Bank accounts for kids and teens in Canada: ages, fees and what to bring
Quick summary
There is no one age set by law in the pages we read. Each bank sets its own rules. At TD, a child under 14 opens an account at a branch with a parent. At BMO, kids under 13 do too, and teens 13 to 18 can open one online. The FCAC says people 18 or younger can qualify for an account with no monthly fee. Next step: see how to open a bank account.
Checked November 11, 2026. Main source: Financial Consumer Agency of Canada: Opening a low-cost or no-cost bank account (modified October 29, 2026, read November 11, 2026). See all 4 sources.
Key facts
- Free for youth
- People 18 or younger can qualify for a no-cost account with no monthly fee
- Source: FCAC, modified October 29, 2026
- TD Student Chequing
- $0 a month, free until age 23
- Source: TD page
- BMO kids and teens
- Kids Account under 13 has no monthly fee. Fee break for teens ends at 19
- Source: BMO page
What age can a child open an account?
The pages we read do not set one age for all of Canada. TD's advice page says it does not state a minimum age. TD's teen page and BMO's page set the rules for who opens in person and who can open online, and those depend on age.
Sources: TD: Choosing your child's first bank account (updated May 15, 2026, read November 11, 2026); TD: Everyday banking for teens (no date shown, last confirmed November 11, 2026); BMO: Bank accounts for kids and teens (no date shown, last confirmed November 11, 2026).
TD and BMO side by side
| TD | BMO | |
|---|---|---|
| Youngest | Under 14: branch visit with a parent or guardian. The page is inconsistent on the youngest age for a single account (12 or 14) | Under 13 (under 14 in Quebec): Kids Account, branch visit with a parent or guardian |
| Teens | 14 to 15: apply online or at a branch. 16 and up: no parent needed | 13 to 18 (14 to 18 in Quebec): can open online or in person, with or without parent signing authority |
| Monthly fee | $0 on the Student Chequing Account, free until age 23 | Performance Plan is normally $17.95 and is waived for kids and teens. Premium Plan is normally $30.95, reduced to $13.00 for kids and teens, or $0 with a $6,000 minimum balance |
| When it changes | After 23, proof of full-time post-secondary study is required | The no-fee discount ends at the 19th birthday |
| Savings | Not covered on the page | Can be added at no cost |
| Joint with a parent | Joint or single account. A parent on a joint account has full access | Teens can open with or without a parent's signing authority |
Sources: TD: Everyday banking for teens (no date shown, last confirmed November 11, 2026); BMO: Bank accounts for kids and teens (no date shown, last confirmed November 11, 2026).
What to bring
- TD, under 14: a parent or guardian with their own valid photo ID, or two valid non-photo IDs.
- TD, 14 to 15: valid photo ID such as a passport. Without photo ID, a non-photo ID showing name and date of birth, such as a birth or citizenship certificate, plus a parent's or guardian's ID.
- TD, 16 and over: valid photo ID such as a passport, driver's licence or permanent resident card. Without photo ID, two valid non-photo IDs.
- BMO, under 13 (under 14 in Quebec): both the child and the parent or guardian need one government photo ID or two non-photo IDs.
- BMO, 13 to 18: one eligible government photo ID or two eligible non-photo IDs. BMO says non-photo ID can only open chequing or savings accounts.
Sources: TD: Everyday banking for teens (no date shown, last confirmed November 11, 2026); BMO: Bank accounts for kids and teens (no date shown, last confirmed November 11, 2026).
How to keep fees at $0
The FCAC says people 18 or younger can qualify for a no-cost account with no monthly fee, and students can qualify too. Ask your bank for its no-cost account. TD says its Student Chequing Account has no monthly fee and unlimited transactions. BMO's teen fee break ends at 19, and it suggests student plans after that.
Sources: Financial Consumer Agency of Canada: Opening a low-cost or no-cost bank account (modified October 29, 2026, read November 11, 2026); TD: Everyday banking for teens (no date shown, last confirmed November 11, 2026); BMO: Bank accounts for kids and teens (no date shown, last confirmed November 11, 2026).
What a parent can see
TD says a youth can have a joint account with a parent or guardian, who has full access, or a single account with no parental oversight. It also says a TD Access Card with Visa Debit lets a child shop online or make in-app purchases, and online banking can be used to monitor the account. TD's page does not describe other parental controls.
Sources: TD: Everyday banking for teens (no date shown, last confirmed November 11, 2026); TD: Choosing your child's first bank account (updated May 15, 2026, read November 11, 2026).
Teach safe banking early
- Never share a PIN or online password, not even with friends.
- Do not send money to someone you only know online. A sent e-Transfer cannot be reversed once the other person deposits it.
- Ask a parent before you click a link in a text about your account.
Questions people ask
What age can you open a bank account in Canada?
The pages we read do not set one age. TD's advice page does not state a minimum. TD says under 14 opens at a branch with a parent, and BMO says under 13. Each bank sets its own rules, so ask yours.
Can a 13 year old open a bank account?
At BMO, yes. Teens 13 to 18 can open a chequing account online or in person (14 to 18 in Quebec), with or without a parent's signing authority. At TD, 14 to 15 can apply online or at a branch.
Do kids pay bank fees?
The FCAC says people 18 or younger can qualify for a no-cost account with no monthly fee. TD's Student Chequing Account is $0 a month. BMO waives the Performance Plan fee for kids and teens.
What ID does a child need to open an account?
It depends on age and bank. Examples: TD under 14 needs a parent with ID. BMO needs one government photo ID or two non-photo IDs. See the list above.
Can a parent see a teen's bank account?
On a joint account at TD, the parent has full access. On a single account, only the youth can access it, per TD.
What happens when a child turns 19?
At BMO, the no-monthly-fee discount ends at the 19th birthday. TD says its Student Chequing Account is free until 23, then needs proof of full-time study.