Top 6 Special Student Bank Accounts in Canada

The main advantage of a student bank account is to make financial side of university student life less stressful.

Opening a student bank account in Canada is one of the first steps students heading to college can take towards their financial freedom.

Students account are simply bank accounts made for those in higher education. They also offer additional benefits such as free ATM withdrawals and more.

Additionally, a student account is mainly for university students. They are based on standard account offered by the bank.

Advantages of Student Bank Accounts in Canada

The main advantage of a student bank account is to make financial side of university student life less of a trial.

A student is expected to prove his or her studentship status when opening a student account.

While you study, your overdraft will be interest- free up to an agreed limit, which in some cases increase incrementally for every year of study.

After you graduate, you will start paying interest on all or some of the balance in your overdraft.

More so, some student bank account will have interest- free overdrafts for the duration of your degree and for a period after you graduate.

The most important thing to consider when choosing a student account is getting the biggest possible interest- free overdraft as it will help you avoid any other form of debt.

Each bank has different rules about who will qualify for their student bank account.

As a rule, if you are studying full time for a degree or a postgraduate course, you should qualify.

Part-time students are less likely to qualify, as they are usually able to work full time while they study.

If you need to borrow from a bank to help you through university, overdraft will be the most important thing to think about when choosing a student account.

Please Note:

Do not choose a student account based solely on the freebies, you need to consider the overdraft options and any other associated fees.

Student bank account usually maintain your student over- draft rate for one year after you graduate, but this varies with each provider.

However, when considering the benefits of a student bank account, remember you are not restricted to your student account you can switch to a different account.

Best Student Bank Accounts Canada

There are various student bank account in Canada. Below are the top 6 students bank account in Canada.

The Royal Bank of Canada

Royal Bank of Canada (RBC) is the largest bank in Canada. It has over 17 million clients worldwide and over 1,300 branches.

The Royal Bank of Canada (RBC) Student account.

The RBC Student  Account is an account that comes with 25 free debits every month for no monthly fee.

Additionally, The RBC Student  Account comes with $60 when a student like you opens an account.

It also offers a welcome bonus and credit card rebates for eligible RBC cards and free Interac e-Transfers.

What are the benefits of the RBC Student Banking Account

The Royal Bank of Canada Student Banking Account comes with a number benefits which includes

  • Free Interac e-Transfers: You can easily send money to family and friends using free Interac e-Transfers.
  • Welcome bonus: Qualify for a generous welcome bonus when you enroll for an account (though you may need to fulfill certain criteria to take advantage of this offer).
  • Virtual Visa Debit: you can make purchases online without needing a debit card.
  • Mobile app:  this helps you manage your transactions and personal information when you sign up for the RBC Mobile app.

Eligibility requirements

To apply for an RBC Student Banking Account, you need to meet the following requirements.

  • You must be Canadian citizen or permanent resident who is at least 18 years old.
  • You need to be a student at a registered institution in Canada to qualify for this account.

In addition, you are required to submit the following information to open a student account with The Royal Bank of Canada.

  • Your name, residential status and contact information.
  • Social Insurance Number (optional) and date of birth.
  • Email address and phone number.

Toronto Dominion Bank

Toronto Dominion Bank is the second largest bank in Canada. The bank has over 9 million clients worldwide.

The bank was as a result of a merger of the Bank of Toronto and the Dominion Bank in 1995.

Toronto Dominion Student Account

The Student Checking Account comes with a number benefits which includes:

  • Low or no monthly fees.
  • No transfer fee to send and receive money.
  • No monthly fee on overdraft services.
  • Free paperless or paper statement.

Eligibility Requirements

To apply for TD Student checking account, you need to meet the following requirements.

  • You must be Canadian citizen or permanent resident who is at least 18 years old.
  • You need to be a student at a registered institution in Canada to qualify for this account.

Scotia Bank

Scotia Bank is the third largest financial institution in Canada. The bank has over 11 million customers in Canada.

The bank was founded in 1832 in Halifax and later moved its headquarters to Toronto in 1900.

