Youth Chequing Accounts
Youth chequing accounts are accounts designed for individuals under the age of majority in a province or territory. Typically, these accounts offer the functionality of a chequing account and the ability to earn interest on deposits similar to a savings account.
Common Account Features
These accounts usually offer unlimited transactions and pay interest on any balance. It's important to note that these are the most common features but not all youth chequing accounts offer these features. Some have a limited number of debit transactions and don't pay interest.
When to Use a Youth Chequing Account
A youth chequing account should be used if you're below the age of majority as your monthly fee is waived or reduced. The only time a youth account may not be appropriate is if you make many transactions that aren't included, which will result in more fees. Instead, an unlimited account may be of better use.
How to Save Money on a Youth Chequing Account
The best way to save money with a youth chequing account is by only using the allocated number of transactions and services offered with the account. Any additional transactions and services will result in you being charged more fees.
When Not to Use a Youth Chequing Account
A youth chequing account may not be the best account if you make transactions that aren't included. The cost of the account with the additional service fees and charges may result in a higher monthly fee than other accounts that have those features already included. Therefore, determine your daily banking needs and find an account that's able to meet those requirements at the lowest cost.