Cheat Sheet For the Best Student and Youth Bank Accounts

Cheat Sheet For the Best Student and Youth Bank Accounts

Cheat Sheet For the Best Student and Youth Bank Accounts

Cheating is a great way to get in trouble at school, but it’s the great approach when you’re trying to choose the best student and youth bank accounts. Often, students and youths end up at the same bank as their parents and are charged for unnecessary fees. In a matter of minutes, this article will help guide families to determine which are the best student and youth account.

This article will discuss the options for youth/student bank accounts and then rate the best of each category. There will also be a summary of all the accounts at the end of the article. Please share this article if you know someone that would benefit from the information.

As always, please check out our selection of Financial Literacy Courses. We now offer a course geared to help families save for their child’s education in a non-biased manner.

Student and Youth Bank Accounts

Student Accounts

The best student accounts are Scotiabank’s Student Banking Advantage Plan and CIBC’s Advantage for Student Account. These are the only free accounts that offer unlimited monthly transactions. The other banks limit monthly transactions to 25 or 30 and charge about $1.25 for each additional transaction. Students often use their debit card frequently and can easily hit these limits. The Scotiabank student account also offers free paper statements and the ability to collect Scene Points.

Youth Accounts

Thankfully, more banks offer free accounts for youths (those 18 years and younger). The best are Scotiabank’s Getting There Savings, CIBC’s Youth Account and TD’s Youth Savings Account, which are free and offer unlimited transactions. As with student accounts, Scotiabank offers free paper statements and Scene Points.

Keep in mind that youths usually do not use many transactions until they get older and have a steady cash flow. Therefore, unlimited accounts may not be necessary and it may be easier for them to have accounts at their parent’s bank. On a side-note, I also found that many children gain a sense of pride when they look at their paper statements and see their savings grow.

Conclusion

Overall, the best accounts that for youths and students are through Scotiabank and CIBC. Currently, these banks will allow a seamless banking transfer from youth to student and not require them to change their financial institution.

As always, As always, thanks for reading, and if you have any questions please contact me at info@ffcoach.ca or 647-289-0012. Also don’t forget to sign-up to our Newsletter!

Helping You Grow!

The Friendly Financial Coach

 


 

Account Summaries

Student

Scotiabank’s Student Banking Advantage Plan
-No Fee
-Unlimited Transactions
-Free Paper Statements
-Earn Scene Points

CIBC’s Advantage for Students
-No Fee
-Unlimited Transactions

TD’s Student Account
-No fee
-25 Monthly Transactions and $1.25 for each extra

BMO’s Plus Plan
-No fee
-30 Monthly Transactions and $1.25 for each extra
-Unlimited option for a monthly fee of $4 (waived if balance stays above $2,500)

Royal Bank’s Student Banking
-No fee
-25 Monthly Transactions and $1 for each extra
-5 free e-transfers a month
-Free paper statements

Youth Accounts

Scotiabank’s Getting There Savings
-No Fee
-Unlimited Transactions
-Free Paper Statements
-Earn Scene Points

CIBC’s Youth Account
-No Fee
-Unlimited Transactions

TD’s Youth Savings Account
-No fee
-Unlimited Transactions

BMO’s Plus Plan
-No fee
-30 Monthly Transactions and $1.25 for each extra

Royal Bank’s Leo’s Young Savers Account
-No fee
-15 Monthly Transactions and $1 for each extra
-Free paper statements

2 thoughts on “Cheat Sheet For the Best Student and Youth Bank Accounts

  1. Gustavo

    It might depend on where you live but as far as I know there is no limit. I plleonasry have four. One I use for just saving. I never take money out of it. I just put money in. It’s my emergency money. The second I put money in for expenses I have that month like rent, computer payment, gas, and groceries. The third I use for material things that I don’t need but I want like the new HDTV that I want. Then I use the fourth as a saving for Christmas. I put money in that all year so I have plenty for Christmas shopping. Hope this helped ^_^

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