How do I apply for debit cards for kids under 13?
Many major banks in Canada offer youth banking programs with debit cards for children. Examples include RBC, TD, BMO, CIBC, and Scotiabank.Local credit unions also offer youth accounts with debit cards, often with more personalized service.
Look for accounts specifically designed for children or teenagers. These accounts often come with a debit card and features tailored for younger users. Some banks offer prepaid cards that can be used similarly to debit cards. These can be a good alternative for younger children.
To open a youth account or obtain a debit card for a child, you’ll typically need the following documents (proof of the child’s identity, utility bills or other documents showing the child’s address, if applicable). The parent or guardian opening the account will need to provide their own identification and possibly proof of address.
Visit a branch of the chosen bank or credit union. A parent or guardian will need to be present to open the account and sign the necessary documents. Some banks offer online applications for youth accounts. The parent or guardian can complete the application process online and provide the required documentation electronically.
Once the account is opened, the debit card will typically be issued and sent to the parent or guardian’s address. Follow the instructions provided with the card to activate it and set up any necessary PINs or security features.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.90% | 975 |
| 25,000 | 4.00% | 1,000 |
| 25,000 | 4.10% | 1,025 |
| 60,000 | 4.20% | 2,520 |
| 60,000 | 4.30% | 2,580 |
| 60,000 | 4.40% | 2,640 |
| 140,000 | 4.50% | 6,300 |
| 140,000 | 4.60% | 6,440 |
| 140,000 | 4.70% | 6,580 |
| 340,000 | 4.80% | 16,320 |
| 340,000 | 4.90% | 16,660 |
| 340,000 | 5.00% | 17,000 |
What are the best banks with debit cards for children under 13?
For children under 13 in Canada, several banks and financial institutions offer youth banking programs with debit cards or prepaid cards. These programs are designed to teach kids about money management while providing convenience and security.
- RBC (Royal Bank of Canada)
- TD Bank
- BMO (Bank of Montreal)
- Scotiabank
- CIBC (Canadian Imperial Bank of Commerce)
- Desjardins
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Details of companies offering the financial services:
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002