The Scotiabank Getting There Savings Program For Youth is a hybrid between a chequing account and a savings account, similar to other bank accounts for kids. With no monthly fee, unlimited debit transactions, a (mostly) decent interest rate, and the ability to earn Scene+ points, this account has many benefits.
Unfortunately, this account automatically converts to another chequing account once the client turns 19 years of age. This is common practice for youth and student accounts, but the lack of choice may leave a bitter taste and cause you to see big banks in a different light.
Scotiabank Getting There Savings Program For Youth features
Here's an overview of the features and services this account has to offer:
Why You Want It
Unlimited debit and e-Transfer transactions + Earn Scene+ points.
Special Features
- Earn Scene+ points on debit purcahses
- Earn up to 0.1% interest
Eligibility
- Under age 19
- Ages 12 and under must be accompanied by a parent/guardian
- ID required for age verification
Provinces
ALL
Interest Rates
$0 - $499
0.05%
$500+
0.1%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
$175
Promo End Date
N/A
Scotiabank Getting There Savings Program For Youth product rating: 3.7 stars
This youth bank account has earned a decent 3.7 Genius Rating as it's quite a full-featured product, which is not all that typical for a youth account. Scotiabank's Student Hub offers a wealth of helpful information for youth learning to manage their money.
Yes, the benefits are noteworthy and the security of a big bank like Scotiabank can't be ignored, but there are still a few sneaky details – like the automatic account conversion at age 19 – to consider before signing on the dotted line.
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 Scotiabank Getting There Savings Program For Youth
These are some of the best parts of the Scotiabank Getting There Savings Program For Youth:
Pros
Earn Scene+ rewards on purchases
Account holders earn rewards on all debit purchases with this account. While you're not going to earn a ton of rewards (like you would with a credit card), you'll earn at least 1 Scene+ point for every $5 you spend using your debit card, which is pretty sweet.
Earn interest on your balance
This account offers tiered interest rates based on your account balance 0.05% on balances up to $499.99, and 0.1% on balances of $500 or more. It's nice to see this on an account that also effectively functions like a chequing account.
Unlimited debit transactions
You don't often see unlimited debit transactions for bank accounts that also offer higher-than-average interest. It's not the best rate out there, but it's noteworthy. Some alternative youth accounts offer this and more, so be sure to research your options.
No monthly fee
As with most youth accounts, you'll pay no monthly fee for the Scotiabank Getting There Savings Program For Youth. This may be a common feature but it's still worth noting since it leaves a few extra dollars in your pocket – er, account – each month for saving or spending.
The cons of Scotiabank Getting There Savings Program For Youth
Of course, nothing is perfect and this account has a few drawbacks to note:
Cons
Middling interest rate
While 0.1% interest is better than many other personal banking accounts, it's still not the best. Other accounts, especially hybrid accounts from online banks, offer better rates and similar flexibility in terms of transactions and transfers.
Mandatory account swap after graduation
At age 19, the account holder must switch to another account suited for you (based on your transaction history). If you'd like to have a say in which account you're switched to, you'll need to schedule an in-person meeting with a Scotiabank advisor.
Scotiabank Getting There Savings Program For Youth alternatives
Here are some other youth bank accounts available in Canada:
 |  |  | |
|---|---|---|---|
| Account | CIBC Smart Start Account | RBC Leo's Young Savers Account | TD Student Chequing Account |
| Genius Rating | |||
| Why You Want It | Unlimited free transactions until you're 25 + A free SPC+ membership. | $0 monthly fee + Unlimited debit transactions and e-Transfers. | Earn up to $125 welcome bonus + Free transactions and e-Transfers. |
| See Issuer for Details | ||
| Minimum Balance To Waive Fee | N/A | N/A | |
| # Of Free Monthly Transactions | Unlimited | Unlimited | |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | |
| Monthly Fee | $0.00 | $0 | $0.00 |
| Excess Transaction Fee | N/A | N/A | |
Show More | |||
| Open an account See more CIBC products Compare | Learn More See more RBC products Compare | Learn More See more TD products Compare |
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FAQ
How old do you have to be to open a bank account at Scotiabank?
If you're under 12 years of age, you'll have to have a parent or guardian with you to open an account at Scotiabank. Ages 12+ can open an account themselves as long as you have the proper ID.
What is the Scotiabank youth account?
Scotiabank’s youth account is called the Scotiabank Getting There Savings Program For Youth. It’s a hybrid chequing-savings account with no monthly fee that lets you earn rewards on all your debit purchases plus some interest on your account balance.
Does the Scotiabank Getting There Savings Program For Youth have a monthly fee?
The Scotiabank Getting There Savings Program For Youth doesn't charge a monthly fee and there's no minimum balance requirement. When the holder reaches age 19, though, the account is automatically converted to a non-youth account that may have a fee.
What happens to my student bank account when I graduate from Scotiabank?
If you have a youth savings plan, you have to switch it to another non-youth account. Then, once you graduate from college, you can convert it to a Scotiabank Preferred Package or another account.
What are the disadvantages of a student bank account?
Student bank accounts don’t usually have high interest rates, so you won’t be earning much on your savings. Plus, your account type will change after graduation which means extra work during a very busy time.
Which bank is best for international students in Canada?
The best bank for newcomers to Canada is National Bank, so international students may want to try that. But the best account for these students is likely the CIBC Smart for Students, which has low fees and several perks.
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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