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 be 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? Check the list of some of the best bank accounts for kids in Canada below.
The Best Children’s Bank Accounts – At a Glance
| Bank Account | Fees | Interest Rate | Transactions | Other Benefits |
| Tangerine Children’s Savings Account | N/A | 0.40% | Free unlimited debit and Interac e-Transfers | Automatic savings plan |
| Mydoh | $0 per month | N/A | 10 purchases per day, 30 purchases per month | Children learn about money at a young age, parents can view child’s spending, children get paid for completing tasks |
| Scotiabank Getting There Savings Account | $1.50 for non-Scotiabank ATM withdrawals | Up to 0.10% tiered | Free unlimited debit transactions, 2 free Interac e-Transfers per month | Earn Scene+ points with the Scene+ Visa Debit card, automatic savings plan |
| CIBC Smart Start | N/A | N/A | Free unlimited debit and e-Transfers | Free SPC+ membership, save up to 10 cents per litre on gas |
| Canadian Western Bank Youth Account | $1.50 for non-EXCHANGE Network ATM withdrawals | Up to 0.50% tiered | Free unlimited debit and e-Transfers | N/A |
| RBC Leo’s Young Savers Account | $2 to $3 for non-RBC ATM withdrawals | 0.01% | Free unlimited Interac e-Transfers, 15 free debits per month ($1 each thereafter) | Cash bonus when you open a Mydoh account |
| BMO Plus Plan Chequing Account | $2 for non-BMO ATM withdrawals | N/A | Free unlimited Interac e-Transfers, 25 free debits per month | N/A |
| TD Student Chequing Account | $2 to $5 fee for non-TD ATM withdrawals | N/A | Free unlimited debit and e-Transfers | Earn 50% more stars at participating Starbucks |
| National Bank Youth Account | Branch transactions cost $2.50/month with the Modest package | N/A | Free unlimited Interac e-Transfers, 12-30 free transactions per month | Choose between 2 packages |
| Laurentian Bank Youth Account | N/A | N/A | Free unlimited debit and e-Transfers | N/A |
Best Bank Accounts For Kids in Canada
Most savings accounts for kids are designed to cater to them until they reach the age of 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 monthly transactions for free.
The savings account should also offer to pay interest so your child can watch their balance grow with time for a practical and valuable lesson on investment returns and compounding interest.
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 numbers and can easily log in to view their transactions and monitor their balances.
Tangerine’s children’s savings account offers:
- 0.40% interest rate
- 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 open an account and then simply add an account for your child.
If things get confusing, you can also call them at 1-888-826-4374 for direct support. Read my complete Tangerine review for more information about the bank.
Pros:
- No monthly fees or minimum balance
- A higher interest rate than most other banks
- Unlimited transactions
Cons:
- You must have an existing Tangerine account
- It does not include a debit card
- You cannot send Interac e-Transfers from this account
- Online-only bank
2. Mydoh
Owned by RBC, Mydoh is a money-saving app that comes with a Visa Debit card.
Parents and children have a version of the app (a youth and parent account), both of which are linked. The parent sends money to the child, who will receive it once a week after completing tasks and chores.
Top features of Mydoh include:
- A linked Parent and Youth account where the parent sets up an allowance and weekly tasks
- Earning and spending insights through the app
- Kids learn about money and finances through trivia and fun facts (digital piggy bank)
- Parents can monitor children’s activities and lock or unlock the card through the app
When you open a new account here, you get a $10 bonus in your wallet after entering the DAVID4571 promo code in the “Promotions” section of the app. An extra $25 bonus may also be available if you open an RBC Leo’s Young Savers Account.
I provide a deep dive into how Mydoh works in this article.
Pros:
- Children learn about money from a young age in a fun way
- Kids learn about the value of money by completing tasks
- The app is completely transparent, so parents can view children’s transactions
- No fees for using the Mydoh Debit card
Cons:
- No interest is paid on the balance
- Limits on transactions, balance, and more
- The “payday” is only on Saturday, and this cannot be changed
3. Scotiabank Getting There Savings Account
The Scotiabank Getting There Savings Account is a free kid’s bank account and has the following features:
- No monthly fees
- Unlimited debit transactions and 2 free Interac e-Transfers per month
- Up to 0.10% tiered interest rate (0.05% interest on deposits up to $499.99, and 0.10% interest on deposits of $500 or more)
- 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 list of other Scotiabank’s Savings Accounts. To apply for the Getting There Savings Program for Youth account, your child must be 18 years old or younger.
