Whether you’re an international or local student in Canada, check the table below to find the bank account that’s best for you. Hardbacon compiles the top 5 best student bank accounts in Canada. While every bank in Canada has its pros and cons, the top 5 banks listed below are best for helping international students study in Canada.
Given the sheer number of financial institutions (banks) globally, it can be challenging to find a Canadian bank for international students that meets your specific needs. However, many Canadian banks offer discounts to students and can also provide advice on money management and budgeting. In addition to the best student banks, there are other tools you can consider to help you keep track of your finances, such as budgeting apps and student discount cards.
Opening one of these student checking accounts will help you save money and be a good step towards your finances. This student checking account option is different from the others on this list because it is offered through a credit union rather than a traditional bank, but the benefits are the same.
The Royal Bank of Canada student account has no monthly fees and offers 25 free Interac transactions and monthly wire transfers. Scotiabank is an excellent choice for student checking accounts as it allows unlimited transactions (although there is a $1.50 Interac wire transfer fee) and has no monthly fee.
Simplii Financial is one of the best digital banks in Canada, with a free checking account that works for students and non-student alike. Another reason why Scotiabank is one of the best student banks in Canada is that Scotiabank offers a pretty strong student credit line. Finally, the CIBC student account is one of Canada’s most affordable banking options for international students.
Again, EQ Bank doesn’t have a student-focused account, but their Savings Plus account has all the features you need. To plan, the BMO Bank of Montreal Savings Plus Account is the best savings account for students.
BMO Bank of Montreal offers students a $10.95 discount on Plus, Performance, and Premium Plus accounts. Students can also receive a free SPC card, which entitles them to discounts at hundreds of stores across Canada. In addition, as with other Scotiabank accounts, student account activity can earn you SCENE points for free movies and other discounts.
With a Scotiabank student account, you can enjoy 5,000 SCENE membership benefits redeemable at various restaurants and movie theatres. SCENE Rewards offers excellent value for money for those more interested in movies, food, and entertainment; if you choose the SCENE Student Banking Package (Student Banking Program plus SCENE Visa Card plus Momentum Plus Savings Account), you can earn up to 12 500 bonus points. I think Scotiabank offers the best student account among the big banks because of the SCENE bonus points earned with that account.
Best Bank Account For Students Canada
As with most of the other student bank accounts on this list, the Scotiabank Student Banking Advantage Plan account has no monthly fees (must be enrolled full-time as a student at a post-secondary institution in Canada or the United States) and unlimited transactions . . The HSBC Bank Canada student bank account has no monthly fees* and offers unlimited checking account transactions. In addition, their student bank account includes a CAD or US dollar account with no monthly fees, unlimited wire transfers and overdraft protection, and a platinum credit card with no annual fees for the first two years, plus travel insurance and a vehicle.
Most bank accounts in Canada will waive monthly tuition fees and offer perks such as a points system or savings account discounts. In addition, because these bank accounts are designed specifically for students, banks may also offer discounts on other banking products, including credit cards, investments, insurance, and lower interest rates on loans. For a long time, traditional banks have also offered student accounts, which charge lower fees and provide other benefits than regular accounts.
While it’s unnecessary to have a student account, it’s worth taking advantage of and saving on bank charges – you have enough student fees to cover. For example, if you want a student credit card, don’t have to worry about re-evaluating your banking provider after graduation, and enjoy additional bonus offers, the Big Banks student banking package is a great option (if you want a good of your savings rate, you can always link your checking account to a high-interest savings account with a high daily savings rate).
A CIBC student bank account offers free SPC membership and access to hundreds of exclusive deals and savings from brands like Apple, Foot Locker, Samsung and more. In addition, the CIBC Student Smart Account offers unlimited debit transactions and Interac wire transfers at no additional cost with no monthly fees. His free student bank account, the Scotiabank Student Banking Advantage Plan, includes unlimited debit transactions and Interac wire transfers.
As part of the Global ATM Alliance, Scotiabank customers can withdraw cash for free at more than 44,000 ATMs in over 40 countries, making it the best student bank account for a semester abroad. This offer is available to any eligible student who does not have an RBC personal bank account at the start of the promotional period or within three years before the beginning of the promotional period and is otherwise subject to the terms of the offer. RBC may contact eligible students to remind them that they meet the eligibility criteria. This offer cannot be combined with any other personal bank account offers.