Picture this: you’re running across campus, trying to make it to your early morning lecture, when, out of nowhere, your coffee spills all over your white jacket.
On top of that, you’ve got an overdue essay, a late-night lab, and midterms start next week. You’re running on empty, both energy-wise and financially. With rent, tuition, and next semester’s textbooks eating away at your wallet, it feels like there’s no room to breathe. What you need is a bank account that’s versatile, flexible, easy to access, and doesn’t add stress to your already packed schedule.
But who has time to sift through endless low-cost or free options and figure out the best one?Luckily, we’ve done the legwork for you so you can focus on your studies. After diving into the best student bank accounts in Canada, we’ve rounded up the top options that should fit your needs. Spoiler: Many of you, along with Canadians at all stages of life, will likely find EQ Bank’s unbeatable 2.75% interest rate to be an ideal fit.
4.9 / 5Chequing / Savings Account
Savings Only (although has “everyday chequing features”)
Interest Rate
1% + 1.75% Bonus
Simply Canada’s Best Online Bank. Excellent savings interest rates, reloadable EQ Bank Card for purchases, superb platform, incredible value.
4.3 / 5Chequing / Savings Account
Savings Only (although called the “Everyday Account”)
Interest Rate
2.25% – 2.90%
Runner up to EQ Bank. Great everyday interest rate of 2.25% and the best no-fee credit card.
3.8 / 5Chequing / Savings Account
Both
Used to have better rates, now frequently offers short-term “teaser rates”. Good credit card options.
3.8 / 5Chequing / Savings Account
Both
Interest Rate
0.40%, with special promo rate of up to 4.75% for the first 3 months.
Best Big Bank. Excellent chequing account and credit combination. Great welcome bonus.
3.7 / 5Chequing / Savings Account
Both
Interest Rate
0.30% (4.50% 5 month Teaser)
Considerable welcome bonus. Good no-fee chequing account and solid app.
2.9 / 5Chequing / Savings Account
Both
Interest Rate
0.05% – 1.15%
Online investing partnership with Qtrade – the best broker in Canada.
2.4 / 5Chequing / Savings Account
Savings Only
Good option for Quebec residents. Only savings accounts and GICs.
We here at Million Dollar Journey believe that the free online chequing accounts are still the best value for most Canadians. Check out FT’s recent comparison of Canada’s best chequing accounts.
For those enrolled full time in post-secondary education, such as a university or college, the big banks actually offer some very attractive packages for the attractive price of $0. Read on to see an overview of some of the best accounts and offers for students. You can also read our new guide for the best student credit cards in Canada.
Flash that Student ID for Those Sweet Student Banking Promotions
Your student ID can get you a free chequing account at all major banks in Canada. When the time is right, you can enjoy some decent chequing account offers for students. Here are the current student banking deals from Canada’s big five banks.
Canadian Big Banks Student Account Comparison:
| Account | Monthly Fee | Transaction Fees | Special Promotions |
| BMO Student Chequing Account | $0 | Unlimited debit transactions and Interac e-Transfers | $175 cash bonus |
| CIBC Smart for Students | $0 | Unlimited debit transactions and Interac e-Transfers | $125 cash bonus; Free SPC+ membership; free 12 month trial of Skip the Dishes, 10 cents off per liter of gas with Journie rewards. |
| RBC Advantage Banking for Students | $0 | Unlimited debit transactions and Interac e-Transfers | $100 cash bonus + 3 cents off per liter of gas at Petro Canada. |
| Preferred Package for Students and Youth | $0 | Unlimited debit transactions and Interac e-Transfers | $175 cash bonus + and Scene+ points. |
| TD Student Chequing Account | $0 | Unlimited debit transactions and Interac e-Transfers | $125 cash bonus + 0.5 Bonus Stars on every $1 spent at participating Starbucks stores. |
BMO’s Students Discount
BMO Bank of Montreal gives students a $17.95 discount on the Performance account. The discount makes the Performance account free. Interestingly, the most basic account (Practical account) is not discounted, so a fuller feature Performance account actually becomes cheaper (free) than the less featured Practical account.
The Performance account gives you unlimited free transactions per month and unlimited Interac e-Transfers.
