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Best Student Chequing Accounts in Canada

Best Student Chequing Accounts in Canada

As a student studying in a post-secondary school and even after crossing the age of 19, you can avail of special discounts on bank accounts that make banking convenient and economical.

Pre-requisites for Opening a Student Chequing Account

To avail of the special discounts and other perks of the student bank accounts, you need to prove that you’re enrolled full-time in a post-secondary program at a recognized school or educational institution including CEGEP, community college, or university. Individual banks may have other qualifying conditions including an age limit of between 18 and 25 years.

Top 5 Best Student Chequing Accounts in Canada

Here are the top examples of the best student chequing accounts – just so you can get an understanding of what kind of offers you can get.  

6 Results Updated: November 19, 2019

25

Monthly Transactions

No Minimum

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  TD Canada Trust
Institution Type: National Bank
Interac eTransfer -
Account Suited For: Students
Out of Network ATM Fees $2.00

Unlimited

Monthly Transactions

No Minimum

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  Scotiabank
Institution Type: National Bank
Interac eTransfer -
Account Suited For: Students
Out of Network ATM Fees $1.50

30

Monthly Transactions

No Minimum

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  BMO – Bank of Montreal
Institution Type: National Bank
Interac eTransfer -
Account Suited For: Students
Out of Network ATM Fees $2.00

Unlimited

Monthly Transactions

No Minimum

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  CIBC
Institution Type: National Bank
Interac eTransfer -
Account Suited For: Students
Out of Network ATM Fees $2.00

Unlimited

Monthly Transactions

$4,000

Minimum Balance to avoid fee

$5.00

Monthly Fee

Institution:  BMO – Bank of Montreal
Institution Type: National Bank
Interac eTransfer -
Account Suited For: Students
Out of Network ATM Fees -

Scotiabank Student Banking Advantage account. It is ideal for students looking for additional perks like:

  • Zero monthly fees
  • No limit on debit transactions
  • Includes a SCENE rewards program that allows you to earn points which you can redeem for free movies at the Cineplex Entertainment Theatre where you conduct daily transactions

The Tangerine Chequing Account has been designed especially for basic online banking. Here are the perks you can expect:

  • Chequing account with zero fee that also earns you interest
  • Facility for the quick switching of funds to other accounts with the “switch assistant”

Especially if you’re a Canadian citizen, you can get the CIBC Advantage for Students cards. However, if you’re an international student, you will be asked to submit copies of your passport, study permit, and one other form of identification: Here are the positives of choosing this card:

  • Zero monthly fee
  • No limit on transactions and debit purchases
Compare All Student Chequing Accounts

Advantages of a Student Chequing Account

Student chequing accounts have features intended to assist post-secondary students to economize on fees for the duration of their school term. They have several other positives such as:

  • Low or zero monthly fee
  • Provision of an unlimited or large number of debit transactions each month
  • A fixed number of no-cost email cash transfers
  • Limited or no restrictions on the initial deposit or minimum balance requirements
  • Partial refunds on the annual fees of particular credit cards

How to open a Student Chequing Account

To apply for opening a student chequing account, you’ll need to submit this paperwork:

  • Two distinct proofs of identification
  • Proof of full-time enrollment in a post-secondary program

Most banks allow students to maintain the student’s chequing account for four years which is the duration of most university and college programs. In case you continue your education and need to hold the account, you must submit a fresh application for the account including proof of enrollment.

Choosing the Student Chequing Account that Best Meets Your Needs

Before you apply for opening a student chequing account, you may want to explore the different functions you intend to use the account for:

  • Need for an unlimited number of transactions or a fixed number like, say, 30 each month
  • Option to pay the monthly fee for unlimited transactions or transactional fee for using other accounts
  • Need for ATM access depending on whether you’ll be using the machine close to the campus or your student accommodation. Or, if you prefer online banking.