Best Student Chequing Accounts in Canada 2021
Attending any post-secondary institution costs a lot of money. Students spend thousands of dollars each year on necessities required for their education such as books, tuition, and rent. Many even do this while having little to no income.
Student chequing accounts can help them by offering special perks, such as no banking fees, and ease them through this learning period with less stress. Knowing what options are out there regarding benefits and services, if there are any hidden fees, and extra ways to save can help to make a difference for a tight budget. Some banks even offer ways to earn a few extra bucks with interest on the deposits in the account or with sign up bonuses.
It is important to go through all of the options and decide what your personal banking needs look like. Even though one account may work for some people, it doesn't mean that one will be a match for you.
The best student chequing accounts in Canada
The terms of the accounts listed below are all subject to proof of enrollment in a post-secondary institution. While you can obtain some of these with the same perks without being a student, there will most likely be a monthly fee added on.
- Scotiabank Student Banking Advantage Plan
- Tangerine No Fee Daily Chequing Account
- Simplii Financial Chequing Account
- CIBC Smart for Students Chequing Account
- BMO Plus Student Chequing Account
- RBC Student Chequing Account
- TD Student Chequing Account
- Motusbank No-Fee Chequing Account
- Alterna Bank No Fee e-Chequing Account
- National Bank Student Chequing Account
Scotiabank Student Banking Advantage Plan
This account is available for full-time students registered in a post-secondary credit course anywhere in either Canada or the United States. Students can be either domestic or international. It has been credited as the top student chequing account by ratehub.ca for 2020 and is highly a sought out account.
Some of the key features are as follows:
- No monthly fee
- Available for both domestic and international students
- Unlimited transactions
- Free Interac e-transfer
- Free paperless or paper statements
- Sign up bonus of 5000 SCENE movie rewards or Scotia rewards points
- Mobile and online banking
- Free credit score
- Apple Pay, Google Pay, and Samsung Pay
- Visa a debit flash pays
This account allows a wide range of freedom. Having everything online or in a mobile app make banking so simple that you can do it anywhere. Scotiabank also offers advice to students on tips and tricks to maximize their budget.
Tangerine No Fee Daily Chequing Account
With a busy lifestyle, it can be hard to remember where all your money is going. Not only has Tangerine waived its monthly fees for students, but now you don’t need to worry as they provide a safe and easy way to see how much you have spent as well as your average spending and what is left in your account for the month.
Tangerine allows access to:
- No fees for daily chequing
- Free unlimited Interac e-transfer
- Free access to more than 3500 ABMs
- Money tracker
- Chance to earn a bonus of $200 when you sign up
For a limited time, they are offering a bonus of $200 for new clients. Simply open an account with a deposit amount of at least $250.00. Next, either receive payroll deposit or a recurring pre-authorized payment for two separate payees and the money will automatically be deposited directly into your account. Anyone wanting an easy chance for some bonus cash, this could be the account for you.
Simplii Financial Chequing Account
Simplii offers free unlimited banking for students enrolled in any post-secondary institution. With student life being so hectic, you can be rest assured of any number of transactions without the fear of extra charges being applied.
Simplii features:
- No monthly fee
- No monthly balance required
- Free use of all CIBC ATMs
- Unlimited transactions
- Free Interac e-transfer
- Mobile banking
- Foreign currency online
- Securekey concierge sign-in partner
- Chance to earn a bonus of up to $200
Simplii makes banking simple. Planning on taking a trip? Simplii could be your answer to easy foreign money. Order online and it will be delivered directly to your door, no hassle. They also allow you to use your banking log on at more than 80 websites for the Government of Canada using SecureKey.
CIBC Smart for Students Chequing Account
CIBC has an easy qualification process. Whether you are residing in Canada, or are an international student, you can be approved for this account.
