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The Canadian Student Banking Guide

The Canadian Student Banking Guide

By Simon Hung

Your money is precious, but it can be tricky to manage when you’re a student. The costs of tuition, bills, textbooks, rent, food, clothes and other expenses can accumulate quickly, but there are a myriad of student bank accounts at just about every major financial institution in Canada to help you track your finances.

Before declaring bankruptcy, take a look at our list of student bank accounts to see what they offer.

We’ve listed some of the popular student banking options available to help you decide which one is best for you.

Bank Account
Transactions
Fees
Notes
ATB Financial Students First Chequing AccountUnlimitedNone• Aimed at Alberta students
• Unlimited Interac e-transfers
• Apple Pay and Android Pay
BMO Lower Fee Chequing Account30/monthNone• Free SPC Card included
• $350.00 switch incentive available
• Apple Pay and Android Pay
BMO Premium Chequing AccountUnlimited$19.05/month• Fee waived with $6000.00 balance
• Free SPC Card included
• $350.00 switch incentive available
• Air Miles integration
• Includes cheques and safety deposit box
• Apple Pay and Android Pay
BMO Unlimited Chequing AccountUnlimited$4.00/month• Fee waived with $4000.00 balance
• Free SPC Card included
• $350.00 switch incentive available
• Apple Pay and Android Pay
CIBC Advantage Chequing Account for StudentsUnlimitedNone• Unlimited Interac e-transfers
• Apple Pay and Android Pay
Desjardins Student STRATEGIC Chequing AccountUnlimitedNone• Earns interest
• Apple Pay and Android Pay
EQ Bank Savings Plus Account 1UnlimitedNone• Hybrid chequing/savings account
• Earns interest
• Five free Interac e-transfers per month
HSBC Performance Limited Chequing Account14/monthNone• CAD or USD currencies available
HSBC Performance Unlimited Chequing AccountUnlimited$4.00/month• CAD or USD currencies available
Laurentian Student Advantage Chequing Account20/monthNone• Unlimited transactions available for $5.75 per month
Meridian Limitless Chequing AccountUnlimitedNone• Four Interac ABM withdrawals per month
• Meridian Mobile Pay app available
National Bank ClickStudent Chequing AccountUnlimited$2.75/month• Up to $1000.00 incentive available for select fields of study
PC Financial No Fee Chequing Account1UnlimitedNone• Earns interest
• Free unlimited cheques
• PC Points integration
• Compatible with CIBC network
RBC Student Banking Chequing Account25/monthNone• $60.00 signup bonus available
• Unlimited Interac e-transfers
• Apple Pay
RBC No Limit Chequing Account for StudentsUnlimited$10.95/month• Fee waived with RBC MultiProduct Rebate
• $60.00 signup bonus available
• Unlimited Interac e-transfers
• Apple Pay
Scotiabank Student Banking Advantage Chequing AccountUnlimitedNone• Unlimited Interac e-transfers
• SCENE Rewards integration
• Apple Pay and Android Pay
Tangerine No Fee Daily Chequing Account1UnlimitedNone• Earns interest
• Referral bonuses available
• 50 free cheques
• Compatible with Scotiabank network
• Apple Pay
TD Every Day Student Chequing Account25/monthNone• $50.00 signup bonus available
• Exclusive concert tickets and contests
• Unlimited Interac e-transfers
• Apple Pay
1 These bank accounts are not exclusive to students and student identification is not required for enrollment.

Note that most student bank accounts require student identification for eligibility. In addition, the fees column reflects monthly account fees and does not include individual fees such as in-branch transactions or Interac e-transfer fees -- these fees will vary by bank, so be sure to examine any individual fees via the account links before committing to enrollment.

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