By starting a savings account early, they can take control of their money and learn to manage it effectively. With that in mind, though, there are plenty of different children’s and youth bank accounts to choose from. Let’s take a look at some of the best bank accounts for kids, kids’ bank account FAQs, and how to go about starting one.
Why Should You Get Your Child A Bank Account?
While opening a children’s account isn’t exactly always the first thing on our minds, it’s an important way for your child to learn about saving money. It’s also much more convenient since cash isn’t as prevalent as it used to be. So many purchases are made online or through pre-orders, so your child having access to their own money with their own account, Visa debit card, or prepaid credit card can bridge the gap between using your cards and using cash.
Since banking is mostly done online these days, it’s beneficial for children to get the feel of how online banking works before they need to start making bill payments. Many children’s bank accounts allow them to use online banking and the app to manage their accounts and transfer money. They can check their balances and be held accountable for how much they spend.
How to Open a Children’s Bank Account
How to open an account for a child really just depends on their age. Younger children usually only need a birth certificate as proof of identity. If the child is a bit older, then you may also need a secondary form of identification as well as the child’s Social Insurance Number (SIN).
Every bank is going to be different. It all depends on where you choose to open the account. The best way to start the process is to speak with an advisor to ensure you open the account correctly and have the required documentation and access.
The Age a Child Can Have an Account and a Debit Card
If you want to open a bank account for your child, there is no minimum age requirement. You can open the account at any time that you choose. For a child to open an account without parental permission, though, they must be at least 12 years old and able to provide proper ID. You can also get a debit card for your child’s bank account at any time, no matter their age.
What Should You Look for in an Account?
When you are choosing the right account for your child, it’s important to consider what the kids’ bank account offers.
With that in mind, though, there are plenty of different children’s and youth bank accounts to choose from. Let’s take a look at some of the best bank accounts for kids, kids’ bank account FAQs, and how to go about starting one.
Recommended Age to Open the Account
When it comes to opening a bank account for your child, it’s hard to determine at what age it should happen. Many parents choose to wait until their child has a job before opening an account for them, but you don’t actually need to wait that long.
Your child can start saving money in a savings account at any time, but the recommended age to set up children’s savings accounts is 9. You can always start it earlier, but at 9 years old, they can start learning how money works and the concept of money, and keep track of how much is in their account. That said, the recommended age for opening a chequing account is 15.
Best Savings Accounts for Children
There are plenty of Canadian bank accounts specifically meant for children and youth. Because of this, they often offer competitive packages. This works to your benefit and offers plenty of ways to help your child build strong financial health and achieve their financial goals. Here are some of the best accounts currently available.
CIBC Smart Start
CIBC offers a smart account for youth and students. This account also allows you to engage in no-fee banking up until the age of 25. At 25, they can then switch to the CIBC Smart Account.
For parents of children under 13, you can set up recurring transfers into your child’s account and gain access to the joint account with just a tap. For those ages 13 to 24, you can make all your transactions right from your phone, get student discounts, and have unlimited, no-fee banking.
Some key features included for all with this account are:
- No monthly fees
- Unlimited e-transfers
- Unlimited transactions
- On free ATM withdrawal from a non-CIBC ATM
It also comes with a Visa debit card for online purchases. All you need to qualify is to be a Canadian resident under 25 and to have a valid piece of government ID. Children under 13 will need a parent to open an account. There is also the CIBC Premium Growth Account, where youth can save their money while earning interest.
Tangerine Children’s Savings Account
While the Tangerine Children’s Savings Account is a joint account between a parent and child, the child gets their own bank account client number and login. This allows them to log in and track their spending. Having this ability allows children to be accountable for their finances.
Also included in the account is :
- No monthly fees
- No minimum balance requirements
- .40% interest
To open a kid’s savings account with Tangerine, you must be a client yourself. You can sign up online or via phone since this bank doesn’t have any physical branches.
TD Student Chequing Account
The TD Student Chequing Account offers some great options for students who use their accounts for everything. There are no monthly fees, unlimited free transactions, and you can earn interest on your savings. They even offer no-fee overdraft protection. They also offer the TD Youth Savings Account.
While this account is mainly geared towards students, it’s also recommended for children and youth. This is because the account can stay open until they are 23. Even after that, the account doesn’t have to be closed; the fees will just change.
Another perk of getting a TD account is that it comes with a VISA debit card. This means you can use your account to make online purchases instead of using a credit card.
