Many financial institutions offer bank accounts for kids to help them “level up” from a piggy bank or money jar to real-world money management. These bank accounts create a safe space for children to learn the habit of saving and the fundamentals of budgeting. Choosing the best bank account for your child is critical.
In this guide, we help you narrow down the best kids bank accounts in Canada and explain the advantage of each account.
To determine this best list, Finder Canada analyzed 22 bank accounts across 22 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 10 by listing accounts that are available Canada-wide.
We ranked accounts based on 16 data points within five major categories. Here’s how we ranked and weighted each product:
Perks: 40% (Ongoing and promotional interest rates, return on $10,000 balance over 1 year, other tailored rewards)
BMO has a few account options for kids. The $17.95 BMO Performance Chequing Account fee is waived for anyone under 18 years old. If your child is 13 years old or younger, they can get a BMO kids account for $0 per month. If they are between 13 and 18 years old, they can get the Performance Plan Chequing Account for $0 per month, or get a discount on the monthly fee of the BMO Premium Chequing Account. You can also add a savings account to any of those accounts for free.
No monthly fee for your kid
Parent pays only one account fee per month
Each account is separate and private
Unlimited monthly transactions, including Interac e-Transfers
Parents get a $40 rebate on a BMO Mastercard annual fee
Attach a no-fee BMO savings account and earn 4.75% on all deposits Valid until October 31, 2024.
1 free non-BMO ATM withdrawal per month
Free kids debit card
OnGuard Identity Theft Protection at no charge
Must keep a $4,000 minimum balance to waive monthly fee
Earn 0% on account balances
Parent must be a BMO bank account holder
$5 fee each for overdraft protection, international ATM withdrawals and global money transfers
Kids under age 18 can qualify for this no-monthly-fee account that offers a free kids debit card as well as unlimited debit transactions. Kids over the age of 14 can choose to collect Cineplex Scene+ points or Scotia Rewards. Kids under age 15 will need a parent present to open the account.
No monthly fee
Comes with a kids' debit card
Free unlimited debit card transactions
Low charge ($1.50) to use non-Scotiabank ATM
Kids 14+ can collect Cineplex Scene+ points (or Scotia rewards)
Low interest rate
Kids under 11 need a parent to open an account and do not get an access card
Want to boost your little one's savings while reinforcing the importance of money management skills? Then the best little kids' bank account is the RBC Leo's Young Savers Account. This RBC bank account is available for kids up to the age of 12 and, Get $25 when you open an RBC Leo’s Young Savers Account for your child. Valid until January 31, 2025. (Add a family Mydoh account and get an extra $25 credit in the Mydoh Cash Card account).
No monthly fee
Get $25 when you open an RBC Leo’s Young Savers Account for your child. Valid until January 31, 2025.
The Oaken Savings Account comes with an impressive interest rate, $0 monthly fees and $0 transactions. Link your savings account to an Oaken Guaranteed Investment Certificate (GIC) investment to boost your savings even further. Manage your money easily through online banking and by transferring your funds to and from your linked accounts at other banks.
Want to teach your children the importance of saving and the power of compound interest? Check out the best high-interest kids' bank account from Tangerine. As a digital bank, you can open the Tangerine Children's Savings Account from the comfort of your home, and every dollar saved earns. Keep in mind that the Tangerine Children's Savings Account requires a parent to be a Tangerine client before opening a children's account. means parents share the account with their child (and up to one other person).
No monthly fee
The highest offer for a kids savings bank account
Completely online application process
Before your teen can get an account, you must first become a Tangerine Bank account holder
If you want your child to learn the financial skills associated with cashless transactions, then CIBC Smart Start might be the best account. Formerly known as the CIBC Advantage Account, this kids' bank account offers unlimited transactions and e-transfers as well as a free kids' debit card. Opening an account means your child also gets a free Student Price Card (SPC) membership, which gives them discounts to over 450 stores and restaurants, including Levi's, Apple, H&M, DoorDash, adidas, Samsung and Foot Locker.
