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