Choosing the right bank as a student can be a daunting task. With so many options available, knowing which one is the best fit for your needs can be challenging. To help make the decision easier, we have compiled a list of the top 10 banks in Canada for students in 2023.
This ranking hinges on fees, accessibility, student discounts, and online banking options. Whether you’re looking for a bank with low fees, a bank that offers student discounts, or one that has a wide range of online banking options, this list has got you covered.
Table of contents
- What are Student Banks in Canada?
- Who Needs Student Banks in Canada?
- What Should You Look out for in a Student Bank in Canada?
- What Happens to your Student Bank Account after you Graduate?
- Do you need to pay for your Student Bank Account in Canada?
- What are the Advantages of the Best Student Banks in Canada?
- What are the ten best bank accounts for students in Canada?
- #1. Scotiabank Student Banking Advantage Plan
- #2. RBC Student Banking
- #3. TD Canada Trust Student Banking
- #4. CIBC Advantage for Students
- #5. BMO Student Banking
- #6. National Bank Student package
- #7. HSBC Student Bank Account
- #8. ATB Student Bundle
- #9. PC Financial No Fee Chequing for Students
- #10. Alterna Student Chequing Account
- Frequently Asked Questions
- Conclusion
- References
- Recommendation
What are Student Banks in Canada?
Student banks in Canada are financial institutions that offer students specialized banking products and services. These services may include student-specific credit cards, savings accounts, and loans with lower interest rates or more flexible repayment terms.
Some student banks may also offer specialized financial education and support programs to help students manage their money and make informed financial decisions.
Examples of student banks in Canada include TD Canada Trust, RBC Royal Bank, and BMO Bank of Montreal.
You should read: 10 Best Photo Editing Apps For Mac In 2023
Who Needs Student Banks in Canada?
In Canada, students typically need student banks to take advantage of specialized banking products and services tailored to their unique financial needs and circumstances.
These banking products and services can include student-specific credit cards, savings accounts, and loans with lower interest rates or more flexible repayment terms. Additionally, students may find student banks a helpful resource for financial education and support, which can help them manage their money and make informed financial decisions.
For example, some student banks may offer financial planning workshops, budgeting tools, and other resources to help students make the most of their money while in school.
Check this related article: 10 Best Kid YouTubers That Are Great Influencers | 2023 List
What Should You Look out for in a Student Bank in Canada?
When looking for a student bank account in Canada, it’s essential to consider the following factors:
- Fees: Some banks may have monthly or annual fees for student accounts, so it’s essential to compare the fees at different banks and choose one with lower or no fees.
- Interest rate: Some banks may offer higher interest rates on student accounts, which can help you earn more money on your savings.
- Credit building: Some banks offer credit-building options such as student credit cards or lines of credit, which can help you establish a credit history while you’re still in school.
- Convenience: Consider if the bank has branches or ATMs near your school or home and if they offer online banking and a mobile app to help you manage your account quickly.
- Perks and discounts: Some banks may offer discounts or rewards for students, such as discounted movie tickets or merchandise.
- Customer service: It’s essential to find a bank with good customer service that can help you with any issues or questions.
It would be best if you read this related article: 10 Best Places to Buy Glasses Without Insurance in 2023
What Happens to your Student Bank Account after you Graduate?
After you graduate, the terms of your student bank account may change. Here are a few things that may happen:
The account may convert to a regular account.
Some student bank accounts automatically convert to a regular report once you graduate, and you may have to pay higher fees or have different account terms.
The account may be closed.
Some banks require you to close your student account and open a new one after graduation.
Keep the account
Some banks allow you to keep the student account open even after graduation.
Read also: 10 Best States for Rental Property in 2023
Credit building
If you have a student credit account, you may convert your account to a regular credit account with different terms or interest rates.
It’s essential to check with your bank to determine the specific terms for your student account once you graduate. Some banks may require you to notify them of your graduation date or provide proof of graduation to convert or close your account.
See also: 10 Best Career Options For The Future | 2023
Do you need to pay for your Student Bank Account in Canada?
Many student bank accounts in Canada do not have monthly or annual fees, making them an excellent option for students looking to save money. However, some banks may charge fees for certain transactions or for going over certain account limits. It’s essential to compare the fees at different banks and choose one with lower or no fees.
Additionally, checking if the bank has any fees on transactions, like ATM withdrawals, online banking, or even paper statements, is essential. Some banks may waive these fees for students, but others may not. It’s always a good idea to read the fine print and check with the bank directly to find out what fees may apply to your account.
It’s important to note that while many student bank accounts do not have monthly fees, you will have to pay taxes on the interest earned on your account.
Also, read this article: Get Paid To Protest In 2023: 10 Best Platforms For You.
What are the Advantages of the Best Student Banks in Canada?
The best student banks in Canada may offer the following advantages:
No or low fees
Many student bank accounts do not have any monthly or annual fees, making them an excellent option for students looking to save money.
High-interest rate
Some banks may offer higher interest rates on student accounts, which can help you earn more money on your savings.
Credit building
Some banks offer credit-building options such as student credit cards or lines of credit, which can help you establish a credit history while you’re still in school.
You should read: 10 Best Makeup YouTubers That are Great Influencers | 2023 List
Convenience
Banks with many branches and ATMs near your school or home that offer online banking and mobile app to help you manage your account quickly.
Perks and discounts
Some banks may offer discounts or rewards for students, such as discounted movie tickets or merchandise.
Good customer service
Good customer service is essential to finding a bank that can help you with any issues or questions.
