Best Student Bank Accounts Canada 2026: No Fee Options Ranked

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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.