- Earn a $600 welcome bonus
- Unlimited free transactions
- $0 Interac e-Transfers
- Monthly fee waived on $4,000+ balances
Youth bank accounts are great tools for teaching teens how to manage their money. The focus of these youth accounts is to teach your teen solid savings skills and responsible spending habits.
To find the best bank account for your teenager, consider if the account offers features and tools to help your teen learn solid money management skills. For instance, if you want to teach your teenager about cashless transactions, look for a youth bank account with a debit card. If you want to focus on the power of saving, look for high-interest youth savings accounts. There’s definitely a youth bank account to match your needs.
- Earn a $500 bonus
- $0 account fee
- Unlimited free transactions
- $0 Interac e-Transfers
- No minimum balance requirements
- No monthly fee
- Unlimited day-to-day transactions
- No minimum balance requirement
- Overdraft protection on approved credit
8 best bank accounts for a teenager in Canada in 2024
- Best overall bank account for a teenager in Canada: Simplii No Fee Chequing Account
- Best family banking bundle: BMO Performance Chequing Account – Family Bundle
- Best joint parent + youth bank account: Scotiabank MomentumPLUS Savings Account
- Best student bank account: BMO Performance Student Chequing Account
- Best no fee student bank account: Scotiabank Student Banking Advantage Plan
- Best credit union youth bank account: Coast Capital Chequing Account
- Best high-interest youth savings account: Tangerine Children’s Saving Account
- Best digital-spending youth account: Mydoh
Overall best bank account for teenagers in Canada
Simplii No Fee Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
There are no monthly fees and teens get a free debit card. Since this account isn't specifically for teens, parents will need to open and guarantee the account (making you responsible for unpaid fees or costs).
The Simplii No Fee Chequing Account can maximize how your teen can use and access their day-to-day banking without the risk of cost creep. Pair it with a no-fee Simplii High Interest Savings Account and your teen could learn to manage money and earn on savings as they grow and mature.
- No monthly fees
- No minimum balance
- Free and unlimited day-to-day transactions
- Free and unlimited Interac e-Transfers
- Digital bank with a completely online application process
- Free teen debit card
- Free transactions transactions through CIBC ATMs
- Send money internationally for free
- Earn 0.1% interest on deposits
- Earn $500 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends February 28, 2025.
- Teens under 18 require a parent to open and guarantee the account
- $1.50 fee for non-CIBC ATM transactions
- $3 fee for US and international ATM transactions
Min. Age | 18 |
---|---|
Min. Age Teen Account | 12 |
Account Fee | $0 |
Overdraft Fee | $4.97 |
ATM Out-of-Network Fee | $1.50 |
U.S. ATM Fee | $3 |
International ATM Fee | $3 |
Best family banking bundle
BMO Performance Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
Under the family bundle, you can select a primary account and an account holder, which must be an adult, and then select and set up a separate bank account for your teen. Not only does your teen pay no monthly fees, but they get unlimited no-fee daily banking, including Interac e-Transfers. If you open a new account and meet certain requirements, your family gets a welcome bonus of $600.
- No monthly fee for your teen
- Parent pays only one account fee per month
- Each account is separate and private
- Unlimited monthly transactions, including Interac e-Transfers
- Parents get a $40 rebate on a BMO Mastercard annual fee
- Attach a no-fee BMO savings account and earn 4.75% on all deposits Valid until October 31, 2024.
- 1 free non-BMO ATM withdrawal per month
- Free teen debit card
- OnGuard Identity Theft Protection at no charge
- Must keep a $4,000 minimum balance to waive monthly fee
- Earn 0% on account balances
- Parent must be a BMO bank account holder
- $5 fee each for overdraft protection, international ATM withdrawals and global money transfers
Min. Age | 18 |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $17.95 |
Youth Account Fee | $0 |
# of Accounts Included | 20 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $5 |
International ATM Fee | $5 |
Best joint parent + youth bank account
Scotiabank MomentumPLUS Savings Account
Interest Rate
Account Fee
Transaction Fee
- No monthly fee
- Current promo: Earn up to 5.4% for 3 months on your first account opened.
- After the promo, earn 1% interest on all deposits
- No minimum balance required
- Free and unlimited self-service transfer (money sent between Scotiabank accounts)
- Free debit card (for all account holders)
- A parent needs to open an account and add their teenager as a joint account holder
- Money is locked in if you want higher interest rate
- No free Interac e-Transfers
- $5.00 per debit transaction
- $1.50 fee on out-of-network ATM withdrawals
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $5.00 |
Interac e-Transfer Fee | $0 |
Best student bank account
BMO Performance Student Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Unlimited monthly transactions
- $0 Interac e-Transfers
- Earn a $100 cash bonus and enjoy six months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until February 28, 2025.
