Name: Student bank accounts table
Creator: NerdWallet

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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.

Summary of the best student bank accounts
What to know about student bank accounts
Other bank accounts students should consider

Best student chequing accounts

Best standard chequing account with cash-back offer

TD Student Chequing Account

Bonus Offer

$100

Open a new TD Student Chequing Account and you could get $100. Conditions apply. Offer ends May 6, 2024.
Monthly Fee

$0
Number of Transactions

Unlimited

Offering no fees, free daily banking and tools to help you save faster, the TD Student Chequing Account is a worthwhile option for young Canadians hoping to start the next phase of their lives on solid financial footing.
TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Open a new TD Student Chequing Account and you could get $100. Conditions apply. Offer ends May 6, 2024.
No monthly fee until the account holder turns 23. After 23, proof of full-time enrollment in post-secondary education is required to maintain eligibility.
Interest rate: 0.01%.
Unlimited transactions per month, including online purchases and recurring payments.
No transfer fee to send or request money using Interac e-Transfer.
No minimum monthly balance required.
No-fee overdraft protection.
TD Access Card with Visa Debit allows you to shop online and in-store wherever Visa is accepted.
Free access to TD’s ATM network in Canada.
Non-TD ATM fees: $2 each in Canada, $3 each for U.S. and Mexico, $5 in any other foreign country.
Direct deposit for paycheques and mobile deposit for other cheques.
Access to TD MySpend, which helps improve spending habits, and the Simply Save program, which automatically transfers a small amount of money into an associated TD savings account when you complete a debit transaction.
Link your card with your Starbucks Rewards account and earn 50% more Stars at participating Starbucks stores.
CDIC protection for eligible deposits.

Best standard chequing account

Canadian Western Bank Student Account

Bonus Offer

N/A
Monthly Fee

$0
Number of Transactions

Unlimited

Full-time post-secondary students qualify for the Canadian Western Bank Student account, which offers no monthly fees or minimum balance requirements and unlimited transactions.
Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Available to full-time post-secondary students.
No monthly fees.
Unlimited transactions, including Interac eTransfers.
$1.50 per withdrawal for ATMs outside Canadian Western Bank’s network.
Deposits eligible for insurance from CDIC.

Best chequing account for Indigenous students

First Nations Bank of Canada Student Chequing Account

Bonus Offer

N/A
Monthly Fee

$0
Number of Transactions

Unlimited

The First Nations Bank of Canada Student Chequing Account is a straightforward student account with unlimited transactions and no monthly fees. ATM withdrawals are subject to fees.
The First Nations Bank of Canada provides a full-suite of financial services to the Indigenous marketplace in Canada. The bank is over 80% Indigenous owned and controlled.

Available to full-time post-secondary students.
No monthly fees.
Unlimited transactions, including Interac eTransfers.
$2 fee for Interac ATM withdrawals.
$3 to $5 fee for Cirrus ATM withdrawals.
$1.50 to $5 fee per withdrawal from non-Desjardins ATMs.
Free paperless and online statements.
Telephone, online and mobile banking services available.
Deposits eligible for CDIC insurance.

Best plans for student bank accounts

Best student banking plan with rewards

Scotiabank Student Banking Advantage® Plan

Bonus Offer

$100

Earn a $100 welcome bonus. Offer will end April 30, 2024. Conditions apply.
Monthly Fee

$0
Number of Transactions

Unlimited

The Student Banking Advantage Plan is a no monthly fee, low-maintenance student account that offers unlimited transactions and Scene+ points for attractive rewards.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Earn a $100 welcome bonus. Offer will end April 30, 2024. Conditions apply.
A worry-free account matched for student life.
No monthly fee. Must be currently enrolled full time in a post-secondary institution in Canada or the U.S. (Domestic or International students).
Unlimited debit and Interac e-transfer transactions.
Free paperless or paper statements
Earn points on everyday purchases with the Scene+ program: 1 Scene+ point for every $5 spent on everyday purchases, and 1 Scene+ point for every $1 spent at Cineplex.
Redeem Scene+ points for travel, shopping, entertainment, dining, banking, and more.
Manage your account through mobile and online banking or visit convenient branches and 4,000+ ABM locations.
Pay with Apple Pay, Google Pay and Samsung Pay.
Shop with convenient VISA Debit and Interac Flash payment options.
Mobile cheque deposit.
Access free credit score.
Eligible deposits are covered by CDIC.

