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Best bank accounts for teenagers in Canada for 2023

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

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By

Romana King

Reviewed by

Scott Birke

Updated

Fact checked

The best youth bank accounts are great tools for teaching teens how to manage their money.

To find the best bank account for your teenager, we examined more than 20 youth bank accounts, including youth savings accounts, money management apps and chequing accounts. The focus of these youth bank accounts is to teach your teen solid savings skills and responsible spending habits.

To find the right bank account for your teen, consider the account’s key features and the tools offered that can help teach your teenager 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 a bank account for your teen to match your needs and budget.

Best bank for a teenager in Canada by feature

Methodology: How we selected the best bank accounts for teenagers in Canada

The bank accounts included in this Finder guide are independently selected based on information provided to Finder as well as analysis of banking providers in the Canadian marketplace. This list does not necessarily represent the entire Canadian market for teen bank accounts. When assessing bank accounts for teenagers, we consider key factors such as fees, accessibility, transaction fees and availability. Since no single teen bank account can be considered ideal for all Canadian teenagers, we strongly recommend you compare all account options before selecting and opening any teen bank account. While advertisers do not influence our picks, we may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

Best bank accounts for teens in Canada by feature

To choose the right money management app or the best bank account for your teen, pay attention to features, costs and how your teenager will use and access their money. While monthly fees are important to consider, so are transaction fees. Many bank accounts will include digital or online transactions in their free monthly package but charge for specific types of transactions, such as Interac e-Transfers.

To narrow down your list, we researched and found the best bank accounts for teenagers in Canada. Read our detailed review of each youth bank account, including the advantages, features and costs to find out why each is considered the best in Canada.

Overall best bank for teenagers in Canada

BMO Performance Chequing Account
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BMO Performance Chequing Account

unlimited
Free Transactions
$0
e-Transfer Fee
$16.95
Monthly Account Fee
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 account for your teenager. 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 $350.
  • No monthly fee for your teen
  • Parent pays only one account fee per month
  • Add up to 20 accounts in the Family Bundle
  • Each account is separate and private
  • Unlimited monthly transactions, including Interac e-Transfers
  • Parents get a $40 rebate on a BMO Mastercard annual fee
  • Earn 0.1% on account balance
  • Attach a no-fee BMO savings account and earn 5% on all deposits until April 2023
  • 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
  • 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 12
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 digital-spending youth account

Mydoh Smart Cash Card
Go to site Read review

Mydoh Smart Cash Card

$2.99
Monthly Fee
$0
Transaction Cost
1-month free trial + $15
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 $2.99.
  • 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 $2.99 (but includes up to five youth or kids' accounts under one plan)
Monthly Fee $2.99
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $2.99
Minimum Age 18
Minimum Age Teen Account 4
# Included Account 5
Rewards 1-month free trial + $15

Best high-interest youth savings account

Tangerine Children’s Savings Account

Tangerine Children’s Savings Account

1.1%
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 1.1% 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 1.1% 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 joint parent + youth bank account

Scotiabank MomentumPLUS Savings Account
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Scotiabank MomentumPLUS Savings Account

5% for 5 months,
1.6% thereafter
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 5% for 5 months. Plus, enjoy free unlimited transfers between Scotiabank accounts.
  • No monthly fee
  • Current promo: With the MomentumPLUS Savings Account, you can earn a savings rate of up to 5.00% for 5 months.
  • After the promo, earn 1.50% 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 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 teen chequing account

BMO Performance Chequing Account
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BMO Performance Chequing Account

