Opening a bank account can be an important step for financial independence as a teen. However, it’s important to find the right account that meets your needs as a young person. In this article, I’ll discuss the top 10 best bank accounts for teens in Canada based on features like low or no monthly fees, free transactions, debit cards, online and mobile banking access and parental controls if needed. Keep reading to find the perfect account.
The Top Accounts##
1 PC Financial President’s Choice Financial Youth Account
The PC Financial Youth Account is one of the most comprehensive accounts for Canadian teens. There are no monthly fees and you get unlimited transactions including debit purchases and bill payments. You also get access to online and mobile banking right away. Parents can set up spending controls and deposit limits if desired. This account is a great option to learn money management skills.
2 Simplii Financial Youth Account
Similar to the PC account, Simplii offers no monthly fees and unlimited transactions for teens. They also have robust parental controls where spending amounts and account access can be limited. A major perk is the ability to open the account completely online with video identification. Simplii is a division of CIBC so you get banking access nationwide through CIBC ATMs with no fees.
3 BMO Assist Youth Account
BMO Assist has competitive features like free transactions, a debit card and access to over 3000 BMO ATMs across Canada. There are no monthly fees as long as you maintain a $500 minimum balance, which is reasonable for a starter account. Online and mobile access allow banking on the go. Parents receive emailed statements to monitor account activity. This is a trusted choice from a major Canadian bank.
4 Tangerine Banking Teen Account
Tangerine is an online only bank but offers great introductory account features for teens. There are no monthly, transaction or account fees. You also get free access to Scotiabank ATMs nationwide. Tangerine has easy to use online and mobile banking portals to perform all account management remotely. However, this account lacks parental controls compared to options from traditional banks.
5 Scotiabank Teen First Chequing Account
As Canada’s third largest bank, Scotiabank is a trusted financial institution. Their Teen First account has no monthly fees as long as you maintain a $200 minimum deposit balance. You receive a debit card, online banking and access to over 4000 Scotiabank/THE EXCHANGE ATMs with no fees. A downside is transaction fees after the first 25 transactions per month. However, parents can help set spending limits via online banking.
More Great Options
6 RBC Express Teen Account
A solid account from another large Canadian bank. No monthly fees and comes with a debit card for purchases and ATM access. The first 5 withdrawals and 25 checks per month are free, then a fee applies. Online and mobile banking available.
7 CIBC First Account for Students
No monthly fee but small charges per debit transaction. Although minimal monthly usage is allowed, once exceeded a $4.95 monthly fee applies. Otherwise a good starter account from a major bank.
8 TD MyFirst chequing Account
TD is one of Canada’s big 5 banks. This account has a competitive $3 monthly fee waived if you maintain $1500 minimum balance. Unlimited debit transactions and ATM withdrawals. Ideal for those ready to take on a low fee account.
9 Qtrade Bank High Interest Savings Account
A fabulous savings only option for teens with no fees and a high interest rate. No debit access but great to park funds safely and watch interest grow over time. No branch access, online/phone service only.
10 Alterna Savings Young Savers Account
A credit union option with no monthly fees. Offers debit purchases and bill payments plus access to over 3500 Alterna/Acculink ATMs. No online/mobile banking but branches nationwide offer in person service.
Q. Can parents help manage the account?
Yes, the top choices from major banks like PC Financial, BMO, Scotiabank and RBC allow parents varying levels of control through online and mobile banking portals. Spending limits, account blocking and transaction approvals are common parental oversight features.
Q. What identity documents are needed to open an account?
For teen accounts (usually age 12-18), you need the teen’s provincial photo health card/driver’s license plus a signed consent form from a parent. Some banks accept online video identification for ease of opening remotely.
Q. Are online and mobile banking safe for teens?
Yes, all the banks recommended use secure encrypted logins for banking portals and apps. As long as strong passwords are set, online and mobile banking are very safe ways for teens to manage their accounts under parental supervision if required. Most have 24/7 fraud monitoring too.
Q. Is a debit card safe for teens to use?
Debit cards are very safe when used properly. Have conversations about responsible spending, and set up transaction notifications and limits if needed. Banks rapidly reimburse any errors or fraud. And debit purchases can be a good way for teens to learn financial responsibility. Just advise keeping PINs private.
In summary, the top accounts from PC Financial, Simplii, BMO and Scotiabank are excellent options offering features that support financial growth for Canadian teens. Choose one that fits your banking needs and start practicing skills like budgeting, saving goals and account management. With parental guidance, a bank account can help set good financial habits for life.