Free, flexible accounts that give Canadian teenagers real banking experience and financial independence.
The teenage years are the perfect time to graduate from a basic savings account to a full chequing account with a debit card. Canadian teens need an account that's free, works everywhere, and helps them build good money habits — ideally with some parental oversight still available. Here are the best options in 2025.
Monthly fee: $0 (basic) | Min age: 18 (or parent setup) | Card: Prepaid Visa
KOHO is one of the best tools for older teens learning to manage money. The free plan has no monthly fee, no overdraft (you can only spend what's loaded), and an excellent mobile app showing real-time spending. Earn 1% cashback on groceries and eating out. Teens who are 18 can sign up independently; younger teens can be set up with parental help. The app makes it easy to see exactly where money is going — an invaluable habit-building tool.
Monthly fee: $0 for students | Min age: 13+ | Card: Debit
Scotiabank waives all fees for students and youth under 18. Unlimited transactions, unlimited Interac e-Transfers, and access to the full Scotiabank branch and ATM network. Scene+ points can be earned on purchases, which teens enjoy for movies and entertainment. Easy to transition into a student credit card when ready.
Monthly fee: $0 for students | Min age: 13+ | Card: Debit
TD's student account is fee-free with unlimited transactions and a well-reviewed mobile banking app. TD has one of the largest ATM networks in Canada. The TD app's spending insights help teens categorize expenses — a great financial literacy feature. Easily upgraded to a student credit card when they turn 18.
Monthly fee: $0 for students | Min age: 13+ | Card: Debit
RBC waives fees for full-time students and youth. Unlimited debit transactions, e-Transfers, and access to Avion Rewards or Petro-Canada fuel savings. RBC's NOMI budgeting tool within the app helps teens track and categorize spending automatically.
Monthly fee: $2.99/family | Min age: 6+ | Card: Prepaid Visa
Mydoh is purpose-built for Canadian kids and teens. Parents set weekly allowances and assign chores through the app; kids complete tasks and get paid digitally to their Mydoh prepaid Visa. Parents can see all transactions in real time. Best for ages 10–16 who need structured guidance. The $2.99/month fee is very reasonable for a family with multiple kids.
Monthly fee: $0 | Min age: 18 | Interest: High-yield
For older teens who are 18, EQ Bank's no-fee account offers consistently one of the highest savings interest rates in Canada. No fees on anything — no ATM fees (reimbursed), no transfer fees, no inactivity fees. Best for a teen with savings to grow while they're in school or working part-time.
| Account | Fee | Best For | Card Type |
|---|---|---|---|
| KOHO | $0 | Spending control + cashback | Prepaid Visa |
| Scotiabank Student | $0 | Big bank + Scene+ rewards | Debit |
| TD Student | $0 | Best mobile app | Debit |
| RBC Student | $0 | Rewards + budgeting tools | Debit |
| Mydoh | $2.99/mo | Younger teens with parent oversight | Prepaid Visa |
| EQ Bank | $0 | High interest savings (18+) | Debit |
Most major Canadian credit cards require applicants to be 18 or 19 (depending on province). However, some banks allow a parent to add a teen as an authorized user on their credit card at 13–16. This can help build credit history early. Just set a low limit and review statements together monthly.
Canadian families save $200-$360/year by switching to KOHO's no-fee account. That's money that could go into your child's RESP instead. Use code 45ET55JSYA for a bonus when you sign up.
Get KOHO Free — Use Code 45ET55JSYAFor teens 13–17, a free account at their family's existing bank is the simplest starting point — zero fees, easy setup, and parental visibility. For spending control and financial independence, KOHO's prepaid Visa is hard to beat. For younger teens who need more structure, Mydoh at $2.99/month is worth every penny. The goal isn't the perfect account — it's building the habit of managing money responsibly before adulthood.