Children and teens can have a bank account in Canada, and the age it can be opened from, whether a parent must open it and what it becomes later are set by each bank. The table below gives each bank’s account for kids or teens with the ages in the bank’s words and the monthly fee, and each row links to that bank’s own terms for opening and for the upper age. Teens’ options, money apps and cards, and tax on a child’s interest follow, and saving for school is on the RESP guide.
Bank accounts for kids and teens, by bank
These are accounts the banks sell to children or teens: some are savings accounts held jointly with a parent, and some are chequing accounts a teen can open alone. The ages in each row are the ones the bank gives.
| Account | Ages, as the bank states them | Monthly fee (the package's regular price and its own waivers) | Source |
|---|---|---|---|
| BMO BMO Kids Account Opening and the upper age | 12 years of age and under | $0.00 a month on the Performance Plan (instead of $17.95) or $13.00 on the Premium Plan (instead of $30.95) for kids 12 years of age and under, registered at a BMO branch with proof of age | BMO's page Fees as of June 2, 2026 |
| BMO BMO Performance Plan Chequing Account for teens (13 to 18) Opening and the upper age | Between 13 and 18 years of age | $0.00 a month on the Performance Plan (instead of $17.95) or $13.00 on the Premium Plan (instead of $30.95) for teens between 13 and 18 years of age; the no monthly Plan fee discount expires on the teen’s 19th birthday | BMO's page Fees as of June 2, 2026 |
| CIBC CIBC Smart Start Opening and the upper age | Under the age of 25 (24 years and under); a parent can open the account for a child under 14 | $0 a month until age 25; CIBC Smart Account fees and benefits for the account tier apply once you turn 25 unless you qualify for another benefit | CIBC's page Fees as of March 12, 2026 |
| Desjardins Desjardins everyday account teen offer (free Unlimited plan) Opening and the upper age | Teens 12 to 17; at 14 teens can open their own account online | Free monthly plan: the free Unlimited plan for teens 12 to 17; until age 24 you can automatically get the free Unlimited plan with free monthly statements | Desjardins's page |
| National Bank National Bank youth bank account (The Connected package) Opening and the upper age | 0-24 years old at the chequing page; between 14 and 24 for opening online | $0 a month: The Connected package has no fixed monthly fees for ages 14 to 24 (the chequing page prices The Connected at $0 for ages 0-24); no fee to open an account and no debit card fee | National Bank's page |
| Neo Financial Neo JA Money card (youth account that comes with the Everyday account) Opening and the upper age | Between 13 and 17 years old on the eligibility page; the parents’ guide says anyone over the age of 13 (14 in Quebec) can sign up | No monthly fees: youth receive free everyday transactions with no minimum balance | Neo Financial's page |
| RBC RBC Leo's Young Savers Account Opening and the upper age | 0 to 12 years (clients aged 12 and under) | $0.00 a month; for clients aged 12 and under | RBC's document (PDF) Fees as of August 3, 2026 |
| Scotiabank Preferred Package for Students and Youth Opening and the upper age | Under the age of 25; clients 25 or older must be a domestic or international student currently enrolled in a full time post-secondary program in Canada or the U.S. | $0 a month; clients 25 or older must be a domestic or international student currently enrolled in a full time post-secondary program in Canada or the U.S. | Scotiabank's page Fees as of September 2026 |
| Tangerine Tangerine Children’s Savings Account Opening and the upper age | The child must be 11 years old or younger | No fee to save: Tangerine says you will not have to pay to save with it | Tangerine's page |
| TD TD Student Chequing Account Opening and the upper age | Can be opened at any age; no monthly fee until age 23, and after 23 with proof of enrollment in full-time post-secondary education | $0 a month (until age 23 or with proof of enrollment in full-time post-secondary education) | TD's page Fees as of March 5, 2026 |
| Wealthsimple Wealthsimple Kids and teens chequing account Opening and the upper age | A child under the age of majority in the province (18 or 19, depending on the province); not available in Quebec yet | $0 a month: kids accounts have no monthly fees, no ATM fees and no minimum balance | Wealthsimple's page |
Checked against each bank's pages on October 20, 2026.