RBC Leo’s Young Savers Account
The Leo account is a great way to get your child started with an RBC bank account. It’s meant for children aged 0-12. It includes:
- Free unlimited transactions
- Free e-transfers
- No minimum account balance requirement
- Automatic transfers for allowance payments
- No monthly fees
There are also other features that you can add for a small fee.
For youth and students 13 and up, there is the RBC Advantage Banking for Students. It includes:
- Unlimited debit transactions
- Free e-transfers
- No ATM fees
- Rebate on annual credit card fees of up to $48
- A specific student app
- Virtual Visa debit card
- Mobile payment options
- 1 free book of 50 personalized cheques
- 1 yearly NSF rebate
Canadian Western Bank Youth Account
Another great children’s bank account in Canada is the Canadian Western Bank Youth Account. It was specifically built for children under 18 to teach them how to save their money. It includes:
- Competitive interest rates
- No monthly fees
- Unlimited transactions
- Free interac e-transfers
The only fee is a $1.50 charge for ATM withdrawals on non-EXCHANGE network ATMs. The interest that you earn on your balance is based on the amount. Amounts $500 and under earns 0.05% interest. Amounts over $500 earn 0.50% interest.
National Bank Youth Account
National Bank offers one youth bank account. It’s called The Connected Package. It includes:
- Mobile cheque deposits
- Unlimited transactions
- Free transfers
- Real-time updates with the app and online banking
The best part of this account is that there are no bank account fees. To register a child under 14 years old for this account, you will need to visit a branch. Youth ages 14-24 can register for the account online or in person without parental permission. Just before your 25th birthday, the bank will be in touch with you to help you find the best banking package for you to transition into.
Alterna Bank Youth Start Package
If you are looking for one of the best free kids’ bank accounts, then look no further. Alterna Bank has a youth start package specifically designed to teach children about interest rates, saving money and how to properly use a bank account.
With this Alterna Bank account, you have no monthly fees, 30 free transactions per month (including e-transfers), and you can get monthly, annual or quarterly statements. Another perk is that it’s available to all children under 18. That said, Alterna Bank only has in-person branches in Ontario. Most of their banking can be done online, though.
Best Youth Bank Accounts
Not only is it important to consider a bank account for your child, but it’s also important to look at bank accounts for your youth and teenagers. Depending on the account, your child may not even need any secondary account holders. Here are some of the best ones.
Laurentian Bank Youth Account
The Laurentian Bank offers specific financial services for youth. This youth account allows those under 18 to have a free, unlimited account with no fees. These transactions include:
- Pre-authorized payments
- Interac debit transactions
- Transfers and bill payments, LBCDirect and the mobile app
- Withdrawals, transfers, and bill payments at Laurentien Bank and THE EXCHANGE Network ATM’s
It’s even free to deposit cheques. Also, with this account, all of your e-statements are free. However, if you choose paper statements, they are $3.00 each.
BMO Plus Chequing Account
With BMO, you can get a bank account for your child or your teen. For children 13 plus, the account is called the Plus Plan chequing account. It includes:
- No monthly fees
- Interac e-transfers
- $2.00 charge for each non-BMO ATM withdrawal
If the child is under 13, you can open a kid’s account with no monthly fees. To do this, though, you need to go to a branch in person and apply. This includes the Plus plan at no monthly fee. Once the child turns 13, they will then upgrade to the teen account, which is very similar. Once they’re an adult, they can then switch to the Performance Plan Chequing Account.
Scotiabank Getting There Savings Account
The Getting There Savings Program was built to help youth build healthy financial habits. It includes unlimited transactions and the opportunity to earn rewards on debit transactions. That said, though, this is a chequing account, so it’s not ideal for those who want to earn interest on savings. It’s meant to be just like a regular chequing account. What it includes is:
- No monthly fees
- Unlimited debit transactions
- Unlimited e-transfers
- Scene program
- 0.05% interest on deposits under $500
- 0.10% interest on deposits of $500 or more
To qualify, though, you must be 18 years of age or younger.
Unfortunately, though, this account will be discontinued as of May 26, 2025. Those who have this account will then be transferred to the Preferred Package for Student and Youth Account.
HSBC Youth Savings Account
The HSBC Youth Savings Account offers great perks for youth looking to open a bank account and earn interest on their savings. This account includes:
- No transaction fees
- Unlimited withdrawals
- Unlimited debits
- Rebates for non-HSBC surcharges
- Daily interest that is paid out monthly
- Free e-transfers
- Free mobile cheque deposits
- Free ATM withdrawals
To get this account, though, you do have to meet the eligibility criteria: be a Canadian resident and 19 years of age or younger. For premier youth, the age is 30. HSBC’s intent with this account is to teach kids the power of compound interest and help them build good saving habits.
