Setting up a bank account is important for every student. Having a bank account not only provides you with the convenience of being able to conduct transactions such as depositing/withdrawing funds, sending e-transfers and payments, but can teach valuable lessons on saving as well!
But this does not mean that students should be paying hefty bank fees every month. Student life is costly as is, and spending above $100 on annual bank fees is unnecessary. We at Beneficent have compiled a list of the best bank accounts for students in Canada in 2021!
What Is A Student Banking Account?
A student bank account is available to all students that are pursuing post-secondary education. This means, if you are someone enrolled in a college or university, you can apply for a student bank account!
A student bank account comes with a debit card which helps to simplify your transactions! The bank account typically also comes with both chequing and saving accounts.
What To Look For When Selecting A Bank For Your Student Banking Account:
- No monthly fee: As mentioned before, having a $0 monthly fee is very important for students on a budget!
- Transactions: While some banks offer unlimited transactions, some offer a set amount per month. Make sure you are selecting your bank account based on your needs (i.e., however many transactions you are conducting monthly).
- Free E-Transfers: E-Transfers are a very convenient way to transfer and receive money! Make sure your e-transfers are free, and if unlimited that is a plus too!
- Rewards: Many banks offer rewards as a sign up bonus. Rewards can include offers on movies, food, shopping, and travelling! Look out for which one interests you the most.
Banks to consider:
- Scotia Bank: Scotiabank Student Banking Advantage Plan
- No monthly fee
- Unlimited free transactions
- Free e-transfers
- Perks: You can earn Scotia Reward Points or SCENE points to redeem rewards like free movies, food, and more!
- For more information, take a look at their plan here!
- CIBC: CIBC Smart Account (for students)
- No monthly fee
- Unlimited free transactions
- Free e-transfers
- Perks: Free SPC membership to gain access to exclusive offers from various brands like Apple, Footlocker, etc.!
- For more information, take a look at their plan here!
- BMO: BMO Plus Plan (for students)
- No monthly fee
- 25 debit transactions per month
- Free e-transfers
- Perks: Free credit score
- For more information, take a look at their plan here here!
- RBC: RBC Advantage Banking for Students
- No monthly fee
- Unlimited debit transactions per month
- Free e-transfers
- Perks: No RBC fee to use another bank’s ATM in Canada
- For more information, take a look at their plan here!
- TD: TD Student Chequing Account
- No monthly fee
- 25 debit transactions per month
- E-transfers are included in your total of 25 debits
- Perks: Free paper statements
- For more information, take a look at their plan here!
- Tangerine: Tangerine No Fee Daily Chequing Account
- No monthly fee
- Unlimited transactions per month
- Free E-transfers
- Free access to 3,500 free scotiabank ATMS
- For more information, take a look at their plan here!
A chequing account is only one part of your financial foundation. Check out our thoughts on the best student credit cards in Canada here!