Canada’s Best Child Bank Account: Top 9 Picks & Reviews in 2023

Noah Edis
By
Reviewed by Kristina Knight, Journalist , BA
Fact check

The article is checked by our editorial team, Which includes entrepreneurs who are painfully aware of how overwhelming and challenging it is to start a business for the first time.

All products recommended by Bizreport are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

tangerine bank logo

Tangerine Children’s Savings Account

Positive Customer Reviews

5.0 stars - votes

CIBC Bank

CIBC Smart Start

Best LLC Formation Packages

4.5 stars - votes

TD Bank logo

TD Student Chequing Account

Best Online Tracking Tool

5 stars - votes
Canada's Best Child Bank Account

Many parents believe teaching their children how to save money is just as important as teaching them how to read. That’s why they look for the best ways to instill good money habits early on for future financial success. One of the most effective methods is opening a bank account specifically designed for kids.

In Canada, there are various options available when it comes to child bank accounts. Each has its own benefits and features, so parents should make sure to compare the different products and find the one that best suits their children’s needs.

To help you, we compiled a list of our top picks for Canadian bank accounts for kids. Let’s get started! 

Top 9 Best Child Bank Accounts Canada 2023

What is a Child Bank Account?

A child bank account is a type of savings or chequing account designed for kids. These accounts offer features like low minimum balances and fees, making them a great way to promote sound financial habits in children so they can prepare for future money burdens such as bill payments. They also provide a card for kids to get used to cashless or debit transactions.

Many children’s bank accounts in Canada allow parents to link their own accounts so they can keep an eye on their kid’s spending and transfer money when needed. Some even come with rewards programs that give the child incentives for saving money, teaching them the value of delayed gratification.

tangerine bank logo

Tangerine Children’s Savings Account

  • No minimum balance and monthly fees
  • 1.10% interest rate
  • Unlimited transactions
CIBC Bank

CIBC Smart Start

  • No limit on transactions
  • Comes with debit card
  • Up to $150 welcome offer
TD Bank logo

TD Student Chequing Account

  • No monthly fees
  • Decent welcome bonus
  • Earn 50% more Starbucks Stars
Scotiabank
  • Earn Scene+ points
  • Unlimited debit card transactions
  • No monthly fee
BMO bank logo

BMO Plus Plan Chequing Account

  • Zero monthly fees 
  • Unlimited Interac e-transfers
  • Free access to a savings account
RBC bank

RBC Leo’s Young Savers Account

  • $25 welcome bonus
  • No minimum balance
  • Free automatic transfers
Canadian Western Bank

Canadian Western Bank Youth Account

  • High 0.05% to 0.50% interest rates
  • Low $1.50 non-ATM withdrawal fee
  • No monthly fee
National Bank

National Bank of Canada Youth Accounts

  • Free unlimited Interac e-transfers
  • Multiple packages
  • No monthly fees
Laurentian Bank

Laurentian Bank Youth Account

  • Free cheques
  • Free ATM withdrawals
  • Unlimited debit transactions

9 Best Child Bank Accounts in Canada January 2023

Canada's Best Child Bank Account

Tangerine Children’s Savings Account

The Tangerine Children’s Savings Account is our ideal choice for kids to learn financial responsibilities, as it does not charge a monthly fee and has a high interest rate. Additionally, no one needs to worry about maintaining a minimum balance or reaching a monthly transaction limit. The only important requirement is for parents to have an account with Tangerine.

  • No minimum balance and monthly fees
  • 1.10% interest rate
  • Unlimited transactions
  • No debit card
  • Online-only bank

With a 1.10% rate, this kids’ bank account offers one of the highest interest rates for children’s savings accounts. This is good news for any parent since it means kids can earn on their balance and build their wealth as they grow older.

Since the children’s accounts will be linked to the parents’ savings accounts, parents can easily transfer funds and monitor their children’s savings whenever possible. This allows parents to teach their children the value of money and how to manage it responsibly. 

Best of all, there are no fees per month. Parents who simply want to teach their children how to save money without having to break the bank can opt for this product.