They also offer a discount on the higher tier Premium account, but it doesn’t have any standout features for students that would justify paying $13/month (down from $30.95).
To be eligible for the student discount, you must be enrolled full-time in university, college, or registered private vocational school. BMO is also nice enough to extend the student discount for up to one year after you graduate.
There is a $175 opening bonus promotion running at the moment until March 20, 2026. You need to be a brand new BMO customer and complete 2 of the following in order to receive the opening bonus:
- send or receive two Interac e-Transfers of at least $50,
- complete one eligible bill payment of at least $50,
- complete one pre-authorized debit
One hundred seventy-five bucks isn’t too bad. That’s about 16 meatball subs worth of cash!
Some other promotions are running during this period:
- Promotional interest rate of 4.50% for 3 months on a balance of $4,300 when a Savings Amplifier Account is added (estimated value of $60 in total interest).
- Up to 5% cash back for the first 3 months with a new Student BMO CashBack Mastercard (estimated value of up to $125 cash back)
- Earn a $200 or $500 cash bonus, depending on your program of study, when you open a BMO Student Line of Credit
- Up to $350 cash back when a BMO InvestorLine Self-Directed Online Investing Account is opened and funded
CIBC’s Free Chequing Account For Students
CIBC offers the CIBC Smart Account and CIBC Smart Start Account for Students. The type depends on your age, but the account details and benefits are virtually the same:
| Students and youth age 14 to 24 | CIBC Smart Start Account |
| Students graduating at age 25 and up | CIBC Smart for Students Account |
Both are free chequing accounts with unlimited transactions and unlimited Interac e-Transfers. That’s quite a convenient account option that takes away the hassle of tracking your transactions every month. You have enough things to track already, transactions shouldn’t be one of them.
CIBC Smart for Students is also offering a $125 opening bonus to new customers. You just have to share your email, register for online or mobile banking, then make at least 5 Visa Debit purchases online within the first of account opening to receive the bonus cash. If meatball subs aren’t your thing, you can get about 25 Red Bull energy drinks instead with your bonus cash.
With either account, you’ll get $50 for each friend you refer – up to 10 friends/$500 per year!
These accounts also come paired with a free SPC membership. You save the $11.99 SPC membership fee and you can enjoy discounts, contests, and other promotional offers for services or goods at retailers across Canada.
CIBC has also now partnered with Skip the Dishes to offer a free 12-month trial, as well as with Journie rewards for 10 cents off per liter at select gas stations. If you’re ordering in or gassing up a lot, these perks could save you!
RBC’s Free Banking Account
RBC’s chequing account aimed at Canadian students is the RBC Advantage Banking for students account. This account offers unlimited debit transactions and unlimited Interac e-Transfers. There is no monthly fee for this account for full-time students.
RBC is lagging in dollar value when it comes to their opening bonus – they are only offering $100 for new customers.
Their promotion runs until June 1, 2026, and requires you to do one of the following by August 10, 2026:
- set up and receive a recurring direct deposit,
- set up and make 1 pre-authorized payment,
- complete 1 bill payment,
- register your RBC Banking account for an Interac auto deposit and send or receive one e-transfer,
- or enroll for a Virtual Visa Debit Card and make one transaction.
Sick of energy drinks and want to detox? 100 bucks can get you 6 healthy Teriyaki Twist bowls from Freshii.
RBC also has a partnership to save you on gas, but it’s only 3 cents per liter and only at Petro Canada. And shouldn’t you be using your student public transportation pass instead anyways?
You can also get the Avion Rewards card with the annual fee waived, and earn points faster on everyday purchases.
Scotiabank Student Banking Advantage Plan
Scotiabank’s free Student Banking Advantage Plan offers unlimited transactions and unlimited Interac e-Transfers. Similar to other Scotiabank accounts, activity in the student account can earn you SCENE points towards free movies and other discounts.
Scotiabank has upped their promo offer since our last update to an enticing $175. The offer is valid until July 1, 2026.
You just have to complete one of the following three things:
- set up payroll deposit (a weird requirement for a student account),
- set up 1 recurring pre-authorized transactions for a minimum of $25 per transaction for three consecutive months,
- or complete at least five online Visa Debit purchases with your ScotiaCard.
