The Best Student Bank Accounts in Canada for March 2023 – Loans for Stock in Canada

On March 17, 2023

Students in Canada can get great deals on banking if they know where to look.

Banks want to get customers into their system when they’re young because many people will stick with the same bank for life. That translates to no-fee student accounts that often give you free cash just for opening a student account.

Because you’re a savvy deal hunter, you want to know how the banks’ offers stand up, and which ones are the best.

Read on for an in-depth guide to the best bank accounts for international and domestic students in Canada.

Do I Need a Student Bank Account?

There’s no law that says students have to use student bank accounts. But you probably should.

Student bank accounts generally have no monthly fees or minimum balance requirement.

They often come with perks like cash bonuses for signing up, as well as free unlimited Interac e-Transfers, and free advice tailored to students.

Once you graduate, most big banks will automatically convert your student account into a regular adult one. This usually comes with fees and fewer perks. So make sure you shop around for better options before this happens.

What Should You Look for in a Student Bank Account?

When you’re looking at student bank accounts, you want to make sure you’re not getting ripped off. Here are some things to keep in mind: 

Monthly fees: Different banks have different price points.e-Transfers and monthly transactions: If you’re always splitting bills with friends, you’ll want a lot of free e-Transfers. Some student accounts have limits on these or other transactions like debit purchases.Sign-up bonuses: Some banks will give you free cash to get you into their ecosystem.Other perks: Things like reward points, exclusive offers, or even a smaller interest rates could be a huge help for students.Most bank accounts will have options to obtain a cheque book. Make sure you know the basics when it comes to paper cheques, like how to read a cheque.

How to Open a Student Bank Account in Canada

Banks make opening an account easy for students. Most allow students to open accounts online.

Usually, all you’ll need is:

Proof that you’re a full-time student (registration letter and/or student ID)Government photo IDSocial Insurance Number (SIN)

How international students can open a bank account in Canada

If you’re from another country and studying in Canada, you can open a student bank account. The process is just as easy, but you’ll need a couple of extra documents. Sometimes you can get approved before you even land in Canada.

Make sure to read the specific bank’s requirements, but in general, you’ll need

Canadian visa or study permitGovernment photo ID, like your passportProof of school registration (registration letter and/or student ID)Expected graduation date

Best Student Bank Accounts in Canada 

RBC Advantage Banking for students
CIBC Smart for students
BMO Student Banking
TD Student Chequing Account
Scotiabank Student Banking Advantage Plan
Tangerine Everyday Chequing
Simplii No Fee Chequing
EQ Savings Plus Account
PC Money
Wealthsimple Cash

RBC Advantage Banking for students 

 Fees: $0e-Transfers: Up to 999 per month for freeOther perks: Rewards, specific app, $60 intro offer

RBC’s student account comes with free unlimited debit transactions and some opportunities to earn rewards.

Its debit card comes with loadable offers from H&M, Apple, Indigo, and more.

RBC has a separate app for its student accounts that prioritizes e-Transfers, personalization, and simplified banking terms.

You can also get a rebate of up to $39 per year on some credit cards’ annual fees. And RBC will provide you with a virtual Visa debit card, which is safer for online shopping. 

RBC doesn’t charge you a fee to use other banks’ ATMs in Canada. (Those banks may still charge you, though.)

And you can earn a minimum of 1 RBC Rewards point for every $10 you spend by enrolling in the bank’s Value Program.

RBC will give you one free book of 50 cheques.

CIBC Smart for Students

Fees: $0e-Transfers: Unlimited freeOther perks: Unlimited transactions, Student Price Card (SPC) membership

CIBC’s Smart student account comes with unlimited free e-Transfers and all other transactions.

Right now, CIBC is offering $75 if you open a new account, register for online or mobile banking, and make at least 2 Visa Debit purchases within 2 months of opening your account.

CIBC student account holders get a free SPC membership, which comes with hundreds of discounts for students.

You get one free withdrawal at a non-CIBC ATM per month. Outside of that it’s $2 each time.

International students have to show a valid student ID, foreign passport, and study permit (IMM 1442) to open this account.

CIBC also offers specialized accounts for medical, dental, and optometry students.

BMO Student Banking

Fees: $0e-Transfers: Unlimited freeOther perks: Free credit score anytime

The Bank of Montreal’s student account gives you an extra year of fee-free banking after you graduate. It comes with 25 free transactions per month, plus unlimited free e-Transfers.

