Bank accounts for kids and teens
It’s never too early to teach good financial habits. We offer banking options and benefits for kids and teens:
Between the ages of 13 and 18? Get the benefits of a Performance Plan Chequing Account with no monthly Plan fees*71- Under 13? Get a Kids Account*72 with no monthly Plan fees – just drop by a branch to apply!
- Any of the above? Add a savings account at no cost*3
Explore our bank accounts for kids and teens
Compare features. Make your pick. Open online in as little as 7 minutes.
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“Easy to use and always at my fingertips. I like being able to do my banking on the go and this app provides just that.”
“Makes banking, tracking, budgeting, and quick analysis of personal trends easy. Highly recommend!”
“My favourite part is how you can check your credit score any time you want with a single click!”
“Easy to use and always at my fingertips. I like being able to do my banking on the go and this app provides just that.”
“Makes banking, tracking, budgeting, and quick analysis of personal trends easy. Highly recommend!”
“My favourite part is how you can check your credit score any time you want with a single click!”
“Easy to use and always at my fingertips. I like being able to do my banking on the go and this app provides just that.”
“Makes banking, tracking, budgeting, and quick analysis of personal trends easy. Highly recommend!”
“My favourite part is how you can check your credit score any time you want with a single click!”
Reviews have been edited for spelling and punctuation.
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Invest in their future
Explore BMO RESPs
Give your kids a financial jump start – parents, grandparents or legal guardians can open a Registered Education Savings Plan (RESP) for kids.
Try our Student Budget Calculator
Help figure out a student budget for your children.
Kids and teens banking FAQs
In Canada, there is no specific age limit for individuals to get a bank account or debit card. However, children under the age of 13 (or under the age of 14 in Quebec) need a parent or guardian to accompany them to a branch to open a new account.
If a child has their own chequing account, they will be issued a debit card for that account. At BMO, we provide kids and teens access to a chequing account with no monthly plan fees, and each account holder gets their own debit card. A debit card can foster a sense of accountability and autonomy in a child, greatly contributing to their self-confidence.
- Children between 13 and 18 years old (or 14 and 18 years old in Quebec) can open a chequing account online, or in person, and will need one piece of eligible government-issued photo ID footnote 1 or two pieces of eligible non-photo ID footnote 1.Children under 13 (or under 14 in Quebec) will need to visit a BMO branch in person with their parent or guardian to open a bank account. Both parties will need to bring one piece of eligible government-issued photo ID footnote 1 or two pieces of eligible non-photo ID footnote 1. To open an account in person, please book an appointment at your local branch and our personal bankers will assist you.
You can open a separate individual chequing account for your child, or you can add them to your existing account. Please note that to receive the benefits offered to kids and teens, a new Performance Chequing Plan may need to be opened.
There are many ways to help your child save, including savings accounts and Registered Education Savings Plans (RESPs). An RESP is one of the best ways to save for a child’s education. The earlier you start investing in one, the more time your money has to grow to cover education costs later. Your earnings are all tax-sheltered and when withdrawn the earnings are taxed to the child – who may pay little to no taxes on them as students. RESPs are not just for tuition. The money can be used towards more than just tuition costs, including books, living expenses, course materials and more.
There is also the potential for grants. The federal government may add up to a maximum of $500 a year with the Canada Education Savings Grant (CESG), up to a lifetime maximum of $7,200. Other grants include the Canada Learning Bond and provincial grants. For more information, visit our RESP page.I’m currently under the age of 12. What happens when I turn 13?
If you already have a kids chequing account with BMO, you do not need to take any action when you turn 13.
If you do not have a chequing account, you can open an account today however, you will need a parent or guardian to accompany you to a branch. On your 13th birthday (or 14th birthday in Quebec), you’ll be eligible to set up your own chequing account with or without parental signing authority. You can open an account online or in person at a BMO branch by booking an appointment. You’ll need one piece of eligible government-issued photo ID footnote 1 or two pieces of eligible non-photo ID footnote 1.
I’m a youth under 19. What happens when I turn 19?
The plan fee offer will expire when you turn 19 and you will begin to be charged a monthly plan fee for the Performance Chequing Account. To set you up for success, BMO offers great plans that may better meet your needs as you prepare for the next stage of your life. Our student banking plans might interest you.
Where can I find financial literacy resources?
We have a wide range of financial education resources available for you and your family at BMO Smart ProgressTM. Here are some resources to get you started:
Check out these useful articles
What is a chequing account and how can it work for you?
Whether or not you use actual cheques, you probably need a chequing account. Here’s why.
Financial Literacy Tips for Kids & Teens
Learn more about financial literacy, and how to pass along important money lessons to kids of all ages.
What’s the difference between a chequing and savings account?
Compare chequing vs. savings accounts and learn how you can use them both to your advantage.
Need help? That’s what we’re here for.
Come in and talk to us
Drop by your nearest branch to chat about your financial future.
Footnote star details The Savings of $215.40 is calculated for the Performance Plan Monthly Fee of $17.95 per month for 12 months. Kids discount is for children 12 years of age and under, and Teens discount is for 13 to 18 years of age. Kids and Teens are eligible to receive the Performance Plan with no monthly Plan fee or receive a discount equivalent to the Performance Plan fee from the Premium Plan fee.
Footnote section details With Easy First Fee Reversal, we’ll reverse the first accidental fee incurred on your new student account. Eligible fees for Easy First Fee Reversal on a Chequing or Savings account include: A non-sufficient funds fee, an overdraft fee, and a fee for transactions when you go over your monthly plan limit. To access this one-time only fee reversal, call us or visit us in branch.
registered star Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Used under license.
registered section Interac e-Transfer is a registered trademark of Interac Inc. Used under license.