Bank accounts for kids tend to be pretty bare bones, and pale in comparison with its "adult" counterparts. However, the National Bank Youth Bank Account doesn’t take that approach. It offers free unlimited transactions to youths under the age of 25 with no monthly fee, free access to over 3,000 ABMs, and much more.
So is it worth getting for your kids? What’s good about it? And is it just a watered down version of a grown up account, or is it a great account on its own merits? Let’s take a closer look.
National Bank Youth Bank Account features
Turns out that this bank account is actually a pretty solid one. And not just in a "not bad for a kids’ account" kind of way.
Why You Want It
Unlimited free Interac e-Transfers + No monthly fees whatsoever.
Eligibility
- Canadian resident
- Under 25 years old
Provinces
ALL
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
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
National Bank Youth Bank Account product rating: 3.8 stars
If you or your kids are looking for a bank account that makes it easy to make purchases, send or receive payments from allowances, summer jobs, etc, all for zero dollars in monthly fees, it’s hard to go wrong with this youth bank account.
However, if what you’re looking for is primarily a savings account to teach your kids about building a cash cushion, or saving for a rainy day, or want an account with flashy perks, you should look elsewhere.
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 National Bank Youth Bank Account
Bank accounts for kids and teens tend to be fairly basic. That’s not the case here. The National Bank Youth Bank Account even manages to outperform several standard, grown-up bank accounts. Here’s why.
Pros
Can be opened by youths as young as 14, and as old as 24
As an account made especially for young people, this account is a great tool for them to learn financial literacy and responsibility. And even if the user is already a young adult, this account holds a plethora of benefits that make this a worthwhile account.
Next to no fees
This account has no monthly fee, free withdrawals from nearly 3,000 ABMs across Canada, free Interac e-Transfers, unlimited debit purchases, and free transfers between National Bank accounts. Fees only come into play in uncommon cases, such as when withdrawing cash from another institution’s Interac or Cirrus banking machines, when requesting bank statements via physical mail, overdrafting, etc. For most users, this really is a free bank account.
Users can deposit cheques from their phones
Young people rarely if ever use paper cheques any more. But in the few instances they receive one, they don’t even have to go to a physical bank location or ABM to deposit it. This account lets them do so with their mobile device. It’s super convenient and blazingly fast.
Access to balance and transactions in real-time via National Bank App
With this account, there’s very little need to ever visit a physical location or bank machine.
Limitless debit and Interac e-Transfer transactions
Some low-fee bank accounts only provide around 12 or so free transactions. This one gives its users unlimited transactions for free.
The cons of the National Bank Youth Bank Account
No bank account is perfect, and certainly this has its share of cons.
Cons
Users can only have this account until they turn 25
Kids eventually grow up, and this account ceases to be once its user turns 25. Thankfully, National Bank does notify the user once their 25th birthday approaches so they can take appropriate steps and open up a new "grown-up" account.
Doesn’t offer many other perks
This is a solid bank account, and does its job well: hold money, simplify sending and receiving money, chequing your balance, and making debit purchases. But that’s just about it.
Not as many locations as the Big 5
With so many easy ways to check your balance, send and receive money, and make debit purchases, this really isn’t so much of a con. However, it’s worth mentioning that National Bank locations heavily favour Quebec and large metropolitan areas in Canada. In the few instances where a user needs to visit a physical National Bank location, they may need to check Google Maps of the National Bank locations list.
It doesn’t earn any interest
Many youth bank accounts work as hybrid chequing/savings accounts that usually earn a tiny amount of interest. The National Bank Youth Bank Account is strictly a chequing account and offers zero interest on savings.
National Bank Youth Bank Account alternatives
Though this is a good bank account for young people, it’s far from being the only option in Canada. Here are some solid options to consider as well.
 |  |  | |
|---|---|---|---|
| Account | TD Student Chequing Account | Laurentian Bank Youth Plan | BMO Performance Chequing Account for Students |
| Genius Rating | |||
| Why You Want It | Earn up to $125 welcome bonus + Free transactions and e-Transfers. | $0 monthly fee + Free use of THE EXCHANGE Network's 3,000+ ATMs. |  $75 GeniusCash + Earn a $175 welcome 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 | 0 | 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 TD products Compare | Learn More See more Laurentian Bank products Compare | I Want This Deal See more BMO products Compare |
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FAQ
Is there a fee to open a new National Bank Youth Bank Account?
No, there is no fee to open a bank account with National Bank. To quote National Bank, "it’s completely free." Not just to open, but also most of the transactions done with this account are completely free.
Can a 14 year old open up a National Bank Youth Bank Account without parents?
Yes. They will need to bring a valid photo ID, such as a passport or Canadian government-issued photo ID, a permanent resident card, etc. Youths younger than that need to bring a parent or legal guardian.
What happens once a National Bank Youth Bank Account holder turns 25?
Before the user turns 25, National Bank will get in touch with the account holder, and help them in the process of switching to a different bank account, or closing this account.
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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