🚀 Your First Bank Account — KOHO
KOHO is Canada's most popular first bank account for teens and students. No monthly fees, no minimum age restrictions, instant setup. Start building good money habits today.
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Best Student Bank Accounts in Canada 2026
As a post-secondary student in Canada, your banking needs are different from a working adult — you need zero fees, flexible access to your money, and tools that help you stay on budget when OSAP or student loans are covering your expenses. Here's the full breakdown of the best student accounts for 2026.
Comparison: Best Student Bank Accounts 2026
| Account | Monthly Fee | e-Transfers | Transactions | Standout Feature |
|---|
| KOHO Basic | $0 | Free | Unlimited | Cashback, instant setup |
| TD Student Chequing | $0 (in school) | Free | Unlimited | Large ATM network |
| RBC No Limit Banking for Students | $0 (in school) | Free | Unlimited | RBC Vantage rewards |
| BMO Performance Chequing (student) | $0 (in school) | Free | Unlimited | Campus branches |
| Scotiabank Preferred Package (student) | $0 (in school) | Free | Unlimited | Scene+ rewards |
| Simplii Financial | $0 | Free | Unlimited | CIBC ATM access, no branch needed |
| EQ Bank | $0 | Free | Unlimited | 2.5%+ interest on deposits |
Best combination strategy: Use KOHO or a bank student chequing account for spending, and EQ Bank for savings. This gets you 0 fees + high interest on money you're not spending right now.
How to Qualify for a Student Bank Account
Most banks require proof that you're a student to waive fees. This usually means:
- A letter of acceptance or enrollment from your school
- A valid student ID card
- Being enrolled in a qualifying full-time program (CEGEP, college, university)
The fee waiver typically lasts for the duration of your studies, up to a certain age (usually 25–30). After graduation, fees kick in — this is when many students switch to a no-fee account like Simplii or EQ Bank.
What Student Accounts Typically Include
- Unlimited debit transactions (no per-transaction fees)
- Free Interac e-transfers
- A debit card with Visa or Interac Debit
- Access to the bank's mobile app
- Overdraft protection (optional, often has fees)
Post-graduation trap: Student accounts often convert to full-fee accounts automatically when you stop being a student. Always check your account after graduation and switch if you're being charged fees you don't need to pay.
FAQs
Do student bank accounts have age limits?
Most bank student accounts have no age limit as long as you're enrolled in school. KOHO has no age limit and no enrollment requirement at all.
What happens to my student account after I graduate?
It typically converts to a standard chequing account with regular fees. You'll want to switch to a no-fee option like Simplii, EQ Bank, or KOHO before fees hit.
Should students use KOHO instead of a bank?
KOHO is a great choice for students who want cashback, budgeting tools, and no fees without proving enrollment. The downside is it's a prepaid card, not a full bank account — you won't get overdraft or a chequebook.