Best student chequing accounts in Canada

The Tangerine No Fee Daily Chequing Account isn’t labelled as a student account, but despite that, it’s one of the best accounts out there for those looking for flexibility and low rates.

Account holders get unlimited transactions and don’t pay any monthly fees. The standout feature for the Tangerine No Fee Daily Chequing Account, however, is its interest rate, which ranges up to 0.10%, a rarity for standard "chequing" accounts with the big banks, but not anything to write home about with Neo banks.

The reason why we like Tangerine is its current promotion: Earn up to 5.75% when you open a savings account (it's easy to do within their user-friendly app). And, if you open both accounts within 30 days, and activate your client card within 60 days, that’ll get you 20% cash back on eligible online Visa* Debit transactions when you shop online.

And we're not done yet.

Set up Automatic Transfers within 60 days of becoming a new Client from your new Chequing Account to your new Savings or Investment Funds Account (of at least $50 total per month for 2 months in a row), and they'll drop another $100 into your account.

Get an account and read all the print about the offer here.

EQ Bank isn't a chequing account, they call it a personal account because it's a hybrid of chequing and saving account. Let me explain.

Say goodbye to a paltry 0.10% interest rate on your money. Say hello to 2.5% interest (the most of any of these banks as a standard interest rate). Plus, if you set up direct deposit with your paycheque with them, they'll give you 4% interest and that's ongoing.

There are no fees (not even for foreign transactions), unlimited e-transfers, a sweet mobile app, and you can have up to 5 accounts with them to manage all your sinking and emergency funds.

The long complaint with EQ was they didn't have a credit card, but now they have one of the best prepaid credit cards in Canada. You earn 0.5% cash back on all your spending and any money on the card earns the same interest as if it was in your account (2.5%-4%).

No monthly fees while you're in school and for up to one year after you graduate (sweet lil' bonus when you getting started). You'll also get unlimited transactions per month (including unlimited Interac e-transfers)*.

As a special bonus, they'll give you a $100 in cash plus six months of Domino's pizza 🍕, now that seems fitting for the student lifestyle.

This performance chequing account normally costs $16.95 per month and gives you a solid 5.50% promotional* interest rate on funds in your account. Of course, as a student, you don't pay those fees, but you do reap the rewards.

They'll also throw in a $40 rebate on the annual fee for eligible BMO credit cards. Though, the BMO Student CashBack Mastercard is our best student credit card (for the last few years in a row) and it has a $0 annual fee.

You can open an account online and then show up to a branch within 6 months with proof that you're a student.

From March 1, 2024 to June 30, 2024 (the “Promotion Period”), earn a promotional interest rate of 5.50% (the “Total Promotional Rate”) on deposits made to your BMO Savings Amplifier account (the “Promotional Rate Offer”) up to $1,000,000, during the Promotional Period.

To qualify you must:

1. Open a new Primary Chequing Account with the Performance Plan or Premium Plan (an “Eligible Plan”);

2. Open a new Savings Amplifier Account;

3. Make a deposit into the Savings Amplifier Account.

The Total Promotional Rate calculation is comprised of the Bank’s posted interest rate of 1.90% plus a promotional rate of 3.60%.

*conditions apply

Open a no fee chequing account by October 31, 2024, set up a direct deposit of at least $100 a month for 3 straight months and you'll earn $400. There's no monthly or transaction fees with this account.

Until April 30th, 2024, you can also earn 6% interest on deposits for 5 months if you also open a savings account with Simplii. No matter how much is in your account, you won't pay monthly fees (no minimum balance needed). Their chequing account interest rate is 0.01% for anything less than $50,000 in the account.

Finally, you can get the Simplii Cash Back Visa card and ear up to 20% cash back for your first 3 months on gas, groceries, drugstore purchases, and pre-authorized payments (Up to $500 spend).

It's a big commitment to unlock all the bonuses, but Simplii is also regularly winning awards for their banking and credit products.

Ok, there's a $100 bonus but BMO, TD, Scotiabank...all the big banks give you that and none of them compare to the others listed above.

The reason CIBC wins a spot on the list is because you get a free Student Price Card (SPC) membership (which would normally cost $10). You'll get discounts on food and clothings store which could save you even more money. When I was a student, I had an SPC card and failed to use it so never realized any of the gains mind you.

So, they'll give you $110 beating out the other big banks offers but the interest rate isn't good.

There are no fees, which is a bonus obviously. If you like an in-branch experience and live near a CIBC branch, then I might consider it, but I think tech-savvy students can earn more keeping their money elsewhere.

Oh, but by opening an account and a CIBC credit card, you're entered to win $35,000 towards tuition.

CIBC is a great choice when it comes to chequing accounts for students, as it allows for unlimited transactions (though there is a $1.50 charge per Interac e-transfer) and has no monthly fee. Another big advantage of the CIBC Advantage for Students account is that it offers a bonus extended period for new graduates: Those who have already graduated from their post-secondary institution can maintain this student account and its perks for an additional 6 months after they have completed their diploma or degree.