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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

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15 thoughts on “The Best Children’s Bank (Savings) Accounts in Canada in 2023”

  1. Gravatar for Mel

    Tangerine just lowered interest to .7%

    • Gravatar for Serge

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

  2. Gravatar for Mel

    Sorry i meant .8%

    • Gravatar for Enoch Omololu

      @Mel: THanks for the update.

      • Gravatar for Cmp

        Kids must be 12 with Tangerine as well.

  3. Gravatar for JH

    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.

    • Gravatar for shauntal

      Isn’t tangerine connected to Scotiabank which provides Tangerine account holders with the ability to withdraw money at Scotiabank Atm’s?

      • Gravatar for Enoch Omololu

        @Shauntal: Yes, as a Tangerine customer, you get access to 3,500 Scotiabank ATMs across Canada.

        • Gravatar for JT

          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. Gravatar for CP

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

  5. Gravatar for Stephen Branney

    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. Gravatar for JT

    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. Gravatar for Vijay Khurana

    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.

    • Gravatar for Enoch Omololu

      @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.

  8. Gravatar for mgray

    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!

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