Who Has The Best Student Checking Account – Banks want to attract customers to their system when they are young because many people will stay with the same bank for life. This means free student accounts, which often give you free money just for opening a student account.
Since you’re a savvy bargain hunter, you want to know how bank deals work and which ones are the best.
Who Has The Best Student Checking Account
Read on for a detailed guide to the best bank accounts for international and local students in Canada.
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They often have perks like sign-up cash bonuses, as well as free unlimited Interac wire transfers and free student counseling.
When you graduate, most major banks will automatically convert your student account to a regular adult account. This usually involves commissions and fewer bonuses. So make sure you look for better options before this happens.
When you’re looking at student bank accounts, you want to make sure you’re not getting ripped off. Here are some things to keep in mind:
If you are from another country studying in Canada, you can open a student bank account. The process is just as simple, but you will need a few additional documents. Sometimes you can get approval before you even land in Canada.
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You can also get a discount of up to $39 a year on some credit cards’ annual fees. And RBC will provide you with a virtual Visa debit card, which is safer for online shopping.
RBC does not charge you a fee for using other banks’ ATMs in Canada. (However, these banks may charge you a fee.)
And you can earn at least 1 RBC Rewards point for every $10 spent by signing up for the Value Program.
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CIBC is currently offering $75 if you open a new account, sign up for online banking or mobile banking, and make at least 2 Visa Debit purchases within 2 months of account opening.
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You get one free non-CIBC ATM withdrawal per month. Plus, it’s $2 each time.
To open this account, international students must present a valid student ID, international passport and study permit (IMM 1442).
A Bank of Montreal student account gives you an extra year of free banking after you graduate. It provides 25 free transactions per month as well as unlimited free wire transfers.
International students can also open a student account with a Canadian visa or study permit, official photo ID, and proof of school enrollment.
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Chinese international students can apply for a current account before arriving in Canada. They can also apply for a Guaranteed Investment Certificate (GIC) to obtain a study permit.
The bank has a range of no-fee credit cards, such as the CashBack Mastercard, to help you build credit for the future. This is important when you want to get a mortgage, car loan, or even rent an apartment that requires a credit check.
TD will provide you with a free student account until you are 23 years old or until you can prove that you are enrolled in a full-time post-secondary course.
The account allows only 25 free transactions per month. Unlike other banks, this includes electronic transfers. So if you’ve made 20 debit purchases, you only have 5 free wire transfers left this month. After that, each transaction costs $1.25.
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Scotia Rewards’ partnership with Scene+ means you’ll earn 1 Scene point for every $5 spent. Thanks to a recent overhaul, you can use these points for travel, shopping, dining, banking and, of course, movies.
Scotiabank is currently offering $60 for new accounts opened by April 30, 2022. New account holders must set up and clear one automatic direct deposit; or one recurring prior authorized transaction, such as a bill payment, within two months.
You can earn up to $60 more by combining your student account with your Scene Visa card and Momentum Plus savings account.
If you don’t need to do physical banking often, this can be a good choice for your student life and beyond.
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Tangerine doesn’t advertise its checking account as a student checking account, but it has many of the same benefits.
It’s free and offers unlimited transactions (including wire transfers) and a low interest rate (0.01% on up to $49,999.99), which is higher than most other student accounts.
Like Tangerine, Motusbank does not market itself as a student account. But an online checking account provides unlimited free transactions, including wire transfers, and zero fees.
You can use any ATM in the Exchange network for free. It is the network of choice for credit unions and smaller banks such as National Bank, HSBC, etc.
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Simplii is a major player in the world of online banking with unlimited debit purchases and other transactions including electronic transfers.
Simplii also offers international students access to its GIC program to help them get a study permit or visa faster.
Canada has seen an explosion of so-called “hybrid” financial institutions, such as Koho and Wealthsimple Cash, which combine checking and savings in a single online account.
They often lack some of the advanced features of traditional accounts, like bill pay 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 pay bills and make electronic transfers from it. It also has the best interest rate on this list at 1.25%.
It’s a popular choice for people who want a combination of a high-interest savings account and an account that can be used to pay bills.
PC Money is a good choice for heavy PC Optimum Points users. You can get up to $250 instantly by spending money at PC stores and referring friends.
Its prepaid Mastercard gives you 10 Optimum points for every dollar you spend. You also earn 1,000 Optimum Points for every bill payment over $50, up to 5 per month.
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He has no bill pay or direct deposits yet. The company says both features are ready.
The main advantage of cash is that it allows people to send and receive money to each other much more easily than electronic transfers. You can send up to $5,000 daily and $20,000 monthly.
Koho charges no fees and gives you 0.5% cash back on every purchase. You spend with your Visa prepaid 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. Among them are RBC Mydoh, Scotiabank Getting There, CIBC Advantage for Youth, etc.
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Yes, international students studying in Canada can open bank accounts here. Most banks encourage this because they want to keep international students who stay in Canada as customers.
You only need to confirm that you have a valid visa or study permit and are enrolled full-time at your higher education institution.
Most banks require proof that you are a full-time student, as defined by your higher education institution. The federal government defines a full-time student as one who takes at least 60% of the program’s “regular load.”
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Jack Gowan is a journalist, freelance writer and aspiring professional credit card writer. His reporting has appeared in leading Canadian publications, including the Globe and Mail, the Toronto Star and the National Post. When he’s not lurking in r/PersonalFinanceCanada, he can often be found in the backcountry of Algonquin, breathing through a load that appears smaller on the map. Find out what you should look for in a student bank account, like a large ATM network or low fees .
A student checking account helps you earn interest on your money and makes it easy to receive payments through direct deposit. It can also expand your payment options (debit cards, checks and online payments).
It is important to avoid typical banking traps. For example, some checking accounts require you to have a certain amount of money in your account at all times. If you don’t, they will charge you $10-$15 a month!
Let’s take a quick look at what a student checking account is and provide some tips to help you choose the right student checking account. Then we’ll move on to a list of the best student checking accounts on the market.
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A student checking account is a special type of student bank account that holds your money until you need to use it.
It is called a checking account because in the past this type of account was mainly used for sending and receiving checks.
Today, banks offer other ways to access your money in student checking accounts, such as online banking, automated teller machines (ATMs), and debit cards.
A student current account is only available to students. To open a student current account, you will need to confirm that you are attending the relevant institution.
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Some banks may impose additional requirements. The general requirement is to have an older minimum or a younger maximum age.
Not necessarily. A student checking account is not the same as a savings account—a bank account that pays you interest on your balance.
These accounts typically don’t charge fees for high school students, but start charging once you turn 18 or graduate from high school.
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Choosing The Best Checking Account
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