Youth bank accounts are great tools for teaching teens how to manage their money. To find the best youth bank accounts in Canada, we examined more than 20 bank accounts for teens in Canada, including youth savings accounts, money management apps and chequing accounts. 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.
The bank accounts included in this Finder guide are independently selected based on information provided to Finder as well as an 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 youth 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 youth bank account, 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.
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
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
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
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.
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
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. Coast Capital is available to BC residents only.
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)
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 youth bank account in Canada 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
$0 Interac e-Transfers
up to $40 rebate on the annual fee for eligible BMO credit cards
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
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Primary account holder in the BMO Family Bundle must be 18 or older
Monthly fee of $16.95, or The monthly account fee will be waived if you maintain a minimum monthly balance of at least $4,000. to get the fee waived
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
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
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
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 Youth Savings Account, which gives your growing teen access to no-fee banking until age 19. Even better, your teen can earn daily interest, paid monthly, on every dollar in this youth bank 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. If you as the parent is a HSBC Premier customer, your teen can opt for the HSBC Premier Benefit, which allows them to continue benefiting from these banking perks until age 30.
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 19
All account holders receive a rebate for non-HSBC ATM fees
Teens can get a supplementary HSBC Premier World Elite Mastercard for free
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.
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.
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)
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.
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:
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 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 $2.99 per month.
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:
Scotiabank Getting There Savings Account
Servus Credit Union Youth Plan
National Bank Chequing Account, includes Minimalist, Modest and Connected chequing accounts
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 bank accounts for teens and money accounts with banking apps that can be used at 16 (or older):
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
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.
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:
Click through to the bank’s website and follow the prompts to open an account.
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.
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
Our top pick for the best youth bank account in Canada is the BMO Performance Chequing Account – Family Bundle. Under the family plan, teens pay a $0 monthly fee and get unlimited, no-fee daily banking, including Interac e-Transfers. You may also be able to get a Savings Amplifier Account bonus interest rate.
The best bank for a youth account will vary depending on factors such as where you live and how your child wants to use their account. The first thing you'll need to consider is whether you want to open a chequing or savings account, then how your child will access their money. Will they want a debit card they can use at a large ATM network? Do they need a bank with a user-friendly mobile app? Will they need to do any in-person banking at a local branch?
Once you know what key features you need, you can narrow down your options to find the best youth bank account in Canada for you.
We're referring to teens as those aged 12 and up. In most cases, once a teen reaches the age of majority in their province, they're eligible for an adult bank account. A teen bank account is usually geared towards students or children and they often don't require a minimum balance to be maintained.
Yes. Many banks allow you to open bank accounts for teenagers once you're 12 years of age or older. However, you may or may not need to be accompanied by a parent or legal guardian to open an account, so check with your bank for the exact steps you need to follow.
Yes. If you're the parent or legal guardian of a child under the age of 12, you can open a bank account for them. You and your child will typically need to visit a branch to open a youth bank account and provide your names, contact details and proof of ID.
For most banks and financial institutions in Canada, the minimum age to open a savings account or chequing account is 12; however, a pre-teen or teen who wants to open a bank account will still need to be accompanied by a parent or legal guardian. At age 16, your teenager can open a youth bank account in Canada at most financial institutions without being accompanied by a parent, as long as they have valid, government identification. For younger kids' banking options, learn more about bank accounts for children here.
At most financial institutions in Canada, a 16-year-old can open their own bank account without being accompanied by a parent or legal guardian. They will need valid ID, such as a health care card 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.
Your teenager is still a minor until they reach the age of 18 (or 19, in some Canadian provinces). In Canada, only a select number of bank accounts can be opened by a minor without their parent's involvement. Other types of chequing and savings accounts are highly suitable for teens but require a parent's involvement. Regardless of the type of account, as long as your teenager has been given legal access, then even as a minor, your teen can take money out of their bank account.
Yes. The TD Student Chequing Account is available for kids, teenagers and adults up to the age of 23. This youth bank account includes unlimited transactions per month, a TD Access Card and no monthly fees.
If you're the parent of a child aged under 12, you can open a youth bank account by visiting a branch with your child. If you're a child aged 12 or over, you can visit a TD branch on your own or with a parent or guardian to open an account. You'll need the child's passport and birth certificate as proof of ID, while the parent or guardian will also have to provide proof of ID.
There is a lot of convenience to online banking, including access to bank accounts for teens and services through mobile apps and from the comfort of your home. Plus, many digital banks offer a higher rate of interest or more free perks. However, online banking does have its limitations. The two biggest disadvantages to online banks are the difficulty in depositing cash and the lack of personal relationships (and customized solutions).
Romana King is the Canada Group Editor at Finder and a personal finance expert. As an award-winning personal finance writer and real estate expert, she has spent almost two decades helping Canadians make smarter money management decisions. Her first book, House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth, launched in November 2021, continues to be an Amazon bestseller and won the Excellence in Financial Journalism Book Award in 2022.
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