Pros:
- No monthly fees
- It comes with a Scene+ Visa debit card that you can earn points with
- Unlimited debit transactions and Interac e-Transfers
Cons:
- A low interest rate of only 0.05% to 0.10%
4. CIBC Smart Start Account
This CIBC chequing and savings account is for youth and students under 25. The CIBC Smart Start account offers:
- No monthly fees
- Unlimited Interac e-Transfer and debit transactions
- Students 14 and older receive a free SPC+ membership
- Access CIBC Insights on the mobile app
- Save up to 10 cents per litre on gas
- Free access to CIBC Investor’s Edge
The free SPC+ membership is available to students 14 and up and can be used to get discounts at over 450 brands and retailers. The CIBC Advantage for Youth account, which paid a 0.05% interest, is no longer offered.
Pros:
- No monthly fees
- Unlimited transactions
- Free SPC+ membership and access to CIBC Investor’s Edge
Cons:
- No interest is paid on your balance
- This account becomes paid after you turn 25
5. Canadian Western Bank Youth Account
The Canadian Western Bank’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
Interest is calculated daily and paid on the last day of each month. To open an account, complete the form on their website and a CWB Relationship Manager will reach out to you.
Pros:
- No monthly or e-Transfer fees
- Unlimited transactions
Cons:
- Branches are only available in western Canada
- $1.50 fee for non-EXCHANGE Network ATM withdrawals
6. RBC Leo’s Young Savers Account
The RBC Leo’s Young Savers Account is one of the best kid’s accounts in Canada. It is designed for kids aged 12 years and under. It offers:
- 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 in Canada
To teach your kids about managing finances, you can also open a Mydoh account and get a $25 bonus.
The Mydoh app allows you to give your kids weekly allowances, set tasks they need to complete, help them make budgets, and more. It is discussed in detail below.
Here is a review of RBC’s Student Credit Cards.
Pros:
- No minimum balance
- Free unlimited e-Transfers
- Link Mydoh to this account and receive a bonus
Cons:
- Only 15 free debit transactions per month (additional debits cost $1.25 each)
- Non-RBC ATM transactions cost $2 to $5 each
- $1 fee for each cross-border debit
Kids or youth accounts that do not pay interest on account balances include:
7. BMO Plus Plan 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
- 25 transactions per month and Interac e-Transfers
- Access to a premium rate savings account
- Non-BMO ATM withdrawals cost $2 per transaction in Canada
Kids aged 13 to 19 years can also open a discounted Performance or Premium Chequing Plan.
Pros:
- Account opening bonus offer
- Unlimited free Interac e-Transfers
Cons:
- Does not pay interest
- Only 25 free transactions per month
8. TD Student Chequing Account
The TD Youth Account has been combined with TD’s student chequing account and offers:
- No monthly fees
- Unlimited transactions per month
- No minimum balance
Your child can keep this account until age 23, after which they need proof of enrollment in full-time post-secondary education to keep it fee-free.
Pros:
- Free unlimited Interac e-Transfers and debit transactions
- No monthly fees
- Earn more stars at participating Starbucks locations
Cons:
- $2 to $5 fee for non-TD ATMs
- No interest on your balance
9. National Bank Youth Account
This youth account offers two banking packages with no monthly fees: the Minimalist and the Modest.
The Minimalist includes 12 free transactions and free branch transactions per month. While The Modest includes 30 free transactions and branch transactions for $2.50 per month.
Pros:
- No monthly fees or minimum balance
- Free unlimited Interac e-Transfers
- You decide which package works best for you
Cons:
- Only 12 to 30 free transactions per month
- No interest earned on your balance
10. Laurentian Bank Youth Account
The Laurentian Bank Youth Account is for kids under 18. It offers:
- No monthly fees
- Unlimited free transactions, including two in-branch transactions
- Free paper and electronic bank statements
You can start the account opening process online or call them at 1-800-252-1846.
Pros:
- Unlimited free debits and Interac e-Transfers
- Free electronic bank statements
Cons:
- No interest is paid on their balance
Methodology:
Savvy New Canadians selected the best children’s bank accounts in Canada after carefully looking at the products available on the market. Transaction limits, minimum balance requirements, savings rates, convenience, and many other features were considered. We carefully evaluate each bank account’s offerings, and our scoring methodology places more weight on each account’s overall value. Based on our research, these are some of the best kids’ bank accounts, but they may not be right for you. Visit each bank’s website using the links to view their updated offers.
How Children’s Bank Accounts Work
Children’s bank accounts are designed for children and youth up to 18 years old. Sometimes, the bank account can be free for youth or students under 23.
These bank accounts are somewhat limited in features, as they are generally meant for saving rather than spending. Some accounts can be hybrid, offering features of a chequing account and a savings account.
Children’s bank accounts are mainly designed to be used in conjunction with a parent during the early years. When the child gets older, they can use the bank account and learn about spending, saving, and how a bank account works.
How To Open a Kid’s Bank Account in Canada
Depending on the bank, the process and documentary requirements for a kids bank account may vary a bit but usually involves:
- 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, maintain full control and responsibility for it.
