll be dinged with $1.50 fee.
Is the Canadian Western Bank Student Account a good account?
If you’re a student looking for a simple and affordable account for your money, this account will work for you. However, other student bank accounts offer more perks, like budgeting tools and cash welcome bonuses.
Can I open a CWB account online?
Yes, you can open a CWB student account online by providing the required documents and materials. You will need a smartphone, your personal ID, and something to offer proof of full-time enrollment in a post-secondary education.
Is CWB a safe bank?
CWB is an established bank, and it is a member of Canada Deposit Insurance Corporation (CDIC) which protects your funds in case of a security breach. In 2025, CWB will be acquired by the respected National Bank of Canada.
Does CWB have online banking?
Yes, CWB offers the convenience of online banking. You can transfer money, pay bills, and check your balance from your mobile device or computer. The CWB mobile app is available on Google Play and the Apple Store.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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