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Best bank accounts for teenagers in Canada

Compare bank accounts for teens, including savings, money apps and chequing accounts and find the best youth bank accounts in Canada.

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.

12 best bank accounts for a teenager in Canada in 2024

Overall best bank for teenagers in Canada

BMO Performance Chequing Account

Earn $600
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
If you're searching for the best youth bank account in Canada, this BMO account is well worth checking out. As one of the most popular day-to-day accounts, the BMO Performance Chequing Account offers unlimited transactions and free Interac e-Transfers. 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 5.50% on all deposits Valid until July 2, 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 $16.95
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 hybrid chequing and youth savings account

Simplii No Fee Chequing Account

Earn $400
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
Your teens can up their banking and digital money management skills using the Simplii No Fee Chequing Account. This fully digital bank account gives your teen free, unlimited Interac e-Transfers and unlimited monthly 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 $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
  • 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
International ATM Fee $3

Best joint parent + youth bank account

Scotiabank MomentumPLUS Savings Account

6.05%
Interest Rate
$0
Account Fee
$5.00
Transaction Fee
The Scotiabank MomentumPLUS Savings Account is a good option to help teens as young as 18 years old start building up their savings with a tiered interest rate system. Earn a savings rate of up to 6.05% for 3 months. Plus, enjoy free unlimited transfers between Scotiabank accounts.
  • No monthly fee
  • Current promo: Earn up to 6.05% for 3 months on your first account opened.
  • After the promo, earn 1.3% 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

Earn $100
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
The BMO Performance Student Chequing Account offers a fun welcome bonus for students. 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 April 30, 2024. The account costs comes with a monthly fee of $16.95. Pay no monthly account fee if you have a balance of at least $4,000 in your account.
  • 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 April 30, 2024.
  • Monthly fee of $16.95 (but can be waived)
  • 0% interest rate on deposits
  • $5 overdraft fee
  • $2 out of network ATM fee
Min. Age N/A
Account Fee $16.95
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

Earn $100
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
The Scotiabank Student Banking Advantage Plan removes some of the financial burden of being a student with no monthly account fee, free transactions and free Interac e-Transfers. Open to students in post-secondary schools across North America. Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
  • Earn a welcome bonus of 12,500 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

Get $150
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
With no monthly fees and no minimum balance, this bank account for teens offers a chance for your kids and teens to take on a real-world bank account. The unlimited transactions mean your child can learn every aspect of banking, saving and spending – using almost every form of payment. When your child turns 19 years old, this account also offers overdraft protection on approved credit. Keep in mind Interac e-Transfers cost $1.50 to send, but they are free to receive.
  • 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 become a new member and open a Free Chequing, Free Debit and More Account. Valid until June 30, 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
Dive deeper Coast Capital review

Best high-interest youth savings account

Tangerine Children’s Savings Account

Tangerine Children’s Savings Account

0.80%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The Tangerine Children's Saving Account will help your teenager learn the power of compound interest and the responsibility of paying bills. As a digital-first bank, Tangerine offers some of the best high-interest savings account rates. The current rate of 0.8% 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 0.8% 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
Dive deeper Tangerine Bank review

Best youth bank account for rewards

Scotiabank Getting There Savings Account

Scotiabank Getting There Savings Account

0.10%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
Teens will love the Scotiabank Getting There Savings Account. Not only does this bank account for teenagers come with a free kids debit card (with unlimited, free debit card transactions) but teenagers aged 14 and older can earn Scene+ points that can be cashed in for free movies and Cineplex purchases. Teens will earn 0.05% on deposits up to $499.99 and then 0.1% on deposits of $500 and up.
  • Teens 16+ can open account without parent
  • Teens aged 12 to 15 can open an account on their own with adequate ID
  • No monthly fee
  • Comes with a debit card for your teen
  • Earn points on debit card purchases
  • Free, unlimited debit card transactions
  • Free, unlimited Interac e-Transfers
  • Low charge ($2) to use non-Scotiabank ATM
  • Kids 14+ can collect Cineplex Scene+ points (or Scotia rewards)
  • Free paperless or paper statements
  • Mobile cheque deposit
  • Works with Apple Pay, Google Pay and Samsung Pay
  • No monthly fee
  • Low interest rate
  • Kids under 11 need a parent to open an account and do not get an access card
  • Youth 12 to 15 require a parent's help to get a teen debit card
Min. Age N/A
Min. Age Teen Account 12
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee free and unlimited

