TLDR
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A student bank account is a regular chequing account with additional perks geared toward students.
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Perks of student bank accounts typically include low or no monthly fee, overdraft protection, unlimited debits, no-fee ATM access and more.
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To open a student bank account, you usually need a form of identification, proof of enrolment and your expected graduation date.
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After you graduate, your student bank account usually rolls over into a regular chequing account.
As a student, you have a lot on your plate—your bank account doesn’t have to add to it.
Rather than surprising you with unexpected fees, limited ATM access or transaction limits, a student bank account offers special perks to make your life easier. Some of these perks include:
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Low or no monthly fee
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Unlimited debits
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No minimum balance requirement
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Overdraft protection
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Easy access to your money
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Rewards programs
With so many account options out there, it can be hard to choose the right student bank account for your needs. Here are a few things to think about when weighing your choices.
Factors to consider before opening a student bank account
Features and benefits
When exploring student bank accounts, see if they offer perks like:
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Overdraft protection to help you in case of an unexpected cash crunch
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Special student offers—like a gift card or cash
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Other perks like rewards programs and free transfers
If the account offers the benefits you want, the next step is to understand its fees and costs.
Fees and other costs
Here are a few standard costs to look out for when choosing a student bank account.
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Minimum balance requirements: Some accounts require you to keep a certain minimum balance to avoid fees or qualify for specific benefits. If it’s important to you to avoid the pressure of maintaining a minimum balance, look out for this when choosing your student bank account.
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Monthly fees: Many bank accounts charge a monthly fee (sometimes called a maintenance fee or service charge) to cover the bank’s services. One common perk of student bank accounts is that they usually offer low or no monthly fee for full-time students.
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Banking fees: Does the account charge for debit transactions, international money transfers or other transactions you regularly make?
Now that we’ve covered a few fees—let’s talk about account convenience.
Access and convenience
Does the account offer convenient perks that fit your banking habits and busy schedule?
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Unlimited transactions: Can you send, withdraw and transfer money as often as you want? If you don’t want to keep track of your daily transactions, you’ll want to pick a student bank account with no limits.
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Mobile apps: Some banks’ apps will offer capabilities tailored to students, such as creating a custom profile and sending fast transfers to friends.
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ATM access: Does the account offer access to ATMs across Canada, or will you be charged a fee for using other banks’ ATMs?
Once you find the student bank account that aligns with your daily needs, it’s time to gather everything you need to open the account.
Requirements for opening a student bank account
When opening a student bank account, you must usually provide your:
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Name
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Contact info
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Identification
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Proof of school enrolment
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Expected graduation date
You might also have to give details about where you live, your residential status and more.
Different banks and accounts have different “student” criteria. While most require you to live in Canada, some require that you have a full-time course load in a post-secondary program (and show proof). Others might not be as strict.
How is a student bank account different than a regular bank account?
A student bank account is very similar to a “regular” chequing account. The main differences usually apply to eligibility, perks and fees as outlined in the chart below.
| Feature | Student Bank Account | Regular Bank Account |
|---|---|---|
| Eligibility | Open only to students (there can be age limits too) | Open to anyone (subject to approval) |
| Fees | Typically, low or no monthly fees and access to more ATMs with no bank fee | Some have monthly fees and charge a bank fee to access other banks’ ATMs |
| Minimum Balance | Typically, no minimum balance requirements | May have minimum balance requirements, depending on the bank |
| Other Benefits | Student-specific benefits like tailored mobile apps, budgeting tools and more | General mobile apps, higher interest rates and various rewards programs |
Types of student accounts
In Canada, the most common options for students are student chequing accounts and student banking packages.
Student chequing accounts
A student chequing account is just a regular chequing account with some specific features and benefits geared towards students. Some common perks include:
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$0 monthly fee
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No minimum balance requirement
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Unlimited debits
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Special offers
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Overdraft protection
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Rewards points
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ATM access with no bank fees
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Tailored mobile apps
Student banking packages
You can pair your student chequing account with these valuable financial products:
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A savings account to help you stash money away from your everyday transactions—and even earn more on every dollar with a high interest savings account
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A credit card to help you maximize rewards like travel points, cash back and savings
As a student, you can also access additional resources like rewards programs, student loans and more.
Should I open a student chequing account?
If you want to take advantage of certain account benefits and features only offered to students, a student chequing account could be a great option for you.
You can also open a student chequing account if you’re studying abroad in Canada as an international student.
Pros and cons of student chequing accounts
Please keep in mind that these pros and cons are general—they may not apply to all student chequing accounts in Canada.
| Pros | Cons |
|---|---|
| No monthly fees | Proof of enrolment |
| Special student promotions or offers | Age restrictions |
| Unlimited transactions | Reduced benefits after graduation |
| ATM withdrawals with no bank fee | Limited cheques, bank drafts and other features |
Other accounts to consider
Whether you’re looking for different chequing account features or saving for the future, here are a few other account types to think about.
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Regular chequing account: While regular chequing accounts don’t have student-specific benefits, they might have other features that meet your financial needs.
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Regular savings account: Pair a regular savings account with your chequing account to make quick, easy transfers between the two—especially if they’re held at the same bank.
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High interest savings account (HISA): A HISA can help you earn more on every dollar you save with a higher interest rate than most regular savings accounts.
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Investment accounts: A registered investment account can help you earn more on the money you save—with the potential for compound interest and unique tax benefits.
It’s never too early to start planning and saving for your future after graduation.
How do I open a student bank account?
You can open a student bank account online, over the phone or in person at most banks. Keep in mind that you’ll likely need a form of identification and proof of enrolment in school.
Other FAQs about student bank accounts?
The best bank account for students offers perks that align with your daily money habits. To find the best account for you, start by making a list of must-have benefits. For example, you may need free overdraft protection more than ATM access. If you’re an international student, perhaps you need international money transfers more than a $0 monthly fee.
The best student account is one that offers the benefits you’re seeking.
After you graduate, most banks will typically convert your student bank account to a regular chequing account. This means you might lose some student-specific benefits, like $0 monthly fees, overdraft protection and more—unless the regular chequing account also offers those perks.
Most banks only let you have one student bank account at a time, but you can open other types of accounts at the same bank—or another student bank account at a different bank.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
