Mr. Thrifty wants to give you his thoughts on Canada’s best student bank accounts.
Calling All Students: The Big Banks Want You!
The good news is that the Big Banks offer some of their best bank accounts to students!
Get’Em While They’re Young
The business plan is simple: attract young customers with no-fee packages and migrate them over to become fee-generating customers when they graduate. Smart plan. Mr. Thrifty would so the same thing. But students are smart enough to see past the marketing.
Better yet, they read Mr. Thrifty!
Don’t Forget the Online Banks
The reality is that the best student bank accounts offered by the Big Banks more or less just bring them in line with what the better online banks offer everyone, all the time.
Let’s start off with the basics:
Who Qualifies as a Student?
Generally, the student accounts described here are available to students who are enrolled full-time in a post secondary school.
What Happens When You Graduate?
The freebies end ! 
The Big Banks will migrate you over to a non-student plan. Some banks provide a post-graduation grace period before moving you over. CIBC allows you to continue to use a student bank account for 6 months, BMO for 1 year.
Of course, if you go with an online bank you don’t need to worry about re-evaluating your bank plans when you graduate.
The Thrifty Criteria: What to Look for in a Student Bank Account
- No minimum balance
- No monthly fee
- Free unlimited transactions, including Interac eTransfers
- Large ATM network with convenient locations
- Credit card options
- Bonus offers
Student Bank Accounts from the Big Banks: A Comparison Chart
| Bank | No Minimum Balance, No Monthly Fee | Free Unlimited Transactions (incl Interac)* | No Annual Fee Student Credit Card (subject to credit approval) | Bonus Offers |
| Scotiabank – Student Banking Advantage Plan | ✔ | ✔ | Scene Visa Card L’earn Visa Card | $75 bonus for accounts opened until 10/31/22, additional bonus with Scene + Student Banking Bundle (up to $150) |
| CIBC Smart Account for Students | ✔ | ✔ | CIBC Aventura Visa Card for Students (no annual fee) CIBC Dividend Visa Card for Students (no annual fee) CIBC Aero Platinum Visa Card for Students ($39 annual fee) | runs frequent bonus offers (see site for details) |
| RBC Advantage Banking for Students | ✔ | ✔ unlimited debit transactions in Canada Unlimited Interac eTransfer no RBC fee for using another bank’s ATM | RBC ION Visa (no annual fee) | $100 when you open a no monthly fee RBC Advantage Banking Account – limited time offer (see site for details) |
| TD Student Chequing Account | ✔ | ✔ unlimited transactions per month, including unlimited Interac eTransfer | 4 Visa cards, including no annual fee choices | Special rebates and rewards on certain credit cards – as of the date of this article $75 Amazon.ca gift card for new TD Student Chequing Accounts (limited time offer) |
| BMO Student Chequing – Performance Plan | ✔ | ✔ no monthly fee – with $4,000 min. balance unlimited transactions per month, including unlimited Interac eTransfer ($3,000 daily limit) | BMO SPC Cashback Mastercard BMO SPC Airmiles Mastercard | Up to $40 rebate on annual fee of select credit cards, $100 cash back (limited time offer) |
* Certain pay-per-use fees, such as using another bank’s ATM, apply – see each bank’s terms and conditions for all details
Assessing Your Big Bank Options
Of the Big 5, the packages offered by Scotiabank, RBC, TD and CIBC satisfy all the Thrifty Criteria. And, if you like to travel, Scotiabank has the added bonus of being a member of the Global ATM Alliance. Access to the Global ATM Alliance may help you save money when you travel outside of Canada, as mentioned in our article on How to Save Money When Exchanging Currency.
Other Bigger Bank Options
We restricted our Big Bank review to the Big 5 because of their national presence. National Bank and Desjardins have competitive student bank account plans and, if you are going to school in Quebec, they are worth considering.