- Monthly fee of $0 (but can be waived)
- 0% interest rate on deposits
- $5 overdraft fee
- $2 out of network ATM fee
Min. Age | N/A |
---|---|
Account Fee | $0 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $5 |
International ATM Fee | $5 |
Best no fee student bank account
Scotiabank Student Banking Advantage Plan
Bonus Offer
Monthly Account Fee
Free Transactions
- Earn a welcome bonus of 7,500 Scene+ points
- No account fee for full-time post-secondary students
- Enjoy unlimited free transactions and e-Transfers
- Earn Scene+ points on debit transactions.
- Not free for part-time students
- You must verify that you're a student each year.
Min. Age | 16 |
---|---|
Account Fee | $0 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Dormancy Fee | $20 |
Best credit union youth bank account
Coast Capital Free Chequing, Free Debit, and More Account
Bonus Offer
Monthly Account Fee
Free Transactions
- No monthly fees
- Unlimited day-to-day transactions
- Free in-branch, online or phone bill payments
- Free withdrawals and deposits at 4,000+ free ATMs across the country
- Open an account online
- Deposit on the go
- Coast Mobile banking app
- BONUS OFFER: Get $150 when you open an use a Free Chequing, Free Debit and More Account. Conditions apply. Apply by November 28, 2024.
- Parents must be co-signor for the account
- $1.50 fee to send an Interac e-Transfer (receive for free)
- $3 for printed bank statements
- Package of cheques starts at $52.85
- $5 per overdraft item without overdraft protection (plus prime+18% interest charge)
Min. Age | 19 |
---|---|
Account Fee | $0 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $10 |
U.S. ATM Fee | $2.50 |
International ATM Fee | $5 |
Dormancy Fee | $1.50 |
Best high-interest youth savings account
Tangerine Children’s Savings Account
Interest Rate
Account Fee
Transaction Fee
The current rate of 0.55% means your teen will earn at least twice as much, or more, than any other high-interest savings account currently in the market for teenagers. While this account is a savings account, your teen also has the opportunity to learn about transfers, although e-Transfers are not possible with this account.
- No monthly fee
- Free bill payments
- Earn 0.55% on account balance, which is the highest regular offer for a high-interest savings account for teens
- Automatic savings plan
- Completely online application process
- Before your teen can get an account, you must first become a Tangerine Bank account holder
- Cannot send Interac e-Transfers from this account
- No debit card
Min. Age | 12 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | N/A |
NSF Fee | $45 |
Best digital-spending youth account
Mydoh Smart Cash Card
Monthly Fee
Transaction Cost
Rewards
Parents can assign their teenagers tasks to complete or simply fund their teen's Mydoh spending account. Teenagers can then use the debit card to make online or point-of-sale digital purchases. Instantaneous account feedback helps teenagers learn the importance of budgeting and smart money management. The family app allows parents and up to five teens or kids to share one account.
- Parents set up and monitor the account
- Helps keep track of tasks and chores
- Dedicated Visa Debit card for your teen
- Backed by RBC, a major Canadian bank
- Create talking points for parents (about money and spending)
- $0 monthly fee (but includes up to five youth or kids' accounts under one plan)
- Teens cannot deposit cheques or cash into their Mydoh account
- Teens cannot withdraw or deposit using ATMs
Monthly Fee | $0 |
---|---|
Transaction Cost | $0 |
Foreign Transaction Fee | 2.5% |
Monthly Fee | $0 |
Minimum Age | 18 |
Minimum Age Teen Account | 4 |
# Included Account | 5 |
Rewards | N/A |
More popular bank accounts for teenagers in Canada
Provider | Account name | What we like | Account fee | |
---|---|---|---|---|
RBC Advantage Banking for Students |
| $0 /month | ||
TD Student Chequing Account |
| $0 /monthly | ||
Canadian Western Bank Youth Account |
| $0 /month | ||
Tangerine No-Fee Daily Chequing Account |
| $0 /month |
What to consider when comparing the best bank accounts for teenagers
Whether you’re considering a youth savings account, a chequing account or a digital account such as Mydoh, most youth bank accounts in Canada come with mobile and online banking. To find the best bank for your teenager, you’ll also want to evaluate each account based on the following features:
- Interest.
