Savings accounts are a great way to help your kids learn how to manage their money, but choosing the best kids bank account can be tough.
We rounded up everything you need to know to compare the best kid's account options out there, whether you're looking for the best interest rates, lowest fees, easiest application process or the coolest perks.
Lowest monthly fee
Every single kid's bank account option we found is FREE. There are no monthly fees on any of these children's accounts, so your kids can save up without losing anything along the way.
Best interest rate
The Tangerine Children's Savings Account has the best interest rate, at 1.20%. To compare, CIBC Advantage for Youth has the next highest interest rate with only 0.15%. Parents must have a Tangerine Savings or Chequing Account to sign up for a children's account, but the bank offers great rates for adults too – like 1.10% on a Tangerine Savings Account.
Highest age limit
Children's bank accounts aren't made to last forever, but you probably want the savings that come with them to stick around for as long as possible. There are four options out there for kids 18 and under: the TD Youth Savings Account, CIBC Advantage for Youth, RBC Leo's Young Savers Account and the Scotiabank Getting There Savings Account.
Easiest application process
Don't want to head all the way down to the bank? You can apply online for CIBC Advantage for Youth, the BMO Plus Plan for Kids and Teens and the Tangerine Children's Savings Account.
Coolest Perks
The Scotiabank Getting There Savings Account gives you the option to sign up for SCENE rewards, which you can use to earn points for free Cineplex movies. You need to be a SCENE member to earn points, but you can sign up for free here.
TD Youth Savings Account
- For kids under 19
- No monthly fee
- Unlimited debit transactions
- Interest rate: 0.10% on balances of at least $5,000; 0.05% on all accounts
- Must apply in person
Find out more about the TD Youth Savings Account
CIBC Advantage For Youth
- For kids 18 and under
- No monthly fee
- Unlimited debit transactions
- Interest rate: 0.15%
- Can apply online, in person or over the phone
Find out more about CIBC Advantage For Youth
RBC Leo's Young Savers Account
- For kids under 19
- No monthly fee
- 15 free debit transactions each month
- Interest rate: 0.01%
- Must apply in person
Find out more about the RBC Leo's Young Savers Account
Scotiabank Getting There Savings Account
- For kids 18 and under
- No monthly fee
- Unlimited account transactions
- Interest rate: 0.10% on balances of at least $500; 0.05% on all accounts
- Option for SCENE rewards
- Can apply in person or over the phone
Find out more about the Scotiabank Getting There Savings Account
BMO Plus Plan for Kids and Teens
- For kids under 18
- No monthly fee
- 30 free transactions per month
- Interest rate: 0.05%
- Can apply online, over the phone or in person
Find out more about the BMO Plus Plan for Kids and Teens
National Bank of Canada Youth Accounts
- For kids 17 and under
- First Step (up to 6 years old), CoolCash (7-12), i.d. (13-17)
- No monthly fee
- Unlimited transactions
- Must apply in person
Find out more about the National Bank of Canada Youth Accounts
Tangerine Children's Savings Account
- For kids under 16
- No monthly fee and no service charges
- No minimum balance
- Interest rate: 1.20%
- Can apply online or over the phone
Find out more about the Tangerine Children's Savings Account
Looking for a bank account for yourself instead? Check out our list of all the latest bank promotions in Canada, so you can score some extra cash or even SCENE points while you do it!
These are terrible interest rates for children's savings accounts unless you use Tangerine which clearly blows the competition away. You are better off to have your kids money accumulate interest in your own personal adult account and then give them a larger return with their original amount once they are old enough to have and properly use their own bank account or start a new separate one for them under your own bank account and name to earn a much better rate. Shame on these banks for having such terrible offers.