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1
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ON BMO’s Secure Website
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Fees
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Transactions
Unlimited transactions
2
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On Neo’s Website
Minimum Balance
None
Monthly Fee
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Other features
Earn cashback without a credit card. Earn up to 3% back on gas and groceries and up to 1% on everything else as the deposit balance increases. Everyday transactions are free.
Best Teen Chequing Accounts In Canada For October 2024
We’ve compared the 15 teen chequing accounts available to find the five best options available. See below to learn why we picked these accounts and each account’s pros, cons and other details.
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BEST FOR BUILDING FINANCIAL LITERACY
Scotiabank Getting There Savings Program For Youth
3.8
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Excess Transaction Fee
$0
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Excess Transaction Fee
$0
Why We Picked It
The Scotiabank Getting There Savings Program for Youth stands out as a solid choice for Canadians under the age of 19. This account encourages both savings and everyday banking without the burden of fees, making it particularly accessible for young people.
This account shines through its focus on financial literacy through practical banking experience combined with the benefits of the Scene+™ rewards program, which links money management with everyday lifestyle benefits.
Pros & Cons
- Unlimited debit and Interac e-Transfer transactions
- Earn Scene+ points on everyday and Cineplex theatre purchases
- No monthly fees
- Earn interest on your balance
- Free digital or paper statements
- Only available to those 18 years of age or younger
- Scene+ points account holders can earn are capped
- The annual percentage yield earned on balances is very low
Details
- Must be 18 years of age of younger to be eligible for this chequing account
- Unlimited debit and Interac e-Transfer transactions
- No minimum balance required
- No monthly account maintenance fee
- Earn 1 Scene+ points for every 5 dollars spent on everyday transactions
- 1 Scene+ point for every dollar spent at Cineplex theatres
- Earn 0.05% interest on deposits up to $499.99
- Earn 0.10% interest on deposits of $500 or more
- Free paperless or paper statements
- Receive free Scotia InfoAlerts–emails, text messages or in-app push notifications–when account activity takes place.
- Children under 12 must be accompanied by a parent or legal guardian to open an account.
- Children aged 12 to 15 or over may open an account by themselves, if they are able to provide adequate ID.
- ID Requirements
- Age 11 and under: Only parent ID required
- Age 12 to 15: Child ID and/or parent ID required
Note: Parent ID is required if the child aged 12 to 15 cannot provide adequate ID on their own or if the child would like a debit card. - Age 16 or over: only child ID required
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BEST FOR NO FEES
Affinity Credit Union Youth Chequing Account
3.6
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Why We Picked It
The Affinity Credit Union Youth Chequing Account is a good choice for its commitment to fee-free banking, and is made for users up to age 20. With no minimum deposit and no monthly fees, it’s easy for any young person to get started.
It offers unlimited transactions and free Interac e-Transfer® services, meaning teens can both send and spend their money without piling on any extra costs.
Pros & Cons
- No monthly fees and no minimum balance requirements
- Unlimited transactions and free Interac e-Transfer® services
- Access to over 1,800 ding-free® ATMs across Canada
- The availability of the Affinity Mobile app and other digital banking tools
- Real-time spending alerts
- Limited to users in Saskatchewan
- Charges for non-network ATM withdrawals and some assisted services
- No interest earned on deposits
Details
- Account accessible to users aged 20 and under to foster early financial responsibility
- Easy transition to a Student Chequing Account upon reaching age 21 to ensure continued benefits
- Real-time alerts and other digital tools to help young people monitor and manage their finances actively. A streamlined process for opening an account (with online options and minimal documentation requirements)
- Includes a Member Card® debit card
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BEST FOR ATM ACCESS
Vancity Youth Chequing Account
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Why We Picked It
The Vancity Youth Chequing Account is ideal for young Canadians under 25, offering access to over 4,000 fee-free ATMs across Canada.
This account also allows users to manage their money freely, whether withdrawing cash, transacting online or using a debit card—all without any fees. With no monthly maintenance fees or minimum deposit requirements, it’s a highly accessible account that promotes financial independence.
A unique feature of this account is its community impact—deposits support local businesses and community projects, adding social value to everyday banking.
Pros & Cons
- No monthly fees and no minimum deposit required
- Free unlimited transactions (including ATM, online and mobile transactions)
- Access to a wide network of fee-free ATMs for easy cash access nationwide
- Local community support through banking transactions
- Exclusive benefits (like 50 free personalized cheques for members under 25)
- Limited to users in British Columbia
- No interest earned on deposits
Details
- Designed specifically for youth under 25
- Inclusive banking features like mobile cheque deposits and online banking
- Involvement in the credit union’s community decisions and benefits through the “one member, one vote” system
- Deposits insured 100% by the Credit Union Deposit Insurance Corporation (CUDIC) of British Columbia.
