Best student bank accounts in Canada

Piyush Singh

28.07.23

5 minute read

As a student, finding the right bank account can be difficult. You may need an account that offers money transfer services or chequing accounts with minimal fees, depending on your needs. Luckily, there are several great student banking options available in Canada. We’ll look at chequing accounts, student banking plans, online accounts and alternative money transfer services such as Wise.

Discover Wise

Table of Contents
Online Accounts and Money Transfer Services Wise EQ Bank Savings Plus Account Tangerine No-fee Daily Chequing Account Chequing Accounts HSBC Student Chequing Account TD Student Chequing Account RBC Student Chequing Account Banking Plans for Students RBC Advantage Banking for Students CIBC Smart Student Account Scotiabank Student Advantage Banking

Online Accounts and Money Transfer Services

These accounts can be opened and operated online. Among the most popular options in this category, you can find:

Wise

Wise is a Money Services Business that allows users to send, spend and receive money around the world. It’s not a bank, but it simplifies international payments while ensuring that you do not overspend on hidden fees and inflated exchange rates.

Wise is open to anyone aged 18 or over, and you don’t have to be a student.

You can use Wise with or without a Canadian bank account to save money on transfer costs and hidden fees.

The Wise card can be used digitally with Google Pay and Apple Pay. This card can be used to withdraw 350 CAD every month for free, and can be used online and in stores too.

Note: Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Key Features
No monthly fees¹
Mid-market exchange rate²
Withdraw Over 40 Currencies at Live Rate³

Once you’ve graduated, you can keep using Wise as a regular customer. You'll still have access to all the same features, and you won't be charged any extra fees.

The true cost of sending CAD to USD

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

EQ Bank Savings Plus Account

The EQ Bank Savings Plus Account is a no-fee online savings account with an impressive 2.50% interest rate⁴, one of the highest available in Canada. EQ Bank is a Wise partner. Customers using this bank for international payments can benefit from the quick, affordable and transparent experience without leaving the EQ app.

This account is available to all eligible Canadian residents aged 18 or older. To open a new account, you’ll need to provide valid identification and proof of address.

Key Features
2.50% Interest Rate⁴
Unlimited Transactions⁴
Zero Monthly Fees⁴
CDIC Deposit Insurance Eligibility⁴

After graduation, the EQ Bank Savings Plus Account can still be used to save and invest your money. The account has no monthly fees, so you can continue to grow your savings without worrying about additional costs.

Tangerine No-fee Daily Chequing Account

The Tangerine No-fee Daily Chequing Account is one of the best student bank accounts in Canada. It offers no monthly fees, unlimited transactions, and access to various banking services such as bill payments and money transfers.

To be eligible for the Tangerine No-fee Daily Chequing Account, you must be a student between the ages of 16 and 24. You must also have proof of enrollment in an accredited Canadian post-secondary institution.

Key Features
No Fees for Daily Transactions⁵
Free ABM Access⁵
Interac & Visa Debit Zero Liability Protection⁵
Track & Categorize Spending⁵

Key Considerations
10 CAD inactivity fee for 1 year of no usage¹³
2.50% currency conversion fee¹³

Once you have graduated, your no-fee daily chequing account will be converted into a regular chequing account. You’ll still have access to banking services such as bill payments and money transfers, but the fees and interest rate may change depending on your balance.

Chequing Accounts

These accounts can be opened in Canadian as well as international banks. These are among the most well known options with chequing accounts.

HSBC Student Chequing Account

The HSBC Student Chequing Account is designed for students and is open to anyone aged 16-24. It offers no monthly fee, unlimited transactions, free Interac e-Transfers, and access to its online banking platform.

Key Features
Free INTERAC e-Transfers⁶
No Monthly Fees⁶
No Minimum Balance⁶
Free Withdrawals & Mobile Cheque Deposits⁶

Key Considerations
HSBC buys and sells currencies at different rates¹⁴ - you pay more for international transfers.

Your HSBC Student Chequing Account will automatically convert to one of their regular accounts, such as their HSBC Everyday Banking account, after graduation. This means that you won’t have to worry about setting up a new bank account once you finish school.

