Youth bank accounts with no fees, parental controls, and financial literacy tools for Canadian teenagers aged 13–17
Opening a bank account is a crucial first step in a teenager's financial education. The best teen accounts have zero fees, parental visibility, and simple money management features. Here's what to look for — and which banks deliver.
TD's Youth Account (ages 12–17) is free with no monthly fees and offers unlimited transactions. Parents can be joint account holders and monitor the account. It transitions automatically to a student account when the teen turns 18 (also free while in school).
RBC offers the Leo's Young Savers account for children under 13, and the Day to Day Banking (free for students) for teens 13+. The accounts are simple, free, and include a debit card. RBC's financial literacy resources are excellent for young savers.
Scotiabank offers a free youth account (under 19) with no monthly fee and unlimited e-Transfers. This pairs well with Scotiabank's SCENE+ rewards program — teens can earn points at Cineplex.
While KOHO requires age 18+, it's the perfect graduation gift from a youth account. The $100 welcome bonus, no fees, and cashback make it ideal as a teen's first adult bank account when they hit 18.
| Bank | Age Range | Monthly Fee | Parental Control | Debit Card |
|---|---|---|---|---|
| TD Youth Account | 12–17 | $0 | Joint account | Yes (tap) |
| RBC Student Banking | 13+ | $0 | Limited | Yes (tap) |
| Scotiabank Youth | Under 19 | $0 | Limited | Yes (tap) |
| BMO Youth Account | Under 18 | $0 | Joint account | Yes (tap) |
| KOHO | 18+ | $0 | No | Yes (Visa) |
Open your own no-fee account and put the $100 bonus toward your family's goals. Code: 45ET55JSYA.
Open KOHO — Code: 45ET55JSYAYes, with a parent or guardian as a joint account holder. All major Canadian banks (TD, RBC, Scotiabank, BMO, CIBC) have youth accounts for minors aged 12–17 that require a parent or guardian's involvement. The teen can use the account and debit card, but a parent signs off on account opening.
TD Youth Account and Scotiabank's youth account are both excellent for 16-year-olds. They're free, come with a debit card for tap payments, and offer unlimited e-Transfers. For teens who want a more tech-forward experience, Scotiabank's SCENE+ rewards for movies can be a draw.
No. Every major Canadian bank offers free youth accounts for customers under 18 (or under 19 at Scotiabank). These accounts have no monthly fees and usually include unlimited transactions. Fees only kick in when the teen turns 18 or 19 (depending on the bank) and the account converts to a regular account — at that point, they should switch to a no-fee account like KOHO or maintain student status to keep it free.
At age 18 (or 19 at some banks), most youth accounts automatically convert to a standard adult account, which may incur monthly fees unless the teen enrolls in a student account program. It's a good time to review options — KOHO, EQ Bank, or Tangerine offer permanently free accounts with no student enrollment required.
Yes. Most Canadian youth bank debit cards (TD, RBC, Scotiabank, BMO) support Apple Pay and Google Pay. The teen just adds their debit card to the Apple Wallet or Google Wallet on their phone and can tap to pay at any contactless payment terminal.