Student banking should be simple: $0 monthly fees, fast Interac e-Transfers, and ATMs you can actually find. Here’s a human short-list with real pros/cons, a light matrix (no jargon), and exactly what you’ll be asked to show—plus the banks that make life easier for international students.
When I helped my cousin settle in Mississauga, the winning combo was $0 fee, unlimited e-Transfers, and machines near campus. Everything else was noise.
Best student bank accounts in Ontario 30-second decisions (editor’s short-list)
- RBC Advantage Banking (Students): $0 for full-time students and for anyone 24 or younger; unlimited debits; Interac e-Transfers included. Pick RBC if you want a polished app and a big national footprint.
- TD Student Chequing: No monthly fee with student status (or automatically to age 23); unlimited transactions; Interac e-Transfers included. Pick TD if you want branches and Green Machine ATMs practically everywhere.
- EQ Bank Personal Account + prepaid EQ Bank Card: $0, e-Transfers included, and Canadian ATM operator fees reimbursed when you use the card. Pick EQ if you bounce between cities and don’t want to hunt for a specific ATM brand.
Bank-by-bank: what actually stands out
- RBC (Advantage for Students) — $0 if you’re full-time or ≤24; e-Transfers included; huge ATM/branch network.
Why pick RBC: strong app, broad reach, and smooth day-to-day banking. - TD (Student Chequing) — Fee waived with student status (or to age 23). Unlimited transactions; e-Transfers included.
Why pick TD: dense footprint means easy in-person help and cash deposits. - Scotiabank (Preferred for Students & Youth) — $0 if under 23 or enrolled full-time; e-Transfers included.
Why pick Scotiabank: Global ATM Alliance gives surcharge-free withdrawals at partner ATMs in many countries (foreign exchange still applies)—handy if you’ll travel in breaks. - BMO (Student pricing on Performance Plan) — Plan fee waived while in school (often with a short post-grad grace); unlimited transactions and e-Transfers.
Why pick BMO: good campus presence in many cities; easy if your school already leans BMO. - CIBC (Smart for Students) — $0 with student status (often up to age 25); unlimited everyday transactions including e-Transfers.
Why pick CIBC:tiered ATM rebates (new structure):- Tier 1 (most students): 1 non-CIBC ATM CIBC-fee rebate per month in Canada (the machine owner’s surcharge can still apply).
- Tier 2/3 (higher balances): Unlimited non-CIBC ATM fee rebates in Canada/U.S./international.
- Tangerine (No-fee Chequing) — $0, unlimited daily transactions, e-Transfers included; free access to Scotiabank ABMs nationwide.
Why pick Tangerine: you never want monthly fees and you’re happy to bank on the app. - Simplii (No-fee Chequing) — $0 with CIBC ATM access; unlimited daily banking and e-Transfers.
Why pick Simplii: digital-first, but with easy cash deposits/withdrawals via 3,400+ CIBC machines (no reimbursements on other networks). - EQ Bank (Personal Account + prepaid EQ Bank Card) — $0 account; e-Transfers included. The prepaid card links to your Personal (or Joint) Account—you load funds from the account to the card. Canadian ATM operator fees are reimbursed when you withdraw with the card.
Why pick EQ: “any ATM in Canada” convenience without branch hunting.
Read: Ontario High Demand Careers: Step-by-Step Guides
A light comparison matrix (what you’ll actually use)
| Bank | Student fee | e-Transfers | ATM reality | Why pick this one |
|---|---|---|---|---|
| RBC | $0 (full-time or ≤24) | Included | Large RBC network | Polished app + broad reach |
| TD | $0 (to 23, or with enrolment) | Included | Very dense TD footprint | You want branches everywhere |
| Scotiabank | $0 (under 23 or enrolled) | Unlimited | Scotiabank ABMs; Global ATM Alliance abroad (FX applies) | You’ll travel and want partner ATMs |
| BMO | $0 while in school | Unlimited | BMO ABMs | Strong on campuses; post-grad grace helps |
| CIBC | $0 with student status | Unlimited | CIBC ABMs; Tier 1: 1 non-CIBC ATM CIBC-fee rebate/month (Canada). Tier 2/3: unlimited rebates (Canada/U.S./international) | Occasional non-CIBC ATM use now; better perks if balances rise |
| Tangerine | $0 | Unlimited | Free at Scotiabank ABMs | App-first, no-nonsense $0 banking |
| Simplii | $0 | Included | Free at 3,400+ CIBC ATMs (no other network rebates) | Digital with easy cash access |
| EQ Bank | $0 | Included | Any Canadian ATM via EQ Card (fees reimbursed) | “Any ATM, anywhere (Canada)” |
(We ignore temporary cash bonuses to keep this neutral.)
International students: who says “yes,” and the easiest paths
All banks listed accept international students with the right paperwork. Expect to show your passport, study permit, and a Canadian address at activation. To keep student pricing at $0, you’ll also be asked to prove you’re enrolled (student card, current timetable, or an official letter).
Want to start early from overseas? Look for pre-arrival or GIC-based flows: Scotiabank StartRight, CIBC Smart Arrival, and international student GIC/account setups at TD, RBC, and BMO. Simplii also supports international students and uses the CIBC ATM network. Tangerine and EQ are fully digital—ID and residency checks happen during onboarding.
What banks ask for (ID & enrolment)
- ID: Passport (primary) + study permit. Banks verify identity under federal rules (if you don’t have a Canadian credit file, they can use government photo ID and a “dual-process” check).
- Student proof: Student card, current timetable, or official letter—keep this updated so your $0 fee status doesn’t lapse.
- Address: Lease, residence letter, or another acceptable document at activation.
- SIN: Needed when you open interest-bearing products (for tax reporting). Chequing alone may not require it.
Read: Part-time jobs for international students in Ontario
Key takeaways
- Big-five student accounts are $0/month with student status (age caps vary) and include free e-Transfers and broad ATM access.
- Why pick which? RBC = polished app + big footprint; TD = branches everywhere; Scotiabank = travel-friendly via Global ATM Alliance; CIBC = tiered non-CIBC ATM rebates; Tangerine/Simplii = $0 digital with large ABM networks; EQ = “any ATM in Canada” via reimbursements.
- International students can open accounts without Canadian credit history—bring passport, study permit, and enrolment proof; pre-arrival/GIC programs save time.
Read: SIN application Ontario: how to apply and protect your number