Institutions in this table: BMO, CIBC, Desjardins, National Bank, Neo Financial, RBC, Scotiabank, Tangerine, TD and Wealthsimple.
These tables cover the banks and online institutions listed in them; credit unions are compared with banks on credit unions vs banks. Tangerine’s Children’s Savings Account and Wealthsimple’s kids and teens account are opened by a parent who is already a client.
How old does a child have to be to have a bank account?
Each bank sets the age a child’s account can be opened from, the age a teen can open one alone, in a branch or online, and whether a parent must be present; the ages differ from bank to bank and are in each account’s details below.
Immigration, Refugees and Citizenship Canada says each province and territory decides the age when a person becomes an adult (the age of majority): 18 in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan, and 19 in British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut and Yukon. Some of the terms below change at that age, such as a parent’s access to a joint account or the limits on a teen’s card.
BMO: BMO Kids Account
Who opens it, and a parent's role: Children under 13 (under 14 in Quebec) visit a BMO branch in person with their parent or guardian; both bring one piece of eligible government-issued photo ID or two pieces of eligible non-photo ID, and BMO asks you to book an appointment. A parent can open a separate account for the child or add the child to an existing account; to get the kids and teens benefits a new Performance Plan may need to be opened. Plans can also hold accounts in trust for a beneficiary 12 or under
At the upper age: As of the 13th birthday the Kids program benefits end automatically and the account is automatically enrolled in the Teens discounted banking program
Source: BMO's page
BMO: BMO Performance Plan Chequing Account for teens (13 to 18)
Who opens it, and a parent's role: Children between 13 and 18 (14 and 18 in Quebec) can open a chequing account online or in person with one piece of eligible government-issued photo ID or two pieces of eligible non-photo ID. A parent can open a separate account for the teen or add the teen to an existing account; to get the kids and teens benefits a new Performance Plan may need to be opened
At the upper age: As of the 19th birthday eligibility for the Teens program ends automatically and the full monthly Plan fee is applied
Source: BMO's page
CIBC: CIBC Smart Start
Who opens it, and a parent's role: Teens 14 to 15 open at a CIBC Banking Centre, with or without parental signing authority; teens 16 to the age of majority open online or at a banking centre, with or without parental signing authority. Parents of youth up to 11 years old open online or at a banking centre; parents of youth 12 to 13 years old open at a banking centre. With a parent’s consent the child can sign on to the mobile app. One piece of government-issued photo ID is needed
At the upper age: Smart Start benefits remain in effect until you turn 25; once you turn 25 they expire and regular CIBC Smart Account fees and benefits for your account tier apply unless you are eligible for another benefit. Students graduating at age 25 or older can move to CIBC Smart for Students
Source: CIBC's page
Desjardins: Desjardins everyday account teen offer (free Unlimited plan)
Who opens it, and a parent's role: At 14, teens can open their own account online (a valid Canadian or international passport, a RAMQ health insurance card with photo or a valid Canadian driver’s licence photographed with a smartphone or tablet, or Interac Verification Service with online banking credentials from BMO, CIBC, RBC, Scotiabank or TD). If your teen is 12 or 13 you come with them to a caisse or branch with the required documents; a parent or legal guardian must go with them to the appointment and you show a piece of ID for both of you, such as a passport, health insurance card or birth certificate
At the upper age: Until age 24 you can automatically get the free Unlimited plan with free monthly statements. Once you are 18 you have access to the youth offer, which includes other financial products and services
Source: Desjardins's page
National Bank: National Bank youth bank account (The Connected package)
Who opens it, and a parent's role: Open online from 14 years old (valid Canadian photo ID, plus a mobile device to photograph the ID and yourself). If your child is under 14, a parent or legal guardian comes to a branch to open the account. A 15-year-old can book a branch appointment and bring a parent
At the upper age: National Bank says it will be in touch before you turn 25
Source: National Bank's page
Neo Financial: Neo JA Money card (youth account that comes with the Everyday account)
Who opens it, and a parent's role: Parental consent is not required to open an account for anyone 13 years old or older (except in Quebec, where youth need to be 14 to open their own account). Youth need a valid photo ID and a social insurance number. Kids who are at least 13 (14 in Quebec) can open and manage an account without direct parental involvement; Neo does not currently offer joint or shared accounts
At the upper age: At the age of majority the card keeps working and adults can enjoy the card’s benefits for as long as they like; the spending restrictions at merchants offering products or services for adults are automatically lifted
Source: Neo Financial's page
RBC: RBC Leo's Young Savers Account
