Youth chequing accounts are designed for minors in Canada. The accounts serve the function of a chequing account, yet they also earn interest on deposits, making them similar to a conventional savings account.
Common Features of a Youth Chequing Account
Usually, youth chequing accounts offer an unlimited number of transactions regardless of the account’s balance. However, this is not standard. Some banks will restrict the number of free transactions allowed. Some youth accounts might not earn interest, either.
When You Need a Youth Chequing Account
As the name suggests, this service is only available to those individuals that have yet to reach the age of majority. Banks waive or reduce monthly fees for youth chequing accounts. Most common transactions are free, but be sure to check the rules of the account before opening it.
How to Save Money on a Youth Chequing Account
Saving money on youth chequing accounts only requires you to follow the guidelines regarding the number of transactions allowed. By only using the allocated number of services offered with the account, you can save money that would otherwise be spent on transaction fees.
Examples of the Best Youth Chequing Accounts
Some of the best examples of youth chequing accounts can give you an idea of what kind of offers you can get.
When Not to Use a Youth Chequing Account
Youth chequing accounts require that transactions that are relevant to the account owner’s age. Making such transaction can result in having to pay extra fees. These extra fees can amount to a higher cost than an account which already offers the same services. An alternative would be an unlimited account which would be better suited to making a large number of transactions. Accordingly, make sure to determine your banking needs and choose an account that can meet your needs.