Financial and banking services are considered one of the essential services for individuals at present. These services multiply to help individuals achieve their current and future financial goals by finding credit solutions or solutions that help them save and invest.
Accordingly, it is essential to choose the bank that enables you to achieve your financial and credit aspirations that you want, especially in light of the numerous banks in Canada, which will increase the confusion of student customers to decide to choose the best bank for them. In addition to the diversity of advertisements and commercial logos for many banks.
Some banks sometimes resort to updating their slogan to attract students’ attention to it, which is part of the restructuring processes to expand the customer base and attract different citizens’ segments. The competition is fierce between banks to attract students after the contest provided traditional services to the bank.
Here Are The Best Banks for Students In Canada 2020
10. Motusbank No Fee Chequing Account (Online)
This MotusBank digital bank is one of the best bank accounts for students, and it provides them with many free transactions. And it also provides transfer services for Interac e-Transfers. In addition to the interest rate granted by the bank, which comes to 0.25% on every dollar.
If you put small sums of money in this bank, you can put it to the best use it. The bank offers you other features like depositing checks digitally, and it gives you the deposit of your first 25 paper checks for free.
- Monthly Fees: $0
- Transactions: Unlimited
- E-transfers: Unlimited
9. EQ Bank Savings Plus Account (Online)
This account is not considered a definitive bank account, as it does not provide you with banking services and the daily spending that is common in all banks.
The bank may not provide you with a debit card or access to a bank machine as it is an online bank, but it does provide you with electronic bank transfers. And you can do that by associating the bank’s additional savings account with another checking account, and the bank offers you this feature without a fee. It also provides you with a Savings Plus account, which has an excellent regular bank interest rate, which is very good if you keep the money for a while.
- Monthly Fees: $0
- Transactions: Unlimited
- E-transfers: Unlimited
8. Simplii No Fee Chequing Account (Online)
This bank account is not primarily directed to students, but this does not prevent students from using this account to the fullest extent possible. It provides many advantages for people with a limited budget.
There are no fees for transfers; transactions are free and unlimited; this also applies to international transfers, which are primarily useful for international students.
- Monthly Fees: $0
- Transactions: Unlimited
- E-transfers: Unlimited
7. National Bank Student Chequing Account
This account gives students many features that make it one of the best options available to students. Among these privileges, the bank account provides is access to more than 2000 National Bank ATMs across Canada.
National Bank offers a student checking account only for students who study specific majors, including students of law, medicine, and many other disciplines.
- Fees: None
- Monthly transactions: Unlimited
- Interac e-Transfers: Unlimited
6. TD Student Chequing Account
A TD Student Checking account is one of the few bank accounts that has advantages over the others, but it still offers many benefits that students can benefit from beautifully.
The bank account does not charge students an annual fee, but it does charge $ 25 per month and deducts the account $ 1.25 per transaction. It is not recommended to use the debit card too often if you do not increase the fees too much.
- Fees: None
- Monthly transactions: 25 per month
- Interac e-Transfers: Unlimited
5. RBC Student Chequing Account
An RBC Student Banking account comes in at $ 60 for students when they open the account. It offers 25 free transactions every month, unlimited electronic transfers from Interac, and gives students access to more than 4,600 ATMs.
- Fees: None
- Monthly transactions: 25 transactions per month
- Interac e-Transfers: Unlimited
4. Tangerine No Fee Daily Chequing Account
The Tangerine checking account is not primarily a student account, but all its features can suit students. The bank account benefits from monthly fees, one of the most important features students search for. It also provides them with many privileges that make banking services as a student much more manageable.
- Fees: None
- Monthly transactions: Unlimited
- Interac e-Transfers: $1.00
3. CIBC Smart Account for Students
CIBC Bank offers a smart student account, which provides them with unlimited transactions and electronic Interac transfers without charging the student a monthly fee for his studies and even after graduating for six months.
This account automatically enrolls students into the SPC Rewards Program, which offers deals and discounts for the best brands. The bank account qualifies you to enter massive competitions, and you may win $ 35,000, which is sufficient to cover the tuition fees.
- Monthly Fees: $0
- Transactions: Unlimited
- E-transfers: Unlimited
2. RBC Student Banking Account
This account is one of the top picks for students as it is a no-fee account and is well suited for students. It offers a $ 5,000 welcome bonus for students.
Plus, a perk the bank account gives to student car owners is a $ 0.03 per litre discount and a quick rate of profit on Petro-Points when you fill up at Petro-Canada – perfect for car commuters. The account includes unlimited Interac electronic transfers, which should cover the spending habits of most students.
- Monthly Fees: $0
- Transactions: 25 debits per month included; $1.25 each after that
- E-transfers: Unlimited
1. Scotiabank Student Banking Advantage Plan
A limited funds account for students; you can enjoy all the benefits that this account offers without any additional fees or amounts. The bank account gives you unlimited banking services and electronic Interac transfers.
This may enhance purchasing power as it also provides students with the ability to earn points and rewards.
SCENE or Scotia Rewards.
- Monthly Fees: $0
- Transactions: Unlimited
- E-transfers: Unlimited
Source: Rate Hub
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