Who opens it, and a parent's role: The child is listed as the Primary Account Owner on jointly owned accounts where the co-owner is an adult. Opening for a child (or for someone else, such as a grandchild) is done at a branch
At the upper age: In the calendar year the primary account owner turns 14, RBC notifies all owners in writing that it will automatically convert the account to another personal deposit account it recommends; the owners may choose a different account before the date in the notification. If the account was opened jointly with a minor, ownership stays unchanged after conversion and the adult owner stays financially responsible for all activity, including overdrawn balances, interest owing and all fees
Source: RBC's document (PDF)
Scotiabank: Preferred Package for Students and Youth
Who opens it, and a parent's role: Under 12: opened in person by a parent or legal guardian, whose ID is required. 12 to 13 years old: opened in person with a parent or legal guardian, with the parent’s ID and proof of the child’s name and date of birth. 14 to 15 years old: opened in person; the product page says the parent or guardian does not have to be at the appointment if the minor can satisfy the ID requirements on their own or does not require a debit card, while the Companion Booklet says a minor aged 14 to 15 may open an account on their own if they can provide acceptable ID and do not require a debit card, and otherwise must be accompanied by a parent or guardian. 16 or older: online or in person with valid ID. A parent or guardian may open the account for a minor under 16; once a minor is 16 they can ask in writing for sole authority over the account, and the parent or guardian must be present to transfer signing authority. Only one Preferred Package for Students and Youth account per client
At the upper age: When you turn 25 the account is converted to a regular Preferred Package, unless you are an eligible student and Scotiabank has received proof of enrollment before your 25th birthday. Student status ends on December 1 of the year you graduate and the account then becomes a regular Preferred Package (a $16.95 monthly fee unless waived); the debit card number, account number and online and mobile banking details stay the same. Scotiabank notifies you at least 60 days before student status ends and, if you are still studying, you can extend it
Source: Scotiabank's page
Tangerine: Tangerine Children’s Savings Account
Who opens it, and a parent's role: Only the child’s parent or legal guardian can open it (not aunts, uncles or grandparents unless they are the legal guardian), and the parent or guardian must first have an account of their own with Tangerine in good standing. Only 1 parent can be the joint account holder with the child. It is operated as a joint account in Canadian dollars between the parent or guardian and the child, the child is the primary account holder, and the parent or guardian has sole signing authority. You need the child’s Social Insurance Number and one piece of ID such as a Canadian passport, permanent resident card, birth certificate or citizenship card. Client Cards are not issued with Children’s Savings Accounts and Interac e-Transfers cannot be accepted into them
At the upper age: Tangerine’s FAQ says that once the child reaches 16 the account is automatically converted to a Tangerine Savings Account in the child’s name, and Tangerine reaches out as the child approaches 16. Tangerine’s Account Terms say that, unless otherwise specified, the account is converted into a Joint Savings Account held in the parent or guardian’s and the child’s names when the child reaches the age of majority in the province where the child lives
Source: Tangerine's page
TD: TD Student Chequing Account
Who opens it, and a parent's role: Kids under age 14: a parent or legal guardian goes with the child to a branch appointment and shows their own photo ID. Teens 14 and older can open the account without a parent or legal guardian, applying online or in a branch with one piece of valid photo ID. A joint account gives both holders full access; a single account (only the youth has access, with no parental oversight) is described on one TD page as not available for kids under 14 and on another as available from age 12 for kids under 14. Once the youth reaches the age of majority in their province or territory, the parent or guardian no longer has access to a joint account
At the upper age: After age 23 the account keeps its $0 monthly fee with proof of enrollment in full-time post-secondary education; without that proof it automatically converts to a fee-based TD chequing account. TD also says that after graduation the account is automatically converted to a regular TD Chequing Account
Source: TD's page
Wealthsimple: Wealthsimple Kids and teens chequing account
Who opens it, and a parent's role: A parent or legal guardian opens and owns the account (a bare trust: the parent is the trustee and legal account holder, the child is the beneficial owner). The parent must be an existing Wealthsimple client with an open chequing account, have completed identity verification and open it in the Wealthsimple app; each kids and teens account can have only one parent or guardian linked to it, and a parent can link up to 10 kids and teens accounts. Parents set spend limits, category restrictions and see real-time notifications
Source: Wealthsimple's page
Checked against each bank's pages on October 20, 2026.
