TLDR
Student bank accounts feature no monthly fee, unlimited debit transactions and no-fee ATM access.
The most common types of student banking options are chequing accounts and student banking packages (chequing, savings, credit card)
Your bank account usually transitions to a regular account after you graduate or when you turn 25 (as a non-student)
Now that you’re pursuing a post-secondary education, it’s important to develop your financial know-how. Establishing good banking habits will help you manage the costs associated with your degree and set you up for further success in life. Student banking is designed to make things easier for you while you’re in school.
What is student banking?
Student banking refers to bank accounts and banking products designed specifically for students. Unlike standard bank accounts — whose features typically vary by tier — student accounts often come with no monthly fees and no minimum balance requirements. Student accounts also tend to feature convenient benefits like unlimited debit transactions, free Interac‡ e-Transfer Transactions1,2 and lower foreign transaction fees (for studying abroad).
The following grid highlights some of the differences between a regular chequing account and a standard student chequing account.
Student Banking Features and Fees: What You Need to Know
| Features | Student chequing account | Regular chequing account |
|---|---|---|
| Debit transactions | Unlimited | Varies according to debit transaction/account type |
| Monthly fees | No minimum balance required | Varies according to debit transaction/account type |
| Minimum balance requirements | $0, waived for students | Varies according to debit transaction/account type |
| Account features | Standard student chequing accounts usually include the following perks: • Free unlimited transactions • Overdraft protection, subject to credit approval • Student discount and rewards programs • Financial literacy resources and tools • Lower foreign transaction fees (for studying abroad) | Feature sets vary by tier |
| Overdraft protection | $5/month plus overdraft interest if used | Varies according to tier/account type |
| Bank drafts | $9.95 each | Typically, $9.95, depending on account type |
| eStatement | Free | Free |
| Monthly paper statements | Free | Varies per tier but typically $2.25/month without cheque image and $2.50/month with cheque image |
| Account transition | Typically transitions to standard accounts after graduation or when you turn 25 as a non-student | Remain the same type indefinitely |
Key benefits of having a student bank account
Some of the main reasons for opening a student bank account are that it can help you manage limited resources while in school — budgeting, paying bills, accessing money, transferring funds — and plan for your financial future as you transition out of student life.
Key benefits of many student banking accounts typically include:
- No monthly account fee
- No minimum balance requirements
- Unlimited debit transactions
- Free Interac e-Transfers
- Student line of credit options for college, university or trade programs
- Overdraft protection, subject to credit approval
- Access to credit cards with lower spending limits, annual fee rebates and chance to earn Avion points faster
RBC student banking packages include access to a suite of credit cards that enable you to earn Avion points on everyday purchases like groceries, dining, food delivery, rideshare, streaming services, gas and more.
Student banking tips
You might think you don’t need a bank account, but becoming financially confident during your post-secondary education is a good way of ensuring future success.
When selecting the right student bank account for yourself, look for one that provides the services you need and best suits your specific financial situation. It’s important to consider:
- Monthly fees
- Transaction limits
- ATM access
- Rewards and bonuses
- Student loan discounts
You may want an account with no monthly fees that offers unlimited transactions, online and mobile banking features and easy ATM access — especially if you’re going to be in school full-time. This would allow you to keep your expenses low while saving money and have easy access to your money when you need it.
The type of student account you choose should make sense for the types of transactions you’ll need to do throughout the school year. Besides paying tuition and buying textbooks and school supplies, will you be paying rent and handling your living expenses? Is a student chequing account the best option or would you be better off with a savings account? Maybe you’d like both.
In addition to choosing the right bank account, ensure that the financial institution you choose can fully support your needs as a student. Online banking is available at most institutions, but not everyone has branches on or near campus. You’ll likely want face-to-face access to branch managers and customer support staff if you ever have issues with a student loan, student line of credit or student credit card.
Opening your student bank account
Taking control of your finances as you pursue your studies is a good step toward building your confidence and learning how to manage your money as an adult. But to qualify for a student banking account, make sure that you’re eligible.
Eligibility criteria
To qualify for an RBC Advantage Banking account for students, as a domestic or international student, ensure that:
- You’re a full-time student aged 13 or older (14+ in Quebec)
- You’re currently living in Canada
- You open an RBC Advantage Banking account for students
Documents required
- Proof of enrolment at a college, university or other educational institution at the post-secondary level
- A valid government-issued ID (e.g. passport, driver’s licence, study permit, etc.)
How to open an RBC student bank account
You can start your application online or in-branch. Just make sure to provide the following:
- Proof of enrolment
- Government-issued ID
- Social Insurance Number
- Study permit (international students)
- Your complete address
If you’re applying online, you can open your account within minutes via the RBC Mobile app or on RBC.com. To download the app, go to the App Store for iOS devices or the Google Play Store for Android devices.
To activate your RBC student debit card, follow these steps:
- Enter your card details and any required personal information
- Follow the prompts to complete the activation process
- Check your email for any activation instructions or confirmation
- Activate your card by following the instructions provided. For help or if you encounter any issues, you can contact RBC customer service
- Please note: You can also contact an RBC advisor to help you activate your debit card
Managing your money as a college or university student
It’s important to keep track of your money while you’re still in school, especially if you’re in charge of paying tuition and managing your living expenses. Start by creating a simple budget that accounts for all your school-related expenses.
