The Laurentian Bank Youth Plan is a chequing account created for children and teens under the age of 18. With no monthly fee, unlimited debit transactions, and access to a widespread network of ATMs, young Laurentian clients may find significant value in this account.
A thorough look at this product reveals that it's a fairly basic banking product overall, which may be just fine for kids. But if you want your children to learn about more than just the basic functionalities of a chequing account, the Laurentian Bank Youth Plan may not fit the bill.
Laurentian Bank Youth Plan features
Take a peek at the features and functionalities this account has to offer:
Why You Want It
$0 monthly fee + Free use of THE EXCHANGE Network's 3,000+ ATMs.
Eligibility
- Be under 18 years old
- Be a citizen or resident of Canada
- Have a valid government-issued ID
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
0
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
$1.00
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
N/A
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
Laurentian Bank Youth Plan product rating: 3.0 stars
If you or your child is looking for a simple chequing account that holds funds and lets the young account holder spend with their debit card, the Laurentian Bank Youth Plan will do just that. Unlimited debit transactions for no fee whatsoever is nothing to sneeze at, especially coupled with free access to thousands of ATMs across Canada.
However, having to pay for each individual Interac e-Transfer sent is a rather unfortunate drawback. For a society that values speed and online accessibility, and for kids that spend significant amounts of time on cell phones and mobile devices, this online tool seems like a feature that today's youth would appreciate.
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 Laurentian Bank Youth Plan
You may think that young people don't have many banking needs, but this isn't true for everyone. Here's what Laurentian has done well when considering their young clients' needs:
Pros
No monthly fee
Nobody wants to pay bank fees, and expecting kids under 18 to pay this is silly, especially as it's unlikely they'll hold a ton of money in a chequing account. Luckily, the Laurentian Bank Youth Plan doesn't bother its young account holder with a monthly fee, giving them one less thing to worry about.
Unlimited debit transactions
Whether you only use your debit card a handful of times each month, or you're a shopaholic-in-the-making who's swiping that card multiple times per day, the Laurentian Bank Youth Plan has your back. This account has no limits on debit transactions, so there's no need to keep count of your usage in your head.
Free access to an extensive ATM network
Laurentian Bank uses THE EXCHANGE Network, which has roughly 3,000 ATMs scattered across Quebec and the rest of Canada. This allows Laurentian Bank Youth Plan clients free and convenient access to fast cash and other services at multiple ATM locations.
The cons of Laurentian Bank Youth Plan
Unfortunately, there are still a few details that we find concerning about this account. Here's where we think the Laurentian Bank Youth Plan needs some work:
No free Interac e-Transfers
This account includes zero free Interac e-Transfers, which is quite a surprise. It's often said that kids are more comfortable with technology than their parents, so making e-Transfers seems like a valuable online tool they'd want to learn about and take advantage of. If that's the case, this account probably isn't the right choice for you or your child.
Can't apply online
While most chequing accounts can be opened online via a link on the Laurentian Bank website, this one has a button that says "Call us" instead. Now, you can potentially open a chequing account and then call to update your/the account holder's age and get the youth discount – but this is unclear. More information and direction would be appreciated.
The future of the account is uncertain
Other youth and kids bank accounts, such as the CIBC Smart Start Account, automatically update the free kids account to a paid account once the maximum age limit is reached. This isn't necessarily a good thing, but at least the guidelines are clear. With the Laurentian Bank Youth Plan, though, there's no indication of what happens to the account when the holder turns 18.
Laurentian Bank Youth Plan alternatives
Intrigued by the Laurentian Bank Youth Plan but want to see how it stacks up? Take a look here at how it compares with similar accounts from other institutions:
 |  |  | |
|---|---|---|---|
| Account | CIBC Smart Start Account | TD Student Chequing Account | BMO Performance Chequing Account for Students |
| Genius Rating | |||
| Why You Want It | Unlimited free transactions until you're 25 + A free SPC+ membership. | Earn up to $125 welcome bonus + Free transactions and e-Transfers. | Earn a $175 welcome cash bonus + no monthly plan fees while in school and one year after graduating. |
| Minimum Balance To Waive Fee | N/A | N/A | N/A |
| # 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 TD products Compare | Open an account See more BMO products Compare |
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FAQ
What is the Laurentian Bank Youth Plan?
The Laurentian Bank Youth Plan is a chequing account designed for Canadian kids and teens. Those under 18 can apply for this account and enjoy unlimited debit transactions and access to THE EXCHANGE Network's ATMs for no monthly fee.
Who's eligible for the Laurentian Bank Youth Plan?
Canadian citizens or residents who are under the age of 18 can apply for this account. However, it's unclear what happens with this account when the owner reaches age 18. You'll need to contact customer service to inquire about this.
Does the Laurentian Bank Youth Plan have a monthly fee?
The Laurentian Bank Youth Plan doesn't charge a monthly fee at all. This means that all withdrawals, deposits, transfers, bill payments, and debit transactions are free of charge. Other transactions, such as Interac e-Transfers, incur a per-use fee.
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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