Whether the account is held jointly with a parent, held by a parent in trust for the child or opened by the teen alone is in each bank’s details, and so, where the bank states it, is the ID a parent and child bring. The ID a bank can ask for in general is on opening a bank account.
Accounts for teens
In the details above, some banks let a teen open an account alone, online or at a branch, from an age each bank sets. Some banks also price their everyday chequing packages at no fee or a reduced one for young clients into their twenties, student or not, as the table below shows.
| Account | Price for kids, teens or young adults, and who qualifies | Monthly fee (the package's regular price and its own waivers) | Source |
|---|---|---|---|
| BMO Performance Plan | Kids (12 years of age and under) and teens (13 to 18): $0.00 a month on the Performance Plan, registered at a BMO branch with proof of age. Kid benefits end automatically at 13, when the account moves to the Teens program; teen eligibility ends at the 19th birthday and the full monthly Plan fee is then applied | $17.95 a month, or $0 with a minimum daily balance of $4,000; Seniors' discount brings it to $13.95 | BMO's page Fees as of June 2, 2026 |
| BMO Premium Plan | Kids (12 years of age and under) and teens (13 to 18): $13.00 a month on the Premium Plan, registered at a BMO branch with proof of age; teen eligibility ends at the 19th birthday and the full monthly Plan fee is then applied | $30.95 a month, or $0 with a minimum daily balance of $6,000; Seniors' discount brings it to $26.95 | BMO's page Fees as of June 2, 2026 |
| CIBC CIBC Smart Account Tier 1 (average monthly balance of deposits and investments less than $40,000) | CIBC Smart Start: clients aged 24 years and under (Smart Accounts opened, or other accounts converted to a Smart Account, on or after April 18, 2022) are automatically enrolled and get a $16.95 monthly fee rebate for unlimited transactions, including Interac e-Transfer, and a rebate of the fee for 1 non-CIBC ATM withdrawal in Canada each month. Benefits remain in effect until you turn 25; after that regular Smart Account fees and benefits for the account tier apply unless you qualify for another benefit | $16.95 a month for up to 3 CIBC Smart Accounts (each Smart Account after that is $16.95), or $0 with a minimum end-of-day balance of $4,000 each day of the month in any one Smart Account; $0 for clients 65 and older (CIBC Smart for Seniors) | CIBC's page Fees as of March 12, 2026 |
| Desjardins Desjardins Unlimited transaction plan | Teen offer (12 to 17): the free Unlimited plan, with unlimited regular transactions on AccèsD, with the debit card, at an ATM and at the teller, free Interac e-Transfers, access to the AccuLink ATM network and free account statements. Youth offer (18 to 24): the free Unlimited plan with unlimited transactions and Interac e-Transfers and access to the AccuLink ATM network. The free period ends on the last business day of the month of your 25th birthday | $15.95 a month | Desjardins's page |
| National Bank The Minimalist | $0 a month (no flat monthly fee) for people aged 24 and under, including students, and for people under 18; supporting documentation is required where a discount applies | $3.95 a month; $0 for ages 24 and under (students included), seniors 65 and over who receive the Guaranteed Income Supplement, RDSP beneficiaries 18 and over, and Indigenous peoples, with proof of eligibility | National Bank's page |
| National Bank The Connected | $0 a month for ages 0-24. Youth between 14 and 24 can open the account online; for a child under 14, a parent or legal guardian comes to a branch to open it | $15.95 a month; $0 for ages 0-24; $10.95 for ages 60 and older | National Bank's page |
