Frosh just ended and you’re out of money already? Something went horribly wrong.

Obviously this is a set-up, but the implication of a lack of discipline and financial vision is pretty serious. Why fritter and waste those pennies that took endless imaginative ways to acquire? You need to find a safe and efficient place to stash it until you have to use it.

There is no one homogeneous type of student, so there is not going to be a one-size-fits-all solution. There are lots of options. The major banks have a range of services that can accommodate a variety of needs and situations. They each have Web sites you should take a look at and get a feel for what is on offer and see if there is a package that works for you.

Once you have got a good overview, zero in on a few details. Call them and let a representative explain how their plan applies to your personal situation.

Your main goal is to not pay more in fees than you have to. Read the fine print!

If you have debt already, try to consolidate it in a student line of credit. You will pay a lower rate of interest and your monthly payments will be much lower. Customer service representatives at your local branch will explain how it all shakes out.

Here’s a condensed overview of what’s available, but do your homework, it will be worth it. Be a smart consumer, shop around. Remember to read and know all the details.

At www.cibc.com/studentlife there is an account selector tool, to help you find the right package, but give them a call: 1-800-465-CIBC (2422). The CIBC Advantage for Students plan monthly fee is $4 for the first 12 transactions in a month and 60 cents for each additional. If you maintain a minimum monthly balance of $1,000 there is a 50 per cent discount on the regular fees. At most banks high balances are rewarded in some way.

They require proof of enrolment in a full-time post secondary program, as do all of the various banks for student account services. You will have to re-apply every year. There are options for part-time and mature students at various institutions. You need to sleuth them out a bit.

Royal Bank student services are found at: http://www.royalbank.com/products/deposits/students.html

For $3.50 a month you get 25 debit transactions and it’s $0.50 for each additional debit. They waive the $15 annual fee on Student Visa Classic and they will enroll you in the Student Price Card (SPC) program for free. Be sure to check the details, you may have similar benefits elsewhere. Contact: 1-800 ROYALTM 1-1 (1 800 769-2511).

Go to www.scotiabank.com and click on ‘Financial & Investment Solutions’ which will give you the Student Life link. The basic account here is the ‘Student Banking Advantage Plan’. Monthly fee of $1.25 includes your 12 most expensive non-teller transactions. A no-fee VISA is also offered upon getting credit approval. Educate yourself on the pros and cons of credit cards. It can be a minefield for the unwary.

Call 1-800-4-SCOTIA (1-800-472-6842).

http://www.tdcanadatrust.com will get you to the TD Canada Trust Self Serve Account for students. $3.45 per month (a 50 per cent discount on the regular TD Canada Trust Self Serve account) provides you with 20 self-serve transactions. More nifty bells and whistles are available as add-ons, similar to the other banks. Contact: 1-866-567-8888.

www.nbc.ca. The National Bank of Canada Click Student Package is for full-time post-secondary students 18 to 24 years of age. It is a $2.75 monthly fee for unlimited transactions. Call 1-888 4 TelNat (1-888-483-5628) for all the bits and bites.

The new student account on offer from Metro Credit Union, www.metrocu.com will cost you $3.50 a month for 20 transactions with four free via Interac. Maintain a $1,000 balance and fees are waived. Also find student financial tips at their site. They have a focus on ethical investing. Call 416-252-5621.