I opened my bank account at age 8 or something. You can't even get a sin card at that age.
Anyway that company is an app, not a bank. They are collecting data to sell is my guess.
You need to provide your SIN number if you want to get a Savings Account. Since ZenBanx is currently offering 1.5% interest on whatever amount your holding in their account, you are technically collecting income which needs to be declared to the Government.
Now, if you aren't comfortable enough to provide your SIN number to sign up,
you don't have to. During the sign up process, they give you the option to opt-out of receiving interest, therefore eliminating the need to ask for your SIN number.
You should bear in mind though that an 1.5% is pretty good right now (especially now that the economy is definitely *not* in a recession hahaha). Tangerine Bank actually reduced their interest rate down to 0.8% the other day.
Also, ZenBanx was started by the original founder of ING Direct (
http://business.financialpost.com/n...ith-new-mobile-banking-venture-zenbanx-canada) and is backed by an actual credit union here in Toronto called DUCA Financial.
They are also offering a referral bonus of $10 to both the invitee and the person who signs up (and makes a minimum deposit of $25). With that in mind, it all seems like a pretty good deal to me.
If anybody needs help, have questions, or would a like referral (no pressure, just thought I would throw it out there), I'd would be more than happy to help.