Its CreditView tool allows you to see your credit score anytime without impacting it.

International students can also open a student account with a Canadian visa or study permit, government photo ID, and proof of school registration.

Chinese international students can apply for a chequing account before they even arrive in Canada. They can also apply for a Guaranteed Investment Certificate (GIC) to help get a study permit.

BMO has specialized accounts for medical and dental students that offer loans geared towards those students.

The bank has a suite of no-fee credit cards — like the CashBack Mastercard — to help you build your credit for the future. This is important for when you want to get a mortgage, an auto loan, or even rent an apartment that requires a credit check.

TD Student Chequing Account

Fees: $0e-Transfers: 25 freeOther perks: Teensy interest rate

TD will give you a no-fee student account until you’re 23, or for as long as you can prove you’re enrolled in full-time post-secondary classes.

The account comes with just 25 free transactions per month. Unlike other banks, that includes e-Transfers. So if you’ve made 20 debit purchases, you only have 5 free e-Transfers left that month. Transactions are $1.25 each after that.

It’s one of the few student accounts with an interest rate, though it is tiny (0.01%).

The TD Access Card comes with Visa Debit for online and in-person shopping.

TD charges $2 for every non-TD ATM withdrawal in Canada.

Scotiabank Student Banking Advantage Plan

Fees: $0e-Transfers: Unlimited freeOther perks: Earn Scene+ points on debit purchases

The Scotia rewards partnership with Scene+ means you’ll earn 1 Scene point for every $5 you spend. Due to a recent overhaul, you can use those points for travel, shopping, dining, banking, and of course, movies.

The account comes with unlimited free transactions, including e-Transfers.

Scotia provides advice for international students through its StartRight program.

Right now Scotiabank is offering $60 for new accounts opened by April 30, 2022. New account holders have to set up and clear one automatic direct deposit; or one recurring pre-authorized transaction, like a bill payment, for two months.

You can earn $60 more by bundling your student account with a Scene Visa card and a Momentum Plus savings account.

Best Online Bank Accounts in Canada

If you don’t need to do brick-and-mortar banking often, these can be solid choices for your student life and beyond.

Tangerine Everyday Chequing

Fees: $0e-Transfers: Unlimited freeOther perks: Tiny interest rate

Tangerine doesn’t advertise its chequing account as a student one, but it has many of the same perks.

It’s free and comes with unlimited transactions (including e-Transfers) and an itty bitty interest rate (0.01% for up to $49,999.99), which is more than most other student accounts.

You can use Scotiabank ATMs for free with no limits since the bank owns Tangerine.

You get one chequebook for free, and they’re $50 after that.


Fees: $0e-Transfers: Unlimited freeOther perks: Solid interest rate

Like Tangerine, Motusbank doesn’t advertise itself as a student account. But the online chequing account comes with unlimited free transactions, including e-Transfers, and zero fees.

It offers the highest interest rate of any non-hybrid account on this list at 0.15%. 

You can use any ATM on the Exchange Network for free. That’s the network of choice for credit unions and smaller banks like National Bank, HSBC, and more.

Simplii No Fee Chequing

Fees: $0e-Transfers: Unlimited freeOther perks: Up to $700 welcome bonus, little interest rate

Simplii is a major player in the online banking world, with unlimited debit purchases and other transactions, including e-Transfers.

Since it’s owned by CIBC, you can use those ATMs for free.

It also offers a 0.05% interest rate.

Simplii also offers international students access to its GIC Program, to help them get a study permit or visa quicker.

Best Hybrid Bank Accounts in Canada

Canada has seen an explosion in so-called “hybrid” financial institutions, like Koho and Wealthsimple Cash, that combine chequing and savings into one online-only account. 

While not specifically marketed as student accounts, they have low fees and cash back at some retailers. 

They often lack some of the more advanced features of traditional accounts, like bill payments or direct deposits, but they can be a great option for students just starting out. 

EQ Savings Plus Account

Fees: $0e-Transfers: Unlimited freeOther perks: PC Financial ATM access; earn Optimum points

EQ Bank’s account isn’t a chequing account, but you can still pay bills and make e-Transfers from it. It also has the best interest rate on this list, at 1.25%. 

There are also no overdraft or dormant account fees.

It’s a popular choice for people who want a combined high-interest savings account and an account you can use to pay bills.

PC Money

Fees: $0e-Transfers: Unlimited freeOther perks: PC Financial ATM access; earn Optimum points

PC Money is a good choice for heavy PC Optimum points users. You can get up to $250 worth right off the bat by spending money in PC stores and referring friends.

