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Articles
Student Bank Accounts Comparison
First Posted: August 15, 2008
By Andrew Lau
As a university or college student, you might be striking out on your own for the first time – away from home, away from freshly cooked meals, and perhaps managing your own finances. Part of handling your own finances will be choosing a banking institution or institutions that best suit your needs.
Banks are eager to gain new clientele and establish brand loyalty early on. It should come as no surprise then, that just about every major banking institution in Canada offers student banking plans. Today, we’ll take a look at the specific student banking offers from various institutions to see what they have to offer. Most, if not all student banking products require that applicants be enrolled in a full time post-secondary program.
Below is a breakdown of the specific student offerings from various banks. As these are chequing accounts, interest rates for all are negligible.
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Comparison Table for the "Big 5"
Student Banking Options Besides the "Big 5"
Of the “Big 5”, CIBC's offering appears to be very strong. Other banks are unable to offer unlimited transactions, but the Bank of Montreal does offer 30 free transactions and the option of Air Miles rewards on debit transactions. If you can get by without in-person services, the PC Financial No Fee Bank Account is a very competitive option as well, even if it isn't specifically designed for students. Of course, no fees and unlimited transactions do not mean much if you have to pay surcharges at ATMs. Use the ATM locators in the charts above and find out if there are convenient options on your campus. If you're looking for more information about credit card options, take a look at one of our other articles here at RedFlagDeals.com -- Canadian No-fee Credit Card Rewards Programs Go Head to Head.
This comparison is a starting point, but just like in college or university, planning and doing your homework in matters of finance is key: research banks, read the fine print, and keep track of your finances.
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