Key features include:
- No monthly fee
- No minimum balance required
- Free Interac e-Transfers
- Unlimited monthly transactions
- Free paper and paperless statements
- CIBC global money transfer
- Overdraft protection
- Chance to earn $60 for opening an account
- Free SPC membership
- Chance to win $35000.00 for tuition
If money is tight, this account could be your answer. Not only do they offer no monthly fees and a bonus of $60, but you also have the chance to win your tuition for 4 years just by opening an account.
BMO Plus Student Chequing Account
You must be at least 19 years of age for this account. There is no charge while you are attending post-secondary school, as well as a grace period free of fees for up to 1 year after graduation.
Its features include:
- No monthly fee
- $5 per month for overdraft protection
- 25 transactions per month
- Free Interac e-transfer
- BMO mobile app
- Exclusive offers for medical and dental students
- BMO alerts sent via email or text
- $300 cash bonus to foreign students
While this is still a decent chequing account, it does only allow a certain number of transactions per month. There is a fee charged on every transaction exceeding this limit. It also has a maximum of $3000 per day to be sent via Interac e-transfer. Depending on how much spending you plan to do from this account, it could be the perfect choice for you or it may cost you more.
RBC Student Chequing Account
This account has the monthly fee waived for students but also has a limited number of transactions available. Go over 25 debits per month and you will be charged $1.25 per transaction.
There are many great features including:
- No monthly fee
- $60 bonus for opening an account
- 25 free debits per month
- 5000 bonus RBS rewards
- Unlimited online transactions with visa debit
- No minimum balance
- Unlimited Interac e-transfer
- RBC mobile app
- Save 3 cents per litre on fuel
This account is perfect if you plan on doing a lot of commuting. It provides a savings of 3 cents per litre on fuel. All you need to do is link your debit card with your Petro points and you will receive discounted fuel at all Petro Canada stations as well as 20% more points. The only thing to be aware of with this one is there is a limited number of monthly transactions allowed free of charge free. Any more than 25 and you will be charged $1.25 per transaction.
TD Student Chequing Account
This account is available to full-time post-secondary students. It offers no monthly fee as well as paperless record-keeping making keeping tabs on your spending easy.
Features include:
- No monthly fee
- 25 free transactions per month
- Free Interac e-transfer
- EasyWeb view cheque service
- Paperless record keeping/online statements
- No monthly balance
- TD app
- TD MySpend App
- Mobile cheque deposit
- Overdraft protection
- Simply save program
If you have trouble saving money this is a great account for you. With the Simply save program, you can set up to automatically have anywhere from $0.50 to $5.00 transferred to your savings plan for every debit purchase and/or ATM withdrawal. This account also makes sure you have easy access to all your needs on the go as well as cost tracking with the TD app and the MySpend app. However, one thing to be aware of with this account is there are only 25 free transactions per month before a fee of $1.25 per transaction will be applied.
Motusbank No-Fee Chequing Account
Motusbank provides easy banking with no monthly fee. As part of the exchange network ATMs across Canada, this account has access to more than 3700 ATMs free of charge.
Motusbank features:
- No monthly fee
- Free Interac e-transfer
- Mobile cheque deposit
- No minimum balance required
- Free access to exchange network ATMs across Canada
- Earn .25% interest on every dollar
- First 25 cheques are free
- Unlimited use of price drop feature
This account is great in that it helps you find the best bargains. By using the price drop feature, you can claim back some of your money spent should there be a better deal out there. With all services offered for no charge, easy access to your money no matter where you are, and all the great ways to save money with this account, there is no downside.
Alterna Bank No Fee eChequing Account
Alterna bank was the 2019 award winner on ratehub.ca. Opening an account with them is simple, there are no fees, and it has a decent interest rate.
This account features:
- No monthly fees
- Unlimited free transactions
- Unlimited e-transfers
- Optional overdraft protection for $2.50 per month
- Insured deposits
- 0.05% annual interest rates
- Thousands of ATMs through the exchange network
This is a good pick due to the great way to earn interest on the balance in your account. With no monthly fees, it is easy to watch your money grow.
