{"id":16518,"date":"2021-11-23T05:05:08","date_gmt":"2021-11-23T05:05:08","guid":{"rendered":"https:\/\/www.unimoni.in\/blog\/?p=16518"},"modified":"2023-11-16T11:12:14","modified_gmt":"2023-11-16T11:12:14","slug":"student-checking-account","status":"publish","type":"post","link":"https:\/\/www.unimoni.in\/blog\/student-checking-account\/","title":{"rendered":"All You Need to Know About Student Checking\u00a0"},"content":{"rendered":"<style><\/style><h2><b>ACCOUNT<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Summer is winding down, and thousands of <a href=\"https:\/\/www.unimoni.in\/overseas-education\/\">students<\/a> across the country are headed off overseas to their college for the first time. So, opening a student bank account should be at the top of your financial to-do list. In case you have not done it already, it is pertinent to know the basics of how these student accounts work can help you make the best choice when it comes to deciding where to put your money. Let\u2019s together look into some of the questions that help you clarify doubts related to the topic.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Can a student open a checking account?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, you can set up a checking account, savings account, or one of each, depending on your need. You will want to go with a checking account for students if you plan to use a debit card to make purchases or write cheques to pay your bills. The benefits of using a student checking account include, you don\u2019t have to maintain a set balance each month, and these accounts tend to have fewer fees than a regular checking account, and some accounts are even free.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Suppose you want to stash away extra cash for a big purchase or have a little cushion in case of emergencies, linking a savings account to your student checking account is a smart move. You can set up your account in such a way that you can automatically transfer money from the checking account to your savings account. You can also use your savings account for overdraft protection if you cannot cover a purchase. Also, you should know that you are limited to how many withdrawals you can make from a savings account each month.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Banks which offer free checking accounts for students in Canada and the US.<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Best student checking account providing banks in Canada\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Scotiabank\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly fee: None<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly debit transactions: Unlimited<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly Interac e-Transfers: Unlimited<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sign-up bonus:$60 welcome bonus\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other perks: Free credit score<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Simplii &#8211; ( Online banking division of CIBC)<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No monthly account fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free and unlimited debit transactions, including bill payments and inter account online transfers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free access to 3,400 CIBC ATMs in Canada<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free personalized cheques<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">0.05% interest on your checking account balance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Up to $250 sign-up bonus when you meet the eligibility requirements (link includes referral bonus)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free mobile cheque deposit<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Tangerine bank\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No monthly account fee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unlimited debits, bill payments, pre-authorized payments, email money transfers, and Interac e-Transfers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Earn interest on your chequing account balance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free cheques (first cheque book of 50 cheques)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Access to 3,500 free Scotiabank ATMs in Canada and 44,000 worldwide via Scotiabank\u2019s Global ATM Alliance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free mobile cheque deposits<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">CIBC<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly account fee: None<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly free transactions: Unlimited<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interac e-Transfers: Free<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other perks: Free SPC membership<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Innovation Credit Union\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$0 monthly account fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No minimum balance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unlimited free debits and bill payments<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unlimited free Interac e-Transfers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free access to thousands of ATMs across Canada<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deposit guarantee through the Credit Union Deposit Guarantee Corporation<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">HSBC Bank<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No monthly fees\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unlimited checking account transactions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free Interac e-Transfers\u00ae<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free mobile cheque deposits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free withdrawals at thousands of ATMs across Canada<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Access to mobile and online banking<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Access to an HSBC credit card<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Free Student Checking account banks in the USA\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Bank of America\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Account name: Bank of America advantage banking\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No fee for eligible students\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimum Initial deposit: $25<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Available to students under 24 and enrolled for studies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other perks include Online and mobile banking, debit card lock\/unlock $0 liability guarantee.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>How does a student checking account work?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A student checking account allows to deposit and use the money in the account. Checking accounts don\u2019t earn any interest, but they do let you write checks against them. It functions the same as the bank account for non-student, but it has low minimum deposit requirements and fewer if any fee is needed.<\/span><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">You can make unlimited transactions using this account, provided you have enough money, unlike a savings account. Many checking accounts come with fees. Some of those fees are waived while in school, such as the low balance fee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are younger than 18, you may need a parent or guardian to open the account with you. This person will be a co-signer to join this account. Even if you are not in school, you can still open a student checking account after your early 20s. Most banks limit student bank accounts to people younger than ages 23 to 26. Above that age, you will need to get a conventional bank account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will usually need to make a minimum deposit, although the amount is low for students and young people. After the account is open, you will be given a debit card, which allows you to withdraw cash from the bank or ATM and make purchases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ID proof is required to open the bank account. If you are trying to open an account online, you may need to upload a picture of the ID. You have a detailed overview of opening a student checking account, getting the documents, and doing the necessities!<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ACCOUNT Summer is winding down, and thousands of students across the country are headed off overseas to their college for the first time. So, opening a student bank account should be at the top of your financial to-do list. In case you have not done it already, it is pertinent to know the basics of&#8230;<\/p>\n","protected":false},"author":3,"featured_media":16523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[41,44],"tags":[220,221,222],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All You Need to Know About Student Checking\u00a0Account | Unimoni.in<\/title>\n<meta name=\"description\" content=\"Get to know about student checking account works and Banks that offer free checking accounts for students in Canada and the US.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.unimoni.in\/blog\/student-checking-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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