8.7/10
EXCELLENT OPTIONS
Canadian banks offer competitive student accounts with low fees and newcomer benefits.
Canada's best student bank accounts at a glance
📋 How we choose the best student bank accounts
We evaluate accounts based on monthly fees, transaction limits, newcomer support, student perks, and ease of opening without extensive Canadian credit history.
Finding the right student bank account as a newcomer to Canada can be challenging, but Canadian banks offer excellent options specifically designed for students and new residents. Our comprehensive review covers the top student banking accounts available in 2026, with special consideration for newcomers navigating the Canadian banking system for the first time.
Best student bank accounts — by category
| Account | Best for | Monthly fee |
|---|---|---|
| RBC Student Banking Top Pick | Overall value | $0 |
| TD Student Chequing | Newcomers | $0 |
| BMO Student Plus | Rewards earning | $0 |
| Scotia StartRight | Basic banking | $0 |
| CIBC Student Banking | Digital features | $0 |
Best Overall Student Account: RBC Student Banking
RBC
RBC's Student Banking account offers the most comprehensive package for students, with unlimited transactions at no monthly fee. The account includes access to RBC's extensive ATM network, online and mobile banking, and special student perks like discounted services and student loan options.
✓ Pros
- ✓Unlimited free transactions
- ✓No monthly fee for students
- ✓Excellent mobile app
- ✓Large ATM network
✗ Cons
- ✗Higher fees after graduation
- ✗Student status verification required
Best Student Account for Newcomers: TD Student Chequing
TD
TD's Student Chequing account excels for newcomers with dedicated newcomer banking specialists and multilingual support. The bank offers special programs for international students and new immigrants, making the account opening process smoother for those without established Canadian credit history.
✓ Pros
- ✓Excellent newcomer support
- ✓Multilingual customer service
- ✓No credit history required
- ✓Student newcomer packages
✗ Cons
- ✗Limited free transactions
- ✗Some fees for premium services
Best Rewards Student Account: BMO Student Plus
BMO
BMO's Student Plus account stands out for its rewards program, allowing students to earn BMO Rewards points on debit purchases. This unique feature helps students build rewards while managing their daily expenses, making it ideal for those who want to maximize value from their banking.
✓ Pros
- ✓Earn rewards on debit purchases
- ✓No monthly fee for students
- ✓25 free transactions
- ✓Student discounts and offers
✗ Cons
- ✗Limited transaction allowance
- ✗Rewards program complexity
Best Basic Student Account: Scotia StartRight
SCOTIA
Scotia StartRight
✦ BEST FOR BASICS
Monthly fee: $0
Transactions: 12 free