What is the best bank account for students in Canada?
On published fees, Primary Chequing Account with Performance Plan from BMO Bank of Montreal ranks first: $0 a year for our Light profile (mostly card and app, small balance), against a median of $143 across 33 ranked accounts. Your own usage can change the order. Fees from FCAC, retrieved November 1, 2026.
What would the #1 account cost a typical student?
Here is the engine’s arithmetic for the Light profile: 12 debit purchases, 3 bills, 2 e-Transfers, 0 branch visits and a $300 low balance a month, with student pricing where the account has it.
Worked example — Primary Chequing Account with Performance Plan (BMO Bank of Montreal), Light profile
| Monthly fee (group price) × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (0 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $0 |
Against the median ranked account, that saves about $143 a year — $717 over five years.
- #1 Primary Chequing Account with Performance Plan · BMO Bank of Montreal$0
- #2 CIBC Smart Account · CIBC$0
- #3 Personal Account · EQ Bank$0
- #4 Neo Chequing account (Essentials) · Neo Financial$0
- #5 RBC Advantage Banking · Royal Bank of Canada$0
- #6 Preferred Package · Scotiabank$0
- #7 Wealthsimple Chequing · Wealthsimple$0
- #8 PC Money Account · PC Financial$0
- Median of the 33 ranked accounts$143
Our verdict
Choose Primary Chequing Account with Performance Plan for the lowest cost at this usage. Your own pattern can change the order: the finder re-ranks every account for your numbers.
How does this ranking work?
Each account gets a cost score for each usage profile: 100 − (fees a year ÷ $3), floored at 0 — so $0 a year scores 100 and $300 or more scores 0. A profile the account can’t serve (for example, branch visits at an online bank) scores 0.
Weights: Light 50% · Everyday 50%. Profiles are defined in the finder; fees come from the true-cost engine described in the methodology.
Rebates for bundles or credit cards, welcome bonuses, app quality and customer service. Those matter, but they can’t be checked from published fee data — so they don’t move the order.
The federal no-cost option
Students and youth (18 and under) are mandatory eligible groups for the no-cost version of the low-cost account at the 14 signatory banks: up to 18 debit transactions a month with the $4 fee waived, subject to proof of eligibility. Details: low-cost and no-cost accounts.
What to compare in a student plan
| Feature | Question to ask |
|---|---|
| Monthly fee | Is it waived while you study, and what proof do you need each year? |
| Transactions | Are they unlimited, or capped? |
| After graduation | When does student pricing end, and what does the account become? |
| e-Transfers | Are Interac e-Transfers included? |
| Branch and ATM access | Is there an ATM on or near campus in the institution’s network? |
| Deposit protection | CDIC member or provincial insurer? Check the directory. |
Where to look
Big Six banks
All six signed the low-cost commitment. Profiles: RBC, TD, Scotiabank, BMO, CIBC, National Bank.
Online banks
No-fee everyday accounts are common; check cash-deposit options.
Credit unions
Local branches and member ownership; deposit protection set by your province.
Fintech apps
Not banks — check where your money is held.
Set a calendar reminder for the month your student pricing ends. That’s when to re-run the fee calculator.
Frequently asked questions
Can students get a free bank account in Canada?
Yes. Students are an eligible group for the no-cost account at the 14 banks that signed the federal commitment, and many banks also offer student plans.
What happens to a student account after graduation?
It usually converts to a regular plan with a monthly fee after a set period. Ask the bank for the date and the new price.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.