Which Bank Has The Best Student Checking Account – Banks want to get customers into their system when they are young because many people stay with the same bank all their lives. That translates to free student accounts that often give you free money just for opening a student account.
Being a savvy deal hunter, you want to know how the banks’ offers hold up and which ones are the best.
Which Bank Has The Best Student Checking Account
Read on for a comprehensive guide to the best bank accounts for international and domestic students in Canada.
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They often come with benefits such as cash bonuses for signing up, as well as free unlimited Interac e-Transfers and free tailored student advice.
Once you graduate, most major banks will automatically convert your student account into a regular adult account. This usually comes with costs and fewer benefits. So make sure to look for better options before this happens.
When you look at student bank accounts, you want to make sure you’re not getting scammed. Here are some things to keep in mind:
If you are from another country and are studying in Canada, you can open a student bank account. The process is just as easy, but you will need a few extra documents. Sometimes you can get approved before landing in Canada.
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You can also get a discount of up to $39 per year off the annual fees of some credit cards. And RBC will provide you with a virtual Visa debit card, which is more secure for online shopping.
RBC does not charge for using ATMs operated by other banks in Canada. (Those banks may still charge you, though.)
And you can earn a minimum of 1 RBC Rewards point for every $10 you spend by enrolling in the bank’s Value program.
Currently, CIBC offers $75 if you open a new account, register for online or mobile banking, and make at least 2 Visa Debit purchases within 2 months of opening your account.
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You get one free withdrawal per month at a non-CIBC ATM. Outside of that, it’s $2 each time.
International students must present a valid student card, foreign passport and study permit (IMM 1442) to open this account.
The Bank of Montreal student account gives you an extra year of free banking after you graduate. It comes with 25 free transactions per month, plus unlimited free e-Transfers.
International students can also open a student account with a Canadian visa or study permit, government photo ID, and proof of school registration.
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Chinese international students can apply for a checking account before arriving in Canada. They can also apply for a Guaranteed Investment Certificate (GIC) to get a study permit.
The bank has a range of free credit cards – such as the CashBack Mastercard – to help you build your credit for the future. This is important when you want to take out a mortgage, a car loan, or even an apartment rental that requires a credit check.
TD gives you a free student account until you’re 23, or as long as you can prove you’re enrolled in full-time post-secondary classes.
The account comes with only 25 free trades per month. Unlike other banks, that also includes e-Transfers. So if you have made 20 debit purchases, you only have 5 free e-Transfers left that month. Transactions are $1.25 each after that.
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The Scotia Rewards Partnership with Scene+ means you earn 1 Scene Point for every $5 you spend. Thanks to a recent overhaul, you can use those points for travel, shopping, dining, banking and, of course, movies.
At the moment, Scotiabank is offering $60 for new accounts opened before April 30, 2022. New account holders must set up and settle one automatic direct deposit; or one recurring pre-authorized transaction, such as a bill payment, for two months.
You can earn an extra $60 by bundling your student account with a Scene Visa card and a Momentum Plus savings account.
If you don’t need to physically bank often, these can be solid choices for your college life and beyond.
Student Checking Account
Tangerine doesn’t advertise its checking account as a student account, but it has many of the same benefits.
It’s free and comes with unlimited transactions (including e-Transfers) and a small interest rate (0.01% for up to $49,999.99), which is more than most other student accounts.
Like Tangerine, Motusbank does not advertise itself as a student account. But the online checking account comes with unlimited free transactions, including e-Transfers, and zero fees.
You can use any ATM on the Exchange network for free. That’s the network of choice for credit unions and smaller banks like National Bank, HSBC and more.
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Simplii is a major player in the online banking world, with unlimited debit purchases and other transactions, including e-Transfers.
Simplii also offers international students access to the itsGIC program so they can get a study permit or visa faster.
Canada has seen an explosion of so-called “hybrid” financial institutions, such as Koho and Wealthsimple Cash, that combine checks and savings into one online account.
They often lack some of the more advanced features of traditional accounts, such as paying bills or direct deposits, but they can be a great option for students just starting out.
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The EQ Bank account is not a checking account, but you can still use it to pay bills and make e-Transfers. It also has the best interest rate on this list at 1.25%.
It’s a popular choice for people who want a combined high-interest savings account and one that you can use to pay bills.
PC Money is a good choice for users of heavy PC Optimum points. You can earn up to $250 right away by spending money in PC stores and referring friends.
The prepaid Mastercard gives you 10 Optimum points for every dollar you spend. You also get 1,000 Optimum points per bill payment of $50+, up to 5 per month.
Best Student Savings Accounts
It has no account payments or direct deposits yet. The company says both features are on the way.
The big advantage of cash is that it allows people to send and receive money to each other much more easily than e-transfers. You can send up to $5,000 per day and $20,000 per month.
Koho has no fees and gives you 0.5% cashback on every purchase. You spend with a prepaid Visa card. Koho is one of the rare hybrid accounts with a solid interest rate (1.2%) if you set up direct deposits.
Yes, many banks offer bank accounts for children under the age of 18 with parental consent. These include RBC Mydoh, Scotiabank Getting There, CIBC Advantage for Youth and more.
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Yes, foreign students studying in Canada can open bank accounts here. Most banks encourage this as they want to retain international students residing in Canada as customers.
You just need to prove that you have a valid visa or study permit and are enrolled full-time at your post-secondary institution.
Most banks require proof that you are a full-time student, as defined by your post-secondary institution. The federal government defines a full-time student as one who takes at least 60% of your program’s “usual course load”.
Disclaimer: The writer of this article or employees of Ltd may hold positions in securities mentioned in this article. Ltd can also be compensated through affiliate links in this post. Ltd will place advertisements on our posts. These advertisements do not represent an endorsement by us.
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Jack Hauen is a journalist, freelance writer, and aspiring professional credit card churner. His coverage has appeared in Canada’s major publications, including Globe and Mail, Toronto Star and National Post. When he’s not lurking at r/PersonalFinanceCanada, he can often be found in the Algonquin backwoods, gasping through a portage that looked smaller on the map. Are you an international student pursuing a career at a Canadian university? Have you decided to move abroad and are looking for the best banks in Canada for international students? Here we present to you an exclusive list of the most popular and best banks for international students in Canada.
According to Immigration, Refugees and Citizenship Canada (IRCC) data, there was an influx of 450,000 new international students to Canada in 2021. That’s a huge number!
Getting your finances in order is probably one of your biggest priorities if you plan to study in Canada. From tuition fees, accommodation costs and food budget to pocket money. However, given the sheer amount of financial institutions in the country, it can be difficult to find banks for international students that meet your specific needs.
As a student, finding an affordable financial option is paramount. The ability to easily send money home or process transactions in your own currency is a priority for international students. That is why it is of utmost importance to choose the perfect student bank account that offers you the best range of services and benefits.
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While each bank has its pros and cons, here are the 5 banks for international students studying in Canada.
Let’s take a look at important details about each of these sofas, which are a favorite of an international student landing in Canada.
Canadian Imperial Bank of Commerce is one of Canada’s largest and most popular banks. The bank has been around for over 150 years and offers fantastic deals for international students in Canada. It has more than 4,000 ATMs, 1,100 branches across the country and also a mobile banking app. CIBC, in conjunction with SPC, offers free SPC membership with discounts
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