Its prepaid Mastercard gives you 10 Optimum points for every dollar you spend. You also get 1,000 Optimum points per $50+ bill payment, up to 5 per month.

PC Money is one of the rare hybrid accounts with free ATM access, at PC Financial ATMs.

Wealthsimple Cash

Fees: $0e-Transfers: Unlimited free Cash transfers insteadOther perks: Easy peer-to-peer transfers, cash back

Wealthsimple Cash’s prepaid Visa has no annual fees and gives you 1% cash back on all purchases. 

It doesn’t have bill payments or direct deposits yet. The company says both features are on their way.

Cash’s major plus is that it allows people to send and receive money to each other much more easily than e-Transfers. You can send up to $5,000 daily and $20,000 monthly.


Fees: $0e-Transfers: Unlimited freeOther perks: Cash back, great interest rate

Koho has no fees and gives you 0.5% cash back on every purchase. You spend using a prepaid Visa card. Koho is one of the rare hybrid accounts with a solid interest rate (1.2%) if you set up direct deposits.


Can people under 18 open a bank account in Canada?

Yes, many banks offer bank accounts for kids under 18, with parental consent. These include RBC MydohScotiabank Getting ThereCIBC Advantage for Youth, and more.

Can international students open a bank account in Canada?

Yes, foreign students studying in Canada can open bank accounts here. Most banks encourage this, as they want to keep international students who stay in Canada as customers.

You’ll just need to prove that you have a valid visa or study permit, and are enrolled full-time at your post-secondary institution.

Can part-time students open student bank accounts in Canada?

Most banks require proof that you’re a full-time student, as defined by your post-secondary institution. The federal government defines a full-time student as one taking at least 60% of your program’s “usual courseload.”


Global Securities Lenders specializes in custom liquidity solutions for those seeking to leverage concentrated market positions quickly, conveniently, and confidentially. We provide flexible terms and low interest rates specifically designed with your goals in mind. GSL recently announced our goal of working in Canada to provide securities lending to companies and high net worth individuals.

Securities-based lending, or a stock loan, is the practice of using market investments such as stocks, ETF’s, warrants, bonds, or real estate investment trusts as collateral for a loan. If you own free-trading, non-restricted stock on a major world exchange that trades at a minimum volume of $30,000 USD daily, you can qualify for a non-recourse, collateralized stock loan from one of our valued lenders in record time! Get an instant quote to see if you qualify.

Original Article: Read More

Original Source: Stocktrades

Categories: Personal Finance

Let's Start a Conversation

Instant Quote

Please fill out your information to see if you are pre-qualified.

Enter the Stock Symbol.

Select the Exchange.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select if you are an Officer/Director.

Global Securities Lenders, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

Global Securities Lenders, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with Global Securities Lenders, LLC’s internal lending policies. Global Securities Lenders, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Contact GSL

Please use our Instant Quote form to see if you're pre-qualified for a non-recourse stock loan, or if you have any questions or feedback, please email, call or chat with us.

+1 (954) 648-5454
2805 E Oakland Park Blvd #307, Fort Lauderdale, FL 33308 USA
Open 24 hours a day / 7 days a week / 365 days a year

Frequently Asked Questions

What Is Securities-Based Lending?

Securities-based lending, or a stock loan, is the practice of using market investments such as stocks, ETF’s, warrants, bonds, or real estate investment trusts as collateral for a loan.

How much money can I get for my securities?

Borrow up to 70% of the value of your pledged investments giving you the capital you need to expand your business, purchase real estate, or tackle a costly project.

What happens if my securities lose value?

With a non-recourse stock loan, you can walk away from your securities at any time and keep the loan money with no negative credit consequences even if the investments lose value.

Is my information safe with GSL?

We pride ourselves on outstanding service and make client confidentiality our top priority. You can always be absolutely certain your information is safe with us.

How long does it take for the disbursement of funds?

Most of the transactions we process take less than 7 days from application to the disbursement of funds giving you cash quickly when you need it most.

What credit score do I need to qualify?

There are no credit checks or personal guarantees necessary with our services. Your pledged securities are the only collateral required for the loan you receive.

Contact Us

Florida Office

2805 E Oakland Park Blvd #307
Fort Lauderdale, FL 33308

Call Us

+1 (954) 648-5454‬

Market Coverage

Generated by Feedzy