Best Long-Term Savings Account for Kids
If you’re looking for a savings account rather than an everyday account, we mentioned a few that might be better suited to you. These include the Canadian Western Bank Youth Account, RBC Royal Bank Leo’s Young Savers Account, and the TD Bank Youth Savings Account. These accounts focus on saving more than spending.
Kids Credit Card
Children can’t have a credit card until they reach the age of majority, unless it’s linked to yours, but they can get a prepaid credit card. While this isn’t a usual option, a great way for a child to get a prepaid credit card is with MyDoh.
MyDoh
You may have heard of MyDoh before, but what exactly is it? Well, it’s an app and smart cash card that teaches children and teens how to manage their money. It includes a variety of features that set it apart from a children’s bank account and more closely resemble a money management app, helping improve your child’s money management skills. The features of this card include the following:
- Tasks and Allowance- this allows children to get paid once they have completed their chores.
- Smart Cash Card – this is a prepaid Visa card that kids can spend their money with
- Savings Goals – this allows kids to structure their savings with a specific target date.
- PayDay – their features allow kids to get paid only on Saturdays and make their money last a week.
- Oversight: This allows parents to track and respond to their child’s spending.
- Add a Parent – you can now add a parent to the account for free
Currently, MyDoh is a free product for up to 2 parents and 5 kids. While they used to charge a $2.99 monthly fee, this is no longer charged.
Other Financial Institutions and What They Offer
If you look at the financial institutions above, you’ll notice they are just a portion of the ones we have in Canada. They are just a few of the best bank accounts for kids. These are banks that offer specific accounts for students and youth, not all others. Why do you ask? Many financial institutions offer no-fee accounts for everyone, so there is no need for special accounts. Let’s take a look at some banks we missed and see what they offer.
Simplii Financial
While Simplii Financial doesn’t offer a kids’ account, all of its accounts have no fees. That said, they do have a student account, though. Basically, this account includes:
- No fee daily banking
- Free unlimited Interac e-transfers
- Access to all CIBC ATMs for free
- Banking with a mobile app
What makes it different from other Simplii accounts is the student banking offer. If you apply for an account and can meet the student qualifications, then you can earn up to $300 back. You must set up a direct deposit of at least $100 for 3 months to qualify. Also, no matter when you finish school, you get to keep the no-fee, no-minimum-balance account.
Manulife Financial
While Manulife offers a great bank account, they don’t have anything specific for youth and children. They only offer one type of account: a kid’s chequing account or an adult account.
Vancity
Vancity is a credit union that offers youth accounts. They are available to those under 25 years of age and include:
- Free every day unlimited transactions
- Free mobile deposit
- Free withdrawals at over 4,000 ATMs
- Free personalized cheques (50)
- Apple Pay, tap payment and mobile banking
With this Vancity account, there are no transaction fees. You do, however, er have to pay for Interac e-transfers. They are free to receive, but they cost $0.90 to send.
Meridian
Meridian is another credit union that offers youth accounts. This account is for those 17 and under. It includes:
- Unlimited free transactions
- Free access to over 43,000 ATMs
- No monthly fees
- Interest earned on every dollar
With this Meridian account, you can send Interac e-transfers, but there is an extra charge.
Citibank
Citibank offers the Junior Account. This account includes multi-currency deposits and fund transfer services, and is for children 18 and under. people.o us how it really breaks down. Visualizing is the key to understanding for many people.
Mydoh Vs. KOHO Kids Vs. Traditional Bank Accounts
While you can’t really go wrong with opening an account, or even multiple savings accounts, with one of these digital banks or a traditional bank, there are differences between the three that you should consider.
| MyDoh | KOHO Kids | Traditional Bank Accounts |
| Focuses on financial literacy, chores and allowance | Focuses on basic budgeting and saving | Focuses on standard banking and long-term savings |
| No monthly fees | No monthly fees for the essentials package | No monthly fees up to age 18 or 25 |
| Comes in the form of a prepaid Visa card | Comes in the form of a prepaid Mastercard | Traditional debit card |
| You don’t earn any cashback or interest | You earn both cashback and interest | You earn some interest in your savings account |
| Parents can monitor in real-time, assign chores and lock cards | Parents can view spending activity | Parents can link accounts, but don’t have much in-app control |
Who Pays the Tax on the Interest Earned from a Child’s Bank Account?
