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Youth Bank Account Features
- Free debit transactions in Canadalegal bug2
- Free Interac e-Transfer transactionslegal bug8
- No minimum balance
- Never miss another allowance payment
Parents and guardians can set up automatic money transfers for free - Earn interest on every dollarlegal bug 3
More About Your Account
Here are some of the additional things you can do with your account, for a small fee.
| Details | Fees |
|---|---|
| Non-RBC Royal Bank ATM transactions (on Interac system) | $2.00 each |
| Non-RBC Royal Bank ATM
transactions within Canada & the U.S.legal bug 4 (on PLUS system) |
$3.00 each |
| Non-RBC Royal Bank ATM
transactions outside Canada & the U.S.legal bug 5 (on PLUS system) |
$5.00 each |
| Cross-Border Debit legal bug 6, legal bug 7 | $1.00 each |
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Mydoh is the money app and Smart Cash Cardlegal bug ‡ that helps kids and teens build good money habits through real-life experience. Now with no monthly fees, Mydoh makes it easy to set chores, pay a weekly allowance, and securely send money as needed. Your kids build the financial skills they need to thrive in the future while you get full oversight.
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Legal Bug‡
Mydoh Smart Cash Card is a physical and digital reloadable Visa Prepaid Card, issued by Royal Bank of Canada. For full card terms and conditions visit https://www.mydoh.ca/rbc-terms(opens in new window).
Legal Bug 1)
Offer available May 1, 2024 to July 31, 2024 (the “Promotional Period”)
This offer is available to any Eligible Client without a Personal Banking Account with Royal Bank of Canada at the beginning of the Promotional Period or within the last 3 years before the start of the promotional period. The Bonus Offer is $25 with an RBC Leo’s Young Savers Account®. This account type is intended for clients age 0-12 years. No qualifying transactions or purchases are required for the $25 Bonus Offer with the RBC Leo’s Young Savers Account. To receive the $25 Bonus Offer, you must open your new Eligible Personal Banking Account by 11:59 PM ET on July 31, 2024. The Bonus Offer will be deposited into your Eligible Personal Banking Account within 2 to 8 weeks provided your account remains in good standing. This offer may not be combined or used in conjunction with any other Personal Banking Account offers. Royal Bank of Canada reserves the right to withdraw or modify this offer at any time without notice, even after acceptance by you.
For full legal terms click here: rbc.com/leo25
This offer is available to any Eligible Client without a Personal Banking Account with Royal Bank of Canada at the beginning of the Promotional Period or within the last 3 years before the start of the promotional period. The Bonus Offer is $25 with an RBC Leo’s Young Savers Account®. This account type is intended for clients age 0-12 years. No qualifying transactions or purchases are required for the $25 Bonus Offer with the RBC Leo’s Young Savers Account. To receive the $25 Bonus Offer, you must open your new Eligible Personal Banking Account by 11:59 PM ET on July 31, 2024. The Bonus Offer will be deposited into your Eligible Personal Banking Account within 2 to 8 weeks provided your account remains in good standing. This offer may not be combined or used in conjunction with any other Personal Banking Account offers. Royal Bank of Canada reserves the right to withdraw or modify this offer at any time without notice, even after acceptance by you.
Legal Bug 2)
The Leo’s Young Savers Account is not eligible for the RBC Virtual Visa Debit card, and therefore incapable of RBC Virtual Visa Debit Debit Transactions.
Legal Bug 3)
Interest is calculated daily on the closing credit balance and paid monthly. Interest is subject to
change at any time without notice. Learn more: https://www.rbcroyalbank.com/rates/persacct.html(open in a new window)
Legal Bug 4)
An ATM operator surcharge (also called convenience fee) may be charged by other ATM operators. The
convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal.
All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account
they hold.
Legal Bug 5)
Each account cash withdrawal at an ATM outside Canada displaying the PLUS System symbol, and any
fees that may be imposed by any third party for using the ATM, are converted to Canadian dollars at
an exchange rate which is 2.5% above the bench mark rate set by the payment card company when the
transaction is posted. Exchange rates fluctuate and, as such, the rate applied will usually differ
from the posted exchange rate at the time of the transaction.
Legal Bug 6)
On operating account only. $1 per cross border debit transaction on companion accounts. Not
available on U.S. Personal Account.
Legal Bug 7)
Foreign currency purchases paid by withdrawal from your Canadian dollar account are converted to
Canadian dollars at an exchange rate 2.5% over the Interbank Spot Rate (as defined by Acxsys Corp.),
effective at time of processing. Since exchange rates fluctuate, the rate applied will usually
differ from the posted exchange rate at the time of your purchase.
Legal Bug 8)
Interac e-Transfer Transactions expire 30 days after they are sent and cannot be claimed by the recipient after this time. You have 15 days after the Interac e-Transfer Transaction is sent to cancel without charge. A $5.00 Interac e-Transfer Transaction Reclaim Fee is charged when a recipient does not accept it before it expires, and the sender does not cancel the transaction before the 15 day cancellation period. There is a limit of 999 free Interac e-Transfer Transactions per Month per Account; for every Interac e-Transfer Transaction over the limit you will be charged $1.00.