Best Student Banking in Canada 2025

Updated March 2025 · 11 min read

Choosing the right bank account as a student in Canada can save you hundreds of dollars per year. Monthly fees on standard chequing accounts range from $10 to $30 per month — that is $120 to $360 annually that you could be keeping in your pocket instead.

Fortunately, Canadian banks and fintechs compete aggressively for student customers, knowing that loyal banking relationships often last decades. This means free or nearly free banking is genuinely available if you know where to look.

What to Look for in a Student Bank Account

Before comparing options, understand what features actually matter for students:

• No monthly fee: The most important feature. Look for accounts with $0/month or fee waivers for students.
• Unlimited transactions: You should be able to Interac e-Transfer, pay bills, and use debit without worrying about per-transaction fees.
• ATM access: Check whether the bank has ATMs near your campus. ATM fees at competing networks can add up quickly.
• Mobile banking app: You will manage most of your banking on your phone. A good app matters.
• Overdraft protection: Optional but useful — a small buffer if you accidentally go below $0.
• Credit-building features: Some accounts help you start building a credit history, which matters when you graduate and need a credit card, car loan, or apartment.

Big Bank Student Accounts

All of Canada's major banks offer student-specific chequing accounts with waived monthly fees for enrolled students.

TD Student Chequing Account

TD's student account waives the monthly fee for full-time students. It includes unlimited transactions and access to TD's large ATM network. TD is particularly popular on university campuses where it often has on-campus branches or ATMs. The account converts to a paid account after you graduate, so you will need to either switch or confirm if you qualify for a fee waiver based on your new circumstances.

RBC Student Banking Advantage Plan

RBC offers a no-fee student account with unlimited debit transactions and Interac e-Transfers. RBC's mobile app is well-regarded and the bank has wide ATM coverage. RBC also has a student credit card that is easy to pair with the chequing account.

Scotiabank Student Banking Advantage Plan

Scotiabank's student account is free for full-time students and includes unlimited transactions. One advantage is Scotia's SCENE+ rewards program, which lets you earn points on everyday spending and redeem them for movies and other perks — useful for students who frequent Cineplex.

BMO SPC Plus Chequing Account

BMO waives monthly fees for students and offers a good digital banking experience. BMO also participates in the Student Price Card (SPC) partnership, which gives students discounts at various retailers.

CIBC Smart Account for Students

CIBC's student offering includes fee waivers and unlimited transactions. CIBC has a particularly strong presence in Quebec and Ontario campuses.

No-Fee Alternatives (No Student Status Required)

Beyond traditional bank student accounts, several fintech options offer completely free banking with no monthly fees — and no requirement to prove student enrollment.

KOHO Free Account

KOHO is a Canadian fintech that offers a genuinely free chequing-style account with a prepaid Visa card. Features include:

• No monthly fees, ever
• No minimum balance
• Free Interac e-Transfers
• 1% cash back on groceries and transportation on paid tiers
• Credit building feature (KOHO Credit Building) — helps you build a credit score
• Instant spending notifications and savings tools
• Works everywhere Visa is accepted

KOHO is a great option for students because it removes any worry about fees and adds credit-building capability. Use code 45ET55JSYA for a bonus when you sign up.

EQ Bank

EQ Bank's personal account pays meaningful interest on your balance (currently around 3-4% annually) with no monthly fees. It works well as a savings account alongside a spending account. EQ Bank is online-only with no physical branches.

Tangerine

Tangerine (owned by Scotiabank) offers no-fee chequing with unlimited transactions and a decent savings rate. It is a good all-in-one option for students who prefer online banking.

Credit Unions

Credit unions often offer competitive student banking with lower fees and a more community-oriented approach. Major credit unions in Canada include Desjardins (Quebec), Meridian (Ontario), Servus (Alberta), Vancity (BC), and many others. Many credit unions have free or low-fee accounts that rival or beat the big banks for students.

What About a Student Credit Card?

A student bank account and a student credit card work well together. A student credit card lets you build your credit history by making small purchases and paying the balance in full each month. Used responsibly, it is one of the best financial moves a student can make — building credit history takes time, and starting in school gives you a head start.

Look for a no-annual-fee student credit card to pair with your free bank account. Most major banks offer student Visa or Mastercard options with no fees.

Switching Banks as a Student

Switching bank accounts is easier than most people think. You can open a new account online in minutes. The main steps are:

1. Open the new account and set up your online banking
2. Move your direct deposits (OSAP, employment income) to the new account
3. Update any pre-authorized payments (subscriptions, gym membership, etc.)
4. Keep the old account open for a month to catch any stragglers
5. Close the old account once everything has transitioned

Banking Tips for Students

• Set up OSAP direct deposit to your bank account before the semester starts — avoid the scramble
• Use budgeting features in your bank app to track spending categories
• Avoid ATMs outside your bank's network — fees of $3–$5 per withdrawal add up fast
• Enable low-balance alerts so you are never caught off guard
• Never carry a credit card balance — the interest rate (typically 19.99%+) will hurt you
• File your taxes every year — even with minimal income, this establishes your financial record