Personal Finance

How to open a student bank account when not in school

  • Last Updated:
  • Dec 13th, 2018 5:07 pm
[OP]
Deal Addict
Aug 30, 2011
1116 posts
189 upvotes
Edmonton

How to open a student bank account when not in school

I'm a university student but I'm taking a year off from school. I currently have student accounts with TD and RBC. I was looking to open another one with BMO since I have their SPC MasterCard, and they give $75 for opening one. I went to my appointment and when I admitted I'm neither in school or working, I was denied a free student account. The terms say I have to be a currently enrolled full-time student.

But what's stopping me from making another appointment and just giving them my student ID as proof of enrollment? Would the last advisor have left notes on my personal information? Should I just make an account with Tangerine and get $200?
13 replies
[OP]
Deal Addict
Aug 30, 2011
1116 posts
189 upvotes
Edmonton
dekvitaly wrote:
Dec 7th, 2018 11:58 pm
@tablo13 told ya to just straight out lie about it.....

And Tangerine is very good. I've used it since my first credit card was in force by BMO and TD LOL
I was told by a BMO advisor on Reddit they actually look for a confirmation of enrolment letter
Deal Addict
Dec 16, 2017
1351 posts
510 upvotes
Raincouver
@tablo13 ask a friend of yours to send 1 then edit it LOOLL
I've never shown any bank my confirmation letter beside a student ID. again I speak English w/ terrible accent so it might just give away that fact?

P/S: yeah I doctor lots of things... including those like void cheque haha
[OP]
Deal Addict
Aug 30, 2011
1116 posts
189 upvotes
Edmonton
dekvitaly wrote:
Dec 8th, 2018 12:04 am
@tablo13 ask a friend of yours to send 1 then edit it LOOLL
I've never shown any bank my confirmation letter beside a student ID. again I speak English w/ terrible accent so it might just give away that fact?

P/S: yeah I doctor lots of things... including those like void cheque haha
I think TD also asked me to show them my enrolment letter
Deal Addict
Dec 16, 2017
1351 posts
510 upvotes
Raincouver
@tablo13 again it varies branch to branch. Some place ask for student ID, some ask for time table, some ask for enrolment letter.
Same goes for Shaw service, you're only required to present a valid student ID, don't have to show anything else but lots of stores do make up their own rule
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Aug 15, 2015
1189 posts
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Markham, ON
I never opened a student bank account. My friend had a student bank account and my friend continued to enjoy the student bank account until the bank realized my friend was no longer a student.

I never got to enjoy the benefit of a student bank account but I am enjoying the benefit of a normal adult bank account.
[OP]
Deal Addict
Aug 30, 2011
1116 posts
189 upvotes
Edmonton
Poppwl wrote:
Dec 8th, 2018 1:09 am
I never opened a student bank account. My friend had a student bank account and my friend continued to enjoy the student bank account until the bank realized my friend was no longer a student.

I never got to enjoy the benefit of a student bank account but I am enjoying the benefit of a normal adult bank account.
I found that some banks allow you to keep your student account for as long as you're in school while others limit it to 4 years + one year after graduation
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May 8, 2009
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Students should sign up for no-fee chq accounts at
  • Simplii
  • Tang
  • Motive
  • DUCA (ON only)

Wait until you can park $3-6k in those lousy non-student big bank chq accounts that are highly uncompetitive, then loot the welcome bonuses.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Addict
User avatar
Dec 3, 2017
1179 posts
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Guelph, ON
titaniumtux wrote:
Dec 8th, 2018 12:05 pm
Students should sign up for no-fee chq accounts at
  • Simplii
  • Tang
  • Motive
  • DUCA (ON only)

Wait until you can park $3-6k in those lousy non-student big bank chq accounts that are highly uncompetitive, then loot the welcome bonuses.
Can vouch, am student and with DUCA. All the basic chequing accounts are free but there's also one for people under the age of 29 that includes 3 free etransfers and free interact ABM withdrawls.
I like credit unions. Proud DUCA member!
Deal Expert
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Jan 27, 2004
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T.O. Lotto Captain
MAybe join an adult high school... Get the student ID And time table... then drop all the courses.
https://schoolweb.tdsb.on.ca/calc/CALC- ... on-Process
It cost $30 per year for Toronto's adult h.s. program.

But you know what... why go through the trouble. Do you have $1000?
MEridian gives you a pretty loaded account if you keep $1000 balance... Also there are many online banks that give you basic banking services and cover 90% of the things you need.
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User avatar
Dec 3, 2017
1179 posts
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Guelph, ON
UrbanPoet wrote:
Dec 9th, 2018 5:44 pm
MAybe join an adult high school... Get the student ID And time table... then drop all the courses.
https://schoolweb.tdsb.on.ca/calc/CALC- ... on-Process
It cost $30 per year for Toronto's adult h.s. program.

But you know what... why go through the trouble. Do you have $1000?
MEridian gives you a pretty loaded account if you keep $1000 balance... Also there are many online banks that give you basic banking services and cover 90% of the things you need.
Depending on OP's age they could get a youth account with Meridian which is equivalent to their unlimited account (i.e. free), but without the minimum balance.
I like credit unions. Proud DUCA member!
Newbie
Dec 15, 2017
24 posts
17 upvotes
varies by branch, but I recently opened an account with CIBC and all they asked for was my student ID Card.
Deal Addict
Jun 28, 2013
2431 posts
839 upvotes
YUL/YVR
Comittting fraud just for $75 from a lously SPA Mastercard :facepalm:

There are so much more better welcome bonuses out there, whether it's from bank signups or credit card sign ups....

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