So, here are my requirements for what constitutes a good Student Bank Account:

1. No Annual Fee Regardless of Balance. If you can avoid going into the negatives as a student, good for you, but asking a student to keep >$1000 just sitting in their bank account doing nothing is pretty mean.

2. Has Actual Branches. Students have pretty unique banking needs since they're often moving, getting/losing jobs, and paying their own bills for the first time, etc. So having a physical branch you can go to is invaluable.  

3. That's about it

Right now, there are just two banks with such plans: TD Canada Trust and BMO. (2008 Update: RBC Royal Bank has such a plan, here's my quick review)

Also, check out my info guide on Canadian student credit cards. Avoid the pitfalls of trying to get the best card in the world for now, just apply for a credit card that you can get (and has no annual fees), build a credit history while you're a student, then apply for better credit cards. 

TD Canada Trust Post-Secondary Student Account:

The Value Plus Account, valued at $8 something per month. So, be sure to change your plan once you graduate, since you probably won't need this expensive of a plan then.

I would think they have a similar plan for high school students as well. 

The Value Plus Account for Students provides you with 25 transactions per month including:

Green Machine ABMs

TD Canada Trust EasyLine Telephone Banking

TD Canada Trust EasyWeb Internet Banking

Interac Services

Cheques (it doesn't include the cheques themselves, just covers the transaction cost)

Pre-authorized Payments/Automated Transfers

Bank of Montreal Post-Secondary Student Account:

Valued at $8.50/month (so be sure to change up your plan when you graduate, this is on the high end, nice when you get it for free though)

• Up to 30 transactions each month, including account history inquiries
• Cheque return
• 1 Interac®* Email Money Transfer

Sooooo...

Which of the two would I choose? They're basically the same. So I'd probably pick whichever has more convenient branch locations, ATMs and hours. However, if you're in an urban area and a student that can actually make it to the branches during business hours while they're actually open, then I would say that TD Canada Trust has good customer service, but BMO is probably as good and has the free 1-per-month Email Money Transfer, which usually costs $1.50. Not a huge deal, but I don't think any other bank gives these away in any quantity for free. BMO might be a better choice if you collect Air Miles though, but I doubt a student would really accumulate a lot.

Neither bank as far as I know gives a free order of cheques (like my US Bank Account did at National City ), but TD did at least give me 4 cheques when I signed up for my account, which is probably all I'll need (I do just about everything else on-line, by credit card (1% Cash Back!) or by debit/Interac). Though I would probably ask if you could get 8 if possible.

But There Might Be More Choices!

Be sure to check out credit unions in your area. Many do have decent student plans. Mine gave me a free checking account until I was 21 years old, and their savings accounts were far better than most banks'.