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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

Help your kids and teens with their financial independence by opening a chequing account with no monthly Plan fees.^*71^,*72

Explore our bank accounts for kids and teens

Compare features. Make your pick. Open online in as little as 7 minutes.

Performance

17 dollars 95 cents reduced to 0 dollars

No monthly Plan fee.^*71^,*72

No monthly Plan fee discount expires on the teen’s 19th birthday.

Unlimited transactions per month^*52
Interac e-Transferfootnote registered sign section sign transactions included^*39
1 Canadian non-B M O A T M withdrawal included per month^*53, then $2 each in Canada, $5 each outside of Canada

Most benefits

Premium

30 dollars 95 cents reduced to 13 dollars

$0 with min. $6,000 balance^*4

Unlimited transactions per month^*52
Interac e-Transferfootnote registered sign section sign transactions included^*39
Unlimited worldwide non-B M O A T M withdrawals per month^*53, no B M O fees

Mobile

Easy, secure digital banking

Click to download on the Apple Store

Click to download on Google Play

Award-winning mobile banking

Recognized for Excellence in Digital Banking for a third year in a row.

Honoured for digital money management features and account alerts.

Awarded for B M O CashTrack, an artificial intelligence (A I) driven capability.

Invest in their future

Explore B M O R E S Ps
Give your kids a financial jump start – parents, grandparents or legal guardians can open a Registered Education Savings Plan (R E S P) for kids.
Learn more
Try our Student Budget Calculator
Help figure out a student budget for your children.
TRY IT

Kids and teens banking F A Q s

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.
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 11} or two pieces of eligible non-photo ID^{footnote 11}.
Children under 13 (or under 14 in Quebec) will need to visit a B M O 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 11} or two pieces of eligible non-photo ID^{footnote 11}. To open an account in person, please book an appointment at your local branch and our personal bankers will assist you.
There are many ways to help your child save, including savings accounts and Registered Education Savings Plans (R E S P s). An R E S P 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. R E S P s 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 (C E S G), 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 B M O, 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 13^th birthday (or 14^th 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 B M O branch by booking an appointment. You’ll need one piece of eligible government-issued photo ID^{footnote 11} or two pieces of eligible non-photo ID^{footnote 11}.
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, B M O 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 Progress^TM. Here are some resources to get you started:

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How to find the best chequing account for your lifestyle

Why settle for a generic chequing account when you can find one that fits your lifestyle?

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.

Make an appointment

^{Footnote 1 details1} Your identification (I D) must be eligible to be used as I D, be valid, original, and not substantially defaced. If you are unable to provide one piece of eligible photo I D, you can provide two pieces of non-photo I D or documents from a reliable source, one of which confirms your name and address and the other that confirms your name and date of birth. Non-photo I D can only be used to open a chequing or savings account. A list of eligible photo and non-photo I D is available at bmo.com/appointment/whattobring/everydaybanking.

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.

Bank accounts for kids and teens