| National Bank The Total | $18 a month for ages 0-17 and $13 a month for ages 18-24 (instead of $28.95) | $28.95 a month; $18 for ages 0-17; $13 for ages 18-24; $23.95 for ages 60 and older | National Bank's page |
| RBC RBC Advantage Banking | Fee waived for clients 24 and under, whatever their student status | $12.95 a month, or $0 for clients 24 and under or full-time students, $0 for newcomers to Canada for the first 12 months, or $0 with the Value Program | RBC's page Fees as of August 3, 2026 |
Checked against each bank's pages on October 20, 2026.
Institutions in this table: BMO, CIBC, Desjardins, National Bank and RBC.
Prices for post-secondary students are compared on student bank accounts.
Kids’ money apps, prepaid cards and online banks
Mydoh is RBC’s money app for kids and teens, and RBC describes Mydoh in these words:
- Designed for kids aged 6 to 17
- No monthly fee and no hidden fees of any kind; up to two parents and five kids can sign up for one account at no cost
- Parents transfer money into the app from a bank account of their choice; kids can only spend the money made available to them and parents get notifications on what they buy. Parents assign tasks, see all transactions and can lock the card
Wealthsimple’s kids and teens account and Neo’s JA Money card are rows in the first table. The online institutions below state their own age rules for their everyday accounts, given here in their words.
| Bank | What the institution says about age | Source |
|---|---|---|
| EQ Bank | Each EQ Bank customer must be a Canadian resident, meet their province’s age of majority (18 or 19 years old, depending on where you live) and have a Social Insurance Number; to sign up online a Canadian mobile phone number is required. EQ Bank says students and seniors are welcome and it offers the same banking products to all | EQ Bank's page |
| KOHO | KOHO says children need to be the age of majority (18 or 19, depending on your province) to use any KOHO accounts at this time, including Joint accounts | KOHO's page |
| Neo Financial | Neo Everyday account: you must be the age of majority in your province or territory and give your SIN. Neo Savings account: at least 13 years old (14 if you live in Quebec). JA Money card (comes with the Everyday account): between 13 and 17 years old | Neo Financial's page |
| Tangerine | To open a Tangerine account you must be a resident of Canada, have two pieces of acceptable identification, meet the minimum age requirement and meet any minimum income requirement. Minimum ages by product: Savings Account 16, Chequing Account 16, Credit Card Authorized User 14; the Tax-Free Savings Account, RSP Savings Account, Credit Card, Investment Account, Mortgage and Lines of Credit require the age of majority. Students can open an account if they meet these conditions | Tangerine's page |
| Wealthsimple | To open an individual or joint chequing account you must be a resident of Canada, have a valid Canadian phone number and meet the age requirement for your province (18 in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan; 19 in British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut and Yukon). Wealthsimple says you can’t open a chequing account for a minor | Wealthsimple's page |
Checked against each bank's pages on October 20, 2026.
Institutions in this table: EQ Bank, KOHO, Neo Financial, Tangerine and Wealthsimple.
Prepaid cards are compared on prepaid credit cards.
Who pays tax on the interest in a child’s account?
