The best student chequing accounts in Canada for 2025

The average personal chequing account can cost you around $15 each month or $180 per year. However, students can get special discounts on bank accounts when they are attending a post-secondary institution and meet certain age requirements. Whether you’re part-time or full-time, a college freshman or university grad, finding a student bank account doesn’t need to be a difficult process.

Who can open a student chequing account?

To be eligible for a student account, you’ll have to provide proof of enrollment at a Canadian college, university, or other post-secondary institution. To be eligible for certain cash bonuses and other student bank account offers, you likely have to be registered as a full-time student.

If you haven’t reached the age of majority in your province yet, many banks also provide no-fee youth bank accounts for high school students and those under the age of 25.

Below we highlight a few details to keep in mind when selecting the best student bank account for you.

How to choose a student bank account

While the account you choose will depend on your specific priorities and spending habits, there are some general features you'll want to look for.

1. Low or no monthly fee

Being a student is already costly, and having to pay additional fees on your bank account each month only adds to the burden. Many student bank accounts offer no fees with no minimum balance requirements, so try to avoid banks that will hit you with these kinds of charges.

2. Unlimited transactions

Because a large amount of your account activity will be debit transactions and e-transfers, you'll want to look for bank accounts that offer either unlimited transactions or, at the very least, a high number of free ones.

3. ATM access

While most places use debit machines these days, there are still times where you'll need physical money, like when you’re going to cash-only bars and takeout spots. That's why you'll want to make sure your chosen bank has ATMs close by.

4.  Bundled student credit cards

When used wisely, credit cards are a great way to build your credit score and learn financial skills that will come in handy as you get older. When shopping around for the right student chequing account, it may be worth it to investigate the bank’s student credit card options as well.

5. Perks and rewards programs

While some student bank accounts don’t offer a lot in the way of sign-up incentives and benefits, many do feature perks. These can sometimes be a small cash bonus or the opportunity to earn rewards points from your purchases. 

6. Overdraft protection

If you're a university student managing a tight budget, overdraft protection can be a crucial safety net. It covers transactions when your account balance is too low, preventing them from being declined and avoiding non-sufficient funds (NSF) fees, which can be as high as $40-$50. This service ensures that if your account goes into the negatives, the bank will cover the shortfall and deduct the amount from your next deposit, though you may incur interest charges. Overdraft protection is sometimes included with your account; if not, it may be available for a monthly fee, averaging around $5, or on a pay-per-use basis, which can be more costly as you're charged each time you go into overdraft, regardless of the amount. This protection offers peace of mind by providing a buffer for unexpected expenses.

How to open a student bank account

In general, opening any bank account is an easy process and can be easily navigated through our step-by-step guide. Most financial institutions will let you sign up online, with your new account accessible to use within minutes. That said, there is documentation you’ll want to have ready to help confirm your identity and student status. This can include:

• A driver’s license or passport
• A valid student ID with an expiration date
• A copy of your renter’s lease (if you’re living in an apartment)
• A utility bill or other official mail with your current address listed
• A copy of your timetable or proof of enrollment letter

How to open a bank account in Canada for international students

To open an international student bank account in Canada, you may be required to provide your Canadian visa or study permit, proof of enrollment at your college or university, and one piece of valid photo ID like a passport. You may be able to open a bank account online or through a phone call, but it might be easier to visit a bank branch in person to sort things out.

The best bank account for international students in Canada

Similar to other types of student bank accounts, the best bank accounts for international students in Canada offer low or no monthly fees, unlimited transactions, and small cash bonuses, like the CIBC Smart Account for students. You can even qualify for this account before arriving in Canada. Plus, with this account and others like the RBC Advantage Bank Account, you may be able to qualify for a student credit card without a Canadian credit history, so you can start building up your score.

Also read: Financial tips for newcomers to Canada

What to do with your student bank account after graduation

After you graduate and finish school, you will not have student status anymore. Many banks will convert your student bank account into a regular chequing account after a transition period, and you may lose access to features like no monthly fees or free unlimited transactions. You may want to consider opening a new chequing account that better fits your needs.