Youth bank accounts are everyday chequing or savings accounts built for children, teens, and young adults, usually with no monthly fee and few transaction limits. For many families, one of these accounts is the first step toward teaching money skills before the responsibilities of adulthood arrive. This guide explains how a youth bank account works in Canada, including who can open one, what to bring, and which features to compare.
What is a youth bank account
A youth bank account is a deposit account designed for children, teens, and students, often with no monthly fee. Most are chequing accounts for everyday spending, though many institutions pair them with a companion savings account. The main purpose is giving kids and teens easy access to their money. Some accounts also come with tools, like parental controls and spending alerts, that help a young person learn to manage it.
Chequing accounts handle day-to-day transactions such as debit purchases and e-transfers, while savings accounts set money aside and may earn interest. Understanding the difference between chequing and savings accounts helps you match the account to how your family will use it.
Types of accounts to consider
Young people in Canada can usually choose from a few broad categories, each with trade-offs in access, fees, and features.
Bank youth accounts: offered by large institutions, with wide branch and ATM access and fee waivers up to a set age.
Credit union youth accounts: often community-focused, sometimes with higher savings rates and local service.
App-based accounts: digital-first options that add parental controls, spending alerts, and savings goals.
The category matters less than the fit. Match the account to how your family banks day to day, whether that means frequent branch visits or fully mobile banking.
How do youth bank accounts compare?
Here's a quick look at how some of Canada's youth bank accounts stack up. We've kept it to the basics so you can scan easier. All info in the chart is verified with information available online as of October 2026.
Account | Ages | Monthly fee | Interest on balance | Transactions | Interac e-Transfer® | Card | Parental controls |
|---|---|---|---|---|---|---|---|
| Wealthsimple® Kids and Teens account | Under the age of majority (18 or 19) | $0 | Up to 2.25%, Plus, parents can top up interest to 100% | Unlimited with parent-set spend limit | Free (with parental controls) | Prepaid Visa® (physical and virtual) | Spend limits, transaction-type blocks, real-time purchase alerts, restrict categories, e-transfer controls, card lock |
| TD® Student Chequing Account | Any age | $0 (until they are 23) | 0.01% | Unlimited | Free | TD Access® Card with Visa® Debit | Joint holders can view activity |
| Scotiabank® Preferred Package for Students and Youth | Under 25, or a full-time student | $0 until 25 | – | Unlimited debits | Unlimited | Scene+® ScotiaCard® debit card | – |
| RBC Leo's Young Savers Account® | 12 and under | $0 | 0.01% | Free debits in Canada | Free | Debit card | Card transaction limits |
| RBC Advantage® Banking for students | 13+ (14+ in Quebec) | $0 if 24 or under, or a full-time student | 0% | Unlimited debits | Free | RBC® Client Card; Virtual Visa® Debit at 14+ | – |
| Neo® JA Money card + Neo Savings | 13 to 17 (card); 13+ for savings (14+ in Quebec) | $0 | Up to 2.75% | Free everyday transactions | – | Mastercard® | None |
| National Bank® Connected package | Under 14 (in branch, with a parent) or 14 to 24 | $0 | N/A | Unlimited online | Free | Debit card | – |
| Mydoh® | 6 to 17 | $0 | N/A | Up to $999.99/day, $2,000/week, $3,000/month | Parents can load funds by e-transfer | Reloadable prepaid Visa® | Purchase alerts, card lock |
| Desjardins® teen everyday account (Quebec and Ontario) | 12 to 17 | $0 (Unlimited plan free until 24) | 0.05% to 0.10% | Unlimited | Free | Debit card (on request) | – |
| CIBC® Smart Start® | 14 to 24 (younger with a parent as signing authority) | $0 until 25 | – | Unlimited | Unlimited | Debit card | Parent signing authority, allowance transfers |
| BMO® Performance Plan (Teens) | 13 to 18 | $0 until 19 | – | Unlimited | Included | Debit card | Optional parent signing authority |
All trademarks noted above are the property of their respective owners.
