3 Best Bank Accounts for Students in Canada 

Looking for the best bank accounts for students in Canada? Students are very concerned about managing their finances, so they look for their chequing accounts. The primary objective of the students is to save every dollar.

While keeping this objective in mind, the best bank account for them is the one that doesn’t charge monthly fees, Interac e-Transfer, and Use ATMs. The Top 3 Picks for Student’s Bank Accounts in Canada:

• Scotiabank Student Banking Advantage Plan
• EQ Bank Hybrid Savings Account
• Tangerine No-Fee Chequing Account for Students.

Additionally, we will provide tips on choosing the best bank account, Features of student bank accounts in Canada, Bank Account Requirements in Canada, and Types of bank accounts. Keep reading to make an informed decision that will support your financial goals.

Top 3 Best Bank Accounts for Students in Canada

There are several options available for students. Several banks offer multiple accounts specifically designed for students. Below are some of the best bank accounts for students, and they can consider one of these for their everyday banking requirements.  

Scotiabank Student Banking Advantage Plan 

Students love the chequing account offered by Scotia Bank. Scotiabank Student Banking Advantage Plan has been designed to keep in mind students’ needs, which is why it is a no-fee student bank account.  

This bank account comes with a lot of features. It is a no-fee bank account. Students have to pay nothing in the form of monthly fees to operate the account. Students have limited funds that they never want to spend on transaction fees. The students can make unlimited debit transactions and Interac e-Transfers.  

Scotia Bank has a vast network of 4000 ATMs and branches across Canada. So, withdrawing money or visiting a unit is not an issue. Another great feature for students is the reward points. Students could qualify for 5000 points on movies, food, travel, and shopping for a new account sign-up. 

EQ Bank Hybrid Savings Account 

If a student is looking for an online bank rather than a traditional one, they will find many options, and they can consider one of these, but EQ Bank Hybrid Saving Account can be considered the best account.  

EQ banks have combined the features of a chequing account and a saving account into a single hybrid account. So that they can enjoy the ease of chequing an account with the opportunity to earn something as well; this account never charges the students in the form of monthly fees and free unlimited transactions, and Interac e-Transfers are allowed. You will have the advantage of earning 2.3% interest without needing a minimum deposit. All the deposits in your bank account are CDIC insured. However, students will not have the privilege to withdraw cash through ATM cards as no debit card is issued.   

Tangerine No-Fee Chequing Account for Students 

If you need an account that offers the features of an Online bank’s account but also lets you use it like traditional banks, then Tangerine No-Fee Chequing Account for Students is for you.  

Get the advantage of a no-fee account and free transactions. At the same time, you can use 4000 ATMs of Scotia Bank to withdraw cash without any charges. This account also offers a small amount of interest. You will have a chance to get $200 when opening a new bank account. The students will have unlimited debits, bill payments, pre-authorized payments, email money transfers, and Interac e-Transfers.

Information on Student Bank Accounts to Know

Students can handle their regular banking requirements with a student bank account, without paying monthly fees or for most individual transactions. Check out some points a student should understand before opening a bank account in Canada:

Types Of Student Bank Accounts

All Big Six banks in Canada and most other financial institutions provide student-specific bank account alternatives. These products often fall into one of two categories:

• Student chequing accounts
• Student banking plans could include credit card rewards or a student line of credit with chequing and savings accounts in a financial bundle.

Most high-interest savings and no-fee accounts from online banks are acceptable for students’ budgets and needs. However, savings accounts are only sometimes designed for students.

Bank Account Requirements in Canada

Usually, required information for online applications includes

• Your name and address.
•  Identification requirements, like a government-issued ID. If you can verify online, you should bring identification to a nearby branch.
• When you complete graduation.
• Additional information about what you want to use the account and your job and residency status; however, some of these factors are optional.

Features of student bank Accounts in Canada

Get the characteristics of a typical student checking account from the points below:

• No recurring fees are needed.
• Limitless transactions.
• Many banks offer free access to the greater ATM networks, which might reduce the fees associated with using an out-of-network ATM.
• Unique offers, such as cash bonuses and rewards programs, are unavailable to typical customers with chequing accounts. While still qualified, maximize these student-only discounts to maximize your savings.

How to select the ideal student checking account

Select your bank account with the following considerations:

• Examine the account’s characteristics for regular banking, and then consider the extra bonuses to determine which student chequing account is ideal.
• Choose an account with enough services, such as a branch, ATM, or online banking, so you can easily access your money without worrying about additional costs.
• Compare the advantages and pick the ones you’ll value the most. It might be a monetary bonus that allows you to pay for a few textbooks (or a few Friday night outings) or a rewards program where you accumulate points to offset future purchases.

FAQs

Who can open a student account?

A student must have their enrolment in school to open a student checking account, as the name implies. The definition of a student in the eyes of Canadian banks can differ. But, it frequently implies that to qualify for these accounts, you must live in Canada and get a full-time enrolment in a post-secondary school there. Also, you will be required to present proof of enrollment, such as a student ID, a most recent transcript, or an admission letter. Some financial institutions also provide student checking accounts for younger primary or secondary education students.

Which bank account is ideal for Canadian students from abroad?

The student account from CIBC offers limitless free debit card transactions each month and has no monthly cost. It's one of the most affordable banking options for international students studying in Canada. Moreover, CIBC provides various benefits and tools for overseas students, including an incentive of $60 just for joining.

Summing Up

So, this is our rundown on the Best Bank Accounts for Students in Canada. We will keep adding more accounts based on the reviews of other students. If you face any issues with the registration process, do let us know in the comment section.