Updated: April 2025  |  bremo.io financial guides

Best Banks for Students in Canada 2025 — Comparison

Choosing a bank as a Canadian student is a surprisingly important financial decision. Your banking relationship affects how you receive OSAP or other loan deposits, how you pay rent and bills, and how you build a credit history. The right bank for a student is one that charges no fees, has a strong app, and is convenient for your campus and lifestyle.

Here's a side-by-side comparison of the best banking options for Canadian students in 2025.

Big Five Banks: Student-Specific Accounts

Canada's Big Five banks — TD, RBC, BMO, Scotiabank, and CIBC — all offer student chequing accounts with monthly fees waived as long as you're enrolled in a post-secondary program. Here's how they compare:

TD Bank — Best for Branch Access

• Free unlimited transactions and e-transfers for students
• Largest ATM network in Canada
• Strong mobile and online banking platform
• On-campus branches at many major universities
• Fee resumes after you graduate unless you request the student waiver extension

RBC — Best for Campus Services

• No monthly fee for students; unlimited Interac e-transfers
• RBC Advice Centres on many university campuses
• Rewards program through Avion Visa cards when you're ready to get a credit card
• Strong app with budgeting tools

BMO — Best for Retail Discounts

• Free student chequing with SPC membership perks
• Discounts at 450+ retailers with SPC card
• Unlimited transactions and e-transfers
• BMO CashBack Mastercard is a popular student credit card option

Scotiabank — Best for Rewards Earners

• Free student chequing with SCENE+ points earning
• SCENE+ points redeemable for movies, restaurants, and travel
• Unlimited transactions, free e-transfers
• The Scotiabank Scene+ Visa is a good companion card

CIBC — Solid All-Around Option

• Free Smart Account for full-time students
• Unlimited Interac e-transfers included
• Simplii Financial (CIBC subsidiary) offers no-fee banking with ATM access at all CIBC machines

Digital Banks and Fintech Options

KOHO — Best for Zero Fees (Permanently)

KOHO's free tier has no monthly fee ever — not just during school. It's a Visa prepaid account that functions like a full bank account for most purposes. It includes cashback on purchases, built-in spending insights, and free Interac e-transfers. KOHO is especially good for students who want to track their spending and avoid surprise fees post-graduation.

Use code 45ET55JSYA when signing up for a welcome bonus.

Simplii Financial — Best Free Chequing Without a Branch

Simplii has no fees for anyone. It's backed by CIBC and lets you use all CIBC ATMs for free. Unlimited transactions and e-transfers. No branches, but a solid app. Good choice if you're comfortable going digital-only.

Tangerine — Simple, No-Fee Option

Tangerine (Scotiabank-owned) offers no-fee chequing for all Canadians with Interac e-transfers included. Similar to Simplii but with access to some Scotiabank ATMs. No frills, clean interface.

Credit Unions: An Underrated Option

Credit unions often offer student-friendly accounts with lower fees and more personalized service. If you live in a city with a strong credit union presence (like Vancity in Vancouver or Meridian in Ontario), it's worth comparing their student products. Credit unions also tend to be more flexible when it comes to small overdrafts and first-time credit products.

How to Choose

Here's a quick framework for deciding:

• Want a branch near campus? TD, RBC, or Scotiabank are most likely to have locations nearby
• Want zero fees after graduation too? KOHO or Simplii
• Want rewards on everyday spending? Scotiabank SCENE+ or BMO SPC
• Want credit union service? Research your local credit union options
• International student needing easy setup? Many digital banks open accounts fully online without in-branch visits

Pro Tips

• Open your bank account before school starts so your OSAP deposit has somewhere to go
• Check if your school has a banking partnership for special perks
• Avoid using a US bank or foreign account as your primary Canadian account — transfer fees add up
• Once you have a bank account, consider applying for a no-fee student credit card to start building credit