CIBC Smart Start

CIBC Bank

Visit Website

Read CIBC Smart Start Reviews

CIBC Smart Start is another pick for the best kids’ bank accounts. Kids under the age of 13 can own and keep this until they turn 25. The account automatically transfers into a CIBC Smart Account once the user reaches this age. With unlimited transactions, no monthly fees, and an attractive welcome offer, it is another excellent choice for parents to consider for their children.

  • No limit on transactions
  • Comes with debit card
  • Up to $150 welcome offer
  • Doesn’t earn interest
  • $2 withdrawal fee for non-CIBC ATMs

The account comes with a CIBC Advantage Debit Card, which allows kids to make purchases using their own funds. By letting them use the CIBC Advantage card, parents can teach them the concept of cashless transactions. There is no limit as well, meaning users can enjoy free debit transactions, including Interac e-transfers.

CIBC also offers an attractive welcome offer. When you open a CIBC Smart Start account, you can earn up to $150 if you complete certain requirements. This way, kids can build their savings quickly and start learning about the importance of financial planning.

Moreover, kids aged 14 and older can enjoy free SPC+ memberships, where they can save up to 30% at over 450 partner stores. They can learn how to make smart shopping decisions and save money for future needs.

This particular account unfortunately does not have an interest rate. If you want a CIBC account with an interest rate, try the CIBC Premium Growth Account, which earns 0.01% on every dollar saved.

TD Student Chequing Account

The TD Student Chequing Account is another account that grows with your child. Parents can open this for their kids, and the bank will waive fees per month until the students turn 23. The account comes with overdraft protection, unlimited transactions, and Starbucks perks.

This updated account for kids takes all the best features of the former TD Youth Savings Account. TD is one of the most respected financial institutions in Canada, so parents can trust that their children are in safe hands.

  • No monthly fees
  • Decent welcome bonus
  • Earn 50% more Starbucks Stars
  • $2 withdrawal fee for non-TD ATMs

As mentioned, children with the TD Student Chequing Account (formerly TD Youth Account) can use it until they reach the age of 23. After which, they can choose to keep the account if they show proof of enrollment in a post-secondary educational institution. The account comes with a Visa debit card, which students can use to make free unlimited debit transactions.

Currently, TD offers a $100 Amazon.ca gift card for new users if they meet certain requirements. This is useful for students that need to purchase essential school items, such as textbooks and school supplies.

Students who visit Starbucks often will also enjoy perks. After linking their debit card with their Starbucks Rewards account, they can earn 50% more Stars at participating Starbucks stores. For college students who make coffee runs regularly, this can be a great way to save some money. 

While most of its features are attractive, this TD account sadly doesn’t have an interest rate. If you want kids to grow their balance, you may have to look elsewhere.

Scotiabank Getting There Savings Account

If you want a free kid’s bank account that gives you a chance to earn points, the Scotiabank Getting There Savings Account is the way to go. It has no monthly fee and enrolls your child in the Scene+ program, where they can earn points on everyday purchases. These points can then be redeemed on various items. 

  • Earn Scene+ points
  • Unlimited debit card transactions
  • No monthly fee
  • Low 0.05% or 0.10% interest rate

The biggest lure of this kid’s bank account is the Scene+ program, which lets users earn 1 Scene+ point for every $5 spent on everyday purchases. Kids also earn 1 point for every $1 spent at Cineplex. The points may be redeemed in various categories, including dining, entertainment, travel, and shopping.

This children’s bank account from Scotiabank does let kids earn interest on their balance, but the rates are low compared to other accounts. For deposits of up to $499.99, account holders earn an interest rate of 0.05%. Meanwhile, for balances of $500 and above, the interest rate is 0.10%.

BMO Plus Plan Chequing Account

If you want your child’s bank account to be a chequing account without the hassle of a monthly fee, the BMO Plus Plan Chequing Account is one of your best options. Aside from no fees, your child can also enjoy unlimited Interac e-transfers. 

