At Mainstreet Credit Union, we make student banking simple, smart, and tailored to your needs. Whether you’re starting university, college, or returning to post-secondary school, managing your money doesn’t have to be another stressor. With our range of student-focused banking solutions, you can keep your finances on track and your focus on building the future you want. As a Mainstreet member, we’re here to support you every step of the way with personalized advice and all your student banking needs to help you succeed. 

What’s a Credit Union (and Why Should You Care)?

Think of a credit union as a financial institution that puts people before profits. That means our members come first in everything we do. We’re local, community-based, and focused on helping you succeed with the right financial products. You’ll find all the same services you’d expect from a bank, like chequing accounts, credit cards, and loans, but with more personalized advice and service tailored to your unique financial journey. 

Student Banking Solutions

Mainstreet offers all the financial tools and advice you need for your post-secondary journey. From day-to-day banking to a student line of credit to credit cards. Not sure exactly what you need? Our advisors are ready to guide you with tailored options to make sure you have everything you need. Here are some of our products that could benefit you throughout student life. 

Chequing Accounts

At Mainstreet, we know student life comes with enough expenses. Your bank account doesn’t need to be one of them. That’s why we offer two chequing accounts with no monthly fee for students, plus a third super low-fee option if you’re looking for more in-branch access. 

  • The E-ssential chequing account is a great fit if you mostly bank online. It includes unlimited electronic transactions like bill payments, e-transfers, and debit purchases, and 2 free in-branch transactions a month. There’s no monthly fee if you’re under 26. 
  • The Light chequing account is another no-fee option, designed for students with light banking needs. It gives you access to 12 transactions, free e-transfers, and online services at no cost if you’re under 26. 
  • Prefer in-person banking or want access to more in-branch services? The Complete chequing account gives you 25 transactions both online and in-branch for a low monthly fee of $1.95 for members under 26. 

No matter which chequing account you choose, you’ll also get a Mainstreet Debit Mastercard. With your Debit Mastercard, you can shop online or in-store, wherever Interac and Mastercard are accepted, and purchases are deducted directly from your chequing account. You’ll also have access to over 4,500 Ding-Free ATMs to use across Canada to avoid any extra fees when you need the cash. 

Not sure which chequing account is the right fit for you? Explore all our chequing account options online or meet with an advisor to find the best fit for your student lifestyle.

Credit Cards

Mainstreet offers credit cards with low interest rates, low annual fees, and cash back rewards that are perfect for students just starting out. Our Cash Back Mastercard is an excellent option for students who are starting to build their credit. You can earn cash back points on everyday purchases such as groceries, gas, sustainable transit, and select recurring bills, to help you maximize rewards as you start to build credit responsibly.  

You can apply your cash back credit toward your account balance anytime, and the CardWise app makes it easy to track your spending and stay on budget. Learning how credit cards work and developing good habits now can set you up for a strong financial future. 

Student Lines of Credit

Managing finances during school can be challenging, especially when juggling tuition, living expenses, and the costs of student life. A student line of credit gives you flexible access to funds while you study, with interest-only payments required while you’re in school. Helping you stay focused on your education.  

Once you’ve completed your studies, there’s no immediate pressure to start paying back the principal amount. Instead, you get a 12-month grace period during which you’re only required to pay interest payments. This gives you valuable time to find a job, get financially settled, and prepare for full repayment without the stress of principal payments right after school.

Overdraft Protection

Even with the best-laid plans, there could be times when things get a little tight, whether it’s an unexpected expense or bill payment, overdraft protection is a great way to make sure you’re covered if you ever go into a negative balance in your account. Overdraft protection steps in to cover the amount of the transaction, preventing declined payments and non-sufficient funds (NSF) fees. Here’s how it works. 

  • Cover short-term shortfalls: Protect yourself when spending exceeds your current balance. 
  • Loan Amount and Limits: Access up to a $5,000 overdraft limit. 
  • Avoid declined transactions: Keep your debit card, cheques, and payments running smoothly. 
  • Interest: Interest is charged only on the overdraft amount used at 19.9%, so it’s best used as a backup. 
  • Flexible repayment: Pay back the overdraft amount when you have funds; you only need to pay the interest owing by the end of each month. 

If you are interested in adding overdraft to your bank account, talk to a Mainstreet Advisor to see how we can help you manage unexpected expenses.

Bank Your Preferred Way

Life as a student is busy, and we know convenience matters. That’s why Mainstreet allows you to bank wherever, whenever, and however you need to. With Mainstreet, you’ll have access to your accounts through our online banking website, mobile banking app, or by visiting a branch.  

You can meet with a Mainstreet Advisor in any way you prefer, whatever fits your schedule best. Whether in person, virtually, or by calling or texting our Member Experience Centre. 

No matter where school takes you, Mainstreet is here to help you meet your financial goals with flexible, student banking options tailored to your needs.

Student Loan vs. Line of Credit: What’s the Difference?

Deciding between a student loan and a student line of credit? There are a few differences to understand before you get started.  

A student loan is typically provided by the government to help you pay for post-secondary education. Usually, you will receive a lump sum payment right away, and repayment starts after graduation. 

While a student line of credit, on the other hand, is offered by financial institutions like Mainstreet. It provides more flexibility, with interest-only payments while you’re in school. Plus, you’ll have a 12-month grace period of interest-only payments after graduation. Giving you time to get settled before tackling the principal repayments.  

A student loan or a student line of credit may require a co-signer, like a parent or guardian. It all depends on your credit history and the type of loan and credit product you’re applying for. Our advisors are here to help you explore every option to find the right fit for your education.

Budgeting Basics

Need some financial guidance to help manage your expenses during the school year? We’re here to help with simple tools to track your spending, build a budget, and even save a little (yes, it’s possible)! Taking charge of your finances while in school will give you a valuable head start after you graduate. Our advisors will work with you to tailor your needs and ensure you have the right plan for your goals.

Ready to Start?

Student life is full of challenges and lots of new unknowns, and your student banking shouldn’t be one of them. At Mainstreet Credit Union, we’ve got your back with the right student banking tools, advice, and support that fit your goals and are tailored to your needs. If you want to learn more or get started, book an appointment with a Mainstreet Advisor so you can feel confident during your post-secondary journey.