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Open your first chequing account with CIBC Smart for Students. Then: Subscribe and pay for Disney+ Standard with Visa* Debit to get a rebated subscription for 6 months. Within 2 months of opening your chequing account, make 5 Visa* Debit purchases online within the same calendar month to receive $100. Conditions apply ,†.
- Fees and Details
Student Hub; Bank Accounts; CIBC Smart Account for Students...
- Banking for Students
Here’s what’s included in the Best Student Life Bundle. Get...
- Fees and Details
Get $100† with CIBC Smart™ Start and $50‡ for each friend you refer — up to 10! Learn how. No monthly fee until you turn 25 on a CIBC Smart Account3. Free unlimited Interac e-Transfer transactions2. Free unlimited debit and Visa* Debit purchases, withdrawals and bill payments. One free non-CIBC ATM withdrawal in Canada per month6.
Here’s what’s included in the Best Student Life Bundle. Get $100‡ with CIBC Smart™ Start for everyday banking. Get up to $100 with CIBC Dividend® Visa* Card for Students. Get a digital-exclusive $50 bundle bonus†† with the Best Student Life Bundle. Conditions apply.
- The Best Bank Accounts For Students in Canada
- Best Bank Account For Students in Canada
- Best Bank Account For Post-Secondary Students
- Best Bank Account For Young Adults and Older Students
- Honourable Mention
- The Best Online Bank Accounts For Students in Canada
- The Best Online Bank Account For Students
- Best Online Chequing Account For Students
- Best Online Savings Account For Students
- Frequently Asked Questions
Young Canadians looking to open a student account often turn to the major banks, which offer special accounts available only to registered students. Big banks are also established and secure, and frequently offer valuable promotions or rewards.
Scotiabank Student Banking Advantage Plan*
At a glance: Scotiabank offers its Student Banking Advantage plan, which gives students unlimited debit transactions and Interac e-Transfers while boosting their buying power by allowing them to earn Scotia’s popular Scene+points, which they can redeem for groceries, travel and more. 1. Welcome bonus:Earn up to $100 cash and 7,500 bonus Scene+ points (worth up to $75 in value) when you open a new account. Offer ends Oct. 31 2. Monthly fees:$0 3. Transactions:Unlimited 4. E-transfers: Unlimite...
Pros:
1. Just like with the Scene+ credit card, account holders can collect Scene+ points with transactions on this bank account, all of which can be converted into all sorts of stuff that students want, such as groceries, travel and merchandise. 2. Those young adults who want to bundle services can get an excellent banking package and a generous welcome bonus. 3. Although students can’t hang onto this account after graduation, Scotiabank does offer one year fee-free on the Preferred Package bank a...
Cons:
1. This account is only available to full-time students; if you’re studying part-time you won’t be eligible. 2. There are fees for services like bank drafts or overdraft protection. 3. There’s no way to maintain the benefits of this account after you leave school, so you will have to close the bank accountand open another account at another bank, or switch for a different Scotiabank account.
RBC Advantage Banking for Students*
At-a-glance: RBC gives Scotiabank a run for its money by offering a student-focused account with no monthly fees, unlimited transactions, and no extra fees for using out-of-network ATMs. Those wanting a student credit cardcan get a rebate on the annual fee of up to $48, and students can earn Avion points when they use their debit card. 1. Welcome bonus: $100 when you complete an eligible transaction in your account 2. Monthly ees: $0 3. Transactions: Unlimited 4. E-transfers: Unlimited 5. ATM...
Pros:
1. Young adults can earn Avion points on debit purchases. 2. Account-holders get some targeted perks like access to student-specific mobile app and NOMI Insights for budgeting and saving.
Cons:
1. Although this is a no-fee account, there are fees for some services, like PLUS system ATM use, bank drafts and overdraft protection. 2. The Avion program isn’t as flexible as others on this list, like Scene+, and it may not be as useful to students. 3. There’s no way to maintain the benefits of this account after you leave school so you’ll either have to pay for a different RBC account or switch banks.
TD Student Chequing Account
At a glance:The TD Student Chequing Account offers unlimited free transactions and Interac e-Transfers for no monthly fee until you’re 23 years old. And that’s whether or not you’re a student. If you’re older than that before you graduate, you just need proof of enrollment. Although the account is not linked to a specific rewards program, you can get 50% more Starbucks rewards (a.k.a. stars) at Starbucks locations. 1. Welcome bonus: Up to $200 in value when you open a chequing account and a T...
Pros:
1. This is the only account on this list that is available to students and youth and young adults, up to 23 years old, regardless of school enrollment status. Those in school after that age can continue to receive free services with proof of enrollment. 2. The account comes with automatic overdraft protection at no extra charge. 3. The boosted earn rate on Starbucks rewards may appeal to students, especially those who study at the café chain.
