Best Student Chequing Accounts in Canada
If you’re a student, chances that you don’t really want to take the time or effort to open and use students chequing accounts. However, using this banking option can help you avail of the many benefits that come with student accounts only one of which is saving on banking costs and charges.
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Specification: CIBC Advantage for Students Account
Specification: RBC Royal Bank Student Banking Account
Sign up for one of those above student Chequing accounts and use them for the time you’re enrolled in college as a freshman or university grad, whether part-time or full-time. Here are some of the main pros of getting a student’s bank account.
- Banking charges ranging from $0 to $15 monthly account fee, which can translate into a maximum of $180 all through the year.
- Promotional packages specifically designed for students
- No limit on the point-of-sale transactions
- Ability to open and operate the bank account online without the need to visit a physical branch
When you start to scout around, chances are that you’ll come across a range of financial institutions offering you students accounts including banks that only have physical branches or only provide online banking services. At offerhub.com, we have put together a detailed list of banks and their services so you can compare their features and make an informed choice according to your banking requirements. Some of these accounts can prove to be a valuable tool for getting you started with any future savings and investments you’ll want to make.
Features to Keep in Mind When Choosing a Bank
Considering that students keep a careful watch on their expenses, you’ll want to go for a bank that understands your needs and offers facilities to help you keep your banking costs down. Check for these features when choosing the best bank.
- Ability to withdraw cash
- Ability to earn points on debit purchases
- Number of unlimited transactions per month
- Minimal or no fees on Interac e-transfers
- Availability of rebates on annual credit card fees
Do keep in mind that many banks may not offer you special students banks accounts and may levy a monthly fee. However, they’ll waive the fees if you fulfill certain conditions. Like, for instance, if you maintain a minimum balance in your account each month.
Qualifying for a Students Chequing Account
Different banks have their criteria for opening special accounts for students. Here are some of the conditions you may have to meet:
- You must provide proof on enrollment in a post-secondary program at an accredited university or college.
- You should be aged between 18 and 25 years.
- You should be a full-time student.
A good time to learn how to manage your finances is when you’re a student in college. Sign up for an account and you’ll find that it’s a great first step toward saving money and creating a secure financial future.