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A kids’ or youth savings account provides a great opportunity for parents to teach their children about money starting at an early age.

Given that the level of financial literacy in Canada is not where it should be, getting kids in the know when they are young and most receptive to learning can help them get started on the right footing and primed for financial success.

How to save money. The magic of compound interest. Time value of money. Debt. Credit. Delayed gratification…and more. These are all valuable life skills your child can learn when they open their first bank account.

Looking to open a savings account for your kids? Take a look at the list of some of the best savings accounts for kids in Canada below.

Best Bank Accounts For Kids in Canada

Most savings accounts for kids are designed to cater to them until they reach age 18 or the age of the majority in their province.

To make it worthwhile, ensure that the account you sign them up for has no monthly fee and allows a reasonable number of transactions per month for free.

The savings account should also offer to pay interest so that your child can watch their balance grow with time for a practical and valuable lesson on investment returns and compounding interest.

Best Childrens Bank Savings Accounts in Canada

1. Tangerine Children’s Savings Account

To open a children’s savings account at Tangerine, the kid’s parent or legal guardian must have an existing account at the bank. Kids get their own account number and can easily log in to view their transactions and monitor their balance.

Tangerine’s children’s savings account offers:

  • 0.20% interest rate (highest rate available for youth accounts in Canada)
  • No monthly fees
  • No minimum balance
  • Free and unlimited transactions
  • Automatic savings plan
  • Access to 3,500 free ATMs in Canada

If you are not currently a client of Tangerine, you will need to first open an account and then simply add an account for your child.

Read my complete Tangerine review here.

2. CIBC Advantage For Youth Account

This account is for Canadians who are 18 years or younger. When your kid turns 19, their CIBC Advantage for Youth automatically converts to the CIBC Premium Growth Account.

The CIBC Youth Account comes with:

  • Unlimited free transactions including Interac e-Transfers
  • No monthly fees
  • 0.05% interest rate which is calculated daily and paid monthly
  • Access to thousands of free ATMs across Canada
  • Non-CIBC ATM withdrawals cost $2 per transaction

3. Scotiabank Getting There Savings Account

The Scotiabank Getting There Savings Account comes with:

  • No monthly fees
  • Unlimited debit transactions and 2 free Interac e-Transfers per month
  • Up to 0.10% tiered interest rate
  • Automatic savings plan
  • Earn SCENE rewards using the SCENE Visa Debit
  • Access to 55,000 ATMs
  • Non-Scotia ATM withdrawals cost $1.50

Here’s a review of Scotiabank’s Savings Accounts.

4. TD Youth Account

The TD Youth Account combines the benefits of a chequing and savings account and offers:

  • No monthly fees
  • Free unlimited transactions (excluding Interac e-Transfers which cost $0.50 to $1 each)
  • No minimum balance
  • Tiered interest rate up to 0.01%
  • Automatic savings plan
  • Non-TD ATM withdrawals cost $2 per transaction

5. RBC Leo’s Young Savers Account

The RBC Leo’s Young Savers Account is designed for kids aged 12 years and under.

  • No monthly fees
  • Free unlimited Interac e-Transfers
  • 15 free debits per month (excess debits cost $1 each)
  • $25 bonus when you open a new account
  • 0.01% interest rate
  • Non-RBC ATM withdrawals cost $2-$3 per transaction within Canada

Here is a review of RBC’s Student Credit Cards.

6. Canadian Western Bank Youth Account

CWB’s Youth Account is for kids aged 18 and under and offers:

  • No monthly fees
  • Unlimited transactions with free access to THE EXCHANGE Network of ATMs
  • Up to 0.50% tiered interest rate

7.  BMO Plus Plan Youth Chequing Account

Your kids (12 years and younger) can get a free (depending on your own personal account with the bank) BMO Plus Plan Chequing Account that offers:

  • No monthly fees
  • 30 transactions per month and Interac e-Transfers
  • Premium rate savings account with 0.05% interest
  • Non-BMO ATM withdrawals cost $2 per transaction in Canada

Kids aged 13 to 19 years can open a discounted Performance or Premium Chequing Plan.

Kids or youth accounts that do not pay interest on account balances include:

8. National Bank Youth Account

National Bank offers a minimalist Chequing account for children who are 17 years of age or younger. It offers:

  • No monthly fees
  • 12 monthly free transactions including 2 in-branch transactions (costs $1.50 each after)
  • No minimum balance

9. Laurentian Bank Youth Account

The Laurentian Bank Youth Account is for kids under 18. It offers:

  • No monthly fees
  • Unlimited free transactions, including 2 in-branch transactions
  • Free paper and electronic bank statements

Find out more about Manulife’s Advantage Account.

Opening a Child’s Bank Account in Canada

Depending on the bank, the process and documentary requirements may vary a bit, but usually involves:

  • Making an appointment at the branch of your choice.
  • You will need to provide your kid’s social insurance number, a copy of their ID (e.g. Passport), and/or birth certificate.
  • Legal guardian’s (parent) details.

Accounts opened when a child is 6 years or younger are referred to as trust accounts and you as the parent maintains full control and responsibility for it.

As your kids grow older, show them the ins and outs of their account so they can start to develop good financial habits and learn crucial money management skills that will help them throughout their lives.

If you are looking for a personal savings account for yourself that pays a lot more interest than the big banks, the no-fee EQ Bank Savings Plus Account is worth checking out. You earn 1.50%* and have access to unlimited free transactions, bill payments, and Interac e-Transfers.

Learn more in this EQ Bank review.

Related Reading

Do you know of a better savings rate for kid’s savings accounts in Canada? Let us know in the comments!