One of the largest reasons that so many people struggle with their finances and end up in large amounts of debt is because of the lack of education when it comes to financial literacy skills.
By starting a savings account early, they are able to take control of their money and learn how to appropriately manage it. 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 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 a lot more convenient since cash isn’t as prominent as it used to be. So many purchases are done online, or through pre order, so your child having access to their own money with their own account, visa debit card, or pre paid credit card can bridge the gap between using your cards and having 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. A lot of children’s bank accounts allow them to use online banking as well as the app to use their account 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 to an advisor to ensure that you are opening the account properly and have the proper 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. In order for a child to open an account without parental permission, though, they do need to be at least 12 years old and be able to provide the proper ID. You can also get a debit card for your child’s bank account at any time, no matter their age.
What to 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.
Why 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-order, so having your child access their own money with their own account, a Visa debit card, or a prepaid credit card can bridge the gap between using your cards and having 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 their spending.
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, you may also need a secondary form of identification, in addition to the child’s Social Insurance Number (SIN).
Every bank will 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 properly and have the necessary 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, 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 to 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.
- What are the monthly or annual fees?
- Can you make transactions?
- Is there a monthly transaction limit?
- Does it come with a debit card?
- Do you earn interest on the funds?
- Is the account free, and if so, when does it stop being free?
These are important things to consider because, as your child gets older, this is likely the account they will stick with. Ideally, you want to choose an account with no fees that allows your child to earn interest on the funds in the account.
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 years old.
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 different ways for you to help your child create 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 as an option.
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 to getting a TD account is that they have VISA debit cards. 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 establish a bank account while earning 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 while creating good saving habits.
Best Long-Term Savings Account for Kids
If you’re looking for a savings account rather than an everyday account, there are a few we mentioned 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 justa fewe 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 accounts for everyone with no fees, 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.
Other Ways to Teach Your Child About Money
Opening a bank account for your child is a great way to teach your child about financial health, but there are plenty of other ways you can add to their financial education as well. The most common way is an allowance. As children complete their chores, they receive payment. This is a great way to teach your child about how money is earned. Once they have earned the money, though, what happens?
Whether your child has a piggy bank or a bank account, having someplace to store their money is the first step. They should have a way to save their money without having the temptation to spend it all the time. Another great way to teach them money management is to have a “PayDay.” This means they receive payment on a designated day of the week or month. They then have to have this money last them until the next “PayDay.” This way, whether they spend or save, it’s all they have until their next payment.
If your child does decide to spend their money, it’s important to teach them to be wise with it. Comparing prices is a starting point. Looking for sales to save as much of their money as possible is also a great lesson. Learning how to stretch a dollar and make informed decisions are great life skills.
Lastly, a great way to teach your child the value of money is to involve them in the budgeting process. Sometimes, until something is broken down on paper, it isn’t as obvious to us how it really breaks down. Visualizing is the key to understanding for many people.o us how it really breaks down. Visualizing is the key to understanding for many people.
Why Financial Literacy is Important for Children and Teens
Opening a bank account for your child is important in their financial literacy journey, but why do they need to learn financial literacy? Well, there are quite a few different reasons. First, it helps them to understand what money is and how to use it. Being able to appropriate funds is key as you become more financially independent.
Financial literacy is also an important part of avoiding debt. If you don’t fully understand debt, how it works and how to get out of it, you can easily find yourself in trouble. Understanding these concepts before you venture out on your own can make a huge difference to your financial future.
Understanding finances also helps youth understand and spot scammers. Not only does this save their finances, but it also helps them to be careful with sensitive information. That isn’t always just financial information, either. It’s an important life skill.
Ways You Can Save for Your Child’s Future
Teaching your child to manage their own finances is great, but if you want to help them save for further education or other large expenses, opening a savings account for them is a great idea. Many people open term and other accounts that their children can’t access until a certain age is reached or until the access requirements are met. That said, though, let’s take a look at some of the ways you can save for their future.
RESPs
An RESP, also known as a Registered Education Savings Plan, is an account that is meant to save money for your child’s education. The reason people choose to put the money into RESPs, though, is that it’s tax-free, and you get contributions added from the government. With RESPs, though, you are limited to a lifetime total of $50,000 per child, and they can be used for the following:
- Apprenticeship programs
- Trade schools
- Universities
- Colleges
- CEGEPs ( general or vocational colleges in Quebec)
Tax-Free Savings Accounts
TFSAs (Tax-Free Savings Accounts )are pretty simple. If you are looking to save some money for your kids, then this could be an option for you. Basically, you can put as little or as much money as you’d like into a TFSA, since there’s no minimum balance, and it will continue to grow tax-free. Also, you can withdraw money from a TFSA for whatever you like. The only restriction on a TFSA is your yearly contribution limit.
