🎓 Student Banking · March 2026

Best Student Bank Accounts Canada 2026

Q: Do students pay bank fees in Canada?

Most major Canadian banks offer free chequing accounts for full-time students. TD, RBC, Scotiabank, BMO, and CIBC all waive monthly fees for enrolled students. You'll need to prove enrollment annually. KOHO is free for everyone with no enrollment requirement.

As a student, you shouldn't pay a cent in bank fees. Here are the best free student bank accounts in Canada — plus the one that pays you $100 just for opening it.

Best Student Bank Accounts Ranked

KOHO — Best first account for students

$0/month · No credit check · 1% cashback · $100 bonus

KOHO is the best starting bank account for Canadian students. No credit check. No income requirement. No proof of enrollment needed. $100 signup bonus with code 45ET55JSYA — just open and make one purchase. 1% cashback on all spending. Free credit score monitoring to build your score for future loans and credit cards. Works at 18+.

🎁 $100 signup bonus — code 45ET55JSYA — no enrollment required

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TD Student Chequing — Best campus ATM access

$0 fee for students · TD ATMs on most campuses · Free e-transfers

TD's Student Chequing account is free for full-time post-secondary students — no monthly fee, no minimum balance. TD has ATMs on campuses at most major Canadian universities (UofT, UBC, McMaster, U of A, Dalhousie, etc.). Free Interac e-transfers. Good primary account for receiving OSAP/StudentAid directly. Must verify enrollment annually.

Free for full-time students — prove enrollment once/year

Scotiabank Student Banking Advantage — Best Big Bank student bonus

$0 for students · Scene+ rewards · Up to $700 bonus with direct deposit

Scotiabank waives the monthly fee for full-time students. Scene+ rewards on every purchase (good for movies and restaurants). The regular Scotiabank account offers up to $700 signup bonus — open a Scotiabank account and set up direct deposit (OSAP, part-time job, etc.) to collect the bonus. Strong branch presence near most campuses.

🎁 Up to $700 bonus + free while enrolled

RBC Student Banking — Best for newcomer students

$0 for students · Up to $450 newcomer bonus · On-campus branches

RBC's Student Banking account is free for full-time students. On-campus ATMs and branches at major universities. Up to $450 newcomer bonus available for international students arriving in Canada. Strong mobile app with budget tools. Good for students who want a full-service bank relationship for eventual mortgage and credit applications.

🎁 Up to $450 newcomer bonus for international students

BMO Student Chequing — Best for BMO Campus partnerships

$0 for students · BMO ATMs · Debit Mastercard

BMO Student Chequing is free for full-time college or university students. Uses Debit Mastercard (wider international acceptance vs Interac alone). BMO has banking partnerships with many student unions and co-op programs. Up to $500 regular signup bonus if you open a qualifying BMO account with direct deposit.

Free for full-time students · Debit Mastercard

Simplii Financial — Best free account without enrollment proof

$0 forever · No student status needed · $300–500 bonus

Simplii has no monthly fee for anyone — no need to prove student status. $300–500 signup bonus with direct deposit. CIBC ATM access. Free e-transfers. Good option for part-time or mature students who don't meet enrollment requirements for traditional student accounts, or for anyone who doesn't want to reverify enrollment every year.

🎁 $300–500 bonus — no enrollment verification

Student Bank Account Comparison

Account	Monthly Fee	Enrollment Required?	Signup Bonus	Credit Check?
KOHO	$0 forever	No	$100	No
TD Student	$0 (students)	Yes (annual)	Varies	No
Scotiabank	$0 (students)	Yes	Up to $700	No
RBC Student	$0 (students)	Yes	Up to $450	No
BMO Student	$0 (students)	Yes	Up to $500	No
Simplii	$0 forever	No	$300–500	No

Frequently Asked Questions

What is the best student bank account in Canada?

KOHO is the best first account for students — $100 signup bonus with code 45ET55JSYA, no credit check, 1% cashback, free credit score monitoring. For a traditional student chequing account, TD Student Chequing (free on campus) and Scotiabank (up to $700 bonus with direct deposit) are the strongest options.

Do students pay bank fees in Canada?

Most major Canadian banks waive monthly fees for full-time students. TD, RBC, Scotiabank, BMO, and CIBC all offer free chequing for enrolled students. You need to verify enrollment at least annually. KOHO is free for everyone with no enrollment requirement. You should never pay a monthly bank fee as a student in Canada.

Can a student get a bank account in Canada without a job?

Yes. KOHO requires no income, no credit check, and no employment — just an email and ID. Traditional banks also open student chequing accounts without income verification. You only need income for credit card applications (not bank accounts). Students on OSAP, study grants, or living on savings can all open accounts freely.

When should I switch from a student account to a regular account?

Most banks automatically switch your student account to a regular account when you graduate or stop being enrolled full-time. Expect to start paying the monthly fee. At that point, consider KOHO ($0 forever, 1% cashback) or Simplii ($0 forever, $300–500 bonus) as your free adult account to avoid fees.

Related guides

Best student account — $100 free, no credit check

KOHO code 45ET55JSYA · $100 bonus · No enrollment needed · 1% cashback

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Disclosure: Bremo earns referral commissions on KOHO signups. Bank terms subject to change. Information as of March 2026.