Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

14 thoughts on “The Best Children’s Bank (Savings) Accounts in Canada”

  1. Tangerine just lowered interest to .7%

    • Unfortunately, Tangerine children’s account has just .35% since April 14.

  2. Sorry i meant .8%

    • @Mel: THanks for the update.

      • Kids must be 12 with Tangerine as well.

  3. 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

  4. The CIBC Youth Account now carries an interest rest of 0.05% as of Oct 2020.

  5. 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

  6. 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

  7. 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.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

25 Shares
Share
Pin
Tweet
WhatsApp
Reddit