Best youth bank account for daily discounts

CIBC Smart Start

CIBC Smart Start

N/A
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
If you want your teen to master the skill of learning money management and cashless transaction skills, then the CIBC Smart Start might be the best bank accounts for teens. Formerly known as the CIBC Advantage Account, this kids bank account offers unlimited transactions and Interac e-Transfers as well as a free debit card for your teen. The perks will also appeal to your cost-conscious teen since they get a free Student Price Card (SPC) membership, giving them discounts at over 450 stores and restaurants, including Levi's, Apple, H&M, DoorDash, adidas, Samsung and Foot Locker. The best part is that the account and the discounts make it easier for you to start money conversations with your child – and keep those conversations going.
  • No monthly fee
  • Comes with a debit card for your teen
  • Free, unlimited transactions and Interac e-Transfers
  • 1 free non-CIBC ATM withdrawal per month
  • Teens 13+ can open an account without a parent
  • Discounts on food, fashion and entertainment through the free SPC+ membership for teens 14+
  • Save up to $0.10 per litre on gas (at participating petrol stations) when using the CIBC debit card
  • Unlimited commission-free stock and ETF trades through CIBC's Investor's Edge
  • BONUS OFFER: Get $100 with CIBC Smart Start and $50 for each friend you refer — up to 10 (T&C apply)
  • Teens younger than 18 won't get access to commission-free trades through CIBC's Investor's Edge
  • $2 fee for non-CIBC ATM transactions
Min. Age N/A
Min. Age Teen Account 13
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee N/A
NSF Fee $45

Best credit union youth bank account – Ontario only

Meridian Youth Savings Account

Meridian Youth Savings Account

unspecified
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
Available to youth aged 17 and younger, this kids savings account comes with no monthly fee and unlimited debits, but each Interac e-Transfer will cost $1.50.
  • No monthly fees
  • Unlimited, free transactions
  • Access to 43,000 ATMs across North America
  • Includes debit card for teens
  • Earn interest on deposits
  • $1.50 fee for Interact e-Transfers
  • $2 non-Meridian ATM fee
Min. Age N/A
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee $1.50
NSF Fee $48

Best credit union youth bank account — Quebec only

Laurentian Youth Account

Laurentian Youth Account

N/A
Interest Rate
$0
Account Fee
Free and unlimited
Transaction Fee
This account is available to kids aged 18 and younger. It offers free, unlimited transactions including Interac e-Transfers. You'll also get free withdrawals, transfers, bill payments and access to any of the over 3,000 THE EXCHANGE Network ATMs across Canada.
  • No monthly fee
  • Unlimited, free transactions
  • Free ATM withdrawals
  • Unlimited Interac e-Transfers
  • Access to cheques
  • Cheques and pre-authorized payments are free
  • Free digital bank statements
  • Only available to Quebec residents
  • $3 for paper bank statements
Min. Age 12
Account Fee $0
Transaction Fee Free and unlimited
Interac e-Transfer Fee N/A
NSF Fee $65

Best digital-spending youth account

Mydoh Smart Cash Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
The Mydoh spending app is not a traditional bank account, but the Mydoh app and Visa Debit card offers an instantaneous and interactive way for teens to learn about cashless transactions and the importance of budgeting. With Mydoh, teens get a spending account attached to a Visa Debit card. 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 at a low monthly fee of $0.
  • 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
  • 30-day free trial (for new subscribers)
  • Create talking points for parents (about money and spending)
  • Teens cannot deposit cheques or cash into their Mydoh account
  • Teens cannot withdraw or deposit using ATMs
  • Additional monthly fee of $0 (but includes up to five youth or kids' accounts under one plan)
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
ProviderAccount nameWhat we likeAccount fee
Scotiabank logoScotiabank Basic Bank Account
  • Chequing account with low monthly fee
  • Free Interac e-Tranfers
  • 12/month free transactions
$3.95 /monthGo to siteRead review
Scotiabank logoScotiabank MomentumPLUS Savings Account
  • Earn tiered interest with this free savings account
  • Earn 6.05% for 3 months, 1.3% thereafter
  • No minimum balance required
$0Go to site

Read review

BMO logoBMO Performance Chequing Account
  • Earn a $600 welcome bonus
  • Earn 5.5% interest on a Savings Amplifier Account
  • $0 transactions and eTransfers
$16.95 /month ($0 if requirements met)Go to siteRead review
Mydoh logoMydoh App and Smart Cash Card
  • Free trial and signup offer
  • Kids learn good financial habits through play
  • Add up to 5 kids free
$0Read review

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.

