Best Student Bank Accounts Canada 2025

Do not pay bank fees as a student. Here are the best free and low-cost student banking options in Canada — including what to look for and what to avoid.

Why Student Banking Matters

Bank fees are a silent tax on students. A standard chequing account at a major Canadian bank can cost $10–$30 per month in monthly fees. Over four years of school that is $480–$1,440 in fees paid for basic banking services you should get for free. Every major bank in Canada offers a free or heavily discounted student account — you just need to ask for it or look for it specifically.

Big Bank Student Accounts

Bank	Student Account	Monthly Fee	Transactions
RBC	RBC Student Banking	$0	Unlimited
TD	TD Student Chequing	$0	25/month
Scotiabank	Scotia Student Banking	$0	Unlimited
BMO	BMO Student Banking	$0	Unlimited
CIBC	CIBC Smart Account (student)	$0	Unlimited

All major banks waive monthly fees for students under 25 or for any age with proof of full-time enrollment. Always ask specifically for the student account — do not let a banker sign you up for a standard account and then charge you fees.

KOHO — The Modern Student Option

KOHO is a Canadian fintech that offers a free prepaid Visa with no monthly fees, no minimum balance, and 1% cash back on groceries and eating out on the free plan. Unlike traditional banks, KOHO has no overdraft fees, no NSF fees, and a built-in budgeting tool that categorizes your spending automatically.

For students who want to avoid any possibility of fees — including the overdraft fees that catch many students off guard — KOHO is worth pairing alongside a traditional bank account. Use your big bank account for OSAP deposits and bill payments, and KOHO for daily spending to earn cash back on groceries.

What to Look for in a Student Account

• Zero monthly fee: Non-negotiable. Every dollar counts as a student.
• Unlimited or generous transactions: Tap-to-pay, e-transfers, and debit purchases add up. Accounts with low transaction limits add per-transaction fees.
• E-Transfer included: Interac e-Transfer should be included at no extra cost for splitting rent, bills, and groceries with roommates.
• No minimum balance requirement: Student balances fluctuate. An account that charges fees when your balance dips below $1,000 will sting at the end of the month.
• ATM access: Check whether the bank has ATMs near your campus or reimburses third-party ATM fees.

When the Student Rate Ends

Most banks offer student accounts until age 25 or for up to two years after graduation. After that, your account typically converts to a standard account with monthly fees. Set a calendar reminder six months before your student account eligibility ends so you can compare options and either negotiate a fee waiver or switch to a no-fee alternative like Tangerine, Simplii, or EQ Bank.

Building a Banking Relationship

Opening a student account at a major bank is also a relationship-building move. When you graduate and need a car loan, mortgage pre-approval, or line of credit, being an existing customer often makes the process smoother. Your account history and internal credit score (separate from your bureau score) can help. This is why maintaining at least one big-bank relationship — even if you use KOHO for daily spending — is worth considering.