BEST STUDENT BANK ACCOUNT CANADA
Finding the right bank for your university is an essential part of your college experience. With a wide variety of accounts available, the choices can seem endless. Yet, our team has done the research and have analysed the current slate of student accounts in Canada.
Our rankings come from our expertise and supported by a variety of online and banking sources. From smaller finance blogs to professional in the industry, our rankings are solid. Here are the top Canadian student bank accounts for 2020.
Before we jump into the rankings, one thing to note. Not every bank account is going to work for you, and thus we have provided you with a variety of accounts. Whether it be an online bank or a traditional big bank, one of these accounts will be the right for your situation.
Tangerine No Fee Chequing Account
$1.00 per transfer but money transfers are free
Scotiabank Student Banking Advantage Plan
5000 Scene Points
CIBC Smart for Students Chequing Account
Free SPC Membership
Motusbank No-Fee Chequing Account
RBC Student Banking Account
TD Student Chequing Account
$50 with conditions
The Toronto Dominion Bank (TD) student bank account is full of perks. The TD account has 25 transactions per month and free e-transfers. The account does not have a minimum balance requirement which is good news.
TD clients have access to TD Music. Which offers TD clients 25% off specific concerts and music festivals. A summer music festival at 1/4 of the price! If you’ll use this perk, you might be wondering, where do I sign up! Well, hold on, because one of these other banks may suit you more. Keep reading…
The Royal Bank of Canada (RBC) is a traditional big bank. Their student account is a little behind the times. Yet, it still deserves a spot on this list, as it is a good choice for some students. Especially if you are seeking an international student bank accout in Canada. RBC offers phone support in over 200 languages.
The RBC account comes with 25 transactions per month and unlimited e-transfers. As well, you can access the over 4600 ATMs nationwide.
Currently, when you open a student bank account with RBC, they will give you $60 as a one-time bonus. $60 in cold hard cash is not a bad thing, and it is part of the reason this account made this list!
Scotiabank has long been one of the best student accounts in Canada. With locations around the corner from every school campus, Scotia’s presence is significant. You will never be far from a Scotia ATM, and that may be essential for those late Friday nights.
The account itself is one of the best in the industry. With unlimited transactions, including e-transfers and an easy to use app. As well, the bank is partners with the Scene rewards program, which provides you with perks. Such perks include free movies and restaurant deals.
Currently, the account comes with 5000 Scene points as a bonus. Your bonus points loads as soon as the account becomes active. If you want to combine a savings account and a Visa Card, you can earn up to 12,500 Scene points once activated.
The Commercial Imperial Bank of Commerce (CIBC) has finally started to put a focus on students! Their latest student bank account, the Smart for Students account, is a solid as they come.
The account has several perks, including unlimited transactions and e-transfers. As well, the Smart for Students account has no fees and no minimum balance requirement. Yet, the big win for students is the SPC membership that comes with the account. SPC provides you with significant discounts on retailers across the country.
As well, upon graduation, you also will enjoy no-cost benefits for up to six months after you cross the stage. The CIBC Smart for Students account is an easy to run and access account that is perfect for students.
Tangerine is one of the fastest-growing banks in Canada. Tangerine first came onto the Canadian market as ING Direct with heavy promotion. Today, Scotiabank owns Tangerine as a separate entity as an online bank.
The online profile and app put a focus on user experience and is a breath of fresh air in the banking sector. The No-Fee Chequing Account is not a student account, but it is one of the best accounts for students!
The free student bank account comes with a variety of features. The account has unlimited transactions and a variable 0.15%-0.65% interest rate. As well, the account includes free email money transfers which take a few days to process. If you are in a rush, the account has e-transfers, but they do cost $1.00 per transfer.
Motusbank is one of the newer banks on the market and based in Toronto. The bank has a focus on user experience and brags one of the best apps in the Canadian market. Like Tangerine, Motusbank is an online bank that looks to connect with young adults.
The bank offers a no-fee chequing account that is perfect for students. This account has unlimited transactions and e-transfers and no minimum balance requirement. Plus, with the flat 0.5% interest rate, you will be making money while banking with Motusbank.
So, what is the best bank account for students in Canada 2020?
Best Online Bank – Tangerine
Best Traditional Bank – Scotiabank
Best Sign-up Bonus – Scotiabank (5000 scene points is equal to five adult movie tickets)
Best Sign-up Bonus #2 – RBC ($60 hard cash)
Best Perk – TD Bank (If you love live music events)
Best for International Students – RBC (Phone support in over 200 languages)
Best Account to Earn Money on Your Balance – Tangerine
Remember, there are no wrong choices on this list. Rather, you need to find the account that works for your financial goals and location. The right account will be one that allows you to cut costs while making your banking a little easier. No matter if you want an online bank or something traditional, these accounts will set you up for success.