Best Student Bank Accounts in Canada for 2025
ALSO CONSIDER: Best no-fee chequing accounts | Best bank account offers | Best online 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 and chequing accounts for students
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Product detailsBest online bank accounts for students
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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 and chequing accounts for students
Best for cash-back and international students offer: Simplii Financial No Fee Chequing Account with Student Banking Offer
Best domestic and international students offers: CIBC Smart for Students
Best chequing account with cash-back offer: TD Student Chequing Account
Best student banking plan with rewards: Scotiabank Student Banking Advantage Plan
Best for student banking perks: RBC Advantage Banking for Students
Best for personalized bank offers: National Bank Chequing Account Offer for Students
Best for personalized bank offers: Desjardins Student Offer
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 high-interest-earning hybrid account: EQ Bank Personal Account
Best for a modest interest rate: Alterna Bank No Fee eChequing Account
Benefits to look for in a student bank account
We look for the following features when reviewing student bank accounts:
No monthly account fee. With many student accounts, you don’t need to maintain a specific minimum balance to avoid monthly fees — a common requirement with standard chequing accounts. These account minimums can be thousands of dollars, which might not be feasible if you’re a student.
Unlimited free transactions. You might use a debit card multiple times daily. Each swipe or tap should be free. Other transaction fees to avoid include those for online transfers and ATM withdrawals.
ATM network. Using an out-of-network ATM is like withdrawing cash, dropping a bill on the ground and walking away. Guard your money by choosing a bank with many in-network options near your school.
Sign-up bonuses. We’ve seen bonuses of a few hundred dollars, just for signing up for a new account. Yes, please.
Downsides to be aware of in student bank accounts
Here’s what to avoid when you’re choosing a new student account:
Sign-up bonus stipulations. Requirements for student accounts are generally low compared to standard accounts. But even a small direct deposit requirement will be tough to meet if you don’t have direct deposit in the first place.
Waiting too long. You might hang on to your family’s Amazon Prime password, but don’t expect to keep your student bank account after you graduate. The earlier you sign up, the longer you can take advantage of the student pricing.
How to find the best student bank account for you
First, focus on chequing accounts that don’t charge flat monthly fees. Most student chequing accounts don’t. If you’re considering a no-fee account that isn’t specifically a student account, make sure you can meet the monthly account and direct deposit minimums (student accounts often don’t have these).
Second, make sure the account doesn’t charge transaction fees, whether it’s for a debit card purchase or an online transfer.
Third, confirm that there are in-network ATMs and bank branches near the places you frequent. Out-of-network fees are costly. Remember: Even if your bank offers no-fee withdrawals on other networks, the other network can (read: will) charge a fee.
Finally, see what sign-up bonuses are currently available. Taking a minute to check could earn you a few hundred extra dollars.
What to expect when opening a student bank account
You can often open a new account online in about 5 minutes. You may be asked for documentation to prove your age, residency and educational status.
Set a reminder to find a new bank account in the month you expect to graduate. At some point, your bank may convert your student account to one of its standard account options. Those may not be the best fit for you, and may come with fees. Be proactive, and review all your options before that happens.
Alternatives to consider
Many of the features common to student chequing accounts can be found in other kinds of bank accounts.
- Tap here to see alternatives
Account Type
Pros
Cons
Can be used as a savings and chequing account. Competitive interest rates. Notable hybrid accounts:
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.
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.
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