Are you starting university in Canada this year? This handy guide walks you through picking the best bank account for your needs.
A Guide to Student Bank Accounts in Canada
If you’re off to university in Canada, one of the first things you’ll need to figure out before you land is setting up a bank account. Luckily, many Canadian banks offer great student deals, along with helpful advice on budgeting and managing your money.
Whether you’re an international or domestic student, take a look at our comparison table below to find the best bank account for you.
1. Picking a Bank
Canada has plenty of banks, so the easiest way to narrow things down is by comparing what each one offers students (check out our handy table below). Most student accounts waive monthly fees and throw in perks like reward points or shopping discounts.
Keep in mind: in Canada, you’ll pay a fee every time you use an ATM from a bank that isn’t yours. So, a smart way to choose is by checking which ATMs are on or near your campus.
Next, think about what extras the bank provides. As mentioned, many banks sweeten the deal with sign-up rewards—see which ones appeal to you most. Some even offer discounts based on your degree program, so it’s worth checking if you qualify.
Also, consider whether you want a credit card or a savings account. If so, comparing what different banks offer in these areas can help you decide.
2. Choosing an Account
In Canada, you’ll generally pick between two types of bank accounts:
- Checking Account: Lets you deposit and withdraw money freely. You’ll usually get a debit card and chequebook with this. Most international students only need a checking account to cover daily expenses while studying. Some banks also let you get a credit card through this account if you’re interested.
- Savings Account: Good for long-term saving—ideal if you’re working, planning to travel, or want an emergency fund.
3. Bank Account Breakdown
We’ve compared some of Canada’s biggest banks to see what they offer students:
| Bank | Account Name | Monthly Fee | Extras |
|---|---|---|---|
| BMO | Student Bank Account | Plus plan – $0 Premium plan – discounted fees | Student budget calculator, mobile banking, BMO alerts, $100 cash bonus, free pizza for 6 months, available for international students before arrival |
| CIBC | CIBC Smart for Students | $0 | Up to $100 sign-up bonus, 6 months of Disney+, perks for graduates, special accounts for medical/dental students |
| RBC | RBC Advantage Banking for Students | $0 | Free extra debit transactions, unlimited RBC Virtual Visa debit, free RBC ATMs, 50 free cheques, student banking app, up to $100 sign-up bonus |
| Scotiabank | Student Banking Advantage Plan | $0 | Unlimited transactions, debit rewards (Scene+/Scotia rewards), $100 welcome bonus + $75 grocery credit |
| TD Bank | TD Student Chequing Account | $0 | Unlimited transactions, online/mobile banking, up to $125 sign-up bonus, no minimum balance |
| HSBC | HSBC Canada Student Programme | $0 | Cash bonuses for transfers, account opening, bill payments, free ATM withdrawals, up to $150 sign-up bonus |
| National Bank | Student Bank Account | $0 | Study-based discounts, credit cards, up to $300 sign-up bonus |
There are also smaller or regional banks (like Canadian Western Bank and Laurentian Bank), so it’s worth checking which ones are near your university. Online-only banks like Tangerine and Simplii Financial also offer great student accounts.
4. Opening Your Account
While you can open an account online or by phone, international students might find it easier to visit in person—just in case there are any hiccups. When you go, bring two forms of ID from this list:
- Passport
- Letter of acceptance
- Study permit
- Temporary permit (IMM Forms 1442, 1208, or 1102)
- Canadian/U.S. driver’s licence
- Canadian government ID card
- Travellers’ cheques
Requirements vary slightly by bank, so double-check what yours needs before heading over.