- Financial peace of mind with comprehensive transaction coverage and no hidden fees
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BEST FOR PAPERLESS STATEMENTS
Alterna Bank Youth Start Account
3.4
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
APY
0%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Why We Picked It
The Alterna Bank Youth Start Account is a top choice for its straightforward banking, designed specifically for users aged 18 and under. However, this account only allows for 30 free transactions per month, which can be limiting.
The real appeal of this account lies in its ease of use and the lack of monthly maintenance fees, which make it a practical option for teaching teens the basics of financial management.
Pros & Cons
- No monthly fees
- 30 free transactions per month
- Accessible online banking
- Specifically tailored to the needs of users 18 and under
- Live chat support for immediate assistance
- Fee after the first 30 transactions
- Limited to users in Ontario
- No interest earned on deposits
Details
- Online account opening is available (without visiting a branch)
- Account transitions to another type of account once the user turns 19
- Live chat available for quick online support
- Includes eco-conscious, convenient digital banking tools like e-statements
- Straightforward eligibility requirements (only basic identification documents for youth under 18)
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BEST FOR EARNING INTEREST
Canadian Western Bank Youth Account
3.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
APY
0.05% on balances up to $500 and 0.50% on balances over $500.01
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
APY
0.05% on balances up to $500 and 0.50% on balances over $500.01
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Why We Picked It
The Canadian Western Bank Youth Account’s dual focus on practical daily banking and fostering saving habits makes it ideal for young savers starting their financial journey.
With no monthly fees and no minimum deposit requirement, this account is an attractive option for teens under 18 across Western Canada.
This account also makes everyday banking easier with unlimited transactions and free Interac e-Transfers®. It also rewards saving with a tiered interest structure that benefits larger balances.
Pros & Cons
- Competitive interest rates to maximize savings on higher balances
- No monthly fees and no minimum deposit required
- Unlimited transactions
- Free Interac e-Transfers®
- Available across Western Canada and Ontario
- Limited to Western Canada
- Lower interest on balances below $500
- No live chat support
Details
- Interest is calculated daily and paid monthly
- The account is specifically designed for youth aged 18 and under
- Once account holders turn 18, they can easily transition to another type of chequing account at Canadian Western Bank
- Access to a wide network of ATMs and branch services across British Columbia, Alberta, Saskatchewan, Manitoba and Ontario
- Digital banking tools include mobile and online banking, mobile cheque deposit and payment options like Apple Pay, Google Pay and Samsung Pay
Summary : Best Teen Chequing Accounts In Canada For October 2024
Bank/Credit Union | Forbes Advisor Rating | Minimum Deposit Requirement | Monthly Maintenance Fee | Excess Transaction Fee |
---|---|---|---|---|
Scotiabank | $0 | $0 | $0 (unlimited transactions) | |
Affinity Credit Union | $0 | $0 | $0 (unlimited transactions) | |
Vancity Credit Union | $0 | $0 | $0 (unlimited transactions) | |
Alterna Bank | $0 | $0 | $2.00 (after 30 free transactions) | |
Canadian Western Bank | $0 | $0 | $0 (unlimited transactions) |
Methodology
To create this list, Forbes Advisor Canada analyzed 20 chequing accounts. We ranked each account on six data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fees.
The following is the weighting assigned to each category:
- Fees: 50%
- Branch and ATM access: 15%
- Customer experience: 10%
- Digital experience: 10%
- Minimums: 10%
- Balance to avoid monthly fee: 5%
Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.
Chequing accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the chequing account must be nationally available.
Banks We Monitor
Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.
Complete Guide to the Best Teen Chequing Accounts
What Is a Teen Chequing Account?
A teen chequing account is a type of bank account designed specifically for younger individuals, typically teenagers, to begin learning about and managing their own finances under the supervision of a parent or guardian. These accounts often come with features that promote financial literacy and independence while providing tools for parents to oversee and guide their teen’s spending and saving habits.
What Is the Minimum Age To Open a Teen Chequing Account?
The minimum age to open a teen chequing account can vary by bank but typically starts at around 13 to 14 years old. Some banks may offer accounts to younger children with more restrictive features.
What Do You Need To Open a Teen Chequing Account?
To open a teen chequing account, both the teen and the parent/guardian will usually need to provide:
- Legal proof of identity (e.g., birth certificate or passport)
- Social Insurance Number (SIN)
- Proof of address (e.g., utility bill)
- Initial deposit (if required by the bank)
Pros and Cons of Bank Accounts for Teens
Pros:
- Educational opportunities: Teaches financial responsibility and money management from a young age.
- Independence: Allows teens to manage some of their own money, make purchases and learn to budget.
- Safety: Provides a safer place to keep money compared to cash.
- Technology: Most teen accounts come with access to mobile banking, helping tech-savvy teens manage their finances digitally.