Scotia bank student account

Scotia bank Student Banking Advantage Plan comes with a number benefits which includes

  • The Student bank account comes with $60 welcome bonus and a chance to win $30,000.
  • Unlimited e-Transfer transactions.
  • No monthly account fee.
  • Free paperless or paper statement.

Eligibility requirements

To apply for Scotia Student bank account, you need to meet the following requirements.

  • You must be Canadian citizen or permanent resident who is at least 16 years old.
  • You need to be a student at a registered institution in Canada to qualify for this account.

In addition, you are required to submit the following documents to open a student account with Scotia bank.

  • A means of identification issued by the government, which include international passport with your photograph and signature.
  • You need to submit a photocopy of your birth certificate.
  • Your name, residential status and contact information.

Bank of Montreal (BMO) Student Account

The Bank of Montreal (BMO) is a Canadian multinational bank and financial services company in Canada.

More so, the bank is one of the oldest bank in Canada, founded in 1817.

Bank of Montreal is the fourth largest bank in Canada and the fourth largest bank in Canada by market capitalization and asset.

The bank has over 8 million customers and 900 branches in Canada

What are the benefits of Bank of Montreal (BMO) students Account?

The Royal Bank of Canada Student Banking Account comes with a number benefits which includes:

  • The BMO Students account  comes with a chance to win $10,500 that goes towards one lucky student’s tuition
  • No monthly fees while you are in school and for one year after you graduate.
  • Borrow from the student credit options, and only pay interest on what you borrow while you are still in school.
  •  As a student, you have access to unlimited e-Transfer transactions.
  • Earn rewards and build your credit history with no-fee student credit cards.
  • Unlimited monthly free transactions.

Eligibility Requirements

There are a few requirements you need to meet to apply for a student credit card with us.

  • Be a student between the ages of 18 and 24.
  • Be a Canadian citizen or permanent resident.
  • You need to be a student at a registered institution in Canada to qualify for this account.

You are required to submit the following information to open a student account with BMO

Canadian Imperial Bank of Commerce (CIBC) Student Account

The Canadian Imperial Bank of Commerce (CIBC) is a financial institution located in Canada.

It has an headquarter located in Toronto, Ontario. It has been in operation since June 1st 1961.

The Canadian Imperial Bank of Commerce student  account comes with a number benefits which includes:

  • No fees or minimum balance requirements
  • The Account comes with $60 when you open a CIBC student account.
  • You have access to unlimited monthly transactions.
  • Unlimited e-Transfer transactions.
  • You have access to any of the 3,800 CIBC ATMs anywhere in Canada.

Eligibility requirements

To apply for The Canadian Imperial Student  account, you need to meet the following requirements.

  • You must be Canadian citizen or permanent resident who is at least 18 years old.
  • Need to be a student at a registered institution in Canada to qualify for this account.

You are required to submit the following information to open a student account with CIBC.

  • Your International Passport.
  • Letter of Admission.
  • Your personal information and a Canadian residential address and
  • The name of the campus you will be attending.

You are required to submit the following information to open a student account with BMO

The Tangerine Account

Tangerine bank provides a full range of commercial banking services for retail customers. The Bank offers savings accounts, tax-free savings accounts and more.

Tangerine student bank account comes with a number benefits which includes:

  •  No fees or minimum balance requirements.
  • The Account comes with $60 when you open a Tangerine account.

In conclusion, when considering the benefits of a student bank account, remember you are not tied to your student account, you can switch to a different account if you find a better offer later on.

Frequently Asked Questions

Is CIBC good for students?

Yes, The Canadian Imperial Student bank account is good for students

Which bank is best for students in Canada?

Scotia bank is the best bank for student in Canada.

What is the number 1 bank in Canada?

The Royal Bank of Canada. It is the largest bank in Canada.

Can a student have 2 bank accounts?

A student can have two or more bank accounts as long as you don’t violate any of the bank policies.

Is it worth getting a student bank account?

Yes, if you a student and looking to open a new bank account, they can be a good option.