When it comes to youth savings accounts, you’ll want to pick an account with a high-interest rate. Even though higher rates won’t make a huge difference to a teen with a lower bank balance, it can help your teen learn how interest works. - Low fees.
The best youth bank accounts won’t have monthly fees. However, some youth savings accounts and youth chequing accounts may charge a low fee but offer the right mix of account accessibility and per-transaction use. If your teen is prone to overspending or using non-network ATMs, consider a no- or low-fee youth bank account that includes overdraft protection and non-network ATM withdrawals. - ATM access.
Choose a local bank or credit union and there will most likely be ATMs in your area. If you choose an online bank, make sure there are in-network ATMs nearby so your teen doesn’t end up paying fees to withdraw cash. - Free debit card.
A debit card linked to a bank account lets teenagers make purchases online, withdraw cash at ATMs and make cashless purchases at retailers. The perfect teen debit card is a free card — or better still, a free card that is replaced for free should you lose or misplace the free debit card. - Minimum balance.
Check whether any teen bank account you’re considering has any minimum balance requirements, or whether you’ll need to deposit a certain amount each month to earn savings interest. - Budgeting tools.
The purpose of a youth bank account is to help your teen develop good money habits. To help, look for a bank account that has budgeting or spending tracking tools to help you save and spend wisely. For instance, Mydoh provides instant feedback to your teen regarding their online or digital purchase, so your teenager can instantly see how spending money impacts their bank balance and overall budget. - International fees.
If your teen plans to travel abroad, either on school trips or with the family, consider bank accounts for teens that offer free or no-fee international transactions. Ask about fees on withdrawals from international ATMs and debit transactions in countries outside of Canada. - Parental controls.
Some youth bank accounts can be opened by a teenager as young as 12, while others require a parent to be involved. To find the best youth bank account, consider what level and type of parental controls are required. To make the best choice, think about how involved you want to be with your teenager’s bank account and then find an account with these tools.
How old do you have to be to open a youth bank account in Canada?
Most banks and financial institutions in Canada set the minimum age to open a savings account or chequing account as age 12, but the pre-teen or teen must be accompanied by a parent or legal guardian to open an account. At age 16, a teenager can open a youth bank account in Canada at some financial institutions without being accompanied by a parent, as long as they have valid, government identification.
Can a 14 year old open a bank account in Canada?
Happily, the answer is yes. There are several bank accounts 14-year-old can open, and although some require a parent’s involvement, their are several account options that a 14-year-old can open on their own.
A 14-year-old can open one of these youth bank accounts in Canada without a parent’s involvement:
- Scotiabank Getting There Savings Account
- Servus Credit Union Youth Plan
- National Bank Chequing Account, includes Minimalist, Modest and Connected chequing accounts
- CIBC Smart Start (formerly CIBC Advantage Account)
- RBC Advantage Banking for Students
The accounts where a 14-year-old will require a parent’s involvement to open a youth account include:
- Mydoh
- TD Student Chequing Account
- BMO Youth Account, includes Plus, Premium or Performance chequing accounts (need parent help to set up)
Can a 16-year-old open a bank account without parents in Canada?
Yes, at most financial institutions in Canada, teens aged 16 years old can open their own bank account without a parent or legal guardian. They will need valid ID, such as a health card, other provincial ID with their picture or a passport. Keep in mind, not all banks or financial institutions will allow a teenager, under the age of 18, to open their own bank account. Just be sure to phone and check before starting the process.
Which bank accounts can a 16 year old open in Canada?
As soon as your teenager turns 16, they’ll get access to more accounts and services. In addition to the above list of a accounts that teens who are 14 years old can use, here are some additional bank accounts for teens aged 16 and up:
- Tangerine No-Fee Daily Chequing Account
- Coast Capital Chequing Account or High-Interest Savings Account (need parent help to set up)
- DUCA Aim For More Bundle
Which bank account is best for a 16-year-old?
If your teenager is ready for the next step, then consider accounts that are best for a teen 16 or older who wants to open their own youth bank account in Canada:
- Tangerine No-Fee Daily Chequing Account
- Scotiabank Getting There Youth Savings Account
- National Bank Youth Account
- TD Student Chequing Account
No matter what money account or bank account you and your teen select, always check with the financial institution regarding requirements and limitations before signing up.
How old do you have to be to get a debit card?
