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Courtesy of the Canadian Bankers Association (CBA), the following provides a quick overview of student banking in Canada. Whether you are an international student or you have had an account for quite some time, it gives you information on how your bank can be a good partner during your post secondary school life: Download the Banking for Students PDF.
Choosing a bank can be an overwhelming experience – almost as stressful as choosing which car to purchase or which school to attend. All banks offer similar features, but when it comes to students, you’ll see different perks and benefits. The following table outlines the big Canadian Financial Institutions and their fee structures and benefits to students. A few of the banks offer Advice Centres for students, which can be helpful when it comes to budgeting and ultimately paying for school. Other banks offer perks such as points for Scene cards, Student Price Cards (SPC) and Air Miles.
We hope the following table allows you to narrow down your selection on the bank that will best meets your current and future needs!
| Name | Monthly Fee/Min Balance to Avoid Fees | # Transactions per Month | ATM Network | Extras | Associated Credit Card | Other | Advice Centre |
| Bank of Montreal Student Banking | None | 30 | Bank of Montreal | 2 free Interac email money transfers per month, earn AIR MILES reward miles on debit purchases | No-fee BMO SPC MasterCard with built-in SPC Card benefits | BMO Student Budget Calculator; BMO MoneyLogic | |
| CIBC Everyday Chequing Account (Advantage for Students) | None | Unlimited | CIBC | None | CIBC Classic Visa Card | CIBC Professional Edge Student Program – borrow up to $270,000 towards studies | CIBC Advice Centre |
| Royal Bank Student Banking | None | 25 | RBC | None | Signature RBC Rewards, RBC Visa Cash Back, WestJest RBC MasterCard; save up to $39 a year off annual fee | Access to myFinanceTracker, online financial management tool | |
| Scotiabank Student Banking Advantage Plan | None | Unlimited | Scotiabank | Free usage of Scotiabank’s Global ATM Alliance | LEARN VISA card, SCENE VISA card | SCENE movie rewards earned when using debit card; Special Grad Auto Loan programs available | |
| TD Canada Trust Every Day Chequing Account with Student Discount | None | 25 | TD Canada Trust | None | TD Classic Travel VISA Card (annual fee waived for year 1) | Eligible customers get free access to concert discounts, exclusive contests | TD Student Life |
| HSBC Performance Chequing – Student | $3.97 / $2,000 | 40 | HSBC, The Exchange, BMO | None | No student specific card | ||
| Laurentian Bank Student Advantage | None | 15 | Laurentian Bank | None | VISA Black Card, VISA Black Reward Me Card | ||
| PC Financial No Fee Bank Account (not student specific) | None | Unlimited | CIBC | Earn PC points towards free groceries | No student specific card |