TD Student Chequing Account

The TD Student Chequing Account is designed for students looking for a low-cost, no-fee solution. It has no monthly fee and offers access to an unlimited number of transactions at no extra cost. To be eligible for a TD Student Chequing Account, you must be enrolled in full-time post-secondary studies or under 23.

Key Features
Unlimited Transactions per Month⁷
Free Interac e-Transfer Transactions⁷
$0 Monthly Fee⁷
No Monthly Fee for Monthly Plan Overdraft Protection Service⁷

Key Considerations
3.5% as currency conversion fees for most international transactions¹⁴

After graduating from school, you’ll have the option to keep your TD Student Chequing Account, but you will have to pay a tiered monthly fee, depending on what features you would like to have access to.

RBC Student Chequing Account

The RBC Student Chequing Account is an all-inclusive banking service designed specifically for students. The account comes with no monthly fees and includes unlimited transactions, free Interac e-Transfers, and access to over 3,500 ATMs in Canada.

It is available to anyone at least 18-19 years old⁸ in Canada who plans to open a sole account in their name.

Key Features
No Monthly Fees⁹
No Minimum Balance⁹
Free Unlimited Interac e-Transfer Transactions⁹
Unlimited Withdrawals in Canada⁹

Key Considerations
Monthly fees upon graduating⁹
2.5% conversion fees charged over the mid market exchange rate⁹

When you graduate, the RBC Student Chequing Account automatically converts to an Everyday Chequing account and you will have access to all of the same features. The only difference is that there may be a monthly fee associated with this type of account.

Banking Plans for Students

These banking plans are provided by the biggest Canadian banks and you can continue being a customer even after graduation.

RBC Advantage Banking for Students

RBC Advantage Banking for Students is a comprehensive banking plan designed specifically for post-secondary students. It provides access to the RBC Student Life app, which helps keep track of budgets and expenses while in school.

To be eligible for the RBC Advantage Banking for Students, you must be enrolled full-time at an accredited post-secondary institution. You must also have a valid Canadian address and government-issued ID.

Key Features
No Monthly Fee for Full-time Students¹⁰
Unlimited Debit Transactions in Canada¹⁰
Free Interac e-Transfer Transactions¹⁰
$100 Account Opening Bonus¹⁰

Key Considerations
2.5% conversion fees charged over the mid market exchange rate⁹

Once you graduate, you will be automatically switched to a no-fee chequing account and continue to enjoy the same great benefits.

CIBC Smart Student Account

The CIBC Smart student account is a chequing account designed specifically for students. It offers low monthly fees, no minimum balance requirements, and unlimited transactions with no additional charges.

You must be a Canadian resident or have proof of international student status to qualify for this account.

Key Features
$0 Monthly Fee¹¹
Free Interac e-Transfer Transactions¹¹
Unlimited Transactions¹¹
One Free non-CIBC ATM Withdrawal (in Canada) per Month¹¹

Key Considerations
There will be a mark-up on the exchange rate for any cross currency transactions.¹⁵

Once you graduate, the account is automatically converted to a CIBC Advantage Debit Card. This will allow you to continue using the same services and features as before while also getting access to additional benefits such as cash-back rewards and discounts. You can also use your card globally, making it easy for students who plan on travelling after graduation.

Scotiabank Student Advantage Banking

Scotiabank Student Advantage Banking is an excellent option for students who want to save money and time when managing their finances. This program offers free banking services, no monthly fees, unlimited transactions, and other benefits.

You are eligible for this plan if you’re enrolled full-time in a post-secondary institution in Canada or the U.S.

Key Features
$100 Welcome Bonus¹²
No Monthly Account Fee¹²
Unlimited Debit Transactions¹²
Eligible for Overdraft Protection¹²

Key Considerations
There will be a mark-up on the exchange rate for any cross currency transactions.¹⁶

Once you graduate, the account will automatically convert to a regular Scotiabank chequing account. You will no longer receive the free banking services, but you’ll still have access to unlimited transactions and other features included in the Student Advantage Banking plan.

Sources:

Sources last checked on: 25.07.2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.