Between learning how to earn miles and points as a student and how to save money as a student, there are many opportunities for students to better their personal financial situation while they are studying. Another component of student life that is worth focusing on is student bank accounts, as these account types can save students money and offer fantastic benefits at no cost.
If you are a full-time student, you should absolutely be taking advantage of a student bank account. With that in mind, let’s get into everything you need to know about the best student bank accounts in Canada.
Benefits of a Student Bank Account
The benefits are the best part of student chequing accounts, and there is no shortage of them.
Student chequing accounts often come with no monthly account fee, which is a major plus and will add up to significant savings over the years of studying. Many normal chequing accounts have monthly fees of $10 to $30 per month, and while you can waive monthly chequing fees by holding a minimum balance, there is, of course, an opportunity cost to waiving fees that way.
Many student bank accounts also offer unlimited transactions, meaning that there are no caps on debit, Interac e-Transfer, or ATM withdrawals (within the network).
Student bank accounts may also offer a sign-up bonus or welcome offer as a way to entice applicants to apply for a new account. These bonuses are often in the form of a cash payment and usually involve meeting a couple of requirements in a set period of time. The requirements tend to be easy to meet, so this can be a great opportunity for a small cash infusion into your bank account for little work.
Plus, programs like Frugal Flyer Rebates offer additional cash back for being approved for an eligible student bank account, sweetening these welcome offers even further.
While less frequent, some student bank accounts offer additional benefits like credit card annual fee rebates, free withdrawals at out-of-network ATMs, and more. While these benefits are not consistently applied and may or may not provide value, they are worth being aware of as you look to get the most value possible from your bank account.
Downsides of a Student Bank Account
While the downsides of student bank accounts are few and far between, there are a few that are worth being aware of before you decide to open an account.
First of all, student bank accounts consistently have lower welcome bonuses compared to mainstream public chequing accounts. This isn’t a huge deal, as students will still greatly benefit from holding a student bank account thanks to no monthly fees and excellent benefits, but welcome bonuses for student accounts tend to be in the $100-$200 range, whereas welcome bonuses for mainstream chequing accounts can be $500+.
The other downside is that students can only benefit from a student bank account while they are students. Logically, this makes sense, and it means that they should sign up for a student bank account earlier on in their studies so they can maximize the time that they will have to receive the benefits these accounts offer.
Best Chequing Accounts for Students
BMO Student Performance Chequing Account
The BMO Student Performance Chequing Account is one of the best options for students as it offers all of the typical benefits of a student bank account, with a few additional value-added benefits.
New eligible applicants can receive a welcome bonus of up to $175 plus a $80 rebate from Frugal Flyer.
The BMO Student Performance Chequing Account offers unlimited debit and INTERAC e-Transfer transactions. Account holders are entitled to one free monthly ATM withdrawal in Canada and up to a $40 BMO credit card annual fee rebate.
Earn when you apply through Frugal Flyer.
Chequing
Up to $175
$0
This account has no monthly fees, unlimited transactions, and one free withdrawal at a non-BMO ATM in Canada per month.
BMO Student Performance Chequing account holders can also receive up to a $40 annual fee rebate each calendar year on one of BMO’s eligible credit cards, including the popular BMO CashBack World Elite Mastercard and the BMO VIPorter World Elite Mastercard.
Scotiabank Preferred Package For Students & Youth
The Scotiabank Preferred Package for Students & Youth is another excellent option for students who are interested in a solid student chequing account with everything they need.
New eligible applicants can receive a welcome bonus of up to $125 plus a $60 rebate from Frugal Flyer.
The Scotiabank Preferred Package for Students and Youth offers unlimited debit and Interac e-Transfer transactions with no monthly fees for full-time students.
Earn when you apply through Frugal Flyer.
Chequing
Up to $125
$0
This account has no monthly fees and unlimited transactions. Account holders will also earn 1 Scene+ Rewards point for every $5 spent on everyday purchases, and 1 Scene+ Rewards point per $1 spent at Cineplex. Scene+ points can be redeemed towards travel, gift cards, merchandise, and more.
RBC Advantage Banking Account For Students
The RBC Advantage Banking Account for Students is a great account for students who also have an interest in holding the RBC ION+ Visa Card.
New eligible applicants can receive a welcome bonus of up to $100 in value.
The RBC Advantage Banking account for students is a premier student bank account that gives you more perks for less, with no monthly fee for full-time students, no minimum balance, and free Interac e-Transfer transactions.
Chequing
Up to $100
$0
This account has no monthly fees and unlimited transactions. Account holders will also incur no ATM fee from RBC when using another bank’s ATM in Canada.
Account holders will also receive a credit card fee rebate of $4 per month towards the annual fee on their RBC ION+ Visa Card, giving this credit card an effective annual fee of zero. This card earns RBC Avion points on all purchases, and they are a great currency worth collecting if you want to save money on travel.
TD Student Chequing Account
The TD Student Chequing Account is a no-frills student bank account that covers the basics well.
New eligible applicants can receive a welcome bonus of up to $125.
The TD Student Chequing Account offers unlimited debit and Interac e-Transfer transactions with no monthly fees for full-time students.
Chequing
Up to $125
$0
This account has no monthly fees and unlimited transactions. Withdrawals at non-TD ATMs in Canada will incur a charge of $2.00 per withdrawal, a charge of $3.00 per withdrawal in the United States and Mexico, and a charge of $5.00 per withdrawal in any other country.
CIBC Smart Account For Students
The CIBC Smart Account for Students is another no-frills student banking account that offers the basics.
New eligible applicants can receive a welcome bonus of up to $100.
The CIBC Smart for Students account offers unlimited debit and Interac e-Transfer transactions with no monthly fees for full-time students.
Chequing
Up to $100
$0
This account has no monthly fees and unlimited transactions. Account holders are eligible to receive free withdrawals at CIBC ATMs; however, ATM withdrawals at non-CIBC ATMs in Canada are charged at a rate of $2 each.
How To Find The Best Student Bank Account For Your Needs
There are a few questions that are worth considering upfront when trying to find the best student bank account for your needs. What do you personally require in a student bank account? Do you prefer a certain financial institution based on previous experiences (or maybe want to avoid a certain one)? Perhaps you have a branch of a specific financial institution close to your home that you would prefer to use?
No monthly fees are a must-have, and unlimited transactions are a must-have as well. Don’t settle for anything less, as both of these benefits are very easy to find and consistent across most student chequing accounts.
Also consider the value of any welcome offers. Banks are always competing for business, so you might as well benefit and earn some additional cash for minimal effort. Plus, always look for additional cash back rebates from sites like Frugal Flyer to increase your payout even further.
Finally, are there any other perks that sway you towards a financial institution? Little things, like the credit card annual fee rebate on the BMO Student Performance Chequing Account, can go a long way and be the deciding factor when selecting the account you want to sign up for.
As an aside, if you are looking for a chequing account that has no monthly fee and doesn’t require full-time student status, both the Tangerine No-Fee Daily Chequing Account and the Simplii No-Fee Chequing Account are fantastic options worth considering.
Conclusion
As a student, you should take advantage of any benefits that are available to you if they will improve your personal situation. It is no different with student bank accounts, as the accounts offered by the big five banks in Canada are excellent, and the fact that students can benefit from them while not paying any monthly fees is well worth taking advantage of.
If you are a full-time student or will become one soon, keep this benefit in mind and don’t forget to open a student chequing account when the time is right.
Josh Bandura
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