Best Student Bank Accounts in Canada for 2024
Nov 12, 2024The best student bank accounts offer a combination of no monthly fees, numerous free transactions and other perks to make your day-to-day banking easier and more affordable.
ALSO CONSIDER: Best Chequing Accounts | Best No-fee Chequing Accounts | Best Chequing Account Offers and Promotions | Best Senior Bank Accounts
Student bank accounts often combine the best parts of no-fee chequing accounts — zero monthly fees and unlimited transactions — with special perks and tools designed to help students strengthen their finances.
Some banks provide additional cash offers and other bonuses for students who open a new account.
Compare our selections for the best student bank account to choose the right one for you.
Why trust NerdWallet
NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each student bank account.
Nearly 25 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Close to 20 data points on over 30 currently available student bank accounts examined to determine their eligibility for our roundup.
Best plans for student bank accounts
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BACK TO TOPNerdWallet Canada selects the best student bank accounts based on several criteria. Factors in our evaluation methodology include monthly fees, minimum balance requirements, the number of included free transactions, and more. The accounts considered for this list are available to Canadians in more than one province.
Summary of the best student bank accounts
Best plans for student bank accounts
Best for cash-back and international students offer: Simplii Financial No Fee Chequing Account with Student Banking Offer
Best student banking plan with rewards: Scotiabank Student Banking Advantage Plan
Best for student banking perks: RBC Advantage Banking for Students
Best domestic and international students offers: CIBC Smart for Students
Best for personalized bank offers: National Bank Chequing Account Offer for Students
Best for personalized bank offers: Desjardins Student Offer
Best picks for a student chequing account
Best chequing account with cash-back offer: TD Student Chequing Account
Best standard chequing account: Canadian Western Bank Student Account
Best chequing account for Indigenous students: First Nations Bank of Canada Student Chequing Account
Best online bank accounts for students
Best cash-back offer: Tangerine No-Fee Daily Chequing Account
Best for a modest interest rate: motusbank Chequing Account
Best for a modest interest rate: Alterna Bank No Fee eChequing Account
Best banking features with credit union member rewards: Innovation Federal Credit Union No-Fee Chequing Account
What to know about student bank accounts
A student bank account allows you to take care of your daily banking needs without incurring monthly fees or having to pay for most individual transactions — and there can be a lot of those when you’re going to school.
Types of student bank accounts
Most Canadian financial institutions, and all of the Big Six banks, have bank account options tailored specifically for students. These offerings typically fall into two categories:
Student chequing accounts
Student banking plans, which may package chequing and savings accounts with other financial products, such as a credit card with a fee rebate or a student line of credit.
Savings accounts are rarely tailored specifically to students, but many high-interest savings accounts and no-fee accounts from online banks are suitable for a student’s budget and needs.
Common features of a student chequing account
Monthly account fee: Many student accounts charge low- to no- monthly fees with unlimited daily transactions.
Minimum balance requirement: Most financial institutions recognize that students may have trouble maintaining a minimum balance. So, student chequing accounts typically do not have set balance requirements.
Bank fees: Free e-transfers and access to a large ATM network by certain banks can cut down on additional fees when you’re paying your bills and transferring money.
New bank account offers: Student bank account offers include cash bonuses, credit card fee rebates and special rewards programs that regular chequing account customers don’t have access to. It’s best to take advantage of these student-specific deals while you’re eligible so you can save more.
Student chequing account pros and cons
Pros
Usually, no monthly fees and unlimited transactions.
Some accounts offer bonuses and special promotions for students.
Often, there are no additional bank charges for e-transfers and ATM withdrawals.
Banking products and services, such as credit cards and expense tracking apps serve as great early financial management tools.
Cons
Education and/or age restrictions apply.
Student bonuses often come with qualifying requirements.
Some online-only student accounts may offer limited ATM access.
After graduation, most student accounts switch to paid accounts.
How to choose the best student bank account for you
To choose the best student chequing account, assess the account’s everyday banking features and then look at the added benefits.
Look for an account that includes enough services — and branch, ATM or online banking options — that you can conveniently access your money and not worry about paying extra fees.