National Bank Student Chequing Account
This one is great to check to save money while attending college or university. They offer a different variety of annual savings which are subject to be determined based on your area of study.
NBC Student Chequing features:
- No monthly fee
- Free Interac e-Transfer
- 30 free transactions per month
- Mobile App
- Apple pay or Google pay
- Available to foreign exchange students
- Up to $867 worth of annual savings
This account can be opened quickly and easily online. Based on your area of study there can be a fairly high level of savings available. However, you should be aware that this only allows 30 free transactions per month.
What is a student chequing account?
Most banks have chequing accounts with special perks and benefits designed with today’s modern student in mind. These help those who are attending any form of post-secondary school to save on fees and services.
What are the advantages of a student chequing account?
There are many extra benefits with a student chequing account. Although they do tend to vary slightly depending on the bank there are a few key components that most of them offer. This includes a $0 per month fee for the account, overdraft protection, free debit transactions and free Interac e-transfer.
What are the advantages of a student account over a regular account?
Most regular chequing accounts hold either an annual or monthly fee to use the account. With student chequing accounts, not only have these fees been waived for the duration of the applicant’s attendance in post-secondary school, but most offer to extend this even after the student has completed their education. The time limit varies greatly depending on your bank.
What to look for in a student chequing account?
Depending on personal needs and preferences, there are several factors to consider while trying to decide which account best suites the student in need. Although most banks offer free transactions, some have a limit to the number allowed per month. Surpass this number, and you will be charged an amount per transaction over the allowable amount. Another feature to pay attention to is if there are any sign-up bonuses available. The banks want your business and many of them are willing to persuade you with chances to earn easy money upon sign up.
What do you need to apply for a student chequing account?
These offers are only open to students. You will need to have some proof of your enrollment to qualify for these accounts. Aside from this, you will also need some form of government-issued ID, such as a driver's license or passport, as well as your social insurance number. If in doubt, go ahead and contact the bank you are thinking about applying to and they will let you know if you have everything you need.
How to open a student chequing account?
There are 2 great options here, either contact the bank directly or go online to the website. Every online banking site has the option to open an account online where it will take you through a step by step process as well as gather all your required information. Make sure to have all the required paperwork with you when filling out the forms.
What are the typical student account interest rates and fees?
Student accounts all have the benefit of having a $0 monthly fee. While purchase interest rates remain at 0%, it is still important to be aware of the limits on certain accounts. Many of them have unlimited transactions but others are limited to less. Depending on how much you plan on using the account for online or point of sale purchases, you may be charged an extra fee per transaction for going over your allowed limit.
What happens to your student account once you graduate?
Many banks have a grace period upon the student graduating. This varies from bank to bank but can last for up to two years after completion of post-secondary school. When in doubt, contact the bank to see how long you have as some banks will just automatically start to charge you for your account once the time limit is up.
Is it worth getting a student bank account?
The best choice you can make is to weigh the pros and cons of any account you are thinking of getting. While a student account is a good idea as it will help you to save on fees and services, there isn’t a guarantee that there isn’t another account that will suit your needs better. Also, you will need to remember that you will not receive some of the perks once you are no longer a student and may even want to consider opening a different account after graduation. If this isn’t something you want to do again, your better option might be to just open a standard account.
