🚀 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.
Open KOHO Free — Code 45ET55JSYA
Best Bank Accounts for Teens in Canada 2026
Finding the right bank account as a Canadian teenager isn't always easy — the options range from traditional bank youth accounts to modern fintech cards. This guide breaks down the best options for 2026, comparing fees, features, and what each account is actually like to use day-to-day.
We've focused on accounts that are genuinely accessible to teens — no minimum income, no credit checks, no surprise fees. Whether you're 13 or 19, there's a solid account on this list for you.
Top Teen Bank Accounts in Canada 2026
| Account | Monthly Fee | Min Age | Best Feature |
|---|
| KOHO Basic | $0 | None | Instant setup, Visa card, spending insights |
| RBC Leo's Young Savers | $0 (under 13) | None (with parent) | Savings habits, parental controls |
| TD Youth Account | $0 (under 18) | None (with parent) | Large ATM network |
| Scotiabank Getting There Savings | $0 (under 18) | None (with parent) | Scotia rewards |
| Simplii Financial | $0 | 18+ | CIBC ATM access, e-transfers |
| Tangerine Student Account | $0 | 16+ | Online-first, competitive savings rate |
Why KOHO ranks #1 for teens: Unlike traditional bank youth accounts, KOHO has no minimum age, no parental co-sign required for setup, and works anywhere Visa is accepted. It's a Visa prepaid card, not technically a bank account — but for everyday spending, it does everything a debit card does and more.
KOHO: The Best Option for Most Canadian Teens
KOHO has become the go-to first card for Canadian teens and young adults, and for good reason. Here's what you get on the free Basic plan:
- No monthly fee, ever
- Visa prepaid card (physical + virtual)
- 1% cashback on groceries and transportation
- Instant spending notifications
- Budgeting tools built into the app
- Free e-transfers
- No credit check
The catch: KOHO is a prepaid card, not a bank account. Your money is held by a partner financial institution and is eligible for CDIC insurance. You can't get a credit card through KOHO (though they do offer a credit-building feature for a small monthly fee).
Traditional Bank Youth Accounts: What You Need to Know
The Big Five banks all have some version of a youth or student account. Here's what to expect:
- No monthly fee: Most waive the fee until you turn 18 or graduate. Read the fine print — fees kick in automatically after.
- In-person ID required: Traditional banks generally require a branch visit with ID and a parent present if you're under 18.
- Transaction limits: Some youth accounts limit the number of free transactions per month.
- ATM access: Big bank accounts give you access to their ATM network with no fees.
Watch out: Some youth accounts automatically convert to a full-fee account when you turn 18 or 19. Set a calendar reminder to review your banking options at that milestone.
What Should a Teen Look for in a Bank Account?
- Zero monthly fees — especially important on a part-time income
- A good mobile app with real-time spending notifications
- Free e-transfers (Interac e-transfer in Canada)
- No minimum balance requirement
- Visa or Mastercard debit/prepaid card for online purchases
- Accessible customer support (chat is usually better than calling a hotline)
FAQs
What's the best bank account for a 15-year-old in Canada?
KOHO is the most accessible option — no minimum age and no parent required. For a traditional bank account, RBC, TD, and Scotiabank all offer youth accounts that can be opened with a parent at any age.
Is KOHO safe for teens?
Yes. KOHO funds are held with CDIC-member institutions. It's a legitimate Canadian financial product, not a random app.
Can teens get cashback with a bank account?
KOHO offers 1% cashback on groceries and transit on its free plan. Most traditional bank youth accounts do not offer cashback.