Best Student Bank Accounts in Canada
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.
A premier student bank account that gives you more perks for less, with no monthly fee for full-time students or anyone 24 and younger. Limited Offer: Get $100 when you open an RBC Advantage Banking account for students. Offer ends June 1, 2026. Conditions apply. Click "Apply Now" for details.
Best plans and chequing accounts for students
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Welcome Offer: Earn $300 and a $50 Skip gift card when you become a new client and open a No-fee Chequing Account and add an eligible direct deposit of at least $100 for 3 straight months. Offer end date is March 31, 2026.
- 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.
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Get a $125 cash reward when you open your first CIBC Smart for Students. In the next two months of opening the account, make five Visa Debit purchases online, all within the same calendar month. Also, get a 12-month Skip+ free trial when you link your CIBC credit or debit card with your Skip account.
- 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 over 3,000 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.
- 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.
- Deposits are eligible for insurance from CDIC.
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Open a new TD Student Chequing Account, and you could get $125. Conditions apply. Offer ends June 29, 2026.
- 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.
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Get $100 when you open an RBC Advantage Banking account for students before August 10, 2026. To qualify, certain conditions must be met.
- Complete two qualifying activities: set up and receive a recurring direct deposit; set up and make one pre-authorized payment; complete one bill payment; register for Interac Autodeposit and send or receive one Interac e-transfer; sign up for an RBC Virtual Visa Debit and make one purchase.
- $0 monthly fee for full-time students.
- Unlimited debit transactions.
- Free Interac e-transfer transactions in Canada.
- One of the largest combined ATM and branch networks in Canada.
- Up to a $48 rebate on the annual fee of an eligible credit card.
- Earn Avion Points on debit purchases, even with your Virtual Visa Debit.
- Save 3¢/L on gas at Petro-Canada.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- 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.
NerdWallet's take
NerdWallet's take- Desjardins Student Offer includes unlimited chequing features with a choice of a personalized credit card or a line of credit for eligible students.
- Desjardins is wholly owned by Fédération des caisses Desjardins du Québec, and the first Desjardins Group banking institution outside Canada. It offers financial services to Desjardins members who are living or staying in Florida, or elsewhere in the United States.
Product details
Product details- Available to full-time post-secondary students.
- No monthly fees.
- Unlimited transactions, including Interac e-transfers.
- $1.50 to $5 fee per withdrawal from non-Desjardins ATMs.
- Deposits eligible for insurance from the Autorité des marchés financiers (AMF) or provincial regulatory agencies, such as the Financial Services Regulatory Authority (FSRA).
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Available to full-time post-secondary students.
- No monthly fees.
- Unlimited transactions, including Interac e-transfers.
- $2 fee for Interac ATM withdrawals.
- $3 to $5 fee for Cirrus ATM withdrawals.
- Free paperless and online statements.
- Telephone, online and mobile banking services available.
- Deposits eligible for CDIC insurance.
NerdWallet's take
NerdWallet's take- Enjoy a monthly fee-free BMO Performance Chequing Account for Students, featuring unlimited debit purchases and Interac e-transfers.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
Product details- Get $175 with a BMO Student Chequing account.
- Enjoy no monthy plan fees while in school and one year after graduation.*
- Unlimited transactions per month
- Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
- The Performance Plan chequing account is eligible for CDIC insurance.
NerdWallet's take
NerdWallet's take- The Scotiabank Preferred Package for Students and Youth 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.
Product details
Product details- Earn up to a $175 welcome bonus when you open a new Preferred Package for Students and Youth. To qualify, certain conditions must be met. Offer runs between January 2 and July 1, 2026.
- No monthly account fee for unlimited debit and Interac e-transfer transactions.
- Earn points on everyday purchases with the Scene+™ program.
- Earn an additional 0.05% on your Momentum Plus Savings Account.
- Free trades for students and youth with Scotia iTRADE.
- CDIC protection for all eligible deposits.
- Rates, fees and other information are effective as of Oct. 28, 2025. Subject to change.
- Terms and Conditions Apply. Click 'Apply Now' for complete details.
Best online bank accounts for students
NerdWallet's take
NerdWallet's take- Tangerine’s No-Fee Daily Chequing Account offers free access to thousands of Scotiabank ABMs in Canada and 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.
Product details
Product details- 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.
NerdWallet's take
NerdWallet's take- EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
- The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs. Read our review of EQ Bank for more information.
Product details
Product details- Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 2.75% (the Base Rate plus an additional 1.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.
- 1.00% interest rate*.
- No monthly fee.
- This hybrid account gives you the benefits of savings with the flexibility of chequing.
- Mobile Cheque Deposit is available through the EQ Bank mobile app.
- Zero monthly banking fees.
- No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
- No minimum balance, but a $200,000 maximum balance.
- Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
- Eligible for CDIC deposit insurance.
- The Personal Account is available in Quebec. However, some features, such as EQ-to-EQ transfers, are not available in the province.
- *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- 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
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 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 domestic and international students offers: Scotiabank Preferred Package for Students and Youth
Best domestic and international students offers: BMO Performance Chequing Account for Students
Best online bank accounts for students
Best cash-back and modest interest rate: Tangerine No-Fee Daily Chequing Account
Best bonus interest rate: EQ Bank Personal Account
Best interest-bearing chequing account: Alterna Bank No Fee eChequing Account
Benefits to look for in a student bank account
We look for the following features when reviewing a student bank account:
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.
🔔 As of March 12, 2026, federally regulated financial institutions must cap non-sufficient funds (NSF) fees at $10 for personal accounts. Even with the new rules, NSF fees can still add up. Choose a chequing account with reasonable overdraft fees and balance alerts to avoid surprise charges.
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:
| 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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Janine DeVault