Read also: 10 Best Free Wireframe Tools in 2023 | Do a Sketch in realtime
Overdraft protection
Some banks offer overdraft protection, which can help you avoid fees if you accidentally spend more than what’s in your account.
Online banking and mobile app
These can provide easy access to account information and the ability to perform transactions from anywhere at any time.
It’s essential to shop around and compare different student bank accounts to find the one that best meets your needs and offers the most advantages for you.
Read also: 10 Best Apps For Galaxy Watch In 2023 | Full Review
What are the ten best bank accounts for students in Canada?
#1. Scotiabank Student Banking Advantage Plan
The Scotiabank Student Banking Advantage Plan is a bank account package specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with Scotiabank for the most up-to-date information on fees, offers, and eligibility criteria. It is one of the best banks in Canada for students.
Read also: 10 Best Furry Dating Apps In 2023 | Enjoy your Love
#2. RBC Student Banking
The RBC Student Banking is a bank account package specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with RBC for the most up-to-date information on fees, offers, and eligibility criteria. It is one of the best banks in Canada for students.
#3. TD Canada Trust Student Banking
The TD Canada Trust Student Banking package is a bank account specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with TD Canada Trust for the most up-to-date information on fees, offers, and eligibility criteria. The TD student plan also includes a free student credit card with a low-interest rate and a credit limit, which can help to establish a credit history.
It would be best if you read this related article: 10 Best Co-working Spaces In Bangalore In 2023
#4. CIBC Advantage for Students
The CIBC Advantage for Students is a bank account package specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with CIBC for the most up-to-date information on fees, offers, and eligibility criteria. It is one of the best banks in Canada for students.
This account may also come with a free student credit card with a low-interest rate and a credit limit, which can help students establish a credit history.
#5. BMO Student Banking
BMO Student Banking is a bank account package specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with BMO for the most up-to-date information on fees, offers, and eligibility criteria.
The BMO student plan also includes a student credit card option with a low-interest rate and a credit limit, which can help to establish a credit history. It is one of the best banks in Canada for students.
It would be best to read this article: 10 Best Apps Like Instacart To Make More Money.
#6. National Bank Student package
The National Bank Student package is a bank account specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with National Bank for the most up-to-date information on fees, offers, and eligibility criteria.
The National Bank student plan may also include a student credit card option with a low-interest rate and a credit limit, which can help to establish a credit history. It is one of the best banks in Canada for students.
#7. HSBC Student Bank Account
The HSBC Student Bank Account is a package specifically designed for students. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with HSBC for the most up-to-date information on fees, offers, and eligibility criteria.
Additionally, HSBC student account holders may have access to online and mobile banking services, overdraft protection, and other resources to help manage their finances while in school. It is one of the best banks in Canada for students.
It would be best if you read this related article: 10 Best Alternatives To Vegetable Oil | 2023
#8. ATB Student Bundle
The ATB Student Bundle is a package of financial products and services specifically designed for students offered by ATB Financial.
It typically includes a chequing account with no monthly fees, free transactions, and a discounted debit card. ATB student bundle also includes other services such as online banking, mobile banking, and e-transfers. It is one of the best banks in Canada for students.
Eligibility for the plan may require being a full-time student and showing a valid student ID. It is always best to check with ATB Financial for the most up-to-date information on fees, offers, and eligibility criteria.
#9. PC Financial No Fee Chequing for Students
PC Financial No Fee Chequing for Students is a bank account specifically designed for students offered by PC Financial. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
This account may be linked to a debit card, allowing you to access your money at point-of-sale terminals and ATMs across Canada. Eligibility for the plan may require being a full-time student and showing a valid student ID.
It is always best to check with PC Financial for the most up-to-date information on fees, offers, and eligibility criteria. PC Financial is one of the best banks in Canada for students.
It would be best to read this article: 10 Best Sites To Buy Twitter Followers.
#10. Alterna Student Chequing Account
The Alterna Student Chequing Account is a bank account package specifically designed for students offered by Alterna Bank. It typically includes no monthly fees, free transactions, and discounts on other banking products and services.
Eligibility for the plan may require being a full-time student and showing a valid student ID. This account may also come with a free debit card to easily access your funds. It is always best to check with Alterna Bank for the most up-to-date information on fees, offers, and eligibility criteria.
It would be best if you read this related article: 10 Best Places to Buy Glasses Without Insurance in 2023
Frequently Asked Questions
The best bank for students in Canada is subjective and depends on individual needs and preferences. However, popular choices among students include TD Canada Trust, Scotiabank, and RBC.
Yes, many banks in Canada offer student-specific banking services, such as free student accounts, low or no monthly fees, and overdraft protection.
Canadian banks offer student credit cards with low-interest rates and other benefits such as cashback rewards and discounts.
It depends on the bank. Some banks may require a Canadian address, while others may accept a foreign address. It’s best to check with the bank directly for their specific requirements.
Yes, international students can open a bank account in Canada. Still, they may need to provide additional documentation such as a passport, study permit, and proof of enrolment at a Canadian educational institution.
Conclusion
Selecting the right bank as a student is crucial to make sure you’re getting the best deal for your needs. Our ranking of the top 10 banks in Canada for students in 2023 is a great place to start your search.
With various options to choose from, including banks with low fees, student discounts, and online banking options, you’re sure to find one that fits your needs.
Remember always to do your research, compare offers and read the fine print before making a final decision. We hope this article has helped you search for the perfect bank for your financial needs as a student.
Read also: 10 Best States for Rental Property in 2023
References
- https://www.savvynewcanadians.com
- https://www.stocktrades.ca
- https://moving2canada.com
- https://fintrakk.com