Updated April 2026
The best financial products for Canadian students
Honest comparisons of bank accounts, credit cards, and investing platforms. No paid placements — ranked by what's actually best for students.
💡 Transparency: Some links on this page are affiliate links — Fintro earns a small commission if you sign up. This never affects our rankings. Products are ordered by what we genuinely believe is best for Ontario students.
🏦 Bank accounts
💳 Credit cards
📈 Investing platforms
💰 Savings accounts
The best student bank account is the one with zero monthly fees, no minimum balance, and good mobile banking. Most big-bank "student accounts" are fine while you're in school but get expensive after you graduate — watch the fine print.
KOHO Essential
Prepaid Visa · No-fee chequing alternative
1%
Cash back on groceries & transit
Why we like it
- Earns cash back automatically
- Built-in spending insights by category
- 4% savings on balance
- Free e-transfers
- No foreign transaction fee on Premium
Watch out for
- Not a traditional bank account (prepaid)
- No physical branches
- Cash back capped at Essential tier
Simplii Financial
CIBC-backed digital bank · Free chequing
CIBC ATMs
Free withdrawals
Why we like it
- Truly free — no gotchas
- Access to 3,400+ CIBC ATMs
- Unlimited debit transactions
- Free e-transfers
Watch out for
- No cash back on spending
- No physical branches
- Savings rate is lower than EQ Bank
Scotiabank Student Banking
Big-five bank · Free while enrolled
$16.95
Fee after graduation
Why we like it
- Full-service bank with branches
- Scene+ points on purchases
- Good for those who want a big bank
- Easy transition to full banking after school
Watch out for
- Fee kicks in after you graduate
- Only 25 free transactions/month
- Lower savings rates than digital banks
TD Student Chequing
TD Bank · Free while enrolled
$16.95
Fee after graduation
Why we like it
- Unlimited transactions (unlike Scotia)
- Massive ATM network
- Good mobile app
- Easy to add TD credit card
Watch out for
- Monthly fee after graduation
- No rewards on account itself
The one rule with student credit cards: pay the full balance every month, before the due date. If you do that, the 19–22% interest rate is irrelevant — you never pay it. Focus on cards with no annual fee and simple rewards.
Scotiabank Scene+ Visa
No annual fee · Scene+ rewards
2×
Points on groceries & dining
Why we like it
- No annual fee — ever
- Double points on groceries & dining
- Scene+ redeemable for movies, groceries, travel
- Easy to get approved as a student
Watch out for
- Points less flexible than cash back
- Foreign transaction fee of 2.5%
BMO CashBack Mastercard
No annual fee · Cash back
Why we like it
- 3% cash back on groceries is excellent
- Cash back — no points to manage
- No annual fee
- Redeems as a statement credit
Watch out for
- 2.5% foreign transaction fee
- 1% on non-grocery spend is average
TD Cash Back Visa
No annual fee · Cash back
1%
Cash back on all purchases
Why we like it
- Simple flat 1% on everything
- No annual fee
- Easy approval for new credit users
Watch out for
- 1% is lower than BMO on groceries
- 2.5% foreign transaction fee
KOHO Prepaid Visa
No credit check · Builds habits
Why we like it
- No credit check — great for newcomers
- Spending insights built in
- Can't go into debt (prepaid)
- Helps build credit via optional add-on
Watch out for
- Prepaid — not a true credit card
- Doesn't build credit history on its own
For most students, the right investing platform is the one you'll actually use consistently. Open a TFSA, set up a monthly auto-invest into XEQT.TO, and don't overthink it. Here's how the platforms compare.
Wealthsimple Trade
Commission-free · Best for beginners
$0
Commission on Canadian stocks/ETFs
Why we like it
- Truly zero commission on Canadian ETFs
- Best app in Canada for beginners
- Instant account setup (10 min)
- TFSA, RRSP, FHSA, cash all free
- Auto-invest (recurring buys)
Watch out for
- 1.5% USD conversion on US stocks
- No phone support
- Fewer advanced order types
Questrade
Self-directed · Best for US ETFs
Why we like it
- Free ETF purchases
- Hold USD in account (no conversion)
- More advanced tools than Wealthsimple
- Good for US-listed ETFs (VTI, QQQ)
Watch out for
- $4.95+ to sell ETFs
- $1,000 minimum to open
- Clunkier interface than Wealthsimple
Wealthsimple Invest (Robo)
Managed portfolios · Truly hands-off
Why we like it
- Zero decisions — auto-managed
- Auto-rebalancing included
- Halal and socially responsible options
- Great for genuinely passive investors
Watch out for
- 0.5% fee vs 0.2% for XEQT DIY
- Less control over portfolio
- Slightly worse long-term returns than DIY ETF
Your emergency fund and OSAP money shouldn't sit in a chequing account earning nothing. These high-interest savings accounts (HISAs) let your money work while you use it. All are CDIC-insured.
EQ Bank Personal Account
No-fee HISA · Best savings rate
3.75%
Savings rate (as of Apr 2026)
Why we like it
- Consistently best savings rate in Canada
- Free e-transfers and bill payments
- TFSA savings account available
- Great app, no fees ever
Watch out for
- No physical branches or ATMs
- Transfers take 1–2 business days
Simplii HISA
CIBC-backed · Easy to use
Why we like it
- Easy if you already use Simplii chequing
- Instant transfers between accounts
- CIBC ATM access
Watch out for
- Rate is slightly lower than EQ Bank
- No branch access
KOHO Savings
Built into KOHO account
4.0%
Rate on savings vault
Why we like it
- 4% rate — highest on this list
- Instant access (not locked in)
- Built into same app as spending
Watch out for
- Not CDIC insured (stored with Peoples Bank)
- Rate may change