Most Banks in Canada offer Canadian student bank accounts.
To be eligible for a student bank account in Canada you have to be registered full time in a post secondary institution like a college or university.
One of the main features of a student bank account in Canada is that for the most part they are no-fee accounts, however some conditions or restrictions may apply like only a certain number of transactions are permitted per month.
Listed below are a few of the student bank account plans and packages offered by large Canadian banks:
CIBC Advantage for Students
The CIBC Advantage for Students offers qualifying students free transactions and no monthly fees on a CIBC Everyday® Chequing Account.
No monthly or transaction fees (Regularly, the monthly fee is $3.90 and 60 cents for additional transactions… fees subject to change).
RBC Student Bank Account
This account give you 25 free debits per month including withdrawing cash from an RBC ATM, paying bills or transferring money between your RBC accounts.
TD Canada Trust offers students the TD Value Plus Account which is similar to RBC in that there in no monthly fees but limits the amount of transactions per month to 25. They do allow for cheques unlike the RBC student account.
Scotiabank offer students the Student Banking Advantage Plan which has a fee of a $1.25/ per month but you’ll get unlimited debit transactions. However if each month that you keep a $2,000 minimum daily balance, your monthly account fee is waived.
A BMO student account works this way. A student who open a Primary Chequing or Premium Rate Savings account with the Plus Plan for Free can get the following 30 transactions per month, 1 Interac® Email Money Transfer per month, Cheque image return, Unlimited in-branch bill payments and Overdraft Transfer Service at no extra charge.