No monthly fee
Comes with a kids' debit card
Free, unlimited transactions and e-transfers
Earn on savings account balance
Discounts for food, fashion and entertainment through the SPC membership
$2 fee for non-CIBC ATM transactions
Kids under 12 must have a parent or guardian to open an account
Min. Age
N/A
Min. Age Teen Account
13
Account Fee
$0
Transaction Fee
unlimited
Interac e-Transfer Fee
N/A
NSF Fee
$45
Best Indigenous-led kids’ bank account
First Nations Bank of Canada Youth Savings Account
As an independently owned and operated financial institution led by Indigenous people, the First Nations Bank of Canada has the flexibility to do what's best for every customer. This account encourages kids to save by calculating interest daily and paying out monthly.
No monthly fee
Free digital transactions
5 free e-transfer transactions per month
Earn 0.05% interest on account balance, calculated daily and paid monthly
Not a lot of details shared on website
Only 5 free transactions per month
Min. Age
N/A
Account Fee
$0
Transaction Fee
unlimited
Interac e-Transfer Fee
5 free Interac e-Transfers. $1.50 each
Best youth account: National Bank The Connected Account with Student Offer
With access to 650+ Canadian branches and access in 20 U.S. cities and 120+ foreign countries, National Bank can be a great option for many international students. National Bank offer a Connected Account with Student Offer, which offers unlimited transactions and no annual fee.
Unlimited free transactions
No annual account fee if you're a student
Access credit cards and a line of credit
No welcome offer
Not many student specific perks offered compared to other banks
While the Mydoh spending app isn't technically a bank account, the Mydoh app and Visa Debit card offer the same experience as a bank account with a few extra perks. As a chore tracker, parents can assign tasks to their children and pay for those completed tasks. Kids can then use the Visa Debit card to make real-world purchases. In this way, kids learn the connection between earning and saving as well as responsible spending and budgeting (while picking up a few skills when it comes to digital banking and cashless transactions). The family app allows parents and up to five kids to share one account at a low monthly fee of .
Parents set up and monitor the account
Helps keep track of tasks and chores
Kids have their own Visa Debit card
Backed by RBC, a major Canadian bank
30-day free trial (for new subscribers)
Kids cannot deposit cheques or cash into their Mydoh account
Kids cannot withdraw or deposit using ATMs
Additional monthly fee of $0 (but includes up to five youth or kids' accounts under one plan)
The TD Student Chequing Account is a great day-to-day bank account for young adults or students still learning money management skills. With no monthly fee, interest earned on all deposits and free overdraft protection, students can earn, spend and learn money skills without having to pay for these life lessons. Plus, the Simply Save Program helps develop the habit of saving even as they spend.
Earn up to $495 in value when you open a new TD Student Chequing Account. Valid until April 30, 2025.
No monthly fee for monthly plan overdraft protection services
Unlimited, free transactions
Earn 50% more Stars at participating Starbucks stores (when you link your TD Access Card with Visa Debit with your Starbucks Rewards Account)
Overdraft protection
Min. Age
18
Min. Age Teen Account
12
Account Fee
$0
Overdraft Fee
$0
ATM Out-of-Network Fee
$2
U.S. ATM Fee
$3
International ATM Fee
$5
Best bank accounts for kids in Canada: 2024 Comparison
When looking for the best bank account for your child, you’ll want to focus on costs and features. Consider monthly account fees as well as the cost per transaction. Also, consider how your child will access their funds – including deposits, withdrawals, Interac e-Transfers and virtual or digital payments.
To choose the best kids’ bank account or money management app, pay attention to how your child can use and learn from the account. Can they access their account through an app? Is the feedback instantaneous or delayed, and what happens to the account as your child grows?
To narrow down your list, we’ve done the research and found the best kids’ bank accounts and money management apps to help teach financial literacy skills in real-world situations. You can find a full comparison of all bank accounts and money management apps for kids in Canada in our guide to kids’ banking, where you’ll also find tips on how to open a kids’ bank account, and additional tips for picking the right account for your child.
