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Bank Account! Which one?!

A photo of cathyt cathyt
Hey all!

I have not yet opened a bank account for myself, and I'm wondering...
which bank company is best for a university student?
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9 replies
 
A photo of cyynthiia cyynthiia
I think all the bigger banks out there have some sort of student account that doesn't charge for transactions or deduct interest or anything like that.
But I think the most popular ones are TD, Coast Cap, or Scotia..
Depends where you're from though.
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A photo of cyynthiia cyynthiia
Oh, RBC is another good one too.
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A photo of Anonymous Anonymous
ScotiaBank has a student account that costs $1.25 a month, or free if you keep a balance over $1,000.
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A photo of jenifertruong jenifertruong
RBC and TD both have student accounts that give you 25 free transactions monthly. :)
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A photo of kraken kraken
I have RBC's free student account and like it. Though it's supposedly a chequing account but they never sent me anything about getting cheques... hmm...
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A photo of Anonymous Anonymous

@jenifertruong wrote
RBC and TD both have student accounts that give you 25 free transactions monthly. :)


And then the transactions are like $2 each though right? Rip off.

I can easily do 60 transactions a month because I purposely put lots of money in the bank and then use my credit or debit card to pay for it. I also move money in and out of various accounts. Go for an unlimited account to be safe.
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A photo of tuzzer tuzzer
I went with BMO. As long as you are in post-secondary school or under 22, you get the Plus Plan for free. With Plus plan, you get 30 transaction monthly, and you can get a chequeing account and saving account without any monthly fee. Note that you probably do need a chequeing account to pay for tuition through bank payment and, later on, most rental houses require post-dated cheques. You also get 1 or 2 Interac email money transfer per month, which is a convenient way to transfer large amount of money to your friends. BMO bank cards and credit cards are also part of Citrus network, so you an withdraw money from Citrus ATM worldwide ($0.60 per withdrawal). And although you don't need to get the bank account, you can also get the BMO SPC Mastercard. You get SPC discounts but you don't have to pay any annual fee or renew it every year!

I also have another account with Scotiabank. The good thing about Scoitabank is that it's the in that "Global Alliance Network" with Bank of America. So if you get a co-op job in US or travel in US, you can withdraw money from Bank of America ATM from your Scotiabank account without any extra charge. It's pretty convenient considering that ATM exchange rate is often significantly better than the bank's rate. And you might not want to wire or carry cash across the border after your co-op term in US.
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A photo of victorialimary victorialimary
Hi!
I'm currently working at Scotiabank and as long as you are enrolled in a university/college, you get unlimited transactions for $1.25 a month, or you can have that fee waived if you have a minimum daily balance of $2000. It's called the Student Banking Advantage® Plan. Just make sure you show them proof that you are a full time post-secondary student by October 31st and you're good to go! :)
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A photo of jenifertruong jenifertruong

@ARMY101 wrote

@jenifertruong wrote
RBC and TD both have student accounts that give you 25 free transactions monthly. :)


And then the transactions are like $2 each though right? Rip off.

I can easily do 60 transactions a month because I purposely put lots of money in the bank and then use my credit or debit card to pay for it. I also move money in and out of various accounts. Go for an unlimited account to be safe.




Good for you.
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