Cons:
- Overspending risk: With greater freedom may come the risk of overspending without proper guidance.
- Fees: Some accounts might have fees that can eat into savings if not managed properly.
- Limited features: Depending on the account, there might be restrictions on the number of transactions or types of services available.
How To Choose a Teen Chequing Account
When selecting a teen chequing account, consider the following features:
- Fees: Look for accounts with no or low monthly fees and check for other potential costs like ATM or overdraft fees.
- Accessibility: Consider whether the account can be managed online and whether there are branches and ATMs close to where you live or work.
- Parental controls: Choose accounts that offer features allowing parents to set limits on spending and monitor account activity.
- Educational resources: Some banks offer programs or tools that help teach financial literacy.
- Incentives: Check if the account offers any interest on the balance or rewards for saving.
How To Open a Bank Account for a Teenager
This step-by-step guide will help you and your teen navigate the process of opening and managing a teen chequing account effectively.
- Choose the right bank and account: Research and compare different banks and their teen chequing accounts to find the best fit based on fees, features and convenience.
- Gather necessary documents: Collect all required documents for both the parent(s) and the teenager, such as identification and proof of address.
- Visit a branch or apply online: Depending on the bank, you may be able to start the application online or you might need to visit a branch.
- Fill out the application form: Complete the application with details about the teen and the parent(s) or guardian.
- Make the initial deposit: If the account requires an initial deposit, arrange to transfer funds into the account.
- Set up online access: Register for online banking to manage the account digitally and download the bank’s mobile app.
- Review features and set controls: Familiarize yourself with the account’s features and set up any parental controls if available.
- Educate: Ensure the teen understands how to use the account, the importance of managing their money and the consequences of overspending.
Recap: Best Teen Chequing Accounts
- Scotiabank Getting There Savings Program For Youth: Best for Building Financial Literacy
- Affinity Credit Union Youth Chequing Account: Best for No Fees
- Vancity Youth Chequing Account: Best for ATM Access
- Alterna Bank Youth Start Account: Best for No Fees
- Canadian Western Bank Youth Account: Best for Earning Interest
Frequently Asked Questions (FAQs)
What is the best bank account for teens?
Based on our evaluation of teen chequing accounts in Canada, Scotiabank’s Getting There Savings Program for Youth ranks the highest with a rating of 3.8 out of 5 stars and is a leading choice for building financial literacy. Nevertheless, each of our top five teen chequing accounts stands out in different ways. The Vancity Credit Union’s Youth Chequing Account is the best account for ATM access, while the Canadian Western Bank Youth Account is the best for earning interest. Ultimately, the best bank account for teens will depend on their unique needs, whether it’s cost-effectiveness, access to funds or learning financial management.
Can a minor have a chequing account?
Yes, minors can have chequing accounts in Canada. These accounts usually need to be joint accounts with a parent or guardian and come with features tailored to younger users, like parental controls and limits on withdrawals.
What happens to a teen chequing account when I turn 18?
When you turn 18, many banks transition your teen chequing account to a standard adult chequing account. This process might involve new terms and fees. In addition, the bank will issue you a new debit card under the standard adult account terms.
Can a 14-year-old open a chequing account?
Yes, a 14-year-old can open a chequing account in Canada, generally as a joint account with a parent or guardian. Banks have specific youth or teen accounts designed for this age group, featuring low or no fees and parental oversight options.
Do teen chequing accounts have monthly fees?
Many teen chequing accounts in Canada do not have monthly fees, aiming to make banking accessible and affordable for young users. However, it’s important to check for other potential costs like ATM fees or fees for transactions beyond set limits.
How old do you have to be to get a debit card?
In Canada, minors can get a debit card at the age of 12 to 13, depending on the bank’s policies for youth accounts. These debit cards are typically linked to a joint account with a parent or guardian.
What’s the difference between a debit card and a prepaid card?
A debit card is linked directly to a chequing account, withdrawing money that the user already has deposited. A prepaid card, on the other hand, is loaded with a set amount of money in advance and can be used until the balance runs out. Debit cards often come with fewer fees and can be reloaded directly by depositing more money into the associated account, while prepaid cards might require purchasing a new load of funds.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Kevin NishmasContributor
Kevin Nishmas is an expert financial content writer with a long and successful history of working with Canada's largest financial institutions. His knack (and passion) for transforming complex personal finance information into clear, compelling content has landed him in leading business publications such as Report on Business, Advisor’s Edge, Benefits Canada and Investor's Digest of Canada.
Courtney Reilly-LarkeEditor
Courtney Reilly-Larke is the deputy editor of Forbes Advisor Canada. Previously, she was the associate editor of personal finance at MoneySense. She was also managing editor of Best Health Magazine and has contributed to publications such as Cottage Life and Blog TO. She currently lives in Toronto.