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Students: Here’s your banking bible

Another school year for college and university students means facing high tuition costs and basic living expenses such as food, transportation and rent.
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Another school year for college and university students means facing high tuition costs and basic living expenses such as food, transportation and rent. File photo.

Another school year for college and university students means facing high tuition costs and basic living expenses such as food, transportation and rent.
For example, student residency costs alone can add up to $7,500 per year according to StudyCanada.ca

 

High housing costs are only one example of why starving scholars need to pay extra attention to their money management skills. If you’re a student, I recommend starting off by looking closer at your daily banking needs.

 

To help out, I’ve taken the research out of student banking and provided a list below of the most common bank programs offered.

RBC Student Solution
-no monthly fee, no minimum balance required
-25 free debit transactions per month
-Five free interact transfers each month such as email money transfers
-no annual fee Student MasterCard with cash back rewards program
-low interest student line of credit options
-mobile app available for banking on the go
-chance to win contest prizes for signing up

TD Everyday Student Chequing Account
-no monthly fee, no minimum balance required
-25 free debit transactions per month
-mobile app for banking on the go
-Pay-as-you-go overdraft protection (fee applied only when overdraft is used)
-student line of credit options available

CIBC Advantage for Students
-no monthly fee, no minimum balance required
-unlimited debit transactions
-mobile app for banking on the go
-several student based credit card reward programs to choose from
-student line of credit options available

Scotiabank Student Banking Advantage Plan
-no monthly fee, no minimum balance required
-unlimited debit transactions
-mobile app for banking on the go
-debit card purchases provide “Scene” points towards free movie tickets
- Scotiabank student VISA also provides “Scene” points on purchases
-student line of credit options available

The above banking institutions are just some of the options available. Explore others and do your research by meeting with a representative to get all the facts before making your decision.
Choosing a banking program that fits your needs and understanding everyday money management requirements will put you on the right track to financial success.
Happy studies!

Heather Tarnopolsky is a Sun Life Financial advisor in Greater Sudbury.
 




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