Your budget should include:
- Tuition
- Textbooks
- School supplies
- Rent
- Transportation costs
- Food
- Utilities
- Internet
- Subscriptions
- Medication/prescriptions, including for reading glasses
- An emergency fund
- Miscellaneous household items
Lastly, ensure that any student loans or grants you receive are spent on tuition and — if you’re living away from home — on lodging, food and necessary living expenses.
Use the RBC Student Budget Calculator and Monthly Cash Flow Calculator to help forecast your expenses throughout your upcoming academic year and to break down your:
- Fixed costs
- Variable costs
- Discretionary costs
Tip: Use NOMI to help keep you on track and alert you to any sudden changes in your spending habits or other day-to-day banking.
Building credit while you’re in school
Maintaining a good credit history is fundamental to developing good banking skills and will set you on the right track as you transition out of student life. Your credit history will impact your credit score, which could affect your ability to rent an apartment or qualify for a car loan or mortgage. The better your creditworthiness, the more likely landlords and lenders will want to do business with you.
Having a bank account can help you get a credit card, which — when used responsibly — can help you establish credit history and build up your credit score. Your credit score is a three-digit number (from 300 to 900) which lenders use to assess your creditworthiness. The better your score, the better your likelihood of being able to borrow money. Making timely credit card payments will increase your credit score, while making delinquent payments could lower it.
Credit cards for student use
A credit card can be convenient for paying for things like books, groceries and transportation. You can also sometimes qualify for an annual fee rebate as a student. Some cards offer cash back or rewards points you can redeem for gift cards, merchandise or travel and often include built-in purchase protection.
To get the most out of a credit card geared toward student use, be sure to do the following:
- Keep your balance low
- Know and understand your credit limit
- Make timely payments
- Avoid cash advances (cash advance interest rates are higher than regular purchase rates)
Common banking mistakes students make (and how to avoid them)
Like school, banking is an area of your life in which you’re bound to experience a few mistakes. However, procrastinating when it comes to your personal banking can end up costing you. That’s why it’s important to review your account statements regularly, as you receive them. This should allow you to have a clear idea of how much money is in your bank account at any given time.
Mistakes that could cost you include:
- Overdrawing your account without protection
- Ignoring account statements and not tracking spending
- Falling for unnecessary fees (out-of-network ATMs, overdrafts)
- Not taking advantage of student account benefits
- Mixing personal spending with student loan money
- Failing to make timely credit card payments
- Failing to update banking information when circumstances change
Frequently asked questions about student banking in Canada
You need to be at least age 13 (14 in Quebec), meet our requirements for a full-time student and provide proof of ID when you apply, for example, a valid driver’s licence or passport.
To be considered a full-time student, you must attend a primary or secondary school or be enrolled in a program at the post-secondary level at a college, university or other educational institution (whether in Canada or not).
If you are a post-secondary student, you must take at least 60% of the usual course load for the program in which you are enrolled in any particular semester. Proof of enrolment may be requested at RBC’s discretion.
Once you finish school, your RBC student account will typically convert into a regular account following your graduation date or when you turn 25 (as a non-student).
Yes, international students living in Canada can open a bank account in Canada, provided they meet all RBC full-time student requirements at the time they open the account.
There’s no set amount — it depends on your expenses and spending habits. A good rule of thumb is to keep enough to cover your regular monthly costs (rent, groceries, transportation, subscriptions) plus a small cushion for unexpected expenses. Reviewing your balance regularly through the RBC Mobile app and setting up low-balance alerts can help you stay on top of your finances and avoid overdrafts. If you’re unsure where to start, an RBC advisor can help you build a budget that works for your situation.
Yes, you can have both a chequing and savings account as a student. You can rely on a chequing account for your day-to-day banking and use a savings account to build an emergency fund or simply save money.
Some credit cards offer lower credit limits cash back and/or rewards points for loyalty programs, such as RBC’s Avion Rewards. Credit cards with lower credit limits tend to have more relaxed income requirements, making it easier for students to qualify. Avion points can be redeemed for travel, gift cards, financial transactions, experiences (movies, concerts, etc.) and more.
If you meet the eligibility criteria, you can open a no monthly fee student account with free, unlimited transactions.
It’s okay to use your student account for occasional transactions from tutoring, small gigs or freelance work. However, talk with an RBC advisor if you have a high volume of transactions that exceeds the limits of your student account.
There is a limit of 999 free Interac‡ e-Transfer Transactions per Month per Account; for every Interac‡ e-Transfer Transaction over the limit, you will be charged $1.
Interac‡ e-Transfer Transactions expire 30 days after they are sent and cannot be claimed by the recipient after this time. You have 15 days after the Interac‡ e-Transfer Transaction is sent to cancel without charge. A $5 Interac‡ e-Transfer Transaction Reclaim Fee is charged when a recipient does not accept it before it expires and the sender does not cancel the transaction before the 15-day cancellation period.
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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.