unlimited
Free Transactions
$0
e-Transfer Fee
$16.95
Monthly Account Fee
The BMO Performance Chequing Account is not strictly a bank account for teenagers; however, if you are looking for ways to get a premium bank account, but minimize the fees paid by your family, then this might be the perfect account for you and your teen. With the BMO Performance Chequing Account Family Bundle, only the parent pays the monthly banking fee and all other account holders enjoy no monthly fees. This BMO account offers unlimited no-fee daily banking, which includes unlimited, no-fee transactions and Interac e-Transfers. The best part is that each account is separate and private, so your teenager can't see your account and you can't see your teen's bank account.
  • Unlimited monthly transactions
  • Interac e-Transfers
  • $40 fee rebate on the BMO Mastercard annual fee
  • BMO will reverse the first accidental fee charged to this account
  • Family bundle means no-fee bank account for teens
  • Up to 20 accounts can be included in the BMO Family Bundle
  • Earn up to $400 if you open a BMO Performance Chequing Account and meet eligibility criteria, earn 5% on all deposits until April 2023, when you add a no-fee BMO Savings Amplifier Account
  • Primary account holder in the BMO Family Bundle must be 18 or older
  • Monthly fee of $16.95 when balance is less than $4,000
  • 0% interest rate on deposits
  • $5 debit and e-Transfer transaction fee
  • $2 out of network ATM fee
Min. Age 18
Min. Age Teen Account 12
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
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Simplii No Fee Chequing Account

unlimited
Free Transactions
$0
e-Transfer Fee
$0
Monthly Account Fee
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 June 30, 2023.
  • 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 youth bank account for rewards

Scotiabank Getting There Savings Account

Scotiabank Getting There Savings Account

0.05%
Interest Rate
$0
Account Fee
free and unlimited
Transaction Fee
Teens will love the Scotiabank Getting There Savings Account. Not only does the bank account 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 16+ can open account without parent
  • Teens aged 12 to 15 can open an account, but require a parent's help if getting a teen debit card
  • 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 ($1.50) 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
Min. Age N/A
Min. Age Teen Account 12
Account Fee $0
Transaction Fee free and unlimited
Interac e-Transfer Fee free and unlimited

Best youth bank account for daily discounts

CIBC Smart Start

CIBC Smart Start

0.05%
Interest Rate
$0
Account Fee
Free and unlimited, including e-transfers
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 account. 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
  • Earn 0.05% on savings account balance
  • 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: Earn up to $150 if you open an account before January 31, 2023 and meet eligibility requirements
  • 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
  • Kids under 12 must have a parent or guardian to open an account
Min. Age N/A
Min. Age Teen Account 13
Account Fee $0
Transaction Fee Free and unlimited, including e-transfers
Interac e-Transfer Fee N/A
NSF Fee $45

Best ‘grow with your teen’ bank account

HSBC Premier Youth Savings Account

HSBC Premier Youth Savings Account

0%
Interest Rate
$0
Account Fee
Free and unlimited
Transaction Fee
Want your teen to grow into their bank account (and avoid expensive banking fees when they turn 18 or 19)? Then check out the HSBC Premier Youth Savings Account, which gives your growing teen access to no-fee banking until age 30. Even better, your teen can earn daily interest, paid monthly, on every dollar in the account. Your teen won't pay transaction fees or Interac e-Transfer fees, and they can start to become familiar with mobile banking using the free mobile cheque deposit as well as secure mobile and online banking. To get all these perks until the age of 30, you'll need to open an HSBC Premier Youth Savings Account (not the standard HSBC Youth Savings Account).
  • No monthly fee
  • Comes with a teen debit card
  • Free unlimited transactions
  • Free Interac e-Transfers
  • Free mobile cheque deposit
  • Unlimited withdrawals and debits
  • Rebates on ATM surcharges (paid at other bank ATMs in Canada)
  • Available to teens and young adults up to age 30
  • All account holders receive $2 rebate per non-HSBC ATM fee
  • Minimum balance for no-fee banking can be split among various HSBC products (including TFSAs, RRSPs, and multiple bank accounts)
  • Parents get a $50 rebate on HSBC Premier World Elite Mastercard annual fee
  • Teens can get a supplementary HSBC Premier World Elite Mastercard for free
  • BONUS OFFER: Earn $50 if you open an account before December 31, 2022 and meet eligibility requirements
  • Parent must be primary account holder
  • $6,000 minimum account balance for no monthly fees (or parents must have a mortgage with HSBC)
Min. Age N/A
Account Fee $0
Transaction Fee Free and unlimited
Interac e-Transfer Fee N/A

