Tag Archives | bank accounts

Image by Tax Credits, Flickr

Image by Tax Credits, Flickr

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