As a student in Canada, your bank account should be completely free. Every major Canadian bank and digital banking option offers some form of free or heavily discounted student banking — but the quality of these accounts varies significantly. Some give you unlimited transactions and rewards; others give you 25 transactions and little else. This guide ranks the best student bank accounts in Canada for 2025 so you can make the most of your money while in school.
Before picking an account, prioritize these features:
Scotiabank's free student account is the gold standard among Big 5 student accounts. It includes unlimited transactions, unlimited Interac e-Transfers, and earns Scene+ points on debit purchases. Scene+ points can be redeemed for free movie tickets at Cineplex — highly relevant for students. Many post-secondary campuses have Scotiabank branches or ATMs on-site. This is the best choice if you want a full-service bank account with actual rewards during your studies.
Eligibility: Full-time post-secondary students (college or university). You'll need to provide proof of enrollment. The account converts to a standard account upon graduation.
CIBC's student account offers unlimited transactions and unlimited e-Transfers free for full-time post-secondary students. Unlike Scotiabank's account, CIBC's student account doesn't earn rewards on purchases, but it's otherwise a complete banking solution at zero cost. CIBC's student account is particularly good if you're also interested in self-directed investing — CIBC Investor's Edge has the lowest per-trade fees among Big 5 brokerages, and having a CIBC banking account simplifies the investment account setup.
KOHO isn't technically a student account, but it's available to any Canadian 18+ without any fees. KOHO earns cashback on purchases (1% on groceries and food at the base free plan), has excellent budgeting tools built into the app, and charges nothing for the account. For students who want a modern app experience, spending analytics, and real cashback rewards — KOHO is often the best overall choice, especially for students who don't specifically need a Big 5 bank relationship yet.
TD's student account is free and includes 25 monthly transactions with unlimited e-Transfers. It's less generous on transactions than Scotiabank and CIBC, but TD's extended banking hours make it more accessible for students with busy schedules. TD also has a strong campus presence at many Canadian universities. After graduation, the TD student account converts to a TD Unlimited account, and TD's credit card lineup (particularly the TD Cashback Visa) offers good post-graduation options.
Both Simplii Financial and Tangerine offer no-fee unlimited accounts that are available to anyone, including students, without any enrollment requirements. These are excellent options for students who don't want to deal with proof-of-enrollment requirements, students at institutions where Big 5 banks have limited campus presence, or students who simply want to avoid the risk of fees after graduation if they forget to notify the bank of their status change.
Getting a student credit card while in school builds your credit history. A longer credit history means better credit scores upon graduation. The Scotiabank Scene+ Visa for Students, TD Rewards Visa, and CIBC Dividend Visa for Students all have no annual fee and are designed for students with limited or no credit history.
Direct deposit your student loan disbursements and part-time job income. Some banks offer signup bonuses for new student accounts with direct deposit — check current promotions when opening your account.
Choose an account with unlimited free e-Transfers. Students split costs constantly — rent, groceries, concert tickets, textbooks. Being limited to a few monthly e-Transfers is genuinely inconvenient.
Most Big 5 student accounts convert automatically to standard paid accounts after graduation. Set a calendar reminder to review your account type after completing your degree to avoid unexpected monthly fees.
KOHO offers free banking with no monthly fees and no minimum balance — available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — No Fees — Code 45ET55JSYAFor most Canadian students, Scotiabank's Student Banking Advantage Plan is the best Big 5 option — it gives you the most features (unlimited transactions, unlimited e-Transfers, Scene+ points) and has excellent campus presence. CIBC is the second-best Big 5 option, particularly for students interested in investing. For students who prefer a modern fintech experience or don't want to worry about graduation conversions, KOHO's free account is the easiest choice with no restrictions or expiry dates.