No-Fee Chequing Accounts from Online Banks: A Comparison Chart
| Bank | No Minimum Balance, No Monthly Fee | Free Unlimited Transactions (incl Interac)* | ATM Network | No Annual Fee Student Credit Card (subject to credit approval) | Bonus Offers |
| Simplii Financial | ✔ | ✔ | Free access to CIBC ATMs | Offers a no annual fee card, but not directed to students | frequently offers specials – check site for current offer |
| Motusbank No-Fee Chequing Account | ✔ | ✔ | No fee access to The Exchange Network of ATMs | n/a | none |
| Alterna Bank No-Fee eChequing Account | ✔ | ✔ | No fee access to The Exchange Network of ATMs | n/a | none |
| Tangerine No-Fee Daily Chequing Account | ✔ | ✔ | No fee access to Scotiabank’s ATM Network; No fee access to Global ATM Alliance ATMs outside of Canada | Offers a no annual fee card, but not directed to students | none |
| Manulife All-in Banking Package | ✖ $10 monthly fee – rebated if you save $100 per month | ✔ | No fee access to The Exchange Network of ATMs | Offers a no annual fee credit card, but not directed to students | none |
| Manulife Advantage Account (Combined Chequing and Savings) | ✔ | ✖ | No fee access to The Exchange Network of ATMs with $1,000 minimum balance (otherwise per item charge) | Offers a no annual fee card, but not directed to students | None – but noted for promotional savings rates |
* Certain pay-per-use fees, such as using another bank’s ATM, apply – see each bank’s terms and conditions for all details
Assessing Your Online Bank Options
Simplii, Motusbank, Alterna, Tangerine and Manulife Bank Stand Out
Simplii Financial, Motusbank, Alterna, Tangerine and Manulife Bank all best fit the Thrifty Criteria, though none of them offers a student-oriented credit card (or, in the case of Motusbank and Alterna, any credit card at all). Simplii, Tangerine and Manulife each offer a very good no annual fee credit card (but the required minimum income level probably puts the cards out of reach for many students).
Each of Simplii, Motusbank, Alterna, Tangerine and Manulife Bank offers higher yielding savings accounts than the Big Banks, so pairing a no-fee chequing account with a high interest savings account may make you some more money.
Look for Bonus Offers
As mentioned in our Guide to Savings Accounts, Tangerine is offering a special bonus for new customers who open both a high interest savings account and a chequing account. Click here for more details.
Simplii, owned by CIBC, has the added advantage of access to the CIBC ATM network and a brick and mortar location (which could come in handy for, say, certified cheques and the like). (Alterna’s parent company has a couple of locations in Ottawa.) Simplii periodically features bonus offers for new account opening — earlier this year it offered a bonus of up to $350 for new chequing accounts.
Manulife’s All-in Banking Package is a terrific option to consider. The package can be obtained even if you do not qualify for the no annual fee credit card.
As noted above, the Manulife All-in Banking Package has a $10 monthly fee. However, the fee is rebated if you are able to save $100 per month in the Manulife High Interest Savings Account. If you can manage to do this (and we would recommend setting an automated transfer so you do not forget), the All-in Banking Package is a very worthwhile option to consider.
Manulife Bank’s Advantage Account is a good banking package but the minimum balance requirement to avoid most fees may be unsuitable to many students.
Big Banks vs Online Banks
The good news is that it’s tough to make a bad decision. All the student bank accounts and no-fee chequing options are pretty good.
First off, take into account convenience factors (easy access to free ATMs, consolidation with your current bank or student loan provider, etc.).
We’d say if you want a student credit card, don’t mind re-evaluating your banking provider when you graduate and want the extra juice of a bonus offer, the Big Bank student banking packages are a good choice (if you want a good interest rate on your savings you can always link your chequing account to a high interest savings account with a high everyday savings rate).
If you don’t care about a credit card, want a banking provider for the foreseeable future and want easy access to a paired savings account, an online bank may be your best choice. Simplii, Motusbank, Alterna, Tangerine and Manulife stand out from the pack. Sign up offers are nice incentives to take the plunge.
Either way, it’s nice to be a student !
Enjoy it while it lasts !
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Bank account packages change frequently so we plan to update this article from time to time. Check back regularly for updates or, better yet, sign up for our newsletter and have the updated delivered right to you.