Bank accounts for kids in Canada

A kids’ bank account comes with special features that help young people save money and learn how to use a bank account. Read our guide to opening a kid’s bank account below to learn more about how a bank account for kids works and compare options to find the best fit for your child.

What is a kid’s bank account?

A kid’s bank account is a savings or chequing account designed specifically for babies, children or teens, usually under the age of majority in your province or territory (18 or 19). Bank accounts for kids help them learn about money management and typically have the following features:

• No monthly fees
• No or low minimum balance
• Parental controls
• Interest earned
• Online and mobile access

Why open a kid’s bank account?

If you want to set your child up for financial success, you need to start with the basics: a kid’s bank account. By opening a bank account for kids, you can teach your child about the importance of saving money and spending wisely.

The younger you start to talk and teach children about money management, the greater their chances for future financial success. Statistics show a direct correlation between higher education and higher income with lower unemployment.

According to a University of Michigan study, when a parent with low or moderate income opened up a kid’s bank account, the child was three times more likely to go to college and four times more likely to graduate from college — even if the child’s savings account held less than $500.

And, the Canadian government agrees that investing in a child’s financial literacy skills has the potential to yield long-term dividends.

Finding a bank account for your child

To help with your research process, we compiled a list of all bank accounts available to children in Canada in 2025, including money management apps and digital bank accounts for kids.

Questions to ask when choosing a kid’s bank account

To find the right bank account for your child, consider the following questions:

• What is the process for opening a child’s bank account at the financial institution?
• What type of bank account is your child opening?
• What is the monthly fee? And is a minimum monthly balance required?
• Will your child get their own debit card?

Finding answers to these four questions will help you narrow down your choices. To see our top children’s accounts, check out our best kids’ bank account guide.

Should I open a kid’s bank account at a digital or traditional bank?

Whether you should open a kid’s bank account at a digital or traditional bank depends on your child’s age and how you want them to learn about money.

Traditional banks are great for younger kids because they offer in-person support, simple savings accounts and opportunities to learn basic banking skills.

Digital banks, on the other hand, are better suited for teens who are ready to manage their money more independently through apps with features like spend tracking, goal setting and parental controls.

For many families, a mix of both works best — starting with a traditional account and adding a digital tool as kids get older. But if you’re still not sure, consider the top 10 best banks in Canada to help you make decision.

How to open a kid’s bank account

1. Choose the right bank and account

Decide whether you want to open the account at a traditional bank or digital bank by comparing each account’s features. Look for:

• No monthly fees
• Low or minimum balance
• Parental access/control
• Interest earning-options
• The maximum/minimum age requirement

2. Gather required documents

You typically need the following documents to open a bank account for your child:

• Child’s photo ID (e.g. passport)
• Parent or guardian’s photo ID (e.g. driver’s licence or passport)
• Parent and child’s Social Insurance Numbers
• Your child’s birth certificate

3. Visit a branch or apply online

Once you choose your account and prepare your documents, you’re ready to apply on your child’s behalf. If you choose a digital bank, you can complete the entire application process online, though you may be required to have your own account with the bank already. Some traditional banks also have online applications but you may have to visit a branch to complete the process.

If you prefer an online-only application, we’ve narrowed down the list of banks and financial institutions that offer digital account set-up:

• Simplii Financial Student Account
• Tangerine Children’s Savings Account

For help, see our Finder guide on how to open a bank account online.

4. Set up online or mobile banking

This step is optional, but if you have an older child with a phone, you can help them download the bank’s mobile app and set up limited access. This gives your child some financial freedom while still allowing you to monitor their activity, set spending limits and help them build responsible habits.

Different types of kid’s bank accounts in Canada

Here’s a list of the different types of bank accounts, as well as money tools and various saving and investment options available to children.

Children’s savings accounts

A children’s savings account in Canada most closely resembles a traditional savings account. Most come with no monthly fees, but the number and type of monthly transactions may be limited.

Day-to-day children’s account

This account most closely resembles a chequing account. It comes with a larger number of free monthly transactions, access to online banking and a debit card. Unlike the adult chequing accounts, the kid’s bank account does not come with cheques.