Best for student banking perks

RBC Advantage Banking for students

Bonus Offer

$100

Get $100 when you open a no monthly fee RBC Advantage Bank Account for students. Conditions apply. Offer expires June 30, 2024.
Monthly Fee

$0

$0 monthly fee for full-time students.
Number of Transactions

Unlimited

The RBC Advantage Banking for students account is a simple, inexpensive way for students aged 13 and up to manage their money — and earn Avion points on debit purchases.
Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Unlimited debit transactions in Canada, valuable savings and even more.
FREE Interac e-Transfer transactions.
No RBC fee to use another bank’s ATM in Canada.
No minimum balance (even to get rebates).
$0 monthly fee for full-time students.
Avion Points – Enrol your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.
Online, Mobile and Telephone Banking – including the RBC Mobile Edition Student app – FREE.
eStatements or monthly paper statements – FREE.
Up to $48 rebate on the annual fee of an eligible credit card.
Virtual Visa Debit for safe online shopping.
Tap to pay with your mobile phone

Best for student discounts and international students offer

CIBC Smart™ for Students

Bonus Offer

$100

Get $100 with CIBC Smart™ for Students: Open your first chequing account with CIBC Smart for Students. Then, within 2 months of opening the account: Make 5 Visa Debit purchases online within the same calendar month.
Monthly Fee

$0
Number of Transactions

Unlimited

University, college and CEGEP students can enjoy unlimited, fee-free banking and score access to banking services and perks with CIBC Smart™ for Students.
Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

To earn $100 when you open your first chequing account with CIBC Smart for Students, you must satisfy the conditions outlined by CIBC.
You could win $35,000 for tuition. Open a new CIBC bank account, credit card or line of credit to enter. Conditions apply.
Unlimited everyday banking for university, college and CEGEP students graduating at age 25 and up.
No monthly fee.
No minimum daily balance is required.
Unlimited transactions.
Free Interac e-transfer transactions.
Get a free SPC+ membership as an eligible CIBC student client and enjoy student deals and discounts, including 30% on over 450 top brands, from fashion to tech and everything in between.
Keep your unlimited everyday banking benefits until 6 months after you graduate. After that, your account will continue as a regular CIBC Smart™ Account.
Access to nearly 4,000 ATMs across Canada.
One free non-CIBC ATM withdrawal per month in Canada.
Shop online and in-app using money directly from your CIBC Smart Account with Visa* Debit.
Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
Bank in-person, online or in the mobile app.
To qualify, you must be a Canadian resident. If you’re an international student, you’ll qualify when you show your proof of international student status.

Best for personalized bank offers

National Bank Chequing Account Offer for Students

Bonus Offer

N/A
Monthly Fee

$0
Number of Transactions

Unlimited

The offer for students includes a free account, a Platinum Mastercard credit card and a line of credit with personalized benefits based on your field of study and everyday needs.
National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.

The National Bank’s Offer for students includes:
A chequing account with no fixed monthly fees and chequing privileges.
A Platinum Mastercard credit card, subject to credit approval by the National Bank of Canada. Certain conditions apply.
A personalized line of credit, subject to credit approval by National Bank. Certain conditions apply.
Fields of study: CEGEP, university and specialized training include healthcare, engineering, teaching, administration, law, accounting and business.
Manage your accounts whenever and wherever you want with the National Bank mobile app, a simple digital experience is at your fingertips.
Access to National Bank’s team of expert advisors, who can offer you financial solutions throughout every stage of life.
With the offer for students, get personalized solutions that help you save money and make your daily life easier.
To get the offer, make an appointment at the branch of your choice.
Eligible deposits are covered by CDIC.

Best for cash back and international students offer

Simplii Financial™ No Fee Chequing Account with Student Banking Offer

Bonus Offer

$400

Earn $400 when you open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 a month for 3 straight months. Conditions Apply. Offer expires October 31, 2024.
Monthly Fee

$0
Number of Transactions

Unlimited

Apply Now

The Simplii Financial™ No Fee Chequing Account for students comes with attractive perks and offers, unlimited debit transactions, free access to a large ATM network and more.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Join Simplii Financial™ and earn $400 when you open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 a month for 3 straight months. Offer expires October 31, 2024.
No monthly fees and no minimum balance even after you graduate.
Free access to Canada’s largest ATM network through CIBC.
Free daily banking: unlimited debit purchases, bill payments, withdrawals and Interac e-Transfer®.
If you are an International student Simplii’s International student GIC Program is designed to help you get a study permit quicker and meet visa requirements.
Deposits are eligible for CDIC insurance.