Set up a Trust
Essentially, a trust works by transferring money from one part to another when specific terms are met. The reason some parents do this is to ensure the money is used for what they intended. This method is usually used for large sums, but it can be used for any amount you choose.
Get Life Insurance
This method is used when people purchase whole life insurance. This means that once they have been paying into it for a certain period of time, they can access the policy’s cash value. That said, it can be a more expensive option.
Others have a life insurance policy naming their children as beneficiaries. That means that if anything happens to them, their children receive the amount they have been allotted under the policy. You can’t control when this policy is received, but it’s a great way to protect your children in the future.
Children’s Bank Accounts That Pay the Highest Interest in 2026
In Canada, there are lots of Children’s bank accounts to choose from. Depending on the type of account you choose, some have higher interest rates than others. Here’s a look at the top 3 with the highest interest rates.
| Bank Account | Interest Rate |
| Neo Savings Account for Youth | Up to 3.00% |
| Tangerine Children’s Savings Account | 0.40% |
Are RESP Grants Increasing in 2026?
No, in fact, RRSP grant amounts are staying the same as they have been for the previous few years. Here’s a look at the grants and the accounts.
Canada Education Savings Grant: With this grant, the federal government matches 20% on the first $2,500 that’s contributed per child, every year. Annually, the maximum you can get is $500, and the lifetime limit is $7,200.
Canada Learning Bond: This is available to lower-income families and provides an initial $500 plus $100 for each year of eligibility, up to a maximum of $2,000.
Can Kids Access Their Account Online Without Parents?
In Canada, children can access their bank account online without their parents if the account is in their name only. That said, this is typically for teens ages 14 to 16, and it may also depend on the bank you choose. Generally, children under 13 need a parent or guardian to open an account, and parental oversight is legally required.
Best New Fintech Kids Accounts Launched in 2026
If you’re looking for a children’s account in 2026, consider two new fintech kids accounts. Here’s a look at them and how they work.
Wealthsimple Kids and Teens Accounts: The idea behind this fintech account is to teach children about compound interest. It allows parents to manually top up their child’s savings interest rate. Parents can also view real-time transactions, set spending limits, lock and unlock cards, and instantly process allowance amounts.
Spendsafe Platform: This is a specific account for youth ages 6 to 18 and is Canada’s first Mastercard-backed, AI-powered financial education platform. You get a reloadable prepaid Mastercard, as well as a mobile app that lets you check your bank balance, set savings goals, and even complete chore-based tasks to earn. There’s even education on financial literacy throughout the app.
How Children’s Bank Accounts Compare to Youth Credit Unions
When it comes to choosing where to have your child’s bank account, there are quite a few different options. You also need to decide whether you want to go with a traditional bank or a credit union.
With both of these account options, you can get both chequing and savings accounts, with no monthly account fees. They both offer everyday banking options, digital banking, and are considered to have some of the best kids’ savings accounts.
Traditional Banks: Some perks to opening an account for your kids, like the CIBC Smart Start Account, include:
- Large national branch networks
- Advanced mobile apps
- Incentives like the free student price card
- Parents as joint account holders
Credit Unions: Some perks to having an account with a credit union include:
- Higher interest rates on savings accounts
- Personalized and face-to-face customer service
- You must become a member
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 |
Best Chequing Accounts for Teens Going to University
If you’re looking for a bank account while going to university, then there are so many great options with $0 monthly fees to choose from. Some of these include:
- Scotiabank Preferred Package for Students
- CIBC Smart Account for Students
- EQ Bank Personal Account
- Simplii Financial No Fee Chequing Account
Children’s Account Features That Parents Should Look For
When looking for a bank account for your child, there are so many different options to choose from. That said, there are some things you should look for.
- Notifications in real-time
- The ability to lock a card instantly
- The ability to customize spending limits
- The ability to restrict where the card can be used
- The ability to use the » ask to buy » feature when shopping online
- The ability to automate weekly allowances and tie them to chores
- The ability to define savings goals
- The ability for teenagers to receive direct deposits and e-transfers
- Not having to share a login for parent and child
- No monthly or annual fees
- In-app lessons for teaching financial literacy
- No overdraft protection
When to Upgrade from a Kids to a Youth Account
The standard time to upgrade from a kids account to a youth account is between the ages of 12 and 14. Some banks will even automatically switch a child’s account from kids to yough when they become the right age. However, there are usually key signs that a child is ready to upgrade from a kids account to a youth account. These include:
- Earning their own income
- Managing their own purchases
- They need funds when they’re out of town
- They start to outgrow the restrictions on the kids’ accounts
