Can children use KOHO in Canada? What's the minimum age? What are the best youth banking alternatives? Here's the complete guide for parents — plus $100 free for parents with code 45ET55JSYA.
Purpose-built app for kids and teens. Parents control spending, set chores, send allowance. Prepaid Visa for teens. Free or $2.99/month.
No monthly fee for under 18. In-branch setup with parent. Debit card, basic chequing. Good for teens getting their first bank account.
Free youth savings account. High interest for youth. Parent/guardian co-signs. Good introduction to saving habits.
Digital spending account with cash back. Minimum age 16 in some provinces with parental consent. Free Visa card.
Best for parents themselves — 3% interest on balance, $100 signup bonus, $0 fees. Teach adult children about digital banking.
PC Optimum points on spending. Some youth eligibility with guardian. Good if family shops at Loblaws/Superstore.
| Product | Min Age | Monthly Fee | Parental Controls | Interest Rate |
|---|---|---|---|---|
| Mydoh (RBC) | Any age | Free / $2.99 | Full controls | 0% |
| TD Youth Account | Under 18 | $0 | Limited | 0% |
| RBC Leo's Young Savers | Under 18 | $0 | Limited | Nominal |
| Wealthsimple Cash | 16+ | $0 | None | ~0% |
| KOHO (18+) | 18 | $0 | None | 3.0% |
| BMO Youth Account | Under 18 | $0 | Limited | 0% |
For parental controls and dedicated kids features, Mydoh is the top-rated option in Canada. KOHO is ideal for adults 18+.
KOHO's standard minimum age is 18 (the age of majority). In most provinces, contracts with financial institutions require applicants to be of legal age. Some provinces set the age of majority at 19 (Nova Scotia, New Brunswick, Newfoundland, Yukon, Northwest Territories, Nunavut). Check KOHO's current terms — some exceptions may exist. Generally, teens 16–17 should use a dedicated youth banking product.
As of 2025, KOHO does not offer a children's account, youth account, or family plan with parental controls. KOHO's product is designed for individual adults. For family banking with kids, Mydoh (backed by RBC) is currently the most feature-rich Canadian option, offering parental controls, chore tracking, and allowance management with a teen prepaid Visa card.
For ages 13–17, TD, RBC, BMO, Scotiabank, and CIBC all offer free youth accounts with no monthly fees and debit cards. Mydoh is the best option for younger children who need parental oversight. For 17-year-olds approaching 18, it makes sense to wait and open KOHO for the 3% interest rate and $100 signup bonus, which are significantly better than any teen bank account.
KOHO does not currently support joint accounts or authorized user features that would allow parents to add a minor to their account. Each KOHO account is individual. Some parents load money onto a prepaid card for their teen's spending while keeping their own KOHO account earning 3% interest. For shared family banking, traditional banks offer more options for multi-person accounts.
Key principles: (1) A debit card spends real money — it's not credit. (2) Track your balance before spending. (3) Set up notifications for every transaction. (4) Never share your PIN or login details. (5) Check your account weekly. When they turn 18 and open KOHO, add: (6) Understand how interest works — 3%/year means money grows automatically. (7) Pay yourself first — put money in before spending it. (8) Build credit early using KOHO's Credit Building feature.
Yes — KOHO is particularly well-suited for post-secondary students aged 18+. Zero fees mean no bank eating into a tight budget. The 3% interest rate on balances (vs. 0% at most student chequing accounts) adds up over a school year. The $100 signup bonus with code 45ET55JSYA provides a genuine cash benefit. And the free credit score monitoring helps students start building credit awareness early in adulthood.
KOHO is the ideal first adult bank account: $0 fees, 3% interest on every dollar, free credit score, and $100 free with code 45ET55JSYA. Open yours today and recommend it to your kids when they come of age.
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