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By Zack Fenech, RateHub.ca
Special to the Financial Independence Hub
As a new or returning post-secondary student, finances probably lean on the less exciting side of this new or continuing life chapter.
Be that as it may, properly managing your finances is still something you’ll have to do at one point or another.
Finding the right student bank account can help you save some money. In some cases, you can earn unique student tailored benefits: if you choose the right chequing account or savings account, that is.
After all, would you rather spend money on school supplies and experiences or pay monthly account fees or transaction commissions?
That said, the best student bank accounts offer a wide variety of options and advantages tailored to student living, and provide students with more financial freedom.
The other side of the coin for student bank account options might be using a free bank account. Free bank accounts allow you to use the account beyond graduation, in exchange for student tailored perks.
This article will detail the difference between the two types of accounts and which account is best for each category. It’ll also help you get a clearer understanding of which type of account is best for you.
Student Bank Accounts vs. free Bank Accounts
Student bank accounts are regular bank accounts that offer unique advantages to students. Some of these advantages include no monthly or annual banking fees, unlimited transactions and e-transfers, and sign-up promotions or point programs.
Another option fitting for students is free bank accounts offered by digital banks. Though not student accounts by definition, free bank accounts are entirely free and limitless, making them ideal for anyone, whether you’re a student or not.
The only difference from paid accounts is that they do not include many of the student-tailored advantages previously mentioned.
Scotiabank Student Banking Advantage Plan
Scotiabank’s Student Banking Advantage Plan might be the best student bank account in Canada due to the unlimited banking features and SCENE Points program.
The account is entirely free for post-secondary students, so long as registration proved by making an in-branch appearance every school year to verify your account.
The account comes with free transactions, unlimited e-Transfers, and no minimum balance requirements.
SCENE points allow students to earn points (similar to student credit cards) that are redeemable at Cineplex and various restaurants.
EQ Bank Hybrid Savings Account
If you’d rather have a bank account with perpetual flexibility, an EQ Bank Hybrid Savings Account seems like an excellent option whether you’re a student or not.
EQ Bank is a digital bank owned by Equitable Bank, one of Canada’s most prominent independent banks.
EQ Bank Savings Account is perfect for students who want to save as much money as possible.
While this bank account doesn’t come with a debit card or chequebook, it offers unlimited bill payments and e-transfers, direct deposit options, and account linking options.
It also offers an interest rate of 2.30%, which earns a decent chunk of interest that keeps your money valuable against inflation.
This account requires a secondary chequing account, as point-of-sale transactions or cash withdrawal aren’t available. Still, it’s the perfect account for keeping your money in one great nest.
Final Thoughts
It’s very easy to rack up a bunch of debt as a student, but there are many advantages that can offset many of the expenses you might incur during your time of study.
Remember: success as a student goes far beyond grades. Keeping your finances in check and leaving school with as little debt as possible is difficult, but the results are monumental and will start your road to adulthood on the right foot.
Zack Fenech is a writer for Ratehub.ca, Canada’s leading comparison site for mortgage rates, credit cards, bank accounts, investing products and insurance quotes.
