How do you choose the best student bank account in Canada, you ask? Whenever I am making a decision, I like to list off my priorities and figure out who will deliver on what I actually need.
When it comes to banking -- is it discounts that I want? A few perks? It turns out that it's free movies because it's the only thing that gives my brain a break from the books! But that's just me. I've also linked my student bank account to my student credit card to get the most out of those points. Depending on what you're looking for, here's a list of the top student bank accounts in Canada.
Best for Online Banking
Tangerine Chequing Account has a no-fee daily Chequing Account that pays you interest and is designed from the ground-up for online users.
- That have what they call a "switch assistant" which makes is insanely easy to switch everything over
Easiest Application Process
CIBC Advantage for Students is a great option for students who want no monthly fee and unlimited transactions and debit purchases. You just need to provide proof of enrolment and for international students it's just a student ID, a foreign passport and a study permit.
Great for International Students
RBC No Limit Banking account for Students has unlimited e-transfers, special credit card options with no annual fee, 24/7 telephone access (in over 200 languages).
Best for Student Discounts
BMO Student Banking gives each account holder a free SPC card, so account holders get additional discounts on top of the free banking -- that can be extended up to a year after graduation. Added bonus: extra points for students with University & College Affinity Cards.
Scotiabank's Student Banking Advantage has no monthly fees and includes unlimited debit transactions. With the SCENE rewards program, you can earn points for free movies at Cineplex Entertainment Theatre while you complete everyday transactions.
Best Free MONEY
When you open TD Canada Trust's Every Day Chequing Account you can also qualify for their "back to school bank offer" and receive $50 you'll never have to pay back. There are a few banks out there that have some pretty impressive bank account promotions for folks opening their first account or switching services. It's always smart to keep an eye on them so you can get the most out of your bank!
TD's "eight till late" hours make it a solid choice for those of us who squeezing in bank appointment between running to class and evening gigs. TD Music also provides a bonus incentive where you get 25% off concert ticket prices -- but it's region-specific so be sure to check if your region qualifies.