Some financial institutions offer exclusive chequing account packages for students. Several criteria may come into play. In fact, although you may be a student, some accounts require you to be in a specific age group or to study at a specific level of education (high school, college, or university). In general, this type of account is only available to full-time students. Their main advantage is the reduction or elimination of monthly fees, without the constraint of maintaining a minimum balance in your bank account. There is also often the option of having no limit on free transactions.
In order to help you choose a student account, we have compiled the list of the 5 best chequing accounts in Canada. These accounts are also all presented in Hardbacon’s chequing account comparison tool.
Scotiabank Student Banking Advantage Plan
In order to be eligible for the Student Banking Advantage Plan, a student must be full-time at a post-secondary educational institution. Once admitted, the student will have the right to an unlimited number of debits and Interac eTransfers, without paying a monthly fee. If the cardholder opts for a Scotia SCENE credit card or Scotia Passport card, they can receive 5000 SCENE points or Scotia Rewards points as a bonus. This account is available to Canadian or international students attending an institution in Canada or the United States.
CIBC Smart Account for Students
With no monthly fee, the CIBC Smart Account for Students provides unlimited debit transactions and Interac eTransfers at no additional cost. It is intended for students enrolled in university, college or CEGEP. When you open this account, you’ll get an exclusive $60 offer. This account is available to Canadian and foreign students.
Desjardins Student STRATEGIC Account (for full-time university students)
The Student STRATEGIC Account is only available to full-time university students. Those students are entitled to an unlimited number of transactions and do not pay any monthly fees. Each Interac eTransfer costs $1.50. Interestingly, it earns interest, like a savings account.
National Bank The Modest Chequing Account (for students 18-24)
The Modest Chequing Account for Students is available to students aged 18-24. It provides 30 free transactions, including Interac eTransfers. When all 30 transactions are used, the debit transaction fees are $1.50 and eTransfers are $1. This account has no monthly fees.
CW Canadian Western Bank Student Account
The Student Account has no monthly fees and offers an unlimited number of transactions, including Interac eTransfers. This account is available to full-time post-secondary students who reside in Alberta, British Columbia, Saskatchewan or Ontario.
These student chequing accounts can save you a lot of money in monthly fees. Do not hesitate to check out Hardbacon’s comparison tool. You will find chequing accounts adapted to the needs of all your relatives, parents, grandparents or even your younger children.
This Top 5 of the best bank accounts for students in Canada was compiled by Hardbacon, which has designed a credit card comparator listing hundreds of Canadian credit cards. Hardbacon also helps you save on savings accounts, chequing accounts, online brokers, robo-advisors, life insurance, mortgages and personal loans. If you want to go one step further and take control of your finances, you should download Hardbacon’s mobile app, which links to your bank and investing accounts, helps you plan for your financial goals, create a budget and invest better.