Best Student Bank Accounts In Canada For January 2025

We’ve compared eight chequing accounts at 39 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.

To create this list, Forbes Advisor Canada analyzed eight student chequing accounts at 39 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of fees, access, digital experience, customer experience, minimum balance and minimum deposit requirements.

The following is the weighting assigned to each category:

• Fees 50%
• Access 15%
• Digital Experience 10%
• Customer Experience 10%
• Minimum Balance 10%
• Minimum Deposit Requirement 5%

Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.

Chequing accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the chequing account must be nationally available.

Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.

A student chequing account is a bank account that is only available to post-secondary or high school students. It usually comes with several perks, such as no account fees, a welcome bonus, the opportunity to earn rewards and unlimited transactions with no transaction fees. They typically require proof of enrollment in a high school or post-secondary institution to open and may revert to a standard chequing account that does have fees once the student account holder has graduated.

In order to be eligible for a student chequing account, you need to be enrolled in a post-secondary program. Some financial institutions will also require that you’re enrolled full-time and live in Canada. Often, you’ll need to provide proof that you’re a current student, like showing your student card.

• No fees. Many student accounts offer none of the traditional banking fees, such as monthly maintenance fees or transaction fees, when they would otherwise if you weren’t a student.
• No minimum balance requirements. Many student chequing accounts do not require you to maintain a balance when otherwise they would have if you weren’t a student.
• Money management and budgeting tools. Many student accounts offer budgeting, tracking and other money management tools built-in to get you started off on the right foot as you begin your banking journey.
• Welcome Bonuses. Many student accounts offer welcome bonuses to get students to sign-up, such as $25 deposited into your account just for opening it.
• Rewards Programs. Many student accounts have rewards programs, like cash back or points that can be redeemed for rewards when you make debit card purchases from the account.

There are a few downsides to a student chequing account. These include:

• Typically no interest earned on account balance
• You must meet education and/or age restrictions to qualify
• Requirements needed to qualify for bonuses
• You may need to switch accounts after you graduate

In many cases, the best student chequing account depends on what you need from a bank account. Here are some tips to help you narrow down your options when considering a student bank account.

• What would you prioritize? Think about what you want most from a student chequing account. Are you more into rewards and a sign-up bonus or do you need to ensure the account has no fees and unlimited transactions? Does the bank need to be close to campus or can you handle having your home branch further away. Think about getting a student account that fits your financial habits and has most of the features you want and will use.
• Consider location and accessibility. Think about how close you want your bank to be to you or whether you want to open an online-only account at a branchless bank so you can always access your bank account no matter where you are and don’t have to worry whether there are branches in your area.
• What happens to your account when you graduate? When you graduate, sometimes your student account will revert to a regular chequing account and you will have to start paying fees or suddenly have balance requirements and transaction limits. However, sometimes the account is grandfathered and you get to keep all the same benefits. Find out what will happen to your account.

Choosing a student chequing account may seem a little overwhelming, especially if this is your first one. Here are some things to keep in mind when you’re looking for one:

• ATM network. If easy access to cash is important to you, look for a bank or credit union with ATMs conveniently located near you or has a large ATM network across the country so you won’t have to pay third-psrty ATM fees or transfer your cash to a more established bank with more ATMs to access your cash.
• Fees. Overdraft fees, ATM fees, monthly maintenance fees and other account fees can put a dent in your account balance. It pays to read the fine print before opening an account. Generally, the fewer fees an account has, the easier and less expensive it will be to maintain.
• Minimums. Low minimum deposit and balance requirements make it easier to open and maintain an account. Look for accounts with minimums you think are reasonable to meet.
• Digital experience. For students on the go, a bank or credit union’s mobile app and website can make or break their banking experience. Check an institution’s mobile app ratings on the App Store and Google Play before signing up for a student chequing account. Plus, make sure the institution’s website has what you need.
• Customer service. Being able to get in touch with a customer representative when needed is important, whether you bank online or at a branch. Scan Trustpilot and Better Business Bureau ratings before opening an account to see what current customers like and dislike.

Keep in mind that your account may be closed or transitioned to a standard chequing account once you’re no longer a student. Consider banks and credit unions closely to see if you can picture a long-term relationship with them post-graduation.

Lastly, but most importantly, be sure to consider your needs as a banking customer. While your needs may be simple as a post-secondary student, consider what you need from a bank account before selecting one. For example, if you visit ATMs frequently, consider any ATM fees or transaction limits that may apply.

To open a student chequing account, you’ll need to meet some basic criteria. First, you must be a student and hold a current and valid school identification card or proof of enrolment in a post-secondary institution. You also need to be within a certain age range—be sure to check the financial institution’s requirements, as some allow you to open a student account in high school, while others make you wait until you start your post-secondary studies.  Finally, you may be required to deposit funds into the account to open it, but if that’s a problem, find an account where that’s not a requirement. There are plenty out there.

Opening a student chequing account is a relatively simple process. In some cases you can open an account online, but many banks require you to visit a brick-and-mortar branch.

1. Decide which financial institution works best for you and your needs.
2. Apply online or make an appointment with a banker. Making an appointment can help you avoid waiting in line and allow you to better establish a relationship with your banker.
3. Bring your identification, such as a driver’s license or passport, and be sure to have your current student ID and/or official proof of enrollment.
4. Bring the minimum amount of cash (or a cheque written to you) if your bank has a minimum deposit requirement.
5. Read and sign any paperwork or agreements issued by the institution. Pay special attention to the fine print.

Bottom Line

A student chequing account offers an excellent way for young adults to gain independence and develop financial savvy. If you’re a student and meet a bank’s requirements, a student account can help you save money on fees and receive benefits regular chequing accounts don’t include. And you don’t have to give up any other accounts you already have.

If you’re a student and you’re looking for a low-cost way to manage your money, there are a few different options to consider:

No-fee Chequing Accounts

No-fee chequing accounts are similar to student accounts in a key way: they have no fees. This usually means they have no monthly fees and transactions fees on debits or for e-transfers. That said, they may still charge ATM fees or overdraft fees, so read the fine print.

Online Bank Accounts

Online bank accounts can provide some of the very same features that make student chequing accounts valuable. They often have no fees (or very minimal ones) and some even allow you to earn competitive interest rates on your account balance.

Student Credit Cards

Student credit cards can’t perform all the functions as chequing account, but they can provide a payment method for daily expenses. These cards often earn cash back or rewards on your spending, have no annual fees and can help you build your credit history. It’s important to pay your credit card off in full each month to ensure you have a good credit score and avoid debt.