Best online bank accounts for students

Best cash-back offer

Tangerine No-Fee Daily Chequing Account

Bonus Offer

Up to $500

Sign up as a Client using the promo code EARNMORE. Open your first Chequing Account and Savings Account within 30 days of becoming a Client. Start earning: 20% cash back on eligible Visa* Debit transactions for 60 days (up to a maximum cash back Bonus of $400). Set up automatic transfers from your new Chequing Account to your Savings or Investing account (min. $25 per month) within 60 days and get a $100 bonus. Enjoy a 5.75% interest rate on your new Savings account for the first 5 months. Offer ends April 22, 2024.
Monthly Fee

$0
Number of Transactions

Unlimited

Tangerine’s No-Fee Daily Chequing Account offers free access to 44,000 ABMs worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

Special offer: Open your first chequing and savings accounts using the promo code EARNMORE by April 22, 2024 and earn up to $500 cash back in the first 60 days (chequing) and a 5.75% interest rate for five months on eligible savings accounts.
No monthly fee.
Interest rate: up to 0.1%.
Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
ABM withdrawals with other banks in Canada: $1.50.
ABM withdrawals on other networks worldwide: $3.00.
Free first cheque book (50 cheques). $50 for each additional cheque book.
Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
Access to tools and alerts that help monitor spending activity.
CDIC protection for all eligible deposits.

Best for online banking and a modest interest rate

Motusbank Chequing Account

Bonus Offer

N/A
Monthly Fee

$0
Number of Transactions

Unlimited

Motusbank isn’t the only financial institution offering a chequing account with no monthly fee and unlimited debit payments, but it ups the ante with a stylish vertical debit card, the ability to deposit cheques by taking a picture and a few other useful perks.
motusbank is an online division of Meridian Credit Union and offers chequing and savings accounts, mortgages, registered plans, GICs, investing, and a home equity line of credit loan.

Earn interest at a 0.15% rate.
$0 monthly fee.
No minimum balance required.
Free, unlimited Interac e-Transfers®.
Unlimited debit purchases, bill payments and withdrawals, including transfers between accounts, Interac Direct Payment purchases, pre-authorized debit, ATM withdrawals and cheques.
No-fee access to THE EXCHANGE Network of ATMs in Canada and the Allpoint Network in the U.S.
Deposit Anywhere: deposit a cheque by taking a photo.
First order of 25 cheques is free.
Free, unlimited use of Motusbank’s Price Drop feature, which hunts for cheaper prices when online shopping.
Foreign debit transaction surcharge: $2.50.
Paper statement fee per month: $2.
ATM international transaction fee: $5.
ATM US transaction fee (non-Allpoint Network): $3.
Deposits protected by Canada Deposit Insurance Corporation, up to a maximum of $100,000.

Best for online banking and a modest interest rate

Motive® Cha-Ching Chequing Account™

Bonus Offer

N/A
Monthly Fee

$0
Number of Transactions

Unlimited

With unlimited free transactions, no monthly fee and free access to one of Canada’s largest ATM networks, the Motive Cha-Ching Chequing account is a low-cost way to manage your money.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Earn interest at a 0.25% rate.
No monthly fee.
Unlimited monthly withdrawals, including online bill payments, ATM withdrawals, Interac Direct Purchase payments, Interac e-Transfers®, electronic funds transfers to other financial institutions, automatic payments and other electronic debits.
First 50 personalized cheques free.
Free use of ATMs on THE EXCHANGE Network.
Two free uses of non-EXCHANGE Network ATMs, $1.50 per transaction after that.
Deposits protected by Canada Deposit Insurance Corporation.

Best for bonus reward points

The PC Money™ Account

Bonus Offer

Up to 125,000 Points ($400 value)

Enjoy up to 125,000 points in welcome offers when you open a no monthly fee PC Money™ Account. Here's how: (1) Earn 75,000 points when you set up a minimum of $1,500 in payroll or pension direct deposit for 3 consecutive months, starting within 60 days of opening your account. (2) Earn 50,000 points: That’s 10,000 points for each of your first 5 bill payments of $50+ within 60 days of opening your account.
Monthly Fee

$0
Number of Transactions

Unlimited

The PC Money Account from President’s Choice Financial is not just another no-fee chequing account. It’s a rewards program, too. Every time you spend money using your PC Money Account card, you’ll earn PC Optimum points that can be put toward future purchases.
President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.

Enjoy up to 125,000 points in welcome offers when you open a no monthly fee PC Money™ Account. Here’s how: (1) Earn 75,000 points when you set up a minimum of $1,500 in payroll or pension direct deposit for 3 consecutive months, starting within 60 days of opening your account. (2) Earn 50,000 points: That’s 10,000 points for each of your first 5 bill payments of $50+ within 60 days of opening your account.
Earn 10 PC Optimum points (five regular, five bonus) for every dollar spent.
Earn up to 25 PC Optimum points per dollar spent at Shoppers Drug Mart.
Earn up to 5,000 points per month when making bill payments with your account.
No monthly fee.
No minimum balance required.
Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
Free Interac e-Transfer® services.
The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
Free access to PC Financial ATMs.
CDIC protection on eligible deposits worth up to $100,000.

