Ages 13–15

Banking without getting eaten by fees

A fee is a price. Compare accounts on what they charge before you look at anything they advertise.

About 20 minutes Read it themselves Earns The Fine Print Badge

The Quest

For the kid

A bank account is a product with a price, and the price is mostly fees. People who never learn to read them pay quietly, every month, forever.

Check these five, in this order:

What to check What to watch for
Monthly fee Youth and student accounts usually have none. Four dollars a month on a $40 balance is 10% of everything you have
Transaction limits A set number of debits, e-transfers and withdrawals, then a charge per extra
ATM fees Another bank's machine charges a fee, and the machine may charge you too — two fees to take out your own money
Overdraft and NSF What happens if you spend money you do not have. The expensive one
What keeps it free Sometimes "no fee" means "no fee if you keep $3,000 in it"

Your mission

Compare three youth accounts on fees alone. Ignore every advertised rate and welcome bonus — a rate you chose an account for can change the month after you open it.

Build a table: monthly fee, included transactions, cost per extra, ATM rules, what makes it free. Pick one, and say in one sentence why.

The Parent Playbook

For you — read before you start

Two things happen at this level: an account gets opened and a set of rules gets agreed. Agree the rules before you are standing at a counter.

What to bring

For a minor's account you will generally both need to be there, with ID for the child and for you. Requirements differ between banks and credit unions, so phone before you go.

Ask on the same call whether the child needs a Social Insurance Number. A SIN matters later for an RESP and a first job.

The guardrails to agree in advance

Write these down before the account exists, so they are policy rather than a reaction:

  • Who can see what. Joint visibility at 13 is reasonable. Say when it ends: "I can see this account until you are 16" is a promise they will hold you to.
  • What the account is for. Ideally two accounts, so saving is a different tap rather than a decision.
  • The overdraft answer. Default to none at this age. A card that declines is a lesson. A card that silently lends at a high rate is a habit.
  • What happens if it goes wrong. Decide now, calmly, what you do the first time they overspend.

Mistake to avoid

Do not pick the account on the rate or the welcome bonus. Both are marketing and both move. One bonus we found while researching this page was still advertised with an end date that had passed.

Choose on fees and structure, which change rarely. A good rate is a bonus, not a reason.

Do not open it for them while they are at school. Going in is half the level.

Do It Together

The 20-minute activity

Account-opening day 20 minutes of prep, plus the visit · your comparison table, ID for both

  1. Do the comparison the night before and let them make the call. Their reasoning matters more than the winner.
  2. Phone ahead. Confirm the identification needed and whether an appointment is required. Let them make the call — asking an institution a question is its own skill.
  3. At the counter, let them do the talking. Your instinct will be to answer for them. Sit on it.
  4. Have them ask three questions out loud: "What is the monthly fee?" "How many transactions are included?" "What happens if I try to spend money I don't have?"
  5. Set up the app together and turn on notifications for every transaction.
  6. Write the guardrails on paper and both sign it. Slightly silly, and it makes it an agreement rather than a rule.

Our accounts and apps page has the current options by age band, including the prepaid-card apps, and explains why it prints no rates.

Done? Tick the level. Next: six weeks of running an actual business.

Done with level 03?

Fills in one leaf on the Growers map and earns The Fine Print Badge. Kept in this browser only — nothing about your child is sent anywhere.

Financial education, not advice. It describes how Canadian accounts and programs work and recommends no product, provider or investment. Dollar figures are statutory.