No monthly fees, unlimited transactions, and perks built for university life.
Choosing the right bank account as a Canadian student can save you hundreds of dollars each year. Most major banks waive monthly fees for enrolled students, but the best accounts go further — offering cash back, budgeting tools, and rewards. This guide compares every major option so you can find the best fit.
| Account | Monthly Fee | Transactions | Best For |
|---|---|---|---|
| KOHO | $0 | Unlimited | Cash back + budgeting tools |
| TD Student Chequing | $0 (student) | Unlimited | TD ATM network |
| RBC Student Banking | $0 (student) | Unlimited | Credit card bundling |
| Scotiabank Student | $0 (student) | Unlimited | Scene+ rewards points |
| BMO SPC Student | $0 (student) | Unlimited | Student discount card |
| CIBC Smart for Students | $0 (student) | Unlimited | CIBC branch network |
| Simplii Financial | $0 | Unlimited | Online-only simplicity |
| Tangerine | $0 | Unlimited | High-interest savings link |
KOHO is perfect for students: no monthly fees, no minimum balance, cash back on groceries and transit, and instant spending notifications to keep your budget on track. Use code 45ET55JSYA for a sign-up bonus.
Open KOHO Free — No Fees — Code 45ET55JSYAKOHO is a full-featured financial account with a Visa prepaid card accepted everywhere in Canada. Unlike big bank student accounts that simply waive fees, KOHO gives you cash back, real-time budgeting, and spending analytics — all for free.
Students receiving OSAP or provincial loans benefit most from KOHO's budgeting tools — you can set category limits (groceries, dining, entertainment) and get alerted before you overspend your monthly allocation.
TD's student account provides unlimited transactions and free Interac e-Transfers. TD's massive ATM network is a major advantage for students at campuses across Canada. Proof of full-time enrollment at a Canadian post-secondary institution is required, and TD typically asks you to verify enrollment status each fall.
RBC pairs well with their student credit card, making it easy to build a credit history from your first year. Unlimited debit transactions and e-Transfers are included. RBC also offers exclusive student merchant offers through the RBC mobile app and has branches near most major Canadian campuses.
Scotiabank offers Scene+ points on everyday purchases — redeemable for movies, travel, or merchandise. Students get unlimited transactions and regular back-to-school promotions. Scotiabank has strong partnerships with many Canadian universities and credit unions.
BMO bundles a free SPC (Student Price Card) with their student account, unlocking hundreds of student discounts across Canada. Unlimited transactions and e-Transfers are included. The SPC Cash Back Mastercard for Students pairs well with the account for building credit.
If you don't need branch access, online-first banks offer excellent zero-fee accounts:
Most bank student accounts remain free as long as you're enrolled full-time. Some banks have age caps (typically 25–30). Once you graduate, the account usually converts to a standard paid chequing account — fees ranging from $4 to $16/month. At that point, switch to KOHO or Simplii to avoid fees permanently.
International students can open any of these accounts with a valid passport, study permit, and proof of enrollment. KOHO does not require a Social Insurance Number to open, making it the fastest option for new arrivals. See our guide to banking for international students in Canada.
For most Canadian students in 2025, KOHO is the top pick for its cash back, budgeting tools, and permanent zero-fee structure. If you need branch access or want a bundled student credit card, TD, RBC, or Scotiabank are all solid choices. Never pay monthly fees when free student accounts exist.
Join thousands of Canadian students using KOHO to spend smarter, earn cash back, and skip bank fees. Use code 45ET55JSYA when signing up for a welcome bonus.
Get KOHO Free — Code 45ET55JSYA