{"id":97849,"date":"2026-05-12T12:33:12","date_gmt":"2026-05-12T16:33:12","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=97849"},"modified":"2026-05-12T12:33:15","modified_gmt":"2026-05-12T16:33:15","slug":"your-guide-to-student-banking-in-canada","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/your-guide-to-student-banking-in-canada\/","title":{"rendered":"Your Guide to Student Banking in Canada"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\"><p>Student bank accounts feature no monthly fee, unlimited debit transactions and no-fee ATM access.<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>The most common types of student banking options are chequing accounts and student banking packages (chequing, savings, credit card)<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p>Your bank account usually transitions to a regular account after you graduate or when you turn 25 (as a non-student)<\/p><\/li>\n<\/ul>\n<\/div><\/div><br>\n\n\n\n<p>Now that you&#8217;re pursuing a post-secondary education, it&#8217;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&#8217;re in school.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-student-banking\">What is student banking?<\/h2>\n\n\n\n<p>Student banking refers to bank accounts and banking products designed specifically for students. Unlike standard bank accounts \u2014 whose features typically vary by tier \u2014 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\u2021 e-Transfer Transactions<sup>1,2<\/sup>&nbsp;and lower foreign transaction fees (for studying abroad).<\/p>\n\n\n\n<p>The following grid highlights some of the differences between a regular chequing account and a standard student chequing account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-student-banking-features-and-fees-what-you-need-to-know\">Student Banking Features and Fees: What You Need to Know<\/h3>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\">\n<table class=\"table-swipe wp-block-rbc-responsive-table-block is-style-table-striped\"><thead><tr><th scope=\"col\"><strong>Features<\/strong><\/th><th scope=\"col\"><strong>Student chequing account<\/strong><\/th><th scope=\"col\"><strong>Regular chequing account<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Debit transactions<\/td><td>Unlimited<\/td><td>Varies according to debit transaction\/account type<\/td><\/tr><tr><td>Monthly fees<\/td><td>No minimum balance required<\/td><td>Varies according to debit transaction\/account type<\/td><\/tr><tr><td>Minimum balance requirements<\/td><td>$0, waived for students<\/td><td>Varies according to debit transaction\/account type<\/td><\/tr><tr><td>Account features<\/td><td>Standard student chequing accounts usually include the following perks:<br>\u2022 Free unlimited transactions <br>\u2022 Overdraft protection, subject to credit approval <br>\u2022 Student discount and rewards programs <br>\u2022 Financial literacy resources and tools <br>\u2022 Lower foreign transaction fees (for studying abroad)<\/td><td>Feature sets vary by tier<\/td><\/tr><tr><td>Overdraft protection<\/td><td>$5\/month plus overdraft interest if used<\/td><td>Varies according to tier\/account type<\/td><\/tr><tr><td>Bank drafts<\/td><td>$9.95 each<\/td><td>Typically, $9.95, depending on account type<\/td><\/tr><tr><td>eStatement<\/td><td>Free<\/td><td>Free<\/td><\/tr><tr><td>Monthly paper statements<\/td><td>Free<\/td><td>Varies per tier but typically $2.25\/month without cheque image and $2.50\/month with cheque image<\/td><\/tr><tr><td>Account transition<\/td><td>Typically transitions to standard accounts after graduation or when you turn 25 as a non-student<\/td><td>Remain the same type indefinitely<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-benefits-of-having-a-student-bank-account\">Key benefits of having a student bank account<\/h3>\n\n\n\n<p>Some of the main reasons for opening a student bank account are that it can help you manage limited resources while in school \u2014 budgeting, paying bills, accessing money, transferring funds \u2014 and plan for your financial future as you transition out of student life.<\/p>\n\n\n\n<p>Key benefits of many student banking accounts typically include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">No monthly account fee<\/li>\n    <li class=\"wp-block-rbc-list-item\">No minimum balance requirements<\/li>\n    <li class=\"wp-block-rbc-list-item\">Unlimited debit transactions<\/li>\n    <li class=\"wp-block-rbc-list-item\">Free Interac e-Transfers<\/li>\n    <li class=\"wp-block-rbc-list-item\">Student line of credit options for college, university or trade programs<\/li>\n    <li class=\"wp-block-rbc-list-item\">Overdraft protection, subject to credit approval<\/li>\n    <li class=\"wp-block-rbc-list-item\">Access to credit cards with lower spending limits, annual fee rebates and chance to earn Avion points faster<\/li>\n<\/ul><br>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-student-banking-tips\">Student banking tips<\/h2>\n\n\n\n<p>You might think you don\u2019t need a bank account, but becoming financially confident during your post-secondary education is a good way of ensuring future success.