The University of Waterloo (UW) is one of Canada's top research universities and a globally recognized institution, enrolling over 40,000 students across engineering, math, computer science, arts, and science faculties. Wilfrid Laurier University, located just steps away on University Avenue, adds another 19,000+ students to the mix. Together, these two universities create one of Canada's densest student banking markets — and every major Canadian bank competes aggressively for student customers in Waterloo's university district.
The University of Waterloo's co-op program is one of the largest in the world. UW co-op students alternate between study terms (in Waterloo) and work terms (across Canada, the US, and internationally) at a pace that no other Canadian university matches. This creates unique banking challenges: frequent income changes, inter-city and international payroll deposits, USD income from US-based work terms, and the need for seamless digital banking across geographies.
Laurier students also represent a large, financially active community — with many enrolled in business programs at the Lazaridis School of Business and Economics, financial literacy is often higher among Laurier students than the general population.
TD is one of the most popular banks among UW and Laurier students, partly due to their proximity to campus and strong digital platform. TD's Student Chequing Account is free for full-time post-secondary students and includes unlimited transactions — critical for co-op students who have active financial lives year-round. TD also offers a no-annual-fee student credit card to help students build credit history from their first year.
RBC has long been active near Waterloo's university campuses. Their No Limit Banking for Students account is free with proof of full-time enrollment. RBC's student Visa card has no annual fee and offers rewards. RBC is also well-regarded for its US dollar accounts — a meaningful perk for the many UW co-op students earning in USD during American work terms.
BMO's Student chequing account is free for students and offers competitive features. BMO's SPC co-branded student credit card comes with student discounts that add real value on everyday spending. BMO's Mastercard network is also widely accepted during international co-op placements.
Scotiabank's Basic Banking plan can be free for students at certain thresholds. Their Scene+ program integrates movie rewards — popular with students spending leisure time at Cineplex. Scotiabank also offers student credit cards with travel insurance, which is useful for students doing international co-op terms.
CIBC's Smart Account offers fee waivers for students and scales pricing based on transaction volume. CIBC's Aventura credit card is a popular step-up for graduating students ready to build travel reward points.
The University of Waterloo campus and the surrounding university district along University Avenue, Columbia Street, and King Street North have strong ATM coverage. Most major bank ATMs are accessible within a short walk or bus ride from campus. The Student Life Centre at UW and the Laurier campus area both have banking facilities or ATMs in close proximity.
Waterloo's universities attract thousands of international students annually. Opening a Canadian bank account before or immediately upon arrival is essential. RBC, TD, and BMO all offer international student banking packages that simplify account opening for students who don't yet have full Canadian identification documentation. Some banks allow account opening with just a passport and university enrollment letter.
Key considerations for international students at UW:
When UW and Laurier students graduate and enter the workforce, student account terms typically expire. This is a critical moment to review your banking setup. Most graduates should:
While student accounts at the big banks are free during enrollment, many students also use KOHO as a secondary account for budgeting and spending control. KOHO's spending categorization and savings roundup features are popular among UW students who want real-time visibility into their budget.
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