As mentioned in my article on choosing a bank account as a student and beyond, I decided that my best options are regular accounts that aren’t specifically advertised as being for students. I’m already 19 years old, so I can open any bank account. I detailed my requirements and decided to put them into a table to help me decide:
Feature | EQ Bank | Simplii Financial | Neo Financial | Wealthsimple | Tangerine Bank |
---|---|---|---|---|---|
Minimum age | Province’s age of majority (18 or 19) | None | 14 for Quebec residents and 13 for other provinces | Province’s age of majority (18 or 19) | 16 |
Unlimited transactions | Yes | Yes | Yes | Yes | Yes |
No monthly fees | Yes | Yes | Yes | Yes | Yes |
Separate chequing and savings | Yes, by opening multiple accounts | Yes | Yes | Yes, by opening multiple accounts | Yes |
Debit card | Yes | Yes | Yes | Yes | Yes |
Mobile banking | Yes | Yes | Yes | Yes | Yes |
Free ATM access | Yes, fees are reimbursed | CIBC ATMs only | No | Yes, fees are reimbursed | Scotiabank ATMs only |
Savings account interest rate | 2.50% Or 4.00% with direct deposit |
0.40% | 4.00% | 3.50% Or 4.00% with direct deposit |
0.45% |
Intro savings account interest rate | No | 6.25% for 5 months | No | No | 6.00% for 5 months |
Mobile cheque deposit | Yes | Yes | No | No | Yes |
Cheque writing | No | Yes | No | Yes | Yes |
Branch access | No | No | No | No | No |
Debit card rewards | 0.5% cash back | None | Variable; no base rate | 1% cash back | None |
Referral bonus | $20 | $50 | $10 | $25 | $50 |
Sign-up bonus | No | $400 with 3 months of direct deposit | No | $100 with first direct deposit | $250 with 2 months of direct deposit |
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