Monday, October 18th, 2010

Picking the right Student Bank Account

student-bank-accounts

It's important to choose the right student bank account.

As students, money is always on our minds. Where can we get it? What should we do with it? And more importantly: how can we save it?

Banks like TD, Scotia and BMO have special accounts that allow us to easily do exactly that; save.

At first it may be overwhelming and you may get information overload from all your choices. But that’s where we come in.

We are all about making your life easier, so let’s find the best banking option for you. Let’s compare TD, Scotia, and BMO to see what they offer students.

TD Canada Trust

In terms of the “Student Life” option at TD Bank, there are four general guidelines to start from:

  • Managing Money – How to budget and keep your cash flowing
  • Paying for School – Help with loans, scholarships and using credit
  • Smart Saving – Make every penny count – for now, or later
  • Going Places – Smart money tips for travel and buying a car

Other than their numerous bank locations, their main selling point is their website. The TD website is one of the easiest to navigate, providing copious amounts of information to answer all kinds of questions.

Another huge benefit of TD is their “eight till late” hours, which provides much more time for banking after your school day is over.

As a perk, you can now apply for the “back to school bank offer” and receive $50 you’ll never have to pay back, but the downside is that you do have to be the age of majority and have graduated from high school to receive a line of credit or a credit card.

For TD’s hours and other information, check out www.tdcanadatrust.com.

Bank of Montreal

Like TD, BMO has its own specific general guidelines to help you find what your looking for.

  • Student Banking – It should be simple
  • Student Line of Credit – Between getting by and having fun, costs can add up quickly
  • Credit Cards – A student credit card needs to get it right
  • Resources – Every student should start the year with a strong financial plan

Their website is definitely not as easy to navigate as TD’s, but still provides all the information necessary to make a very well educated decision to get your student banking started.

Hours of operation are very important for students who only have time to bank after school, after their part-time job, or on weekends. BMO does not stand out here . With banking till only 5:00PM on most weekdays, it could be hard to make it there after school, and with only minimal Saturday hours, a day for sleeping in may be hard to come by.

As a promotional offer, BMO offers a free SPC with some accounts, and one of the most important selling features of the BMO student bank account is the free banking. BMO is the only bank to offer free banking during school and after graduation.

For more information regarding BMO’s student plans, please visit www.BMO.com

Scotiabank

Unlike the two banks mentioned above, Scotia offers only two types of student accounts, both with their own perks.

  • Getting There Savings Program for Youth – No monthly fee!
  • Student Banking Advantage – $1.25/mth for unlimited transactions

Their website is very easy to navigate. There is tons of information and links to find out whatever you need to know, although there is nothing special or anything that stands out.

Scotiabank has the worst hours for students. During the week, they are open 9:30AM – 4:00PM; which significantly impairs any students from making it to the bank before or after school. The bank is also closed both Saturday and Sunday, which is another huge disadvantage.

As a promotional offer, Scotiabank, which bought out many movie theaters across Canada, introduced the SCENE ScotiaCard and the SCENE VISA Card. The SCENE card is the only movie rewards program that lets you earn points for free movies at Cineplex Entertainment theaters and more. With every debit purchase, you’ll get closer to free movies.

For more information regarding the SCENE Program and Scotiabank, please check out www.scotiabank.com

Keyfer Mathewson
Author: Keyfer Mathewson
Keyfer Mathewson is a Grade 12 student attending school in Edmonton, Alberta, Canada. Along with numerous sports, Keyfer plays a major role in his school's Student Union as well as the local Improv scene.
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  1. Andrew Says:

    This was really helpful for a brief overview of the main differences between the banks for students. Thanks!


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