Cons:
1. There are fees for some services, such as using non-Interac ATMs. 2. You won’t earn rewards or get many perks with this account. 3. When you graduate, your account is automatically, and without a reminder, switched over to a regular account that the bank chooses based on your account usage.
CIBC Smart Account for Students*
At a glance: The CIBC Smart Account for Students includes unlimited transactions and Interac e-Transfers for no monthly fee for as long as a student is in school—plus six months after graduation. Holding this account also automatically enrolls students in the SPC rewards program, a popular student discount app. 1. Welcome offer: Earn up to $125 when you open the account and complete the eligible transactions, plus enter for your chance to win $35,000 in tuition 2. Monthly fees: $0 3. Transact...
In recent years, online banks have gained traction with Canadian students and those opening their first adult bank account. While each account on our list requires a certain level of comfort with moving money via phone- and web-based apps, accounts at online banks frequently offer good rates and options with lower or no fees. While the concept of a...
Simplii Financial No Fee Chequing Account*
At a glance: Though not specifically marketed as a “student chequing account,” the Simplii No Fee Chequing Account has lots to love for young people on a budget. There are zero monthly fees and unlimited free transactions, even for international transfers, which is a real benefit for international students. New account holders can also earn $400 with the welcome bonus, 6% on a high-interest savings account for five months—or both. 1. Welcome bonus:New clients—students, young adults or otherwi...
Pros:
1. Unlike with the student accounts at the big banks, a Simplii account gives you all the benefits of its regular account, whether you’re enrolled in school or not. 2. Account holders get free international money transfers, so international students will appreciate that, and so may their parents. 3. This account lets you do almost all your everyday banking without fees or minimums.
Cons:
1. Simplii is known for offering great incentives but they usually only apply to new account holders, shutting out existing members. 2. There’s a fee of up to $3 per transaction for using non-CIBC ATMs. 3. Simplii is not available to residents of Quebec.
Tangerine Chequing Account
At a glance:Like the other online banks on this list, the Tangerine Chequing Account offers unlimited transactions and Interac e-transfers for no monthly fee, but it makes this list because of an attractive welcome offer that will appeal to students on a budget: 20% cash back (up to $400) on purchases made online or in-app, and a whopping 5.25% savings interest rate for five months. 1. Monthly fees: $0 2. Transactions: Unlimited 3. E-transfers: Unlimited 4. ATM network: Interac, Plus, Cirrus,...
Pros:
1. With no graduation date to keep track of, the features and services are available—for free—for as long as you have the account. 2. Like the bonus offer from Simplii, there are some good incentives to open a new account.
Cons:
1. After the promotional period, the interest rate on savings accounts goes back down to the posted rate, currently set at 1.00%. 2. There are significant fees for some services including insufficient funds ($45), overdraft ($5) and a one year of inactivity ($10).
EQ Bank Personal Account*
At a glance: The selling point worth highlighting in yellow of this account is an everyday, permanent high interest rate of 2.25%. You also get 1.75% bonus interest when you direct deposit your pay—for a total of 4%. For those with large deposits (such as student loans disbursements), this could be a winning feature, but the account also offers affordable international money transfers through a partnership with TransferWise and no foreign exchange fees which are both attractive perks for inte...
Pros:
1. With a regular interest rate of 2.50%. Get 1.50% additional bonus interest when you direct deposit your pay., this is a very high interest everyday banking account. 2. Unlike most banks offering “free” ATMs use across networks, EQ Bank will actually reimburse you for fees you incur from other banks. 3. The ability to earn cash back on purchases is a welcome option.
Cons:
1. The EQ Bank Card is not currently available to residents in Quebec.
Read more about student finances:
1. 6 money saving tips for post-secondary students 2. The top 5 questions about RESPs 3. Canada’s best student credit cards 4. How much money does the government contribute to an RESP? 5. On-campus vs off-campus housing 6. How to save money as a student
Sep 12, 2024 · Updated on Sep 12, 2024. The CIBC Smart for Students bank account delivers all the cash-saving features you want from a student account, while also providing the accessibility and widespread ATM network that a Big-5 bank is known for. But what really sets it apart is its free SPC+ membership, which gets you up to 30% off the top brands in Canada.
- CIBC
Mar 8, 2021 · In addition to withdrawing and depositing cash, Smart for Students account holders can view recent transactions, access debit and credit account balances and receive paperless receipts using CIBC ATMs. Students do not have to pay ATM fees when using a CIBC ATM. When using a non-CIBC ATM in Canada, a $2 fee per transaction is applicable.
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How do I get a chequing rebate from CIBC smart for students?
Oct 1, 2024 · Available to full-time post-secondary students in Canada and the United States. Earn up to $100 cash and 7,500 bonus Scene+ points (a $75 value) when you open a new account from July 3 to October ...
