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.
Don't let the bank's name fool you – this account is available for all students, not just Indigenous persons. It offers a full suite of banking products and services for students, youth, and adults.
First Nations Bank of Canada Student Bank Account features
This table presents an overview of the First Nations Bank of Canada Student Bank Account's features and details:
Why You Want It
Unlimited transactions + Supports an Indigenous-owned Canadian bank.
Special Features
- An Indigenous-owned Canadian bank
Eligibility
- Be enrolled as a full-time student
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
N/A
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
See Issuer for Details
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
See Issuer for Details
Free Bank Drafts
Max Rebates For Other Accounts
See Issuer for Details
Discounts For Seniors
Discounts For Youth
Other Discounts
First Nations Bank of Canada Student Bank Account product rating: 3.5 stars
While it doesn't have many of the bells and whistles that big bank student accounts offer, the First Nations Bank of Canada Student Bank Account is a solid option for students looking for an inexpensive, convenient account. It doesn't cost anything, can be managed via an excellent mobile app, and has branches and/or ATMs in areas with very few similar amenities.
It's a pretty basic student account, and won't suit everyone, but it does the job of holding and securing your money. What it lacks in extra perks, it makes up for in values, giving you peace of mind and supporting Indigenous communities.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of First Nations Bank of Canada Student Bank Account
Here's a look at the best parts of the First Nations Bank of Canada Student Bank Account:
Pros
No monthly fee
Full-time students can hold this account without paying a dime, for as long as they remain in school. Typical chequing accounts cost as much as $30 per month, making this an especially helpful detail since many students are on tight budgets as they pursue their education.
Unlimited transactions and Interac e-Transfers
Most Canadians don't carry much cash in their wallets anymore, and students are no different. Having unlimited debit transactions and Interac e-Transfers is very convenient, making it easy to split the cost of a pizza with your study group.
Well-rated mobile app
Students – and young people in general – manage most of their lives through their phones, which means a convenient, reliable banking app is important. Luckily, the Apple version of the First Nations Bank of Canada mobile app has 4.5 stars, and Google Play also gives it 4.5 stars.
Branches and ATMS across most of Canada
While its head office is in Saskatoon (on Yellow Quill First Nation Urban Reserve land), the First Nations Bank of Canada is accessible to many remote areas of the country – it even has branches as far north as Fort McPherson, NT, and Pond Inlet, NU. The only provinces without a branch or ATM are BC and the Atlantic provinces.
Supports an Indigenous-owned and operated institution
The First Nations Bank of Canada's mission is to "create cycles of wealth for Indigenous communities both on and off reserve." Most branches are located on reserves, and the bank's leadership team is largely made up of Indigenous people, allowing the institution to maintain its focus.
The cons of First Nations Bank of Canada Student Bank Account
No bank account is perfect, so here's a look at a few of the First Nations Bank of Canada Student Bank Account's downsides:
Cons
Automatically converts after graduation
Once you graduate from school, or if you don't keep the bank up to date on your student status, your account will automatically be changed to a Value Plus Account (with a monthly fee of $11.95). This is fairly standard for student accounts, but it's an important detail to note.
No online applications
At the time of writing, clients can only apply for this account via telephone or by visiting a branch. It would certainly be a lot easier if people could open an account online, but perhaps not surprising for such a small bank. Still, it will hopefully be an option in the future.
First Nations Bank of Canada Student Bank Account alternatives
Wondering how this account stacks up against the competition? Take a look:
 |  |  |  | |
|---|---|---|---|---|
| Account | First Nations Bank of Canada Student Bank Account | Tangerine Chequing Account | BMO Premium Chequing Account | Canadian Western Bank Student Account |
| Genius Rating | ||||
| Why You Want It | Unlimited transactions + Supports an Indigenous-owned Canadian bank. | Get unlimited free transactions for no monthly fee + Earn up to 0.1% interest. |  $75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply. | No monthly fee + Unlimited transactions and Interac e-Transfers. |
| Minimum Balance To Waive Fee | $0 | $0 | $6,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | N/A | $0.00 | $30.95 | $0.00 |
| Excess Transaction Fee | N/A | $0.00 | N/A | N/A |
Show More | ||||
| Open an account See more First Nations Bank of Canada products Compare | Open an account See more Tangerine products Compare | I Want This Deal See more BMO products Compare | Learn More See more Canadian Western Bank products Compare |
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FAQ
How do you qualify for a First Nations Bank of Canada Student Bank Account?
The person opening the First Nations Bank of Canada Student Bank Account must be enrolled as a full-time student at a post-secondary institution. You likely have to be the age of majority in your province/territory, but this isn't specified.
Does First Nations Bank of Canada have a chequing account?
Yes, the First Nations Bank of Canada has six different chequing accounts available, including the Elders Account, Value Account, Select Account, and the Student Account. The features and monthly fees vary between these accounts.
Which bank account is best for students in Canada?
With unlimited transactions and a welcome bonus, the best student account is the RBC Advantage Banking for students. The First Nations Bank of Canada Student Bank Account is another excellent choice that offers unlimited transactions.
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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