🚀 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
Opening Your First Bank Account in Canada
Your first bank account is a milestone. It's the foundation of your financial life — the place where your paycheques land, where you save for things you want, and where you learn how money flows in and out. Getting it right from the start matters more than most people realize.
The good news: opening a first bank account in Canada is easier than ever in 2026. You don't need a lot of money, a perfect credit score, or even a full hour of your time. Some accounts can be set up in under 5 minutes.
What You'll Need to Open a Bank Account
Requirements vary by account type and institution, but generally you'll need:
- Government-issued ID: Passport, birth certificate, provincial health card, or driver's licence
- Social Insurance Number (SIN): Required for interest-bearing accounts; optional for basic chequing
- Canadian address: Proof of address (like a utility bill or lease) may be required at some banks
- Parental consent: Required if you're under 18 at most traditional banks
- A phone number and email: Required for online/fintech accounts like KOHO
Easiest route: If you want zero friction, KOHO requires only basic personal info and doesn't require a parent's signature. Setup is fully online and takes about 5 minutes.
Chequing vs Savings Account — Which First?
| Account Type | Purpose | Interest | Best For |
|---|
| Chequing account | Day-to-day spending, direct deposit | None or very low | Your main account for spending |
| Savings account | Storing money you won't spend soon | Higher (1–4%+) | Emergency fund, saving for goals |
| TFSA | Tax-free long-term savings/investing | Depends on investments | Age 18+, long-term goals |
For your first account, a chequing account (or KOHO's spending account) is the right starting point. Once you're saving consistently, add a savings account or TFSA.
Step-by-Step: Opening Your First Account Online
- Choose your account — KOHO for instant access, or a big bank if you prefer in-person service
- Download the app or visit the website
- Enter your personal information — name, date of birth, address, email
- Upload ID — most apps let you take a photo of your ID with your phone
- Fund your account — transfer a small amount from a parent's account or cash in via ATM load
- Set up direct deposit — provide your account number to your employer
- Activate your card — your debit/prepaid card will arrive in the mail within 5–10 business days
First Account Mistakes to Avoid
- Ignoring fees: Always read the fee schedule. Even "free" accounts may charge for certain transactions.
- Not setting up notifications: Turn on real-time spending alerts so you know what's happening with your money.
- Keeping all your money in one place: Separate your spending money from your savings — even if it's the same bank.
- Using the bank's savings account without shopping around: Big bank savings rates are often terrible. High-interest savings accounts (EQ Bank, Tangerine) often offer 4–5x more interest.