Best high-interest-earning hybrid account

KOHO Spending and Savings Account

Bonus Offer

30-day free trial

All KOHO subscription plans come with a free 30 day trial.
Monthly Fee

$0-$19

Monthly Fee varies by selected subscription plan. Easy Plan: $0, Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
Number of Transactions

Unlimited

Apply Now

Why we like it

This hybrid chequing-savings account earns up to 5.00% interest on savings and up to 5.00% cash back on purchases depending on the subscription plan selected.
KOHO is a virtual bank that also offers cash back prepaid Mastercards cards

Interest Rate varies by selected subscription plan. Easy Plan: 3%, Essential Plan: 5%, Extra Plan: 5%, Everything Plan: 5%.
Monthly Fee varies by selected subscription plan. Easy Plan: $0, Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
The account comes with the KOHO prepaid Mastercard that earns up to 5% instant cash back on spending (depending on the selected subscription plan).
The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
Free and unlimited transactions, including e-Transfers and domestic ATM withdrawals.
No transaction or service fees.
No minimum balance.
Immediate access to your money through free withdrawals, e-Transfers, and more.
Eligible for up to $100k CDIC deposit insurance.

Best for a modest interest rate

Alterna Bank No Fee eChequing Account

Bonus Offer

N/A
Monthly Fee

$0
Number of Transactions

Unlimited

The Alterna Bank No Fee eChequing Account has no monthly fees or minimum balance requirements. Plus, transactions are free and unlimited, including Interac e-Transfers.
Alterna refers to Alterna Savings and Credit Union Limited (“Alterna Savings”) and its wholly owned subsidiary CSAlterna Bank (“Alterna Bank”). Together, Alterna Savings and Alterna Bank form the Alterna Financial Group.

No monthly fee or minimum balance requirements.
Unlimited transactions.
Free, unlimited day-to-day transactions.
Free, unlimited Interac e-Transfers®.
Cash deposits earn 0.05% interest.
Access to over 3,300 ATMs across Canada in THE EXCHANGE® Network – Canada’s largest ATM network, surcharge-free.
In the United States, access to 40,000 surcharge-free ATM’s through the Allpoint Network.
Online and mobile banking services available.
Add overdraft protection for $2.50 monthly.
Deposits eligible for insurance from CDIC.

Methodology

NerdWallet 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

What to know about student bank accounts

By CLAY JARVIS

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
How to choose the best student bank account for you
Other types of bank accounts students should consider

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?

Nerdy tip: 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 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 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
Hybrid bank accounts	Can be used as a savings and chequing account. Competitive interest rates. Notable hybrid accounts: -EQ Bank's Savings Plus Account -Wealthsimple Cash account -Neo Money account.	Limited availability in Canada, and typically only offered by online banks. Frequent ATM use could result in many added charges.
No fee chequing accounts	No monthly fees. Unlimited transactions are common.	Rarely offers access to branch banking. Low to no interest.
Student credit cards	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.

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.

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.

DIVE EVEN DEEPER

Best Banks for International Students in Canada for 2024

Shannon Terrell

Best Student Bank Accounts in Canada for 2024

Written By

Edited By

Best student chequing accounts

Best standard 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 plans for student bank accounts

Best student banking plan with rewards

Scotiabank Student Banking Advantage® Plan

Best for student banking perks

RBC Advantage Banking for students

Best for student discounts and international students offer

CIBC Smart™ for Students

Best for personalized bank offers

National Bank Chequing Account Offer for Students

Best for cash back and international students offer

Simplii Financial™ No Fee Chequing Account with Student Banking Offer

Best online bank accounts for students

Best cash-back offer

Tangerine No-Fee Daily Chequing Account

Best for online banking and a modest interest rate

Motusbank Chequing Account

Best for online banking and a modest interest rate

Motive® Cha-Ching Chequing Account™

Best for bonus reward points

The PC Money™ Account

Best high-interest-earning hybrid account

KOHO Spending and Savings Account

Best for a modest interest rate

Alterna Bank No Fee eChequing Account

Methodology

Summary of the best student bank accounts

Best picks for a student chequing account

Best plans for student bank accounts

Best online bank accounts for students

What to know about student bank accounts

By CLAY JARVIS

Types of student bank accounts

Common features of a student chequing account

Student chequing account pros and cons

Pros

Cons

How to choose the best student bank account for you

Considerations when choosing a student chequing account

How to open a student chequing account

Who’s eligible for a student account?

What happens to student accounts after graduation?

Alternative bank accounts for students

FAQs for student bank accounts

About the Author

DIVE EVEN DEEPER