Student Bank Accounts in Canada: Compare Fees and Perks

Canadians opening a student bank account often start with the big banks, but several digital and challenger banks offer competitive products worth considering. Below we review our top picks for student bank accounts and notable student banking offers available in Canada, focusing on low fees, strong interest rates, and student-friendly perks.

Best student bank accounts in Canada

Gold: EQ Bank Personal Account

At a glance: The EQ Bank Personal Account earns top marks for students who want low cost, high interest, and unlimited transactions. It functions as a hybrid chequing/savings account with no monthly fee, unlimited transactions and competitive interest on balances when qualifying direct deposits are set up. The account includes a reloadable Mastercard for purchases and ATM access across Canada and abroad with no ATM surcharge charged to you (EQ reimburses third-party ATM fees).

Pros and cons

Pros

• High interest potential: Earn up to 2.75% interest by setting up recurring direct deposits (minimums apply).
• No ATM fees: EQ reimburses ATM surcharges from other networks.
• Cash back: 0.5% cash back on purchases made with the reloadable Mastercard.
• No foreign transaction fees: Save on the typical 2.5% forex charge charged by many banks.
• Multiple accounts: You can open up to eight accounts, including joint accounts.

Cons

• Slow transfers: Interbank transfers can take several business days.
• No branches: EQ is online-only, so there’s no in-person service.
• Limited legacy features: Some services like overdraft protection and paper statements are not available.

Silver: Wealthsimple Cash

At a glance: Wealthsimple Cash is a simple, fee-free hybrid chequing/savings option that appeals to students who want unlimited transactions and strong interest on balances. The account carries no monthly fee, no forex fees, and offers a regular interest range competitive with other digital banks. Every purchase with the Cash card earns 1% back in stock, crypto or cash, giving students a flexible rewards choice.

Pros and cons

Pros

• Competitive interest: Minimum 1.75% on deposits, with higher rates available for clients meeting asset or deposit thresholds.
• Bonus interest: Direct deposits over a specified monthly threshold can increase the interest rate.
• No forex or ATM fees: No foreign transaction fees and ATM withdrawals are not charged.
• Strong deposit insurance: Eligible balances can receive enhanced CDIC coverage in certain Wealthsimple arrangements.
• Multiple accounts: You can hold multiple accounts, including joint accounts.

Cons

• Rate changes: Interest rates may vary with the Bank of Canada or company policy.
• No branches: Wealthsimple is digital-only; support is available by phone or email rather than in-person.

Bronze: Koho Essential

At a glance: Koho Essential offers a straightforward everyday account for students who want cashback and a path to build credit. The account provides unlimited transactions, optional interest on balances, and cashback on everyday categories. There is a small monthly fee that can be waived if you meet qualifying deposit requirements.

Pros and cons

Pros

• High interest option: Earn up to 2.5% on balances when you opt into the interest feature.
• Cashback: 1% cashback on common spending categories and higher rates at partner retailers.
• Credit tools: Free credit score monitoring and an optional credit-building feature.
• Fee waiver: The $4 monthly fee is waived with a qualifying recurring deposit or sufficient monthly deposits.
• No NSF fees: Koho does not charge NSF fees if a transaction is declined due to insufficient funds.

Cons

• Forex fee: 1.5% foreign transaction fee applies.
• No branches: Koho provides online-only banking and does not offer in-person help.
• Transfer timing: E-transfers can take up to 90 minutes to complete.
• Withdrawal and spending limits: ATM and daily spending limits apply.

Best student banking offers in Canada

Gold: BMO Performance Chequing Account for students

At a glance: BMO’s student version of the Performance Chequing Account is a strong option for those who prefer full-service banking and branch access. The account waives the monthly fee for students while enrolled and for up to 12 months after graduation. It includes unlimited transactions and additional benefits such as partial rebates on eligible BMO credit card fees and identity theft protection.

Pros and cons

Pros

• No student fee: The regular $17.95 monthly fee is waived for students and for a grace period after graduation.
• Credit card rebate: Annual rebate on eligible BMO credit card fees is available for account holders.
• Identity protection: Complimentary identity theft support is included with the account.

Cons

• Overdraft charges: Overdraft protection carries a monthly fee if used.
• ATM fees: Non-BMO ATM withdrawals are limited to one free Canadian withdrawal per month; subsequent withdrawals incur fees domestically and abroad.

What is a student bank account?

A student bank account is a chequing or savings account tailored to full-time post-secondary students and sometimes young adults. These accounts typically offer reduced or waived monthly fees and student-specific perks such as reward program membership, fee rebates, higher introductory interest rates, or other discounts designed to ease the cost of banking while studying.

Do student chequing accounts have fees?

Many student chequing accounts waive monthly fees for eligible students. Eligibility usually requires proof of full-time enrollment and sometimes age limits. While student chequing accounts often prioritize low fees and transaction convenience, they may not pay the same interest you’d get from a dedicated high-interest savings account.

How can you open a bank account as a student?

To open a student account you generally need proof of enrollment (student ID, course timetable or acceptance letter) and government-issued identification such as a passport, driver’s licence, or provincial ID. International students typically provide a study permit or temporary resident visa. Accounts can be opened online, via an app, or in person at branches—check the institution’s requirements before you apply.

What should I consider before opening a chequing account?

Students should compare monthly fees, access to branch and ATM networks, transaction limits, foreign transaction fees, and whether the account supports easy transfers or bundled products like credit cards or student lines of credit. If in-person service matters, check branch locations; if you plan to hold savings elsewhere, choose an account that makes transfers straightforward.

Why do some chequing accounts offer interest?

Chequing accounts are primarily for daily spending, so interest is uncommon. Hybrid accounts combine chequing and savings features to pay higher interest while still offering debit-style access. Interest rates on these accounts can change with market conditions and central bank rates, so review terms regularly.

Which perks should students prioritize?

Look for low or no monthly fees, generous ATM access, meaningful interest on balances if you hold savings there, and rewards that match your spending habits (cashback, partner discounts, or credit-building benefits). Bundled offers that include chequing, savings and student credit cards can also be useful for managing finances in one place.

Can I open multiple student accounts?

You can hold multiple chequing or savings accounts across different banks. Some institutions limit one student-specific account per customer, but nothing prevents you from opening student accounts at different banks. Keep in mind that spreading funds across many accounts can complicate budgeting and tracking.

What happens after I graduate?

Student offers typically end at graduation, though some banks provide a grace period (often up to 12 months) before converting accounts to standard products. You can switch banks at any time if another account better fits your post-graduation needs.

Read more about student finances

• 6 money saving tips for post-secondary students
• The top 5 questions about RESPs
• Canada’s best student credit cards
• How much money does the government contribute to an RESP?
• On-campus vs off-campus housing
• How to manage money as a student in Canada