Near the University of Waterloo, Wilfrid Laurier University, and Research Innovation Park — the ultimate student and young professional banking guide for the University Ave corridor.
Updated 2025 · University Ave Waterloo · Waterloo Region · 5-minute read
University Avenue in Waterloo is one of Canada's most intellectually dense corridors. The University of Waterloo — ranked first in Canada for co-op programs and known globally for its math, engineering, and computer science faculties — sits at one end. Wilfrid Laurier University adds business, music, and social science students just a short walk away. Between them, Research Innovation Park hosts dozens of startups and established tech firms. The student population alone exceeds 50,000, and the co-op talent pipeline feeds companies across North America. Banking on University Ave means serving a demographic that is cost-conscious today but wealth-accumulating tomorrow.
A University of Waterloo student on co-op rotation earning $25–$60K/term needs a bank account that costs nothing and earns on every dollar. KOHO's $0 account with 3% interest means even a $5,000 co-op term balance earns $150/year — more than any campus big-bank alternative. Tap to pay at Plaza on University, earn cash back at UW's food spots, and keep more of every co-op dollar.
UW co-op students who want to maximize their TFSA contribution room during student years gain significantly from EQ Bank's 3.75% TFSA rate. Starting TFSA contributions at 18 and maximizing them through co-op earnings — while avoiding fees — sets up enormous long-term wealth advantages. EQ Bank is the ideal place for co-op savings that aren't needed for tuition.
Innovation Credit Union serves the Waterloo Region community and is a natural fit for UW and Laurier students who plan to stay in the region after graduation. With unlimited DICO deposit insurance and competitive rates for future mortgage needs, opening a student membership at Innovation CU is a forward-thinking move for those planning to plant roots in Waterloo Region after graduation.
RBC is the most heavily marketed bank at UW and Laurier, with campus branches and ATMs for student convenience. The Student Banking Advantage account is fee-free, and RBC's newcomer banking program serves international students well. The main drawback: after the student period, fees of $11–$30/month kick in — when a switch to KOHO becomes highly advisable.
Scotiabank's StartRight program is popular with international students at UW who arrive from abroad and need Canadian banking immediately. Up to 2 years of free banking for newcomers, plus credit card access with no Canadian credit history required. A solid landing spot for international students that can be evaluated after the free period ends.
Co-op student, full-time student, or recent grad on University Ave — KOHO gives you a no-fee bank account that earns 3% interest on every dollar. Use code 45ET55JSYA for a bonus when you sign up.
Get KOHO Free — Use Code 45ET55JSYA