  • No monthly fee 
  • Unlimited Interac e-transfers
  • Free access to a saving account
  • 25 free monthly transactions
  • Doesn’t pay interest
  • $2 withdrawal fee for non-BMO ATMs

BMO’s Plus Plan Chequing Accounts normally have monthly fees, but they’re waived for kids aged 18 and below. When applying for this kids’ bank account, parents have to option of getting a Premium Rate savings account at no additional cost. This savings account earns interest at 0.10%. It’s a good offer as well since the chequing account itself doesn’t have an interest rate. 

RBC Leo’s Young Savers Account

RBC bank

Visit Website

Read RBC Leo’s Young Savers Account Reviews

RBC Leo’s Young Savers Account is a straightforward option for kids 12 years old and under. It earns a decent interest rate and doesn’t require a minimum balance. The generous welcome bonus and no monthly or annual fee are great features too. Lastly, RBC offers free transfers, meaning family members can easily send money back and forth.

  • $25 welcome bonus
  • No minimum balance
  • Free automatic transfers
  • 15 free monthly debit transactions
  • No online sign-up
  • Low 0.01% interest rate

It’s clear that this is the no-frills pick of our list of best kids bank accounts. The most enticing feature is the welcome offer of $25, which is rewarded for simply opening the account. As long as you remain in good standing, the cash bonus will be deposited into your bank account within 2 to 8 weeks. 

With its unlimited free internal transfers and Interac e-transfers, parents can easily set up automatic transfers to help their children save and improve their money management. What’s more, kids can let their savings grow since it has an interest rate of 0.01%.

Canadian Western Bank Youth Account

Canadian Western Bank

Visit Website

Read Canadian Western Bank Youth Account Reviews

Although it comes from a smaller financial institution, the Canadian Western Bank Youth Account is noteworthy for its highly competitive interest rates, low to no fees, and other convenient features. This can be an excellent option for those residing in the western parts of Canada where the bank’s branches can be found.

  • High 0.05% to 0.50% interest rates
  • Low $1.50 non-ATM withdrawal fee
  • No monthly fee
  • No bonus offers
  • Only available in certain regions

Like all the best children’s bank accounts in Canada, this kids’ account comes with no monthly fee. But not all kids’ bank accounts can claim high interest rates. This is where Canadian Western Bank’s product shines. The account will earn 0.05% interest on balances of $500 and below and 0.50% on anything over.

National Bank of Canada Youth Accounts

National Bank

Visit Website

Read National Bank of Canada Youth Accounts Reviews

Most banks offer only one type of child’s bank account. On the other hand, the National Bank of Canada offers three youth bank accounts. Each has its own benefits and features, but they all come with zero monthly fees and unlimited Interac e-transfers. So for parents who want options for their kids, just open a bank account at National Bank.

  • Free unlimited Interac e-transfers
  • Multiple packages
  • No monthly charge
  • No interest-earning function
  • Limited monthly transactions

Among the three, parents can decide which is the best bank account for their kids. The first package is called The Connected, and it offers unlimited digital transactions. Meanwhile, the Minimalist package includes only 12 free transactions per month, including 2 branch transactions. Lastly, the Modest package comes with 30 free digital transactions.

As you can see, each package opens up unique opportunities to help children learn financial literacy. Depending on how you want to teach your kids, you can choose the bank account with the features that best fit your intended lessons for them.

Laurentian Bank Youth Account

Laurentian Bank

Visit Website

Read Laurentian Bank Youth Account Reviews

This account checks all the boxes for must-have features in a kid’s bank account: no monthly charges, zero minimum balance, and unlimited debit transactions. What sets it apart are the free cheques upon request and no service fees when withdrawing at ATMs. An account holder can withdraw money from non-bank ATMs and not worry about any charges from Laurentian.

  • Free cheques
  • Free ATM withdrawals
  • Unlimited debit transactions
  • No interest
  • $3 monthly fee for paper statements

Fortunately, there are no account fees associated with this kid’s bank account, except for the monthly $3 for paper bank statements. Kids can enjoy unlimited free transactions and free cheques until they reach the age of 18.