The Income Tax Act decides whose income the interest is when the money in the account was given or lent to a child under 18:
Income or loss from property you transfer or lend to a person under 18 who doesn't deal with you at arm's length (such as your child or grandchild), or to a niece or nephew under 18, is taxed to you for each year before the year they turn 18.Gifts, loans and the exceptions are covered on attribution rules.
Do kids and teens get a no-fee account under FCAC’s commitment?
Young people are one of the groups FCAC lists for an account with no monthly fee. FCAC says many financial institutions offer no-fee accounts for children and youth, and suggests choosing a savings account that pays interest and having children make their own deposits.
Under the Financial Consumer Agency of Canada's Commitment on Low-Cost and No-Cost Accounts (effective December 1, 2025), the banks that signed it offer every Canadian a chequing account costing no more than $4.00 a month, and a $0 account to seniors receiving the Guaranteed Income Supplement, RDSP beneficiaries, youth, students and newcomers in their first year, plus at least one more group each bank chooses. Both include at least 18 debit transactions a month and no minimum balance. It is a public commitment that FCAC monitors, not a regulation.Which account each signatory bank offers under the commitment, and the commitment in full, are on the no-fee accounts page. The ages in the tables above are the ones each bank sets for its own accounts for young clients.
Saving for a child: RESP and TFSA
Saving for a child’s education with government help is on the RESP guide. A TFSA comes later:
To open a TFSA you must be a resident of Canada for income tax purposes, be 18 or older and have a valid Social Insurance Number; where the age of majority is 19, you open it at 19 and keep the room from the year you turned 18.The account in full is on the TFSA guide.
Related pages
- Post-secondary students: student bank accounts
- Accounts with no monthly fee: no-fee chequing accounts
- One bank’s full lineup: RBC (with Leo’s Young Savers), TD, BMO, CIBC and Scotiabank
- Opening a bank account and joint bank accounts
- Savings: high-interest savings accounts
- Teaching money: financial literacy for teens
- The accounts section: bank accounts
Sources
The figures and rules on this page come from these sources, last checked against them between September 14, 2026 and October 20, 2026. How we check facts.
- BMO: Chequing accounts
- BMO: Kids and teens
- BMO: Agreements Bank Plans and Fees for Everyday Banking
- Canada Revenue Agency: Capital Gains – 2025
- Canada Revenue Agency: Opening a TFSA
- CIBC: Chequing accounts
- CIBC: Smart start
- CIBC: Bank accounts
- CIBC: Cibc pasf en
- desjardins.com: Everyday account
- desjardins.com: Teens
- eqbank.ca: Common questions
- Financial Consumer Agency of Canada: Teaching children money
- Financial Consumer Agency of Canada: Canadians can now access free and low cost bank accounts featuring more monthly transactions
- Financial Consumer Agency of Canada: Low cost no cost accounts
- Government of Canada: Minor children
- help.koho.ca: What is a joint account HkWj3j58bx
- help.wealthsimple.com: 49551038179739 Get started with kids and teens accounts
- help.wealthsimple.com: 360062610653 Open an individual or joint chequing account
- Justice Laws (Canada): Income Tax Act
- Justice Laws (Canada): Income Tax Act
- Justice Laws (Canada): Income Tax Act
- Justice Laws (Canada): Document
- Justice Laws (Canada): Page 1
- mydoh.ca: www.mydoh.ca
- National Bank: Chequing
- National Bank: Youth
- neofinancial.com: Chequing
- RBC: Chequing accounts
- RBC: PDA Account Disclosure Booklet
- Scotiabank: Chequing accounts
- Scotiabank: Day to day banking companion booklet
- support.neofinancial.com: 14009903 guide for parents on youth accounts
- support.neofinancial.com: 14009720 eligibility requirements for the neo products
- Tangerine: Chequing account
- Tangerine: How do i open a tangerine children s savings account
- Tangerine: I m a student can i open a tangerine account
- TD: Bank accounts fees services charges
- TD: Chequing accounts
- TD: PDF document
- wealthsimple.com: Canada's most powerful chequing account | Wealthsimple