Best credit union youth bank account – BC only

Coast Capital Chequing Account

Coast Capital Chequing Account

N/A
Free Transactions
$1.50
e-Transfer Fee
$0
Monthly Account Fee
With no monthly fees and no minimum balance, this account 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: Earn up to $500 in cash as a new account holder
  • 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

Best credit union youth bank account – Ontario only

Meridian Youth Savings Account

Meridian Youth Savings Account

0.5%
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
  • $3 non-Meridian ATM fee
Min. Age N/A
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee $1.50
NSF Fee $45

Best credit union youth bank account — Quebec only

Laurentian Youth Account

Laurentian Youth Account

0%
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 get free digital bank statements, but you'll need to pay $3 for a paper statement.
  • No monthly fee
  • Unlimited, free transactions
  • Free ATM withdrawals
  • Unlimited Interac e-Transfers
  • Access to cheques
  • 'Cheques to send monthly' are free, upon request
  • Free digital bank statements
  • Only available to Quebec residents
  • $3 for paper bank statements
  • $1.25 per cheque
Min. Age 12
Account Fee $0
Transaction Fee Free and unlimited
Interac e-Transfer Fee N/A
NSF Fee $65
Teen accountType of accountAccount feeInterest rate
Scotiabank Basic Bank AccountChequing$3.95 /month0%
Go to site
Scotiabank MomentumPLUS Savings AccountSavings$05.00% for 5 months, 1.6% thereafter
Go to site
BMO Performance Chequing AccountChequing$16.95 /month ($0 if requirements met)0%
Go to site
MydohSavings$2.990%
Read review

What to consider when comparing the best bank accounts for teens

Whether you’re considering a youth savings account, a chequing account or a digital account, such as Mydoh, most 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.
  • 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 an account that offers 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 get a debit card?

The minimum age go get a debit card depends on the bank or financial tool used by your teenager. 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 bank account at some financial institutions without being accompanied by a parent, as long as they have valid, government identification.

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:

Promoted for: Kids Account

Mydoh Smart Card

  • Prepaid Visa card
  • Free 1 month trial
  • Add up to 5 kids

Promoted for: Highest Bonus Interest

Simplii High Interest Savings Account

  • Earn a 5.25% bonus rate until April 30
  • Ongoing interest of 0.4%
  • $0 account fee
  • Unlimited, free transactions and $0 Interac e-Transfers
  • CDIC protection for balances up to $100,000

Promoted for: Prepaid Card

WALO Mastercard SmartCard

  • Prepaid card & app
  • Offer a free trial
  • Track spending & goals
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 them 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.

Another option is to open 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. To learn more, read the Finder guide on money accounts.

Teach your teen how to manage a chequing and savings account

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 teens

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 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 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 teens

The internet makes banking and learning money management easier. Most banks and fintech providers let you view your 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 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 March 2023.

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 monthly fee is $2.99 per month. For more information, read the Finder guide on debit and cash cards for teens.

Walo lets parents send money to their teen’s account (using a linked chequing account). Teens can use the app and the attached cash card to manage their money as they see fit. The monthly fee is $9.99 (or save $2.00 per month by paying annually) but includes up to four youth accounts. For more information, read the Finder guide on debit and cash cards for teens.

What banks can a 14-year-old use?

There are a few money apps and banks a 14-year-old can use, although some require parent set-up or authorization. The banks a 14-year-old can use without their parent’s involvement include the following:

The banks a 14-year-old can use that require a parent’s involvement include the following:

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

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 banks 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 bank account:

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

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, 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.

Compare youth savings accounts, teen bank accounts and chequing and savings accounts for teens

1 - 1 of 1
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer CDIC Insured Offer
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until May 31, 2023.
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More Info
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1 - 2 of 2
Name Product Promo Rate Regular Interest Rate Monthly Account Fee Transaction Fee e-Transfer Fee CDIC Insured Offer
Simplii High Interest Savings Account
Simplii High Interest Savings Account
5.25% until April 30
0.40%
$0
$0
$0
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View details
Scotiabank MomentumPLUS Savings Account
Scotiabank MomentumPLUS Savings Account
5.00% for 5 months
1.60%
$0
$5.00
$0
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View details
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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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