When a young person can open an account
Age rules vary by financial institution and by province or territory. The age of majority is 18 in some provinces and territories and 19 in others. That threshold shapes whether a young person can enter a banking contract alone, so review the age of majority across Canada before you apply.
In practice, a parent or guardian usually opens and co-manages the account for a young child. At most big banks, teens can open their own account at 13 or 14 with acceptable identification. Younger children usually need a parent or guardian as a joint owner or signing authority.
Quebec applies its own civil law framework, which can give a working teen more independence to manage their earnings. Because the rules differ across the country, confirm the requirements where you live before you choose an account.
What you need to open an account
Requirements differ slightly between institutions, but most ask for the following:
Identification: one or more pieces of valid, government-issued identification for the young person and, in many cases, the parent.
A Social Insurance Number (SIN): often requested for any account that earns interest, because interest is reported to the Canada Revenue Agency.
A parent or guardian: required at most institutions to open or co-sign until a child reaches a set age, often 13 or 14.
An opening deposit: rarely mandatory for youth accounts, though some savings products set a small minimum.
A SIN is a 9-digit number issued by Service Canada. According to the Government of Canada, anyone 12 years or older can apply for their own SIN. A parent or legal guardian can apply for a child under the age of majority.
Features to compare before you open
When you weigh one youth bank account against another, focus on the features that match your family's habits rather than headline promotions:
Monthly fees: many youth accounts waive the monthly fee until the holder reaches an age the institution sets.
Transaction limits: some accounts offer unlimited debit and e-transfers, while others cap monthly transactions.
Interest rate: savings options may pay interest, which lets a young person watch a balance grow over time.
Digital tools: budgeting views, savings goals, and spending alerts support hands-on learning.
Parental controls: some accounts let parents set spend limits, block certain types of purchases, and get real-time purchase alerts, so a young person can practise spending with guardrails.
Access to cash: check the ATM network and any fees for withdrawals outside it.
Transition plan: confirm what the account becomes when your teen ages out of the youth tier.
Your banking rights in Canada
Banking rights apply to young account holders too. The Financial Consumer Agency of Canada (FCAC) explains that you have the right to open a personal bank account at a bank. You need to provide acceptable identification to do so.
Before the account opens, the bank must obtain express consent and enter into an agreement with you. The FCAC also notes that the institution must disclose the account agreement, a list of all charges, and details about any interest rate that applies.
If a bank refuses to open an account, it must tell you in writing. That rule gives families a clear path to ask questions or raise a complaint when something seems wrong.
How youth accounts build money habits
A youth account becomes a learning tool when you connect it to everyday routines. Pair it with a small allowance, set a savings goal, and review the monthly statement together so the numbers carry meaning. Parents who want more structure can follow a plan for teaching kids about money.
Savings balances introduce the idea of compound interest, where earnings begin to earn on their own. Walking through how compound interest works gives a teen a concrete reason to leave money in the account.
As young people approach adulthood, the conversation can widen to registered accounts. Learning what a Tax-Free Savings Account (TFSA) is prepares them for the options that open up at the age of majority.
Choosing an account that fits your family
The youth bank account that fits depends on your family's spending patterns, savings goals, and how much independence a young person is ready for. Compare fees, transaction limits, and digital tools, confirm the identification you need, and revisit the account as your child grows.
Wealthsimple Kids and Teens Chequing Accounts are offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc. (“WSP”), a Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) registered money services business. WSP is a payment service provider registered with the Bank of Canada under the Retail Payments Activities Act. Registration with the Bank of Canada does not imply endorsement of WSP by the Bank of Canada. WSP has appointed WSII as its agent to perform certain payment activities offered through the Kids and Teens chequing account(s). The funds you add to a Kids and Teens chequing account (the “Funds”) are ultimately held securely in trust. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds.
The Wealthsimple Visa* Kids and Teens Prepaid card (the “Card”) is issued under license by Wealthsimple Payments Inc. *Trademark of Visa Int., used under license.