When comparing benefits, choose the ones you’ll enjoy the most. It could be a cash bonus that helps you pay for a few textbooks (or a couple Friday nights out on the town) or a rewards program where you earn points that can be put toward future purchases.
Considerations when choosing a student chequing account
Do you meet the age, residency and educational status requirements to apply?
Is there overdraft protection in case you overstretch your budget?
What bonuses are being offered that make the account especially beneficial for you?
One way a student chequing account can go from “no fee” to “oh no, fee!” is if you align yourself with a bank that has limited free ATM access. If your bank isn’t part of a large nationwide ATM network, you could find yourself shelling out a few extra bucks every time you access cash on the go.
How to open a student chequing account
Opening a student chequing account is generally easy. Usually, banks will allow you to apply online, but some will require you to make an appointment with a representative.
When applying online, you’ll typically need to provide:
Your name and contact information.
Some form of identity verification, like a government-issued ID. If you’re unable to verify online, you might need to go to a local branch with a proof of ID.
Your expected graduation date.
Other details around your intended account uses, employment and resident status, though some of these questions will be optional.
Who’s eligible for a student chequing account?
As the name suggests, you need to be a student to apply for a student chequing account.
The criteria for being a “student” in the eyes of Canadian banks may vary. Although, it often means you need to reside in Canada and be enrolled full-time in a post-secondary education program here to be eligible for these accounts. You’ll also be expected to show proof of enrollment, like a student card, recent transcript or acceptance letter.
Some financial institutions also offer student chequing accounts for younger customers enrolled in primary or secondary school.
What happens to student bank accounts after graduation?
Whether you sign up for a student chequing account or banking plan, your student privileges have an end date. It’s usually after your graduation, but in some cases, the bank allows an additional grace period. Then, your student account is converted to a paid account. If you plan to continue your studies, some banks may extend your student offer when you show them proof of enrollment with an accredited institution.
Alternative bank accounts for students
Many of the features common to student chequing accounts can be found in other kinds of bank accounts.
Account Type | Pros | Cons |
|---|---|---|
Online bank accounts | Can be used as a savings and chequing account. Competitive interest rates. Notable hybrid accounts: -EQ Bank Personal Account -Motive Savvy Savings Account -The PC Money Account -Neo Everyday Account. -Wealthsimple Cash account. | Limited availability in Canada, and typically only offered by online banks. Frequent ATM use could result in many added charges. |
No monthly fees. Unlimited transactions are common. | Rarely offers access to branch banking. Low to no interest. | |
Helps build credit. Ability to earn rewards and benefit from special perks. | Can lead to debt or a poor credit score if not used responsibly. Fees and high-interest rates on your balance. | |
High interest savings accounts (HISAs) | Earn a high rate of interest to help your money grow. Usually no fees. | Some HISAs require you to keep a minimum account balance. The highest rates are typically only found at online banks. |
Chequing accounts (Big 6 Bank) | In-person and online service. Ability to link other accounts, sometimes with bonus offers included. | Most accounts charge a monthly fee. Risk of other costs, like Non-sufficient funds (NSF) or dormant account charges. |
Frequently asked questions
What is the best bank account for students in Canada?
What is the best bank account for students in Canada?
The best bank for you may be a student banking plan with an attractive intro offer, a chequing account with access to in-person and online services, or an online bank account that earns interest.
How many student bank accounts should I have?
How many student bank accounts should I have?
Two is a good number to start with. A chequing account is essential, as you’ll generally be spending money left and right while you’re at school. A savings or high-interest savings account is good for stashing leftover cash, but only if you’re able to avoid accessing it. Be aware of extra withdrawal charges or penalties for not maintaining a minimum balance on these accounts.
What banks offer student chequing accounts in Canada?
What banks offer student chequing accounts in Canada?
Canada’s Big Six banks offer student chequing accounts, as do many credit unions and online-only banks. See our selections above for noteworthy mentions.
Which Big bank is the best bank for students?
Which Big bank is the best bank for students?
Many of the Big Six banks offer attractive promotions on new Canadian and international student bank accounts. The one that's best for you will depend on your unique needs and preferences.
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