And read our kids savings account tax requirements guide to learn if kids pay tax on interest earnings. Scroll down for more detailed information about each account, including the benefits of each account and what makes it the best kids’ bank account in Canada.
Basics of bank accounts for kids
Like an adult account, opening a child’s bank account requires you to fill out a formal application that includes providing your child’s Social Insurance Number and official identification, such as a birth certificate or passport. Most traditional banks and credit unions will require at least one in-person visit to complete this process.
If an online-only process is critical for you and your family, be sure to narrow your options to only those banks and financial institutions with a digital-only process. For more on picking the right bank account or money management app for your child, check out our guide to kid’s banking.
Best bank accounts for kids methodology
To find the best bank accounts for kids, we first compiled a list of chequing, saving and money apps that focus on helping kids learn to save and spend smartly. Using this list of more than 35 accounts, we dug into the details to find out which accounts charge fees, which accounts offer the highest interest rates, who offers discounts and whether kids get a debit card.
We also considered the age limits of each account, whether there were mobile app features and any added perks or bonus offers with the account. All of this research helped establish the best kids’ bank accounts by feature list.
Best kids bank account FAQs
A kids' bank account is either a chequing, saving or money management account that is tailored to your child or teen. In most cases, these accounts are pared-down versions of adult bank accounts — offering reduced services but also with reduced or no fees.
A kids' bank account is a great way to teach your kids about money management — where to store earnings, how to save for a big purchase and how to budget for ongoing costs. In almost all cases, a kids' bank account will automatically transfer into an adult account as soon as they turn the age of majority (either 18 or 19, depending on the province of residence).
To find the best kids' bank account in Canada, you must consider the features you want. In most cases, the best kids' bank account will offer ease of use, no or low fees, and additional perks (to help incentivize your kids to start the money management process).
An excellent way to find your child's bank account is to compare all the features and determine what would work best for your family. To start, you can use our guide to kids' banking, or check out the best kids' bank accounts listed above.
It's never too early to teach kids about the value of money, and a great way to start is to open a kids' bank account. The account becomes a tool not just to teach kids how and where to save their money but when and why to pay fees, how interest rates work and the concept of saving and budgeting.
The key is to make sure the learning is a fun experience for your kids. To start, you may want to try a more interactive tool, such as a Mydoh Smart Cash Card account (This money management app helps your kids learn the value of money (they can complete chores to earn money), the importance of saving and budgeting, and the ability to learn about digital banking and cashless transactions.
Consider a few key features to find the best bank account for your child. Compare the monthly fees and consider the per-transaction costs (such as sending or receiving e-transfers). Find out whether your child will get a debit card.
A kids' debit card is a great way to introduce cashless and point-of-sale transactions — areas that could be problematic if kids don't associate spending with budgeting. Check to see what age the account is no longer free for your child and what interest your child will earn on any account balance.
While Mydoh is often marketed as a kids' money management tool, in reality, the lessons are just as applicable to teens. As kids grow older, they want more responsibility for their spending, and this is easily achieved using the Mydoh Visa Debit card. Plus, the tasks in their Mydoh account are set up by parents, allowing parents to connect the value of time and money.
Teens will also benefit from the real-time feedback from the Mydoh account — once a transaction is made, they can see the immediate impact on their account balance. As a result, the Mydoh money app is a great tool for teens and helps parents reinforce the concepts of budgeting, saving and responsible spending.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
Romana King was the Canada group editor at Finder and a personal finance expert. As an award-winning personal finance writer and real estate expert, she has spent almost two decades helping Canadians make smarter money management decisions. Her first book, House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth, launched in November 2021, continues to be an Amazon bestseller and won the Excellence in Financial Journalism Book Award in 2022. See full bio
Romana's expertise
Romana has written 33 Finder guides across topics including:
If your child’s bank account is earning interest, it’s time to consider how this impacts the income you declare with the CRA. Here’s what you need to know.
Kids’ debit cards allow you a safe and controlled way to increase your child’s financial knowledge and teach important real-life money skills.
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