Banking Built for Students

A student account is a bank account made for young adults (ages 18-24). It’s set up to help them save money and learn how to handle their cash wisely. This type of account goes beyond basic banking by being finely tuned to the financial necessities and learning curves of the younger population. It not only offers a safe space for them to deposit their money but also comes packed with educational resources and engaging incentives. These features are designed to foster good savings habits early on, setting the foundation for a lifetime of wise financial management. By encouraging regular savings and providing practical financial education, a student account Canada plays a crucial role in empowering the younger generation with the knowledge and tools they need to achieve their financial goals.

As a UCU member, you’re more than just a customer; you’re an owner of the credit union, evidenced by holding the minimum number of shares your membership category necessitates. Holders of the UCU student account are required to possess at least one $5 membership share. Additionally, you have the opportunity to receive profit-sharing or dividends on your share, subject to approval by the UCU Board.

Individuals aged 18 to 24 are eligible to open a student account by joining UCU as a member.

To open a student account, you will need following documents:

• valid passport
• birth certificate
• Social Insurance Number

The parent/guardian will also need two pieces of valid government-issued identification, such as a passport and driver’s license.

With UCU, you’ll gain valuable insights into the principles of saving and the benefits of earning compound interest, allowing you to see firsthand how your money can grow over time. Through practical experiences with your UCU debit card, you’ll discover the importance of responsible spending, learning to manage your finances wisely and make informed purchasing decisions.

Additionally, by using a UCU credit card, you’ll take the first steps towards building a solid credit score, laying a crucial foundation for your financial future. Our services help ensure that you’re well-equipped to navigate the financial landscape confidently.

Student accounts come with certain age-specific features and restrictions designed to match your growing financial independence and responsibility.

• At the age of 18, you gain the opportunity to apply for a credit card. Responsible use of this credit card helps you build a credit history, which is crucial for future financial endeavors like loan applications or renting an apartment.

Each of these milestones is designed to equip you with the knowledge and tools necessary for a successful financial future.

Yes. The acquisition of a debit card allows you to learn about managing money, budgeting for personal expenses, and understanding the importance of security in financial transactions. You’ll have the ability to make purchases both in-store and online, withdraw cash from ATM, and keep track of your spending through online banking tools designed for easy and safe use.

At age 18, you can apply for a UCU no-fee credit card with your student account. With this no-fee credit card, you can enjoy the convenience of cashless transactions without the burden of annual fees, making it an ideal choice for managing your expenses wisely while studying or starting your career.

There is no limit on the number of withdrawals or transactions allowed with a student account. Whether it’s withdrawing cash, transferring funds, or making purchases, student accounts are structured to accommodate the dynamic financial needs of young adults. The unrestricted access to funds makes it easier to plan and budget, adapt to various financial situations, and learn the importance of managing money effectively—all crucial skills for their future financial well-being.

UCU student accounts offer interest, plus a preferred interest rate on the first $ 1,000 as a reward for understanding financial growth and the value of compound interest.

Students have the ability to access their youth account via online banking or mobile banking platforms,. These digital banking channels not only ensure convenience but also prioritize security, safeguarding young account holders as they navigate their financial management. Through these platforms, students can easily check their balances, view transaction history, transfer money, and even learn how to set savings goals, all within a user-friendly interface.​​

Upon reaching the age of 25, the privileges associated with the student account come to an end, signaling a transition to a new phase of financial management.

It is recommended that the account be upgraded to a Personal Chequing Service Fee Package at this time. This change ensures that the banking services continue to align with the evolving financial needs of young adults, providing them with a more comprehensive suite of banking features tailored for adulthood.