Updated: April 2025  |  bremo.io financial guides

Best Student Bank Accounts in Canada 2025

As a student, the last thing you need is to lose money every month to banking fees. Fortunately, Canadian banks compete aggressively for student customers — and most of the big banks offer free or near-free chequing accounts for students enrolled in post-secondary programs.

This guide covers the best student bank accounts in Canada in 2025, what features to look for, and how to pick the right one for your situation.

What to Look for in a Student Bank Account

Before picking an account, ask yourself:

• Does it have a monthly fee while I'm a student — and how long does that waiver last?
• How many free transactions do I get per month?
• Does it include e-transfers?
• Is there a large ATM network near my campus?
• Does it have a mobile app that's easy to use?
• What happens to the fee once I graduate?

Big Bank Student Chequing Accounts

TD Student Chequing Account

TD offers a free student chequing account with unlimited transactions for students enrolled in school. There's no monthly fee, and it includes unlimited e-transfers. TD has one of the largest branch and ATM networks in Canada, making it convenient across most campuses.

RBC Student Banking

RBC's No Limit Banking for Students is free for enrolled students and includes unlimited debit transactions, e-transfers, and access to Interac Online. RBC is popular with students for its Advice Centre on campuses.

BMO Student Banking

BMO's SPC Chequing Account is free for students with an SPC card (Student Price Card). It includes unlimited transactions and e-transfers, plus discounts at hundreds of retailers with the SPC membership.

Scotiabank SCENE+ Student Account

Scotiabank ties its student account to SCENE+ rewards, allowing students to earn points on everyday purchases. The account is free with no monthly fee and includes unlimited transactions. SCENE+ points can be redeemed for movies, food, and travel.

CIBC Smart Account for Students

CIBC waives fees on its Smart Account for students enrolled full-time in a Canadian post-secondary institution. Features include unlimited Interac e-transfers, real-time transaction alerts, and access to CIBC's mobile app.

Digital-First Options

KOHO Free Account

KOHO is a popular choice for students who want zero fees forever — not just until graduation. It's a prepaid Visa account with no monthly fee, no minimum balance, free Interac e-transfers, and a spending tracker built into the app. KOHO also offers cashback on purchases even on the free tier. Use code 45ET55JSYA for a welcome bonus when you sign up.

Simplii Financial (CIBC subsidiary)

Simplii has no monthly fees for anyone, not just students. It's an online bank with free chequing, unlimited transactions, and Interac e-transfers. No branches, but you can use any CIBC ATM fee-free.

Tangerine

Tangerine (owned by Scotiabank) offers no-fee chequing for everyone. It's entirely online but includes interac e-transfers and a simple, clean mobile app. A solid option if you're comfortable with digital banking.

Key Comparison: What Matters Most

• Unlimited transactions + e-transfers: Essential — most students use digital payments heavily
• ATM access: If you use cash, pick a bank with ATMs near your campus
• Mobile app quality: You'll manage most banking on your phone
• Post-graduation fees: Big bank student accounts often convert to fee-charging accounts when you graduate — watch for this
• Overdraft protection: Useful but optional — avoid relying on it

Tips for Students

• Open your account before the semester starts to have your banking set up when OSAP or other loans arrive
• Use your bank's budget tools or a free app like KOHO to track your spending by category
• Avoid overdraft fees by keeping a small buffer in your account
• Check whether your bank has partnerships with your school (some offer campus-specific perks)
• Confirm with your bank annually that your student waiver is still active