Can I open a student bank account online?
Most major banks offer the option to apply for a student account through their websites or mobile apps. Look for banks that offer student accounts with benefits like no monthly fees, free transactions, and student-specific perks. Banks like RBC, TD, Scotiabank, BMO, and CIBC often have dedicated student accounts.
Prepare required documents, like a driver’s license, passport, or provincial ID, a student ID card or an enrollment letter from your educational institution, a utility bill or rental agreement.
Navigate to the section for student accounts on the bank’s website or app. Fill out the online application form with your personal details, contact information, and student information.
You may be asked to upload digital copies of your documents, like a driver’s license, passport, or provincial ID, a student ID card or an enrollment letter from your educational institution, a utility bill or rental agreement.
The bank will review your application and documents. This process might take a few days. Once your application is approved, you’ll receive details about your new account and how to access it.
Set up online and mobile banking to manage your account, track transactions, and perform banking tasks.
Do Canadian banks charge a fee for checking accounts for students?
Most Canadian banks offer checking accounts for students with no monthly fees. These accounts are designed to accommodate students' financial needs without adding extra costs.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.45% | 863 |
| 25,000 | 3.55% | 888 |
| 25,000 | 3.65% | 913 |
| 60,000 | 3.75% | 2,250 |
| 60,000 | 3.85% | 2,310 |
| 60,000 | 3.95% | 2,370 |
| 140,000 | 4.05% | 5,670 |
| 140,000 | 4.15% | 5,810 |
| 140,000 | 4.25% | 5,950 |
| 340,000 | 4.35% | 14,790 |
| 340,000 | 4.45% | 15,130 |
| 340,000 | 4.55% | 15,470 |
What interest can I get on a savings account for students?
Interest rates on savings accounts for students in Canada can vary widely depending on the bank and the specific type of account and usually varies from 0.05% to 0.15%. While savings accounts for students typically offer lower interest rates compared to other investment options, some banks do provide competitive rates.
What is the best bank account for international students?
Choosing the best bank account for international students in Canada depends on various factors, such as fees, ease of access, and additional features.
Top Bank Accounts for International Students:
- Royal Bank of Canada (RBC) – RBC Student Banking Account
- Toronto-Dominion Bank (TD) – TD Student Banking Account
- Scotiabank – Scotiabank StartRight Program
- Bank of Montreal (BMO) – BMO Student Banking Account
- Canadian Imperial Bank of Commerce (CIBC) – CIBC Smart Account
See the similar FAQ at the link:
- BMO RDSP
- BMO S&P 500 index ETF
- BMO SelectTrust portfolios
- BMO US dividend fund
- BMO US dollar monthly income fund
Details of companies offering the financial services:
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
National Bank
Head office’s address: 600 Gauchetiere St W, 4th Floor, Montreal
Contact center: 888-483-5628
Phone: 844-394-4494
Web-site: https://www.nbc.ca/en/personal.html
Swift code: BNDCCAMMINT
Stock code: NA
BSB: 006
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004