🚀 Your First Bank Account — KOHO
KOHO is Canada's most popular first bank account for teens and students. No monthly fees, no minimum age restrictions, instant setup. Start building good money habits today.
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Banking for Teens in Canada: Everything You Need to Know
Whether you just got your first part-time job, received birthday money, or simply want to stop keeping cash under your mattress — setting up a bank account is one of the best financial moves you can make as a teenager in Canada. Banking isn't just for adults. It's a skill, and the earlier you start, the better you'll be at managing money for the rest of your life.
Canada has a variety of banking options designed specifically for young people. Some are offered by the big banks, others by newer fintech companies like KOHO. Knowing your options helps you pick the right account — one that won't eat into your money with fees you didn't sign up for.
Why Teens Need a Bank Account
- Safety: Cash can be lost or stolen. Money in a bank account is protected.
- Direct deposit: Most employers pay by direct deposit — you need an account to get paid.
- Building habits early: Learning to track spending while you're young means fewer money mistakes later.
- Debit card access: Buying online, paying transit apps, splitting bills — you need a debit or prepaid card.
- Credit history foundation: Some accounts help you start building a credit profile at a young age.
Types of Bank Accounts Available to Teens
Not all accounts are created equal. Here's what you'll typically find in Canada:
| Account Type | Best For | Min Age |
|---|
| Youth chequing account | Day-to-day spending, direct deposit | Varies (some 13+, some 16+) |
| Prepaid card (e.g. KOHO) | No-fee spending, no credit check | No minimum |
| Student chequing account | Post-secondary students 17+ | Usually 17–18 |
| Joint account with parent | Under 16, with parental oversight | Any age |
The big five Canadian banks (RBC, TD, Scotiabank, BMO, CIBC) all offer youth or student accounts. However, many teens find that fintech options like KOHO offer a better experience — instant sign-up, no monthly fees, and a clean app interface.
What to Look for in a Teen Bank Account
- No monthly fees: Teens typically don't have a lot of income. Paying $5–$16/month just to hold your money is a bad deal.
- No minimum balance: Some accounts charge fees if your balance drops below a threshold. Avoid these.
- Free e-transfers: You'll want to split bills, pay back friends, and receive money easily.
- Easy-to-use app: A good banking app lets you see your balance, track spending, and get notifications in real time.
- CDIC or DICO insured: Make sure your money is protected by deposit insurance.
Tip: KOHO is one of the most popular choices for Canadian teens because there's no minimum age requirement, no monthly fee on the basic plan, and setup takes about 5 minutes from your phone.
How to Open a Bank Account as a Teen in Canada
- Choose your account type — prepaid card like KOHO or a youth chequing account at a bank
- Gather your ID — a birth certificate, passport, or provincial health card works for most
- Get parental consent if required — for under-16s at traditional banks, a parent must co-sign
- Apply online or in-branch — KOHO and most fintech accounts are 100% online
- Set up direct deposit — give your transit and account number to your employer
Canadian Teen Banking: FAQs
Can a 14-year-old open a bank account in Canada?
Yes, but most traditional banks require a parent or guardian to co-sign for anyone under 16. KOHO and some other fintech accounts have no minimum age requirement and can be opened independently.
Do teen bank accounts have fees?
Traditional banks often have youth accounts with no monthly fee until age 18–24, but may charge for certain transactions. KOHO's basic plan has no monthly fee at any age.
What happens to a youth account when you turn 18?
Banks typically convert youth accounts to a standard chequing account at age 18 or when you're no longer in school. Check the terms — fees may increase. This is a good time to compare your options.
Can teens get a debit card in Canada?
Yes. Most youth and student chequing accounts come with a debit card. KOHO provides a Visa prepaid card, which works anywhere Visa is accepted.