The one major downside, however, is that this account is only available for residents in Quebec. Even though it offers online banking, Laurentian Bank currently only has branches in Quebec and therefore does not provide its services in other provinces.

Benefits of a Kids Bank Account in Canada

You can enjoy several benefits when you open a bank account for your child. One of the most obvious is that it teaches them how to save and manage their money. This can be a great way to help them become responsible with their own money in the future.

Children’s accounts (whether they are chequing or savings accounts) also create an opportunity for parents to teach their children about interest rates, budgeting, and other critical financial concepts. Plus, some banks offer additional perks like gifts or rewards programs that encourage kids to save more money.

Lastly, having a separate account allows parents to limit what their children can spend without taking away all control over their finances. This can be a great way to teach them about money management without having to worry about their financial decisions.

How to Open a Kid’s Bank Account in Canada

To open kids’ bank accounts, you must be a legal guardian or parent. You will need to provide proof of identity (such as a birth certificate) and proof of address (usually a utility bill). You may be asked to provide your child’s Social Insurance Number (SIN) if they are 12 or older. Most banks require that at least one parent is present when opening an account, so make sure to bring along any necessary documents.

Note that some banks require you to have your own account with them before opening a joint account with your child. This helps to ensure that you can manage the funds responsibly. Depending on the bank, you can apply online or in person. After you’ve filled out the application form, you will be given a set of instructions on how to fund the account and activate it.

Final Thoughts

Now that you know our top picks for children in 2023, you can hone in on the best kids’ bank account for your family. Remember what financial goals you want to set for your child, and make sure the account you open aligns with those goals.

Frequently Asked Questions (FAQs)

What is a Registered Education Savings Plan?

RESP is an education savings program designed for parents to save money for their children’s post-secondary education. It allows the contribution of up to $50,000 per beneficiary and offers specific tax benefits.

What is compound interest?

Compound interest is the process of earning interest on the money already in your account. This means that the more money you have, the more interest you earn, creating a snowball effect where your savings can grow exponentially over time. Some banks offer premium student accounts with this feature.

Do you need to have your own bank account before opening a child bank account?

Some banks require parents to have an existing account with them before they can open their kids’ bank accounts. Other institutions won’t mind if your own bank account is with another provider. 

Is it easy to open a bank account for kids?

Yes, it is relatively easy to open bank accounts for kids in Canada. Most banks will only require the child’s birth certificate or other forms of identification, as well as the parent’s ID and proof of address.

What is the best kids’ bank account in Canada?

Our pick for the best kids’ bank account is Tangerine’s account for kids since it has one of the highest interest rates and has no maintenance fees.

Share:
Share

ABOUT THE AUTHOR

Noah Edis
Noah Edis, BA
Business & Binary Advisor
linkedin
Noah Edis is a writer and entrepreneur with a wealth of experience in online businesses and marketing. When he's not working on his latest project, you can find him playing competitive dodgeball or pursuing his personal interest in business process automation.

ABOUT THE REVIEWER

Kristina Knight-1
Kristina Knight, Journalist , BA
Content Writer & Editor
linkedin
Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.

+ 5 sources

Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.

  1. Canada E and SD. It pays to plan for a child’s education. www.canada.ca. Published September 28, 2020. Accessed January 19, 2023. https://www.canada.ca/en/employment-social-development/services/student-financial-aid/education-savings/resp/pays-to-plan.html
  2. Canada S. Registered Education Savings Plans. aem. Published May 3, 2019. Accessed January 19, 2023. https://www.canada.ca/en/services/benefits/education/education-savings/resp.html
  3. Children’s Savings Account | Tangerine. www.tangerine.ca. Accessed January 19, 2023. https://www.tangerine.ca/en/products/saving/savings-accounts/childrens-savings-account
  4. Get Unlimited Everyday Banking for Youth Under 25 | CIBC. www.cibc.com. Accessed January 19, 2023. https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/smart-start.html
  5. Open a Student Bank Account Online | Student Chequing Account | TD Canada Trust. www.td.com. Accessed January 19, 2023. https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/student-chequing-account/