<\/p>\n\n\n\n<p>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\u2019s important to consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Monthly fees<\/li>\n    <li class=\"wp-block-rbc-list-item\">Transaction limits<\/li>\n    <li class=\"wp-block-rbc-list-item\">ATM access<\/li>\n    <li class=\"wp-block-rbc-list-item\">Rewards and bonuses<\/li>\n    <li class=\"wp-block-rbc-list-item\">Student loan discounts<\/li>\n<\/ul><br>\n\n\n\n<p>You may want an account with no monthly fees that offers unlimited transactions, online and mobile banking features and easy ATM access \u2014 especially if you\u2019re 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.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/student-solution\/banking-accounts.html\" target=\"_blank\" data-dig-id=\"LP-97849-c95a3bb8\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"type of student account\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">type of student account<\/a>&nbsp;you choose should make sense for the types of transactions you\u2019ll 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\u2019d like both.<\/p>\n\n\n\n<p>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\u2019ll 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-opening-your-student-bank-account\">Opening your student bank account<\/h2>\n\n\n\n<p>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\u2019re eligible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-eligibility-criteria\">Eligibility criteria<\/h3>\n\n\n\n<p>To qualify for an RBC Advantage Banking account for students, as a domestic or international student, ensure that:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">You\u2019re a full-time student aged 13 or older (14+ in Quebec)<\/li>\n    <li class=\"wp-block-rbc-list-item\">You\u2019re currently living in Canada<\/li>\n    <li class=\"wp-block-rbc-list-item\">You open an RBC Advantage Banking account for students<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-documents-required\">Documents required<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Proof of enrolment at a college, university or other educational institution at the post-secondary level<\/li>\n    <li class=\"wp-block-rbc-list-item\">A valid government-issued ID (e.g. passport, driver\u2019s licence, study permit, etc.)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-open-an-rbc-student-bank-account\">How to open an RBC student bank account<\/h3>\n\n\n\n<p>You can start your application&nbsp;<a href=\"https:\/\/public.rbcroyalbank.com\/cb\/public-account-open\" target=\"_blank\" data-dig-id=\"LP-97849-83fa8fe9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"online\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">online<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/maps.rbcroyalbank.com\/student-banking.html\" target=\"_blank\" data-dig-id=\"LP-97849-ee682a1b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"in-branch\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">in-branch<\/a>. Just make sure to provide the following:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Proof of enrolment<\/li>\n    <li class=\"wp-block-rbc-list-item\">Government-issued ID<\/li>\n    <li class=\"wp-block-rbc-list-item\">Social Insurance Number<\/li>\n    <li class=\"wp-block-rbc-list-item\">Study permit (international students)<\/li>\n    <li class=\"wp-block-rbc-list-item\">Your complete address<\/li>\n<\/ul><br>\n\n\n\n<p>If you\u2019re applying online, you can open your account within minutes via the&nbsp;<a href=\"https:\/\/public.rbcroyalbank.com\/cb\/public-account-open#\/eligibility\/mobile-redirect\" target=\"_blank\" data-dig-id=\"LP-97849-87fefabe\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Mobile app\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">RBC Mobile app<\/a>&nbsp;or on&nbsp;<a href=\"https:\/\/public.rbcroyalbank.com\/cb\/public-account-open#\/client-discovery\/tell-us-about-yourself\" target=\"_blank\" data-dig-id=\"LP-97849-733c6eab\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC.com\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">RBC.com<\/a>. To download the app, go to the App Store for iOS devices or the Google Play Store for Android devices.<\/p>\n\n\n\n<p>To activate your RBC student debit card, follow these steps:<\/p>\n\n\n\n<ol class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><strong>Enter your card details<\/strong> and any required personal information<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Follow the prompts<\/strong> to complete the activation process<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Check your email<\/strong> for any activation instructions or confirmation<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Activate your card<\/strong> by following the instructions provided. For help or if you encounter any issues, you can contact RBC customer service<\/li>\n    <li class=\"wp-block-rbc-list-item\"><strong>Please note<\/strong>: You can also contact an RBC advisor to help you activate your debit card<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-managing-your-money-as-a-college-or-university-student\">Managing your money as a college or university student<\/h2>\n\n\n\n<p>It\u2019s important to keep track of your money while you\u2019re still in school, especially if you\u2019re in charge of paying tuition and managing your living expenses. Start by creating a simple budget that accounts for all your school-related expenses.