Are you looking for a quality youth account to help your children learn how to save? And do you want them to keep as much of their cash as possible without getting nickel and dimed? Do you also live in B.C. or Alberta? If so, you should take a look at the Canadian Western Bank Youth Account.
On the surface, this youth account feels like an unremarkable solution that exists simply to round out the bank's portfolio of products. Really, though, it's a solid bank account for kids, and outperforms many of its competitors, particularly with its interest rates.
Canadian Western Bank Youth Account features
This youth account comes with all the essential features you’d want on a kids’ account – take a look:
Why You Want It
No monthly fee + Unlimited free transactions and Interac e-Transfers.
Eligibility
- Aged 18 and under
- Canadian resident
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
0.05%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Canadian Western Bank Youth Account product rating: 2.9 stars
This is a pretty bare-bones youth account. The only feature that really stands out is that it earns interest at a higher rate than many of its competitors. It’s only 0.5% for balances over $500, but that's still higher than average for this type of account.
If you and/or your child want a straightforward, flexible account from a smaller, more localized bank, this one fits the bill.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Canadian Western Bank Youth Account
As a youth account, this is what the Canadian Western Bank Youth Account gets right:
Pros
No monthly fee
This is common with youth accounts, but it's worth noting that Canadian Western Bank Youth Account holders don't have to worry about a monthly fee. Especially since most kids don't keep large sums in their bank accounts, it makes sense that the bank wouldn't be worried about charging fees like this.
Unlimited transactions
There’s no limit to how many transactions this account holder can make, so they can feel free to buy new clothes, order pizza, go see a movie, or whatever they like, ding free.
Free Interac e-Transfers
Alongside unlimited transactions, CWB Youth Account holders can receive and send as many Interac e-Transfers as they wish without additional fees.
The account earns much more interest than similar youth accounts
If the account holder keeps $500.01 or more in their account, they earn 0.5% interest per year. Balances lower than this earn a rate of 0.05%. This may not sound like much, but it's more than most big banks offer, especially for kids' accounts.
The cons of the Canadian Western Bank Youth Account
As a small bank product, the Canadian Western Bank Youth Account is limited by its accessibility and lack of outstanding features:
Cons
Very few physical locations
While having access to a physical location for banking is less necessary than ever, there are still times when you may need to visit it. CWB only has 42 branches in Canada, 33 of which are located in Alberta and British Columbia.
Low upper age limit
Though this youth account can technically be opened for a child of any age, even newborns (according to the terms and conditions), this account expires as soon as the youth turns 18. This is low when you consider some competing youth accounts allow its users to keep it until they turn 25.
Pricey cost of using non-EXCHANGE Network ATMs
It costs at least $1.50 to withdraw from a non-EXCHANGE Network ATM. This may not sound like much. but every dollar counts, especially when you consider that some ATMs charge an additional service fee on top.
No additional perks
As a bare-bones account for younger kids, the lack of additional perks doesn’t really hurt it as much. But it’s still worth mentioning that competing youth accounts do offer more benefits and conveniences than this one does.
Canadian Western Bank Youth Account alternatives
With more than a few options available, here's how Canadian Western Bank Youth Account measures up against some competitors:
 |  |  | |
|---|---|---|---|
| Account | CIBC Smart Start Account | National Bank Youth Bank Account | Simplii No Fee Chequing Account |
| Genius Rating | |||
| Why You Want It | Unlimited free transactions until you're 25 + A free SPC+ membership. | Unlimited free Interac e-Transfers + No monthly fees whatsoever. | Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. |
| Minimum Balance To Waive Fee | N/A | N/A | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $0.00 | $0.00 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| Open an account See more CIBC products Compare | Learn More See more National Bank products Compare | Open an account See more Simplii Financial products Compare |
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FAQ
What is the Canadian Western Bank Youth Account?
This is a youth account aimed at young Canadians between the ages of 0 and 18. Its features include unlimited transactions, unlimited Interac e-Transfers, and an annual return of up to 0.5%, all for a $0 monthly fee.
Can you keep a Canadian Western Bank Youth Account after I turn 19?
Once you turn 19, you'll have to switch to a different account. You'll want to carefully research your chequing account options, but once you've chosen and opened the new account, contact CWB before you turn 19 to close this account.
What interest rates does the Canadian Western Bank Youth Account offer?
This account offers 0.05% interest for balances up to $500 and 0.5% for anything higher than this. Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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