Any child under 18 years old (or 19, depending on where you live) can open an eligible kids bank account at any of the major banks in Canada, and often times get a debit card linked to that account. However, depending on the child’s age, a parent or guardian may need to be involved.
Youths can also get access to debit cards outside of the Big Banks too. For example, youth as young as 16 years old can open a Tangerine chequing account on their own, which comes with a debit card (along with unlimited transactions and no monthly fee).
Alternatively, parents of younger kids can opt for an app like Mydoh, which essentially works like a prepaid debit card linked to an account.
What money app can an under-18 use?
While there are more than a dozen options available to American teens, Canadian teens under 18 have far fewer options — most commonly, Mydoh and Neo Financial.
Mydoh offers a prepaid Visa card for kids as young as 6 years old through a partnership with RBC. The prepaid card is connected to a free app that lets teens make purchases with the card (like they would with a debit card), while parents can view transactions and transfer money into the account.
Neo Financial offers the JA Money card, a prepaid Mastercard for teens as young as 13 years old (or 14 years old in Québec). Teens can spend as they would using a debit card, earn cash back with purchases and get access to budgeting tools to help them learn about finances. The card is powered by the Neo Everyday account, which teens can use well into adulthood.
What’s the difference between a debit card and a prepaid card?
A prepaid card lets you load money onto your card ahead of time, and it stops working when it runs out of money. It’s like a gift card, but it works everywhere credit cards are accepted.
A debit card is linked to your bank account, so money comes out of your bank each time you use it. It offers more flexibility than a prepaid card, but it also comes with more responsibility since you can quickly blow through your account balance if you aren’t careful.
Things to consider about teen debit cards
For teens eager to learn cashless money skills, one key strategy is to get and use a debit card.
Kids and teens can get a debit card with virtually all spending and chequing accounts. Some of the top accounts with debit cards for your teenager include the CIBC Chequing Account, TD Student Chequing Account, and the BMO Performance Chequing Account.
Some savings accounts also offer free debit cards. Popular options include Scotiabank MomentumPLUS and BMO Youth Account.
But don’t limit your search to big banks. Digital banks, credit unions and online fintechs are also great options for a free debit card, along with a money account that supports cashless money management. Some of the best options in Canada include:
In the end, to find the best account for your teenager, the ultimate tool is to talk to your teen. Start by discussing the features you want and ask your teenager what they want and how they intend to use the account. Based on this list, help your teen to choose a bank account.
Involving teens in the process of selecting a youth bank account can be a great way to engage your teen in money discussions and start their journey to better understand their finances.
Pros and cons of youth bank accounts in Canada
Pros
- Freedom. Your teenager doesn’t need to pester you for pocket money and they can spend their money how they like.
- Education. Having a bank account as a teenager offers hands-on, real-world education in money management. These skills will help create a more stable and financially secure future for your teen.
- Privacy. At last, your teen can give a birthday gift without ruining the surprise. Having their own bank account can give teens a sense of responsibility and offer privacy and this can go a long way to keeping the lines of communication open between you and your teen.
- Learn valuable money lessons. Credit cards and loans will be much easier to obtain once your teen turns 18. To protect their financial future, you can use youth bank accounts in Canada with specific tools. For instance, a youth chequing account with overdraft protection will allow your teen to overspend — and pay for that debt — without getting into overwhelming debt.
Cons
- Less interest. Dedicated youth savings accounts tend to pay less interest. As a parent, you can boost your teenager’s earn rate using high-interest joint savings accounts or bundled family accounts through large banks.
- Potential to overspend. Accounts with overdraft protection can prompt your teen to overspend — and then pay interest and fees. While this can be a downfall of youth chequing accounts, it can also be used as a tool to help teach your teenager the high cost of consumer debt.
- Fees. Some youth bank accounts and prepaid cards come with monthly fees. Also look out for steep transactional fees. For instance, some accounts will charge $45 or more for insufficient funds (known as an NSF charge), or charge $5, plus interest of around 20%, on overdraft fees. These fees can add up as your teen learns money management.
- Letting go. Starting at age 12, 14 or 16 (depending on the account) your teen can open a youth account without you. Other accounts may require you to co-open your teen’s account with the option to share, or not, any transactional details. The key is to set up your teen’s account to start instilling some financial independence.
Online banking for teenagers
The internet makes banking and learning money management easier. Most banks and fintech providers let you view your youth bank account activity and manage your finances online or from an app on your phone. However, some banks may have limited online features for minors or require a parent’s permission to bank online.
To help narrow down the best online banking for your teenager, consider the following:
Can I open a youth bank account online?