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.

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.

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 with apps like Mydoh, which essentially work like prepaid debit cards linked to an account.

Advantages of using a teen debit card

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.

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 a money account.

A prepaid credit 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. Keep in mind, prepaid credit cards can only be opened by an adult 18 and older. A teenager can be added to some prepaid credit card accounts. Read the Finder guide on teen prepaid credit cards.

Besides opening a youth bank account in Canada, consider opening a spending account, such as Mydoh. While your teen won’t be able to deposit cheques, you can fund the money account the same way as a prepaid credit card. The attached Visa debit card works the same way as a pre-paid card.

The advantage of a money account is that a teenager gets near-instant feedback on earnings and spending, which helps them learn better money management habits.

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.

Pros and cons of bank accounts for teenagers

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. One of the hardest lessons to learn is the high cost of consumer debt. 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. Bank accounts for teens with overdraft protection can prompt your teen to overspend – and pay related interest and fees. While this can be a downfall of youth chequing accounts, this can also be used as a tool to help teach your teenager the high cost of consumer debt.
  • Fees. Some youth bank accounts and money accounts come with monthly fees. Alternatives, such as prepaid credit cards and spending accounts, like Mydoh, also have fees. However, these monthly fees are relatively small compared to steep transactional fees. For instance, some youth bank accounts will charge $45 or more for insufficient funds (known as an NSF charge), while others charge $5, plus interest, on overdraft fees. These fees can add up as your child learns the importance of managing their money.
  • Letting go. Some youth bank accounts allow your teen to open the account without you, starting at age 16 (some even allow 12- or 14-year-olds to open an account). Other accounts may require you to co-sign your teen’s account, but the teen can choose to share, or not, any details regarding the use and abuse of the account. The key is to set up an account to give your teen some early 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 teenage 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:

What money app can an under-18 use?

While there are more than a dozen options available to American teens, only two money apps are available to teens under 18 in Canada as of April 2024.

Mydoh offers a prepaid Visa debit card through a partnership with RBC and Visa. The card is connected to an app that links up to five youth accounts to the primary (parent) Mydoh account. Teens can make their own decisions about spending, including in-person debit and online purchases. Parents can view current balances, recent transactions and other financial information as well as transfer money into the account. The Mydoh monthly fee is $0 per month.

For more information, read the Finder guide on debit and cash cards for kids.

What banks can a 14-year-old use?

Can a 14-year-old open a bank account in Canada? Happily, the answer is yes. There are a few money apps and banks a 14-year-old can use, although some require parent set-up or authorization. A 14-year-old can open a youth bank account in Canada without their parent’s involvement at the following banks:

The Canadian banks where a 14-year-old can open a youth bank account that require a parent’s involvement include the following:

  • Mydoh
  • TD Youth Account
  • BMO Youth Account, includes Plus, Premium or Performance chequing accounts (need parent help to set up)

What banking app can a 16-year-old use?

As soon as your teenager turns 16, they’ll get access to more accounts and services, including banking apps. In addition to the list of banks a 14-year-old can use, here are some additional bank accounts for teens and money accounts with banking apps that can be used at 16 (or older):

What bank is best for a 16-year-old?

If your teenager is ready for the next step, then consider banks that are best for a teen 16 or older who wants to open their own youth bank account in Canada:

  • Scotiabank Getting There Youth Savings Account
  • National Bank Youth Account
  • TD Youth 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.

Security is an important feature to consider when banking online. Never share your bank password with your friends or post it online. For added protection, you could also see if two-factor authentication is an option, where a special code is texted to your smartphone every time you log in to your online banking platform.

How to open a youth bank account

Once you’ve found the bank account for teenagers that’s right for you, it’s easy to open an account for your child. Many banks will require you and your child to visit a branch in person, but some allow you to open a youth bank account online. Here’s how:

  1. Click through to the bank’s website and follow the prompts to open an account.
  2. Provide your child’s name, address, date of birth and Social Insurance Number (SIN).
  3. Enter your own personal information, contact details and SIN.
  4. Provide photo ID for yourself and your child’s ID or birth certificate.

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 just like regular accounts but designed for youth under the age of 18. They often have lower fees than adult bank accounts, with many youth bank accounts charging 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 person. Plus, you can withdraw money from an ATM.

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

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