<\/p>\n\n\n\n<p>Your budget should include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Tuition<\/li>\n    <li class=\"wp-block-rbc-list-item\">Textbooks<\/li>\n    <li class=\"wp-block-rbc-list-item\">School supplies<\/li>\n    <li class=\"wp-block-rbc-list-item\">Rent<\/li>\n    <li class=\"wp-block-rbc-list-item\">Transportation costs<\/li>\n    <li class=\"wp-block-rbc-list-item\">Food<\/li>\n    <li class=\"wp-block-rbc-list-item\">Utilities<\/li>\n    <li class=\"wp-block-rbc-list-item\">Internet<\/li>\n    <li class=\"wp-block-rbc-list-item\">Subscriptions<\/li>\n    <li class=\"wp-block-rbc-list-item\">Medication\/prescriptions, including for reading glasses<\/li>\n    <li class=\"wp-block-rbc-list-item\">An emergency fund<\/li>\n    <li class=\"wp-block-rbc-list-item\">Miscellaneous household items<\/li>\n<\/ul><br>\n\n\n\n<p>Lastly, ensure that any student loans or grants you receive are spent on tuition and \u2014 if you\u2019re living away from home \u2014 on lodging, food and necessary living expenses.<\/p>\n\n\n\n<p>Use the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/budget-calculator.html\" target=\"_blank\" data-dig-id=\"LP-97849-17868a34\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Student Budget Calculator\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">RBC Student Budget Calculator<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/loans-line-of-credit\/cash-flow-calculator.html\" target=\"_blank\" data-dig-id=\"LP-97849-b166d3f4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Monthly Cash Flow Calculator\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Monthly Cash Flow Calculator<\/a>&nbsp;to help forecast your expenses throughout your upcoming academic year and to break down your:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Fixed costs<\/li>\n    <li class=\"wp-block-rbc-list-item\">Variable costs<\/li>\n    <li class=\"wp-block-rbc-list-item\">Discretionary costs<\/li>\n<\/ul><br>\n\n\n\n<div class=\"wp-block-group has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>Tip:&nbsp;<\/strong>Use<strong>&nbsp;NOMI to help keep you on track and&nbsp;<\/strong>alert you to any sudden changes in your spending habits or other day-to-day banking.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-building-credit-while-you-re-in-school\">Building credit while you\u2019re in school<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Having a bank account can help you get a credit card, which \u2014 when used responsibly \u2014 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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-credit-cards-for-student-use\">Credit cards for student use<\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>To get the most out of a credit card geared toward student use, be sure to do the following:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Keep your balance low<\/li>\n    <li class=\"wp-block-rbc-list-item\">Know and understand your credit limit<\/li>\n    <li class=\"wp-block-rbc-list-item\">Make timely payments<\/li>\n    <li class=\"wp-block-rbc-list-item\">Avoid cash advances (cash advance interest rates are higher than regular purchase rates)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-banking-mistakes-students-make-and-how-to-avoid-them\">Common banking mistakes students make (and how to avoid them)<\/h2>\n\n\n\n<p>Like school, banking is an area of your life in which you\u2019re bound to experience a few mistakes. However, procrastinating when it comes to your personal banking can end up costing you. That\u2019s why it\u2019s 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.<\/p>\n\n\n\n<p>Mistakes that could cost you include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\">Overdrawing your account without protection<\/li>\n    <li class=\"wp-block-rbc-list-item\">Ignoring account statements and not tracking spending\u202f\u202f <\/li>\n    <li class=\"wp-block-rbc-list-item\">Falling for unnecessary fees (out-of-network ATMs, overdrafts)\u202f\u202f <\/li>\n    <li class=\"wp-block-rbc-list-item\">Not taking advantage of student account benefits\u202f\u202f <\/li>\n    <li class=\"wp-block-rbc-list-item\">Mixing personal spending with student loan money   <\/li>\n    <li class=\"wp-block-rbc-list-item\">Failing to make timely credit card payments<\/li>\n    <li class=\"wp-block-rbc-list-item\">Failing to update\u202fbanking information when circumstances change\u202f\u202f<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-about-student-banking-in-canada\">Frequently asked questions about student banking in Canada<\/h2>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title1fcecab3\" class=\"collapse-toggle collapsed\" data-target=\"#accordion1fcecab3\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-1fcecab3\" aria-controls=\"accordion1fcecab3\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Do I need to be a full-time student to open a student account?