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Advantages of a Student Account in Canada

Most students try to be financially independent at some point, and to become financially self-dependent, a student has to involve in a part time or a full time job along with their studies. It is a challenging task to study and work simultaneously, students often face financial issues.

What are the Advantages of a Student Account in Canada?  In a developed country like Canada, it is very important to have a student account to make a student’s way of living easier. Banks understand that a student’s income is not very high, therefore most student accounts have no or minimal monthly fees. In Canada, competitive environment has been created among the banks considering the welfare of the students. Students usually prefer savings accounts because a savings account offers interest over time. Moreover, a client can withdraw and deposit money at any time.

  • Banks offer free transaction for the students over a period of time. Moreover, banks provide free access to the online banking, mobile banking, and telephone banking.
  • The banks of Canada also have the strong network of branches and ATMs throughout the country. Thus, a student account holder can make his safe transaction anytime and anywhere as required.
  • Banks also offer 24 hours access to student savings account, helping student instant access to their savings in case of emergency.
  • Most banks issue a debit card to an account holder, which helps a student to make payments without carrying physical cash.
  • Student account keeps money safe for students; provide flexible limits of overdraft access with competitive rate of interest, easy repayment system, easy transactions throughout the country, and most importantly keep students relieved from financial stress.

Overall, it can be said that the benefits of a student account are beyond description. Student account policies in Canada help them to be more self-sufficient for their finances.

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