Adding a Scotiabank Scene+ Visa card will earn you 10,000 Scene+ points ($100 value). And adding a Money Master Savings Account will earn you an additional 2,500 Scene+ points ($25 value). It’s not a lot but it is a fun night with friends or a date at the movies!
Aside: an interesting option at Scotiabank is to forgo your student status and just open a regular chequing account instead. As Kyle discovered in his Scotiabank review, the current opening bonus of up to $350 could be of value, even if you end up paying some fees.
TD Bank – Free Student Account
Finally, TD’s Student Chequing account is free and gives you unlimited free transactions and unlimited Interac e-Transfers. TD is also offering a $125 cash bonus plus overdraft protection (worth $60) until May 4, 2026 if you complete any 2 of the following:
- Set up and recieve a recurring deposit from your employer or the government
- Set up a Pre-Authorized Transfer Service or Simply Save Service to an eligible TD Savings Account
- Set up Autodeposit for Interac e-Transfer and send or receive an e-transfer of a minimum $50
- Make an online purchase with the TD Access Card with Visa Debit.
Applying for a new TD Cash Back Visa Card can then also earn you up to $100 in Cash Back Dollars. And if you’re frequenting Starbucks to get your caffeine fix, this card will earn you 50% more Stars when linked to your Starbucks Rewards Account.
The Rundown on the Big Bank Options
The main benefit of an account with a major bank is the in-person experience. If that’s important to you, then take advantage of one of the offers described above.
I quite like Scotiabank for its SCENE points rewards program. You’re going to be using your account, might as well earn some free movies at the same time. Those points could come in handy when you’re cash strapped but still want to treat a date to a movie. That being said, it’s hard to say no $175 cash, plus a free Performance Account at BMO.
Best Free Online Bank Accounts for Students
If you don’t need the in-person, in-branch experience at a brick and mortar bank, then a free, online chequing account is for you, student or otherwise. Million Dollar Journey often features updated reviews and comparisons of online banking options, like our review of the Best Online Banks in Canada. The advice there applies to most Canadians, including college and university students.
Honestly, with EQ Bank now having its own debit/credit card available, there is really no reason not to go with this free online bank account.
They won’t buy you any pizzas, but you’ll get an excellent interest rate on money that is just sitting there waiting for you to use. Also, because it’s an online-only bank, their user interface is the best in Canada – plus they excel at offering help via chat or email (no more waiting in line at a branch). Perform your banking at 10 pm from the study hall if that is just how your day is going!
High Interest Savings Accounts For Students
A student may not have much cash for savings or investments, but it’s still important to put away some savings whenever and however much possible.
When it comes to high-interest savings accounts, EQ Bank is the top choice at the moment. We like the high interest rate (4%) on offer, and we like that the rate is not a teaser or promo. The rate is the rate. Whatever money you can set aside into an EQ Bank Savings account can grow while you focus on studying for finals.
An interesting feature of EQ Bank’s saving accounts is the ability to make unlimited Interac e-Transfers and electronic funds transfers. This makes the savings account more flexible and acts a little bit like a chequing account. If you don’t need to write physical cheques, then this EQ Bank Personal account could even cover your everyday banking needs.
In his EQ Bank Review, Kornel suggests an ultimate EQ Bank hack: use a credit card for everyday purchases, then use pre-authorized payments to pay off the credit card. Voila, no chequing account is needed and your money earns you more interest than any chequing account.
Best Student Bank Account in Canada: FAQ
Which Canadian Student Bank Account is Right for You?
I’m all about free online banking for students (and really, for everyone)!
But if you’re someone who enjoys the traditional in-person banking experience, going with one of the big banks and snagging their opening cash bonus is a solid option.
Of the major players, I’ve got to admit, Scotiabank’s Student Account with Scene Points is a fun choice. Who wouldn’t love free movie tickets for a Friday night chill-out? That said, if you’re happy with exclusively online banking options, EQ Bank’s Personal Account with a 2.75% interest rate (check out our full EQ Bank Review for more details) is hands-down the best savings account for students.
