Best Youth Accounts Summary
| Bank |
Age Range |
Monthly Fee |
Best For |
| BMO |
Under 19 |
$0 |
All-around |
| Scotiabank |
13-25 |
$0 |
Students |
| TD |
13-24 |
$0 |
Branch access |
| RBC |
13-22 |
$0 |
RBC ecosystem |
| CIBC |
13-24 |
$0 |
CIBC access |
| Tangerine |
18+ |
$0 |
No-fee forever |
| Simplii |
18+ |
$0 |
No-fee forever |
Big Bank Youth Accounts
BMO Student Account
| Feature |
Details |
| Age |
Under 19 (student under 25) |
| Monthly fee |
$0 |
| Transactions |
Unlimited |
| e-Transfers |
Unlimited free |
| Debit card |
✅ Yes |
| SPC discount card |
✅ Included |
| ATM network |
BMO |
Scotiabank Student Banking
| Feature |
Details |
| Age |
13-25 (with student status) |
| Monthly fee |
$0 |
| Transactions |
Unlimited |
| e-Transfers |
Free |
| Debit card |
✅ Yes |
| SPC discount card |
✅ Included |
| ATM network |
Scotiabank |
TD Student Account
| Feature |
Details |
| Age |
13-24 (full-time student) |
| Monthly fee |
$0 |
| Transactions |
Unlimited |
| e-Transfers |
Starting $7.50 or unlimited |
| Debit card |
✅ Yes |
| TD Rewards |
✅ Earn points |
| ATM network |
TD |
RBC Student Account
| Feature |
Details |
| Age |
13-22 (student) |
| Monthly fee |
$0 |
| Transactions |
Unlimited |
| e-Transfers |
2 free/month |
| Debit card |
✅ Yes |
| No-fee Avion VI |
✅ Student version |
| ATM network |
RBC |
CIBC Smart Account for Students
| Feature |
Details |
| Age |
13-24 (student) |
| Monthly fee |
$0 |
| Transactions |
Unlimited |
| e-Transfers |
Free |
| Debit card |
✅ Yes |
| Global Money Transfer |
Discounted |
| ATM network |
CIBC |
Online Bank Options (18+)
Tangerine
| Feature |
Details |
| Age |
18+ |
| Monthly fee |
$0 forever |
| Transactions |
Unlimited |
| e-Transfers |
Unlimited free |
| ATMs |
Scotiabank network |
| Credit cards |
✅ Available |
| After graduation |
Stays free |
Simplii Financial
| Feature |
Details |
| Age |
18+ |
| Monthly fee |
$0 forever |
| Transactions |
Unlimited |
| e-Transfers |
Unlimited free |
| ATMs |
CIBC network |
| Credit cards |
✅ Available |
| After graduation |
Stays free |
EQ Bank
| Feature |
Details |
| Age |
18+ |
| Monthly fee |
$0 |
| High interest |
✅ 2.5-4%+ |
| Best for |
Savings |
| Full chequing |
Limited |
| After graduation |
Stays free |
Teen Accounts (Under 18)
Opening a Teen Account
| Requirement |
Details |
| Minimum age |
12-13 (varies by bank) |
| Parent/guardian |
May need to co-sign |
| ID |
Birth certificate, passport |
| Joint or individual |
Some allow individual at 16+ |
Features for Teens
| Feature |
Typical |
| Debit card |
✅ Yes |
| ATM access |
✅ Yes |
| Mobile banking |
✅ Yes |
| e-Transfer send |
Varies |
| Overdraft |
❌ Usually not |
| Credit card |
❌ Not until 18 |
Parental Controls
| Feature |
Banks Offering |
| Spending limits |
Most big banks |
| Transaction alerts |
All |
| Account monitoring |
Joint accounts |
| Card freeze |
Most apps |
Post-Secondary Student Accounts
Requirements
| Requirement |
Details |
| Enrollment |
Full-time student |
| Proof |
Student card, enrollment letter |
| Age limits |
Usually 19-25 |
| Renewal |
Often annual verification |
Student Perks by Bank
| Bank |
Perks |
| BMO |
SPC, no-fee Mastercard |
| Scotiabank |
Scene+ points, SPC |
| TD |
TD Rewards |
| RBC |
No-fee Avion |
| CIBC |
SPC |
Comparison: Youth Accounts
| Feature |
BMO |
Scotia |
TD |
RBC |
CIBC |
| Monthly fee |
$0 |
$0 |
$0 |
$0 |
$0 |
| Max age |
19/25 |
25 |
24 |
22 |
24 |
| e-Transfers |
Free |
Free |
Varies |
2 free |
Free |
| SPC card |
✅ |
✅ |
❌ |
❌ |
✅ |
| Mobile app |
Good |
Good |
Great |
Good |
Good |
What to Look For
Essential Features
| Feature |
Why It Matters |
| No monthly fee |
Students have limited income |
| Debit card |
Day-to-day spending |
| Mobile app |
Manage on the go |
| e-Transfers |
Pay friends easily |
| ATM access |
Cash when needed |
Nice to Have
| Feature |
Benefit |
| Rewards |
Earn while spending |
| Student discounts |
SPC card, etc. |
| Overdraft option |
Emergency buffer |
| Credit card path |
Build credit |
| Investment options |
Start investing early |
Credit Cards for Students
Building Credit Early
| Card |
Details |
| BMO Cashback Mastercard |
No fee, 3% categories |
| Scotiabank Scene+ |
No fee, movies |
| TD Cash Back Visa |
No fee, 1.5%+ |
| CIBC Dividend |
No fee, cash back |
| Tangerine Mastercard |
No fee, 2% categories |
Secured Cards (No Credit)
| Card |
Deposit |
Cash Back |
| Neo Secured |
$50-$10,000 |
Up to 5% |
| Capital One Secured |
$75-$1,000 |
0.5% |
| Home Trust Secured |
$500+ |
1% |
Transitioning After School
What Happens
| Scenario |
Outcome |
| Keep student account |
Fees start (most banks) |
| Switch to no-fee bank |
Stay free forever |
| Meet minimum balance |
Some accounts free |
| Switch to premium |
Benefits but fees |
Best Path Forward
| Strategy |
Action |
| Before graduation |
Open Tangerine or Simplii |
| Move chequing |
To no-fee bank |
| Keep savings |
EQ Bank for interest |
| Credit cards |
Keep no-fee cards |
Our Recommendations
Best Overall (Under 18)
| Choice |
Why |
| BMO |
Free until 19, good app, SPC |
| Scotiabank |
Free until 25, Scene+ rewards |
Best for University
| Choice |
Why |
| Scotiabank |
Longest student period |
| TD |
Extensive branch network |
Best Long-Term
| Choice |
Why |
| Tangerine |
Never pay fees |
| Simplii |
Never pay fees, CIBC ATMs |
Best for Saving
| Choice |
Why |
| EQ Bank |
Highest interest rates |
Tips for Young Bankers
| Tip |
Why |
| Start saving early |
Compound growth |
| Get a student credit card |
Build credit history |
| Track spending |
Develop good habits |
| Open a TFSA at 18 |
Tax-free investing |
| Set up direct deposit |
For part-time job |
| Plan for post-graduation |
No-fee accounts |