Canadian Banking for Students

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!

NameMonthly Fee/Min Balance to Avoid Fees# Transactions per MonthATM NetworkExtrasAssociated Credit CardOtherAdvice Centre
Bank of Montreal Student BankingNone30Bank of Montreal2 free Interac email money transfers per month, earn AIR MILES reward miles on debit purchasesNo-fee BMO SPC MasterCard with built-in SPC Card benefitsBMO Student Budget Calculator; BMO MoneyLogic
CIBC Everyday Chequing Account (Advantage for Students)NoneUnlimitedCIBCNoneCIBC Classic Visa CardCIBC Professional Edge Student Program – borrow up to $270,000 towards studiesCIBC Advice Centre
Royal Bank Student BankingNone25RBCNoneSignature RBC Rewards, RBC Visa Cash Back, WestJest RBC MasterCard; save up to $39 a year off annual feeAccess to myFinanceTracker, online financial management tool
Scotiabank Student Banking Advantage PlanNoneUnlimitedScotiabankFree usage of Scotiabank’s Global ATM AllianceLEARN VISA card, SCENE VISA cardSCENE movie rewards earned when using debit card; Special Grad Auto Loan programs available
TD Canada Trust Every Day Chequing Account with Student DiscountNone25TD Canada TrustNoneTD Classic Travel VISA Card (annual fee waived for year 1)Eligible customers get free access to concert discounts, exclusive contestsTD Student Life
HSBC Performance Chequing – Student$3.97 / $2,00040HSBC, The Exchange, BMONoneNo student specific card
Laurentian Bank Student AdvantageNone15Laurentian BankNoneVISA Black Card, VISA Black Reward Me Card
PC Financial No Fee Bank Account (not student specific)NoneUnlimitedCIBCEarn PC points towards free groceriesNo student specific card

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