Every major Canadian bank offers a free student account with unlimited transactions, free Interac e-Transfers, and no monthly fees. Some also include free credit cards, SPC discounts, and bonus interest on savings. You typically need valid student ID to qualify.

Best Student Account Perks

Beyond free banking, look for: no minimum balance requirements, a large ATM network (especially near your campus), mobile banking app quality, and whether the account converts to a regular account after graduation (and at what fee).

FAQ

Frequently Asked Questions

1Are student bank accounts really free?

Yes. All major banks (TD, RBC, BMO, CIBC, Scotiabank) offer free student accounts with unlimited transactions. You just need valid student ID.

2What happens to my student account after graduation?

Most banks convert it to a regular account after 1-2 years post-graduation, which may have monthly fees. Compare regular account options before your student status expires.

Browse other categories

No Fee Bank Accounts

Chequing Accounts

High-Interest Savings Accounts

Bank Accounts for Newcomers to Canada

Unlimited Transaction Bank Accounts

TD Bank Accounts

RBC Bank Accounts

BMO Bank Accounts

CIBC Bank Accounts

Scotiabank Accounts

Desjardins Accounts

Tangerine Bank Accounts

EQ Bank Accounts

National Bank Accounts