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Do I need to be a full-time student to open a student account?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion1fcecab3\" role=\"region\" aria-labelledby=\"accordion-title1fcecab3\"><div class=\"collapse-inner\">\n<p>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\u2019s licence or passport.<\/p>\n\n\n\n<p>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).<br><br>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\u2019s discretion.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title467f5a72\" class=\"collapse-toggle collapsed\" data-target=\"#accordion467f5a72\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-467f5a72\" aria-controls=\"accordion467f5a72\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What happens to my student bank account when I graduate?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What happens to my student bank account when I graduate?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion467f5a72\" role=\"region\" aria-labelledby=\"accordion-title467f5a72\"><div class=\"collapse-inner\">\n<p>Once you finish school, your RBC student account will typically convert into a&nbsp;regular account following your graduation date or when you turn 25 (as a non-student).<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title8ee644b9\" class=\"collapse-toggle collapsed\" data-target=\"#accordion8ee644b9\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-8ee644b9\" aria-controls=\"accordion8ee644b9\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can international students open a bank account in Canada?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can international students open a bank account in Canada?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion8ee644b9\" role=\"region\" aria-labelledby=\"accordion-title8ee644b9\"><div class=\"collapse-inner\">\n<p>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.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleaa14efda\" class=\"collapse-toggle collapsed\" data-target=\"#accordionaa14efda\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-aa14efda\" aria-controls=\"accordionaa14efda\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much money should I keep in my student account?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much money should I keep in my student account?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionaa14efda\" role=\"region\" aria-labelledby=\"accordion-titleaa14efda\"><div class=\"collapse-inner\">\n<p>There&#8217;s no set amount \u2014 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&nbsp;<strong>RBC Mobile app<\/strong>&nbsp;and setting up low-balance alerts can help you stay on top of your finances and avoid overdrafts. If you&#8217;re unsure where to start, an RBC advisor can help you build a budget that works for your situation.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title8e56b1b5\" class=\"collapse-toggle collapsed\" data-target=\"#accordion8e56b1b5\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-8e56b1b5\" aria-controls=\"accordion8e56b1b5\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I have both a chequing and savings account as a student?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I have both a chequing and savings account as a student?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion8e56b1b5\" role=\"region\" aria-labelledby=\"accordion-title8e56b1b5\"><div class=\"collapse-inner\">\n<p>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.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title9a0ff191\" class=\"collapse-toggle collapsed\" data-target=\"#accordion9a0ff191\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-9a0ff191\" aria-controls=\"accordion9a0ff191\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What credit cards are better suited for students?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What credit cards are better suited for students?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion9a0ff191\" role=\"region\" aria-labelledby=\"accordion-title9a0ff191\"><div class=\"collapse-inner\">\n<p>Some credit cards offer lower credit limits cash back and\/or rewards points for loyalty programs, such as RBC\u2019s 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.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title3c22e046\" class=\"collapse-toggle collapsed\" data-target=\"#accordion3c22e046\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-3c22e046\" aria-controls=\"accordion3c22e046\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How can I avoid banking fees as a student?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How can I avoid banking fees as a student?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion3c22e046\" role=\"region\" aria-labelledby=\"accordion-title3c22e046\"><div class=\"collapse-inner\">\n<p>If you meet the eligibility criteria, you can open a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" target=\"_blank\" data-dig-id=\"LP-97849-5b1478be\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"no monthly fee student account\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">no monthly fee student account<\/a>&nbsp;with free, unlimited transactions.