Best Student Bank Accounts Overview
| Bank | Account Name | Monthly Fee | Transactions | E-Transfers | Bonus |
|---|---|---|---|---|---|
| TD | Student Chequing | $0 | Unlimited | Unlimited | SPC membership |
| RBC | No Limit Banking for Students | $0 | Unlimited | Unlimited | $0 overdraft protection |
| BMO | Student Chequing | $0 | Unlimited | Unlimited | SPC membership |
| Scotiabank | Student Banking Advantage | $0 | Unlimited | Unlimited | Scene+ points |
| CIBC | Smart Start Account | $0 | Unlimited | Unlimited | Free credit card |
| Tangerine | No-Fee Chequing | $0 | Unlimited | Unlimited | High savings rate |
| EQ Bank | Plus Chequing | $0 | Unlimited | Unlimited | Highest interest |
Big 5 Bank Student Accounts
TD Student Chequing Account
| Feature | Details |
|---|---|
| Monthly fee | $0 (normally $10.95) |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| Interac | Free |
| Bonus | Free SPC membership |
| Eligible until | Age 22 (or full-time student) |
| Overdraft | Available |
Best for: Students who want extensive branch network and SPC discounts.
RBC No Limit Banking for Students
| Feature | Details |
|---|---|
| Monthly fee | $0 (normally $10.95) |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| Bonus | $0 overdraft protection setup |
| Credit card | RBC Student Rewards card available |
| Mobile app | Excellent |
Best for: Students planning to build long-term RBC relationship.
BMO Student Chequing Account
| Feature | Details |
|---|---|
| Monthly fee | $0 (normally $15.95) |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| Bonus | SPC membership, BMO cashback card |
| Eligible until | Age 22 or full-time student |
Best for: Students wanting BMO ecosystem and SPC perks.
Scotiabank Student Banking Advantage
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| Bonus | Scene+ points on debit purchases |
| Linked credit card | Scotia SCENE Visa |
| Movie perks | Scene+ rewards for movies |
Best for: Movie lovers, Scene+ enthusiasts.
CIBC Smart Start Account
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| Eligible until | Age 24 or full-time student up to 25 |
| Credit card | CIBC Dividend Unlimited Student Card |
Best for: Older students (age 24 eligibility).
Digital Bank Student Options
Tangerine (No-Fee for Everyone)
| Feature | Details |
|---|---|
| Monthly fee | $0 (no student requirement) |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| Savings rate | ~2-4% promotional |
| Credit card | Money-Back Mastercard (2% cash back) |
| ATMs | Scotiabank network |
Best for: Students who don’t need branches, want high savings rate.
EQ Bank Plus Chequing
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Interest on chequing | ~2-4% |
| E-Transfers | Unlimited free |
| International transfers | Wise integration |
| No ATM card | Can link to other banks |
Best for: Students who want to earn interest on everyday balance.
Simplii Financial
| Feature | Details |
|---|---|
| Monthly fee | $0 |
| Transactions | Unlimited |
| E-Transfers | Unlimited |
| ATMs | CIBC network |
| Credit card | Cash back card available |
Best for: Students near CIBC ATMs wanting no-fee banking.
What to Look For in a Student Account
Must-Have Features
| Feature | Why It Matters |
|---|---|
| No monthly fee | Save $10-15/month |
| Unlimited transactions | No surprise fees |
| Free e-Transfers | Pay rent, split bills |
| Mobile app | Manage money on the go |
| Direct deposit | Receive student loans, pay |
Nice-to-Have Features
| Feature | Benefit |
|---|---|
| High savings rate | Earn on emergency fund |
| Student credit card | Build credit history |
| Overdraft protection | Buffer for tight months |
| SPC membership | Discounts on shopping |
| Branch access | In-person help if needed |
Best for Specific Needs
By Priority
| Priority | Best Account |
|---|---|
| Highest savings rate | EQ Bank |
| Branch access important | TD, RBC, BMO |
| Best mobile app | RBC, Tangerine |
| Movie/entertainment perks | Scotiabank (Scene+) |
| Building credit | Any big 5 + their credit card |
| International student | TD, RBC (pre-arrival accounts) |
For International Students
| Bank | International Student Support |
|---|---|
| TD | Can open account before arriving |
| RBC | Pre-arrival account opening |
| BMO | International student packages |
| Scotiabank | StartRight account |
| CIBC | International student account |
Student Credit Cards to Pair
| Bank | Student Credit Card | Key Feature |
|---|---|---|
| TD | TD Student Travel | No FX fee |
| RBC | RBC Student Cash Back | Cash back |
| BMO | BMO CashBack | 3% groceries |
| Scotiabank | SCENE Visa | Scene+ points |
| CIBC | Dividend Unlimited Student | Unlimited cash back |
| Tangerine | Money-Back | 2% in 3 categories |
Opening Your Account
What You Need
| Document | Required For |
|---|---|
| Government ID | Verification |
| Proof of enrollment | Student account eligibility |
| SIN (Social Insurance Number) | Tax reporting |
| Proof of address | Some banks |
| Study permit | International students |
Step-by-Step
| Step | Action |
|---|---|
| 1 | Compare accounts above |
| 2 | Visit branch or apply online |
| 3 | Bring required documents |
| 4 | Set up direct deposit for student loan |
| 5 | Download mobile app |
| 6 | Apply for student credit card |
After Graduation
What Happens to Student Accounts
| Bank | Post-Graduation |
|---|---|
| Most banks | Converts to regular account |
| Fee waiver | Usually ends 6-12 months after graduation |
| Options | Switch to no-fee account, maintain balance, or pay fee |
Plan Ahead
| Strategy | Action |
|---|---|
| Before graduation | Set up Tangerine/EQ as backup |
| Review fees | Know when student fee waiver ends |
| Consider switching | Digital banks stay free forever |