Choosing the right bank account as a student can save you hundreds of dollars a year in fees. Most major Canadian banks offer free or heavily discounted chequing accounts for students — and digital-first alternatives offer free banking to everyone. Here's what to look for and the key options available in 2025.
When evaluating student bank accounts, consider these factors:
TD offers a free student chequing account with unlimited transactions for students enrolled in a qualifying post-secondary institution. Features include free Interac e-Transfers, no minimum balance, and access to TD's extensive branch and ATM network. The fee waiver typically continues until you graduate, at which point the account converts to a standard plan.
RBC's No Limit Banking for Students provides unlimited debit transactions and free e-Transfers at no monthly cost for students. RBC also offers the Advantage Banking bundle for young adults, and some students find it convenient to pair a student chequing account with RBC's student credit card for a streamlined banking relationship.
Scotiabank offers a free student banking plan with unlimited transactions and e-Transfers. Scotiabank's Scene+ rewards program allows students to earn points on everyday purchases that can be redeemed for movies, travel, and more — an added perk for cost-conscious students.
BMO's student account offers unlimited everyday transactions at no charge while you're a student. BMO is one of the larger banks with solid campus presence at many Canadian universities.
CIBC waives the monthly fee on its Smart Account for eligible students. The account includes unlimited Interac e-Transfers and debit transactions and integrates with CIBC's mobile app.
Credit unions — like Desjardins (Quebec), Servus (Alberta), Meridian (Ontario), and Coast Capital (BC) — often offer strong student accounts with low or no fees, good rates on savings, and a community-focused service model. They are worth considering, especially if you're staying in the same province for school and beyond.
KOHO offers a free prepaid Visa card and bank account with no monthly fees, no minimum balance, and free e-Transfers. It is not a traditional bank but offers a spending account backed by CDIC-member institutions. KOHO is ideal for students who want simple, fee-free banking with a built-in budget tracker. Use code 45ET55JSYA when signing up for a cash bonus.
Simplii (owned by CIBC) offers a free chequing account with no monthly fee for anyone — not just students. It includes unlimited transactions and e-Transfers and is fully digital. If you need a physical branch, note that Simplii operates through CIBC branches for cash deposits and withdrawals.
Tangerine (owned by Scotiabank) offers free chequing with no monthly fees and unlimited transactions. Tangerine is a strong option for students comfortable with digital-only banking and who want a savings account with competitive rates in the same institution.
Student budgets are tight. KOHO offers free banking with no monthly fees and no minimum balance — perfect for students. Use code 45ET55JSYA for a bonus when you sign up.
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