Summary of best student chequing accounts in Canada
Bank Account | Sign-up Bonus | Transactions | Monthly Fee | ATM Network free withdrawal |
---|---|---|---|---|
Scotiabank Student Banking Advantage Plan | 5,000 SCENE Points or Scotia rewards points | Unlimited free transactions, Free Interac e-Transfers | $0/month | Scotiabank ATM Network, Global ATM Alliance |
Tangerine No Fee Daily Chequing Account | Chance to earn $200 | Free unlimited Interac e-transfer, no fees for daily transactions | $0/month | Scotiabank ATM Network |
Simplii Financial Chequing Account | Earn up to $200 | Unlimited transactions, free interac e-transfer | $0/month | CIBC ATM Network |
CIBC Smart for Students Chequing Account | $60 sign up bonus, chance to win $35000 for tuition | Unlimited transactions, Free Interac e-Transfers | $0/month | CIBC ATM Network |
BMO Plus Student Chequing Account | Chance to win $10,500 scholarship | 25 free transactions per month, Unlimited Interac e-Transfers (limit of $3000 per day) | Free, $5 per month for Standard overdraft protection | BMO ATM Network |
RBC Student Chequing Account | $60 sign up bonus, 5000 RBC points | 25 free monthly transactions, unlimited Interac e-transfer | $0/month | RBC ATM |
TD Student Chequing Account | NA | 25 free transactions/ month (1.25ea for any over this amount) free interac e-transfer | $0/month | TD ATM |
Motusbank No-Fee Chequing Account | NA | Unlimited debit pays and withdrawals, free inteac e-transfer, no minimum balance required | $0/month | Thousands available through the exchange network |
Alterna Bank No Fee eChequing Account | NA | Unlimited free transactions, e-transfer | $0/month, overdraft protect for 2.50/month | Thousands available through the exchange network |
National Bank Student Chequing Account | Receive up to $867 in annual savings (decided based on your area of study) | 30 free transactions/ month, free Interac e-transfer | $0/month | Thousands available through the exchange network |
Final Thoughts
No one knows your banking needs the same way that you do. Try to pick an account that meets all your requirements while still allowing some growth and freedom for a change. After all, you don’t want to pick a free account with a limited number of transactions attached to it just to get hit at the end of the month with high fees for having exceeded this limit. If things are tight, you may want to look more intently at the overdraft limits so as not to be caught without a form of payment. Everyone banks differently so there is no one account fits all.
FAQ
Should you open a student bank account before applying for student finance?
You do not need a student bank account to apply for student finance. However, you do need some type of bank account. This must have your name on it as an account holder to be able to receive the funding. If the money goes into a different account but you want it in your student one, you can always transfer the funds over.
Can you have more than one student account?
No, due to the number of exclusive offers, banks prefer that you deal with only one. While it is possible to open multiple normal chequing and savings accounts, student accounts are slightly different. This is another thing you should take into consideration while choosing if a student account is right for you.
How long does it take to open a student bank account?
Not long at all! As soon as you have all your paperwork in order you can apply online or directly in the branch itself. It takes less than a half-hour to get everything filled out. The bank will immediately issue you a temporary card. If you applied online, you can stop by any of that financial institution's branches to get your card. A permanent card will arrive in 1-2 weeks in the mail.
Can you get rejected for a student bank account?
Yes, if you do not have all the papers necessary to open the account, such as proof of post-secondary enrollment, or if for any reason you do not meet the bank's minimum standards required, they do have the right to deny you an account.
Can you get a student overdraft with bad credit?
This is up to the discretion of the financial institution. When you apply they take into consideration the amount of your income, any debt, loans or payments you make as well as your credit history and any payment that you may have missed. They also look at how long you have been a customer with them. While bad credit will make it harder to get approved for an overdraft, it is not a definite deal-breaker. Even though one place denied you overdraft it does not necessarily mean the next one will as well. If this is something you are interested in, you may have to talk to multiple banks to find the one that is best for you.
How much money do you need to open a student bank account?
There is no minimum amount required to open a student bank account however, there are some banks that will start to charge a fee if you drop below a certain dollar amount in the account. While most banks are lenient with this for students, it is a good idea to check the fine print when deciding on your financial institution.
Does a student account affect your credit score?
Banks may look at your credit score when applying for a checking account, especially if you are wanting overdraft protection. Although it does hit your credit anytime someone looks at it, this type is known as a soft hit and will have little to no effect on your credit report.