Learn About the Best Student Bank Accounts in Canada

Learn how to find the best student account today.

Student accounts 101

A student chequing account is designed to help post-secondary students save money while they’re enrolled in college or university. If you’re a full-time student, you are eligible for a student account. Most financial institutions help students save money by waiving the monthly fee and offering perks like free movie tickets and retail discounts.

As a student, you probably realize how helpful these banking benefits are, so why wait? Take advantage of a student account and start worry-free banking today.

What is the advantage of having a student account?

A student chequing account offers more discounts and benefits than a basic chequing account. Financial institutions realize how important it is for students to save every dollar, and they offer great benefits to help students stick to their student budget.

By signing up for a student’s account, you can take advantage of the following banking services:

  • Zero-monthly fee
  • Free debit transactions
  • Low or zero-balance requirements
  • Free email money transfers
  • Annual credit card fee rebates
  • Additional perks such as budget trackers

Top banking tips for students

  • Compare student accounts: Don’t get stuck with the first student account your school recommends. You can compare different student accounts to see which one best suits your financial needs.
  • Look for a credit card rewards program: Several student accounts also offer you a student credit card. Look for one that comes with a good rewards program. A student credit card gives you an opportunity to build credit and qualify for a great card with rewards, once you get your first career job.
  • Take advantage of perks: Take advantage of any added perks that come with your student account. This can be anything from a budget tracker app to discounts at your favourite retail stores.

Frequently asked questions about student bank accounts

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Find out everything you need to know about features and benefits of having a student bank account.

What to look for in a student’s account?

When it comes to finding the best student account, see which financial institution offers you extra benefits that’ll help you save money. Student life comes with unexpected costs and this makes it important for you to compare all student accounts and see which one is the best.

Here’s what you should look for in a student bank account:

  • Monthly fee: Most student accounts come with a zero-monthly fee advantage. By saving on the monthly fee, you can save hundreds of dollars every year.
  • Free transactions: Free transactions will help you carry out your daily banking needs without having to worry about extra fees.
  • ATM locations: As a student, you’ll need cash on hand for coffee, campus events and nights out with friends. Look for a wide ATM network that’ll allow you to withdraw money without paying any withdrawal fees.
  • Perks: Look for reward programs that offer you freebies and retail discounts, all of which can help you lower your expenses as a student.

What do I need to open a student’s bank account in Canada?

Opening a student account in Canada is easy. All you need is two pieces of ID and proof of enrollment in a full-time, post-secondary program.

If you’re an international student, you will also be required to show your Study Permit (IMM 1442) or a Temporary Resident Visa.

Most financial institutions require students to show their proof of enrollment every year to ensure that you have maintained your status as a full-time student. If you fail to do so, your account can be converted into a basic chequing account and you’ll lose those student perks.

What happens to your student account when you’re no longer a student?

Most financial institutions will transition your student account into a basic chequing account once you graduate or are no longer enrolled in school. Before doing this, the financial institution will confirm your status to ensure that you are no longer a student. You may also get a post-graduation grace period before this happens. This grace period will allow you to figure out your financial future after you graduate.

If for any reason you extend your student status, you can show the enrollment proof to ensure that you continue to take advantage of your student account.

Compare the best student accounts

At RATESDOTCA, we know how the cost of studying in a post-secondary institution can take a toll on your finances. Browse through the best student accounts to see which one offers you the best banking benefits.

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