When it comes to interest on a child’s bank account, Canadian tax attribution rules for minors dictate that the source of the funds pays the taxes. So if the parents contributed the money, they have to pay the taxes, and if the child earns the funds, the child pays the taxes. There’s a certain amount that’s covered by the tax exemption threshold, but after that, taxes will need to be filed for them. Either way, reporting interest on a T5 still has to be done.
Are Kids’ Accounts Covered by the CDIC?
Children’s bank accounts are covered by the Canada Deposit Insurance Corporation (CDIC). The CDIC deposit protection will cover up to $100,000, provided the funds are held at a CDIC member institution. How it’s covered, though, also depends on how the account is set up.
If the account is in the child’s name only, it falls under the “deposits held in one individual’s name” category. If a parent opens a joint or trust account, it can qualify for separate joint account coverage, and you also need to pay attention to the tax implications of joint accounts.
If you bank with a credit union instead, then you can get credit union deposit insurance. These are handled provincially rather than federally and have a guaranteed provincial deposit. This means the amount in each province will be different.
ID Needed for Children to Get an Account
If you’re looking at opening a bank account for a child, then you’re going to need some type of ID. That said, the type of ID that is needed is based on the child’s age and the financial institution you’re registering with. That said, if the child is under the age of 12, they must be accompanied by a parent or guardian, meet the guardian signature requirement, and provide their own required identification documents.
For children under 12, the required ID is a child’s birth certificate or passport. For ages 12 to 15, you can use the same ID or a SIN if you have one. For ages 16 and up, two pieces of their own ID are required.
Getting an Overdraft or NSF Fees as a Teen
While it isn’t as common, you can get an overdraft or NSF fees as a teen. Most youth accounts don’t allow for overdraft protection, meaning that your card will get declined, but you may still have to pay NSF charges. Some credit unions will still process charges and have overdraft fees for teens.
Closing a Youth Account
If you’re looking at closing a youth account in Canada, you can do so with or without transferring to an adult account. Before you cancel, though, the first thing you need to do is zero out the balance. You can do this by withdrawing the funds or transferring them to another account.
You should also stop any pre-authorized debits or recurring allowances associated with your account. Then you need to visit the branch to cancel the account, and a valid ID is required. There may be some documents that you also need to sign.
How In-Trust Accounts and Attribution Rules Work
An in-trust-for account is an informal trust account used to build and grow assets for minor beneficiaries. It’s set up in the name of the adult in trust for the child. All contributions are treated as gifts and legally belong to the child. A trustee can manage the benefits as long as they’re solely used for the child’s benefit.
All interest and dividends are taxed in the hands of the adult until the child turns 18 years of age. Capital gains, however, are taxed in the hands of the child. The only exceptions are CCB payments or inheritances, which are taxed directly to the child.
Are there Provincial RESP Grants as well as the Federal Ones?
In Canada, Registered Education Savings withdrawals can be used as educational assistance payments. However, the federal RESP option isn’t the only one available. There are also provincial education grants, including:
- BC Training and Education Savings Grant
- Quebec Education Savings Incentive
If you don’t use all of your RESP funds, there are unused RESP options, with the most popular being an RESP transfer between siblings. That said, the sibling must be under 21 years of age to qualify.
How to Build Credit Before You Turn 18
When you’re young, building credit history early is key. One of the best ways to help you get set up for your first credit card at eighteen is to become an authorized user on a card. This can also help you start to build credit for a student line of credit, which can be much cheaper than a student loan.
Before you start getting credit, though, the first thing you want to do is to build good habits. You can do this by making only purchases you can afford and practicing budgeting so you are prepared to handle a credit card, a traditional or student credit card, once you become of age.
Things to Look for in a Children’s Bank Account
Whether you’re opening an account online for your child or in person, there are some things you should pay attention to. These include:
- Transaction alerts
- Card lock controls
- Tap limit settings
- Identity theft protection
- Fraud reimbursement policy
- First-time save bonuses
- Transaction limits
Having a bank account and registering your child for some of the best youth savings accounts are great ways to start teaching compound interest. It’s also a great time to go over contactless payment risks and phishing awareness for teens.
While having a bank account at any age is great, teens can use it for summer job direct deposits, gift money from grandparents, debit purchases, learning how to use mobile banking, and watching their savings grow. Plus, once they start paying taxes on their first job, receive T4 slips for teens, and earn RRSP contribution room, having a bank account is ideal.