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titledc8360cc\" class=\"collapse-toggle collapsed\" data-target=\"#accordiondc8360cc\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-97849-dc8360cc\" aria-controls=\"accordiondc8360cc\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I use my student account for my small business or side hustle?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I use my student account for my small business or side hustle?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiondc8360cc\" role=\"region\" aria-labelledby=\"accordion-titledc8360cc\"><div class=\"collapse-inner\">\n<p>It\u2019s 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.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-rbc-legal-collapsible disclaimer\" aria-label=\"Legal Disclaimers\"><div class=\"section-inner\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapseDisclaimer\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapseDisclaimer\" data-dig-id=\"LP-97849-ef203815\" data-dig-category=\"LP\" data-dig-action=\"legal close\" data-dig-label=\"legal close\" action-closed=\"legal close\" action-opened=\"legal open\" label-close=\"legal open\" label-open=\"legal close\"><span>View Legal Disclaimers<\/span><span>Hide Legal Disclaimers<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapseDisclaimer\"><div class=\"collapse-inner\"><div class=\"table-wpr\">\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-1\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>1<\/sup><\/div><div class=\"table-cell\">\n<p>There is a limit of 999 free&nbsp;<em>Interac<\/em>\u2021 e-Transfer Transactions per Month per Account; for every&nbsp;<em>Interac<\/em><sup><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" target=\"_blank\" data-dig-id=\"LP-97849-5eb98a2f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"\u2021\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">\u2021<\/a><\/sup>&nbsp;e-Transfer Transaction over the limit, you will be charged $1.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-2\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>2<\/sup><\/div><div class=\"table-cell\">\n<p><em>Interac<\/em><sup><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" target=\"_blank\" data-dig-id=\"LP-97849-156c2a78\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"\u2021\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">\u2021<\/a><\/sup>&nbsp;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&nbsp;<em>Interac<\/em><sup><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" target=\"_blank\" data-dig-id=\"LP-97849-e9f5b19e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"\u2021\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">\u2021<\/a><\/sup>&nbsp;e-Transfer Transaction is sent to cancel without charge. A $5&nbsp;<em>Interac<\/em><sup><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" target=\"_blank\" data-dig-id=\"LP-97849-8dd55224\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"\u2021\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">\u2021<\/a><\/sup>&nbsp;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.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<p>\u2021 All other trademarks are the property of their respective owner(s).<\/p>\n<\/div><\/div><\/div><\/div><\/section>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>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.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Looking to open an RBC student account? Here&#8217;s everything you should know about student banking, from account features and benefits to eligibility requirements.<\/p>\n","protected":false},"author":90,"featured_media":97852,"parent":57313,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[62],"rbc_content_type":[31],"rbc_audience":[61],"rbc_lob_group":[509],"rbc_difficulty_level":[33],"rbc_mmm_category":[366,318,304],"class_list":["post-97849","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-banking-digital-banking","rbc_content_type-article","rbc_audience-youth","rbc_lob_group-accounts","rbc_difficulty_level-beginner","rbc_mmm_category-account-types","rbc_mmm_category-banking-basics","rbc_mmm_category-money-academy"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"What is student banking?","url":"#h-what-is-student-banking"},{"title":"Student banking tips","url":"#h-student-banking-tips"},{"title":"Opening your student bank account","url":"#h-opening-your-student-bank-account"},{"title":"Managing your money as a college or university student","url":"#h-managing-your-money-as-a-college-or-university-student"},{"title":"Building credit while you\u2019re in school","url":"#h-building-credit-while-you-re-in-school"},{"title":"Common banking mistakes students make (and how to avoid them)","url":"#h-common-banking-mistakes-students-make-and-how-to-avoid-them"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Looking to open an RBC student account? 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