Your everyday account,without the fees.
From big-bank student plans to modern fintech alternatives and credit unions — we've reviewed every bank account worth considering as a student or young adult in Canada. 10 options, all in one place.
What to consider when choosing the right bank account for your needs
Always look for a $0/month fee option — student or online accounts usually qualify.
e-Transfers are a daily necessity. Make sure yours are unlimited and free.
CDIC insurance protects up to $100,000 per depositor at member banks — stick to regulated institutions.
Pair your chequing account with a no-fee credit card to earn rewards on everyday spending.
Look for accounts that pay interest on your balance.
A strong mobile app saves you hours. Prioritize institutions with top-rated apps.
If you travel frequently, look for a no foreign transaction fee card to pair with your account.
Credit unions are member-owned and often offer better rates than big banks — don't overlook them.
Wealthsimple Cash Account
Wealthsimple
Always free
Wealthsimple Cash is a no-fee chequing account using a prepaid Mastercard. It earns 1.25% interest on balances, charges no foreign transaction fees, and reimburses ATM fees worldwide. It links seamlessly to Wealthsimple's investing platform.
- No fees, no minimums
- Peer-to-peer payments (like Venmo)
- Seamlessly linked to Wealthsimple Invest & Trade
- 1.25% interest on your balance
- No FX fees
- WS reimburses fees charged by ATM providers globally
National Bank The Total Chequing Account (Student)
National Bank
Free for full-time students
National Bank waives the monthly fee on The Total account for full-time students and those under 25. It includes unlimited transactions and free Interac e-Transfers. National Bank has a broader presence in Quebec than other provinces.
- Monthly fee waived for full-time students
- Unlimited transactions
- Free Interac e-Transfers
- National Bank ATM network access
- Access a Platinum Mastercard with a $0 annual fee for the first 3 years
- Specialized borrowing terms (e.g., Prime + 0.25%) are available depending on the student's field of study
Neo Chequing Account
Neo Financial
Always free
Neo Financial's hybrid account earns both interest and cash back.
- No monthly fees
- 1% cashback on gas and groceries
- Unlimited transactions
- Unlimited Interac e-Transfers
- Up to 3% interest
PC Money Account
PC Financial (CIBC)
Always free
The PC Money Account is a no-monthly-fee account that earns PC Optimum points on everyday purchases and banking activities such as direct deposits. It also offers interest on savings balances. Best suited for those who regularly shop at Loblaw-affiliated stores.
- No monthly fee
- PC Optimum points on every purchase
- Free Interac e-Transfers
- Access to CIBC ATMs
- 2.2% Interest on savings
- Offer: Get $150 in PC Optimum points
CIBC CIBC Smart for Students
CIBC
No fee for students
CIBC's Smart for Students account waives the monthly fee for full-time students until 6 months after graduation. It includes unlimited transactions, free Interac e-Transfers, and access to 3,400+ CIBC ATMs.
- No monthly fee for full-time students
- Access to 3,400+ CIBC ATMs
- CIBC Smart app with spending insights
- Offer: $125 cash and a free Skip+ membership
- Save up to 10 cents per litre on gas with Journie Rewards
Tangerine No-Fee Daily Chequing
Tangerine
Always free
Tangerine's chequing account has no monthly fee, no minimum balance, and unlimited transactions. It offers free access to 3,500+ Scotiabank ATMs nationwide. Tangerine operates online-only and has no dedicated branches.
- Zero monthly fee, no minimum balance
- Free unlimited debit transactions
- Free Interac e-Transfers
- Cashback on spending via Tangerine Mastercard
- Free access to 3,500+ Scotiabank ATMs nationwide
TD Student Chequing Account
TD Bank
Free while a full-time student
TD's student chequing account has no monthly fee until age 23, or longer with proof of full-time post-secondary enrolment. It includes unlimited transactions and free Interac e-Transfers. The TD app includes MySpend for spending tracking by category.
- No monthly fee with student proof
- Unlimited transactions included
- Access to 2,700+ TD ATMs Canada-wide
- TD app with budget tracking tools
- Easy upgrade path after graduation
BMO Student Performance Chequing Account
BMO
Free while a full-time student
BMO's student chequing account has no monthly fee while enrolled in post-secondary, and for up to one year after graduation. It includes unlimited transactions and free Interac e-Transfers, with access to BMO's branch and ATM network.
- No monthly fee with student status
- Unlimited debit transactions
- 3,300+ ATMs across Canada
- Limited-time offer: Up to a $200 Tech reward from Best Buy
- Unlimited Interac e-Transfers
Desjardins Youth Unlimited Chequing Account
Desjardins
Free for young people ages 18 to 30
Desjardins offers a no-fee chequing plan for members aged 18–30 (students up to age 30 with proof of enrolment). It includes unlimited transactions and access to the AccuLink® ATM network. Desjardins is a co-operative with its primary presence in Quebec and Ontario.
- Unlimited transactions
- Unlimited Interac e-Transfers
- Access to the AccuLink® ATM network
Alterna Bank No-Fee eChequing Account
Alterna Bank
Always free
Alterna Bank is the digital arm of Alterna Savings Credit Union. Their no-fee eChequing account includes free Interac e-Transfers and is CDIC-insured as a federally regulated bank. It operates online-only.
- No monthly fee
- Free Interac e-Transfers
- CDIC insured as a federally regulated bank
- Backed by Alterna Savings Credit Union