It’s that time of year again: The leaves begin to change colour, the temperature gets a little cooler, and students head back to school. And if you’re a new post-secondary student, it’s the time to get a student chequing account.
All of the Big Five banks have a no-fee chequing account for students, but each one is a little different. Here’s what they have to offer:
BMO Bank of Montreal
The BMO Bank of Montreal Plus Plan account has no monthly fee if you’re in college or university. It comes with 30 free transactions a month and an unlimited number of free Interac e-Transfers. You’ll also get a free SPC Card, plus you can get a $15 cash reward when you:
- Open a chequing account;
- Provide the bank with your email address;
- Make a deposit by Nov. 15;
- Download the SPC App; and
- Register your co-branded BMO SPC credit card in the SPC App including providing the email address registered with the bank.
The CIBC Advantage for Students account doesn’t have a monthly fee if you’re enrolled in a full-time post-secondary program. It also comes with an unlimited number of transactions as well as an unlimited number of free Interac e-Transfers. And if you open a student account, credit card, or line of credit, you have a chance to win $35,000 for tuition when you enter the Full Ride contest.
RBC Royal Bank
The RBC Student Banking account has no monthly fee for those who are 13 or older and a full-time student. It comes with 25 free debits per month, an unlimited number of free Interac e-Transfers, and a $39 rebate towards the annual fee of a Signature RBC Rewards Visa. You can also get $60 deposited to your account if:
- You’re a new RBC client and open your account before Sept. 29;
- Enroll in either RBC Online Banking or RBC Mobile Banking; and
- Make one debit or credit transaction using your new student bank account before Oct. 31.
The Scotiabank Student Banking Advantage Plan doesn’t have a monthly fee and comes with both unlimited transactions and an unlimited number of free Interac e-Transfers. What’s great about this account is the ability to earn Scene Rewards when you make debit purchases.
TD Canada Trust
The TD Student Chequing Account is free for full-time post-secondary students. It comes with 25 monthly transactions and an unlimited number of free Interac e-Transfers.
The bottom line
All of the student accounts have no monthly fees and free Interac e-Transfers. But the accounts offered by CIBC and Scotiabank also have an unlimited number of transactions, which can come in handy if you make a lot of debit purchases or you withdraw cash from your bank’s ATM on an almost daily basis.