📅 Hello It’s me: This was originally published in 2009. At that time, debit cards were the norm. RRSP loans were still being pushed to students. Since then, digital banking has exploded in Canada, offering more low- and no-fee options. But on-campus bank marketing is still making a few quid. It features slicker branding and TikTok ads instead of campus booths. The advice remains the same (to quote Led Zeppelin): teach your kids how the banking game works before the game plays them.
Banks try to capitalize on attracting new (and young) customers on campus these days. Most Universities have entire bank branches on campus. The bank branches are pretty aggressive in marketing to these new potential clients. They will entice them with trinkets and other “perks” to open new accounts. The account they especially want to be opened is a Credit Card.
When I was at University, the on-campus bank knew that many students were in Co-op, and thus excellent new victims for their bank service fees. I opened a bank account on campus at first, primarily for ease. I lived on campus at the time, but then they started enticing me with new exciting services like:
- My first credit card, because now I made money (4 months at a time). I could now start learning about the joys of CREDIT (and hopefully not pay my bills on time).
- RRSP loans, to move income around from year to year. If one year I worked for 8 months, you could normalize the income with the following year, by using this loan, for a small fee.
- ATM machine access and their fees (yes I am that old that this was a new service back then).
The CIBC branch at the University of Waterloo had a pretty sweet business. Some people still bank with CIBC because they started at the U of W. I changed banks after I moved off campus. Canada Trust (now TD) was a closer bank, but I kept my CIBC credit card for a long time.
Banks are always looking to get NEW clients. They seek clients who want to pay Bank Fees. They also want clients to put their savings in their banks for the bank to use. When you send your child or student off to school, keep this in mind. Maybe talk to your kids about banking and the ins and outs of the "Banking Game".
Student Banking in the Modern Era
In 2025, student banking has changed but not as much as you'd hope. Yes, we’ve got online banks now, and yes, many of them offer fee-free options with slick apps and real-time notifications. But the Big Five? They’re still camped out on Canadian campuses like it’s 1999.
The trick is knowing that convenience isn’t always free. Banks want sticky customers. They’d rather give you a hoodie and keep you for 30 years. They will not miss the chance to skim $13/month in account fees. As a parent or student, the goal isn’t to say “don’t use banks.” Instead, it's to say: read the fine print. Shop around. Don’t take financial advice from someone wearing a branded lanyard.
Free Banking
Of course, there are plenty of folks that offer free banking
FAQ Student Banking
Students are new to managing money, and banks want to build brand loyalty early. If they get a student to open a chequing account or credit card, they often keep them for life.
Only if they fully understand interest, repayment, and credit scores. Otherwise, a student card can lead to early debt mistakes.
Not really. They may offer “student accounts,” but those often still include fees, limits, or high-interest products. Always compare with no-fee online options.