Yes. There are a number of youth bank accounts in Canada or joint bank accounts that do not require an in-branch visit.
Good options for opening an online youth bank account include the following:
- Simplii High-Interest Savings Account
- Tangerine Savings Account or Chequing Account
- Mydoh app and Mydoh Smart Card
How to open a youth bank account
Opening an account as a teen, or on behalf of your teen, is easy. While some banks require you and your child to visit a branch in person, others allow you to open a youth bank account online. Here’s how:
- Once you’ve chosen the youth account you want to sign up for from our curated list, click through to the bank’s website.
- Click the button on the bank’s webpage to open the account application form.
- Provide your child’s name, address, date of birth and Social Insurance Number (SIN).
- Enter your own personal information, contact details and SIN.
- Provide photo ID for yourself and your child’s ID or birth certificate. When applying online, that usually requires uploading a picture of your ID along with a selfie to verify you and your child’s identities.
- Submit the application, and wait to receive an email confirmation that the account has been opened.
- Once your account is open, set up online and mobile banking. If the youth account comes with a debit card, you’ll receive it in the mail likely within a few weeks.
Starting your financial journey as a teen
A teen bank account isn’t much use if you don’t have any money in it. While parents play a role in helping teenagers to make the link between work and money, beyond setting up a youth bank account in Canada, finding a job is a great way for teens to gain financial independence.
A good place to start is to set a goal. It’s easier to start working and saving if you have a specific goal in mind, such as your first car or university tuition. (Parents can find tips in the Finder guide on allowance versus paying kids for chores.)
When looking for a job, consider what skills you possess that an employer would consider beneficial and then build a resume that emphasizes those as well as your positive experiences in school. If you get an interview, dress and act professionally. If it’s your first interview, practising with a friend or parent first can help you stay cool and collected.
What is a teen bank account?
Teen bank accounts are similar to adults accounts but designed for youth usually between the ages of 12 and 18. Youth accounts often come with nearly all of the same features of adult accounts but for low or no monthly fees.
Another perk of teen bank accounts is that many come with a linked debit card, so you can make purchases online and in store. Plus, you can withdraw money from an ATM.
Teach your teen how to manage a chequing and savings account
Opening a youth bank account in Canada gives you a great opportunity to teach your teen about many important components around managing money responsibly.
Using a youth chequing account, show your teen how to monitor their account balance, avoid overdrafts and spot fraudulent activity. Using their debit card teaches your teen how to make debit purchases at stores and how to use their card’s PIN to make online purchases.
A youth chequing account is also ideal for teaching your teen how to make in-branch, ATM or mobile app cheque deposits. Depending on the youth chequing account selected, you may have an opportunity to demonstrate how to write cheques.
Youth savings accounts provide a great opportunity for teens to learn how interest works. It can also teach teens the value of saving towards a goal, like a car or post-secondary education.
Youth chequing account alternatives
If you and your teenager are more interested in learning responsible spending habits, then a youth savings account or youth chequing account may not be the right fit. To learn budgeting and digital transactions, the best alternatives are a prepaid credit card or an app-based account.
A prepaid card lets you load money ahead of time, and stops working when your teen spends all the money. It’s like a gift card, but without being restricted to just one store. Read the Finder guide to prepaid cards for teens to learn more.
Besides opening a youth bank account in Canada, consider opening a spending account, like the Mydoh app or the Neo Financial JA Money card. While your teen won’t be able to deposit cheques, you can directly fund the prepaid card, which works the same way as a debit card.
The advantage of an app-based account is that a teenager gets near-instant feedback on earnings and spending, which helps them learn better money management habits.
How we picked the best teen bank accounts
Getting a bank account as a teenager can be an exciting step into the world of handling your personal finances. Make sure you look at any minimum age requirements before applying with the bank you’re seeking to open an account with. If you’ve reached the age of majority in your province, you can compare regular chequing accounts and saving accounts to find the best one for you.
Best bank for teenager Canada and best youth bank account FAQs
Banking scores
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
To find out more, read our full savings account methodology and full chequing account methodology.
More banking guides from our experts
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Read more…How to open a bank account without photo ID in Canada
You need ID to open a bank account in Canada, but banks accept more forms of ID than you might think.
Read more…Best youth bank accounts in Canada
Learn about the different types of bank accounts for your teenager and how to choose the right one.
Read more…Best chequing account in Canada for 2024
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Read more…Open a bank account online in Canada in 5 easy steps
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