As your kids grow older, show them the ins and outs of their accounts 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 more competitive interest than the big banks, the no-fee EQ Bank Personal Account is worth checking out.
You earn one of the highest savings interest rates in Canada and get access to unlimited free transactions, bill payments, and Interac e-Transfers. Learn more in this EQ Bank review.
Benefits Of a Kid’s Bank Account
Children’s bank accounts that earn interest can be a great way for parents to start saving money for their child’s future. If they start depositing money when the child is young, the money will grow over time.
Kid’s bank accounts generally have no deposit limits, meaning you can deposit any amount of money. Most have no monthly fees, and some have unlimited transactions.
When your child uses their bank account, they learn about money, budgeting, how a bank account works, and can improve their financial literacy from a young age.
When they want to make a purchase, they can use their own money instead of asking a parent or another adult.
What To Look For In a Kid’s Bank Account
When opening a child’s bank account, consider the fees, savings interest rates, the number of free monthly transactions, access to an ATM or debit card, and other benefits and features.
If you’re opening an account when your child is very young, consider getting one that pays interest, like the Tangerine Children’s Savings Account.
If the child is a bit older and wants to use the bank account, look into youth bank accounts that include unlimited transactions and a debit card. Mydoh can be useful for teaching them about spending and budgeting.
Other things to think about:
- Does it have a mobile app or online banking?
- Does it have any minimum balance requirements?
- Is there a branch close to you?
FAQs
Generally, yes, a 12-year-old can have a bank account. However, they must be accompanied by a parent or guardian to open it. Typically, you must visit a branch to open an account for a 12-year-old.
Compare the banks on this list and decide which has the required benefits. If you want a high interest rate, the Tangerine Children’s Savings Account is the best. If your child is a bit older and wants to start spending money, consider Mydoh combined with the RBC Leo’s Young Savers Account.
Typically, you will need to visit a branch and open a child bank account in person, but sometimes you can do so online. Some documents required include your child’s photo ID, your photo ID, your child’s birth certificate, proof of address, and your and your child’s SIN numbers.
The best bank account for youth is the Tangerine Children Savings Account. It offers a high interest rate on their deposits and includes unlimited transactions.
Opening an RESP or TFSA is a great way to start saving money for your child while they’re young. You can also put aside small sums of money each month, year, etc. and deposit it into a child bank account.
Related reading:
- Understanding the Canada Education Savings Grant
- Best RESP Investments in Canada
- Registered Education Savings Plan (RESP) Explained
- What Are Educational Assistance Payments?
- Wealthsimple RESP Review
- Best RESP Providers and Plans in Canada
I would suggest that you resist giving the banks your child’s SIN. According to the CRA, you don’t have to provide your SIN to open a bank account.
When you provide your SIN to the banks, they forward that to the credit reference agencies and they have frequently had data breaches in which your identity information was stolen. You can’t make the agencies take proper care of your or your child’s information, but you can limit was info you allow the banks to give them!
The Scotiabank account is disappointing. No bank book updates, just handwritten when deposits made and no access online to view account progress over time. I am unable to review progress with my son.
It appears that all of these accounts have little to no interest, so begs the question why go with a savings account vs another vehicle.
@Vijay: I agree that savings rates are a mess right now. Unless you plan on investing the money, there’s not much else paying a lot right now.
Tangerine’s kids account is useless… literally the money earns 0.2% interest and the kids can only “watch the money”… there is no way for them to even accept a money transfer much less to move the money out at all
Far better to go to a Broker and open a in trust investment account. That way they won’t be disheartened by a bank giving them 0.01 cents interest and then they can learn about buying stocks immediately
The CIBC Youth Account now carries an interest rest of 0.05% as of Oct 2020.
The post above on Tangerine is somewhat misleading – It states one has access to more than 3,500 ATM’s as a feature of the account. This is false by virtue of the fact that Tangerine does not issue kids bank cards in order to access and withdrawl money from these accounts. All they can do is transfer money in and out via their parent’s main account and view balances. To save and withdrawl from one account, you need to go to another institution which is disappointing. At 16, Tangerine does allow one to open up a Chequing account and get a debit card.
Isn’t tangerine connected to Scotiabank which provides Tangerine account holders with the ability to withdraw money at Scotiabank Atm’s?
@Shauntal: Yes, as a Tangerine customer, you get access to 3,500 Scotiabank ATMs across Canada.
To clarify, the kid’s savings account does not provide a card. There is no way for the kid to move the money out. Only a parent, joint in the account, can do that.
At an interest rate of 0.2%, it’s MUCH better to leave the money for the kid in almost any other banking vehicle
Sorry i meant .8%
@Mel: THanks for the update.
Kids must be 12 with Tangerine as well.
Tangerine just lowered interest to .7%
Unfortunately, Tangerine children’s account has just .35% since April 14.