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Courtesy of the Canadian Bankers Association (CBA), the following provides a quick overview of student banking in Canada. Whether you are an international student or you have had an account for quite some time, it gives you information on how your bank can be a good partner during your post secondary school life: Download the Banking for Students PDF.
Choosing a bank can be an overwhelming experience – almost as stressful as choosing which car to purchase or which school to attend. All banks offer similar features, but when it comes to students, you’ll see different perks and benefits. The following table outlines the big Canadian Financial Institutions and their fee structures and benefits to students. A few of the banks offer Advice Centres for students, which can be helpful when it comes to budgeting and ultimately paying for school. Other banks offer perks such as points for Scene cards, Student Price Cards (SPC) and Air Miles.
We hope the following table allows you to narrow down your selection on the bank that will best meets your current and future needs!
Name
Monthly Fee/Min Balance to Avoid Fees
# Transactions per Month
ATM Network
Extras
Associated Credit Card
Other
Advice Centre
Bank of Montreal Student Banking
None
30
Bank of Montreal
2 free Interac email money transfers per month, earn AIR MILES reward miles on debit purchases
No-fee BMO SPC MasterCard with built-in SPC Card benefits
BMO Student Budget Calculator; BMO MoneyLogic
CIBC Everyday Chequing Account (Advantage for Students)
None
Unlimited
CIBC
None
CIBC Classic Visa Card
CIBC Professional Edge Student Program – borrow up to $270,000 towards studies
CIBC Advice Centre
Royal Bank Student Banking
None
25
RBC
None
Signature RBC Rewards, RBC Visa Cash Back, WestJest RBC MasterCard; save up to $39 a year off annual fee
Access to myFinanceTracker, online financial management tool
Scotiabank Student Banking Advantage Plan
None
Unlimited
Scotiabank
Free usage of Scotiabank’s Global ATM Alliance
LEARN VISA card, SCENE VISA card
SCENE movie rewards earned when using debit card; Special Grad Auto Loan programs available
TD Canada Trust Every Day Chequing Account with Student Discount
None
25
TD Canada Trust
None
TD Classic Travel VISA Card (annual fee waived for year 1)
Eligible customers get free access to concert discounts, exclusive contests
TD Student Life
HSBC Performance Chequing – Student
$3.97 / $2,000
40
HSBC, The Exchange, BMO
None
No student specific card
Laurentian Bank Student Advantage
None
15
Laurentian Bank
None
VISA Black Card, VISA Black Reward Me Card
PC Financial No Fee Bank Account (not student specific)
None
Unlimited
CIBC
Earn PC points towards free groceries
No student specific card
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