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Nov 1, 2024 · Updated on Nov 1, 2024. The best overall kid's bank account is the CIBC Smart Start Account. Other top choices include the convenient, digital-only Mydoh and the RBC Leo's Young Savers Account, which is excellent for younger kids. Some say that it's never too early to start teaching your children how to handle money and personal finance, but ...
table shows benefits and features of available bank accounts. Performance. Premium. Monthly Plan fee*71,*72. $17.95 $0.00 17.95 dollars reduced to 0 dollars. No monthly Plan fee.*71,*72. No monthly Plan fee discount expires on the teen’s 19th birthday. $30.95 $13.00 30.95 dollars reduced to 13 dollars. $0 with min. $6,000 balance*4.
- Best Overall: Scotiabank Getting There Savings Program for Youth. Available for youth 18 and younger. No monthly fee with unlimited and free transactions.
- Best for Rewards/Student Discounts: CIBC Advantage for Youth. Available for youth 18 and younger. No monthly fee with unlimited and free transactions.
- Best Digital Youth Account: Simplii Financial Student Account. No monthly fees with no minimum balance (including for adults) Free and unlimited monthly transactions.
- Best Credit Union Youth Account: Vancity Chequing Plus Account (BC only) No monthly fee with no minimum balance. Unlimited debit transactions per month.
Aug 1, 2024 · Best for earning rewards on spending. Scotiabank Getting There Savings Account. Best for accessing student discounts. CIBC Smart Start. Best for high-interest savings. Tangerine Children’s ...
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Aug 2, 2024 · 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, then you can open a kid's account, which also has no monthly fees.
RBC Leo’s Young Savers Account. $ 0. monthly fee. Teach your kids about money and the importance of saving while they’re young. FREE unlimited debit transactions in Canada. legal bug 8, legal bug 17. FREE Interac‡ e-Transfer transactions. legal bug 9, legal bug 10. See Details Open in Branch Open in new window.
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4. Tangerine Children’s Savings Account: Best for Digital Banking + High-Interest Rate. Why it’s great: The highest interest rate for youth accounts in Canada (0.20%) Tangerine is the leading digital bank in Canada, known for its full-fledged banking products, low fees and good interest rates.