Debit card for kids

In Canada, you must be 18 or older to get access to a debit card unless you open a kid’s bank account and your parent authorizes the use of a debit card. By opening up a kid’s bank account with a debit card, a parent can start to teach their child about digital transactions and the cost of borrowed money. It also means the parent assumes responsibility for the use of the debit card and the attached account.

Money apps and cash cards for kids

For parents keen to show and teach their kids about digital transactions, a cash card (and money account) may be a good alternative to a traditional bank account. Cash cards are offered by digital-only financial institutions and provide account holders with a debit card and account that works in a similar fashion to a day-to-day bank account.

The key advantage of cash cards for kids is that these services often provide more visually stimulating details about spending and saving and often come with higher interest rates.

Guaranteed investment certificates (GICs)

Did you know you (or others) can gift your child a GIC as long as a parent is listed as the account custodian? This is good news for parents who want to teach their children about the power of saving and compound interest, since GICs typically earn at a higher interest rate than other child savings accounts.

Your child won’t be able to access the GIC money until they turn 18, and any earned income before that age will need to be reported as investment income on your tax return.

Registered education savings plans (RESPs)

An RESP is a registered savings account that allows parents, grandparents, relatives and friends to contribute money at any time—up to a lifetime total of $50,000 per child. A big incentive for using an RESP is that a portion of annual contributions is matched through government grants and bursaries, up to specified limits.

Once a child is ready to pay for post-secondary schooling, the money in the RESP is withdrawn and taxed by the student. Since students typically have little to no income, significantly less tax is paid on any interest or earnings that accrued in the account, plus the money invested is returned to the contributor’s family, tax-free.

How are kids’ bank accounts different from regular bank accounts?

There are several key differences between a standard chequing or savings account used by adults or teens and a kid’s bank account. While requirements and conditions may differ from bank to bank, the primary differences include the following:

• Age restrictions: To open a children’s bank account in Canada, the child must be under a certain age, typically the age of majority, but the age restriction can be as low as 12 or 16 years of age.
• Adult involvement: Most financial institutions that offer kids’ bank accounts still require an adult to be on file. This enables the bank to offer cost-effective banking solutions for your growing children while keeping the responsibility for maintaining the account with an adult.
• Interest rate: While bank accounts with a high interest rate can help your child’s money grow, most bank accounts for children don’t compete based on interest rates. Quite often, the most competitive interest-rate bank accounts for kids can be found through digital-only banks or money institutions that focus on services, rather than brick-and-mortar branches.
• Account fees: Most kids’ bank accounts offer low- or no-monthly fees, but it never hurts to check, just in case.
• Transaction costs: Many kids’ bank accounts come with free transactions, but even if they do, you may want to set a transaction limit to teach your kids responsible spending and avoid potential fees.
• Debit card: Virtually every bank account will come with a debit card, including a kid’s bank account; however, if using a debit card is a critical part of teaching your child money management, be sure to confirm that your child will get a debit card and understand the rules and costs associated with that card.
• Account balance requirements: Your child’s bank account shouldn’t require a minimum balance. If it does, be sure to understand why and what happens if you don’t keep the minimum balance in the account.
• Promotions: While banks often offer new account offers to adults, children won’t receive the same benefits. This is because bank accounts for kids already have no minimum balance, requirements or fees.

Can I open a bank account for my baby before my child is born?

No. To open a bank account for a baby, you must provide both a birth certificate and the child’s Social Insurance Number (SIN) — two documents that are obtained once a child is born.

Just like a kid’s bank account, a bank account opened for a baby will require additional documentation from the parent, along with an agreement to assume responsibility for keeping the account in good standing.

Should you have multiple bank accounts for kids?

Kids typically don’t require multiple bank accounts, unless there’s a strategy for the extra accounts. For instance, some parents require kids to keep a savings account that’s not linked to a debit card and another ‘spending’ account that’s linked to the child’s debit card. This helps a child learn to transfer money from accounts, the power of saving and the importance of monitoring your account balance.

Another reason to open multiple bank accounts for kids is to help a child learn money concepts that aren’t, yet, familiar. For instance, opening a joint chequing account with your child can be an excellent way for them to learn how to make deposits and withdrawals as well as gain an understanding of how to budget properly.

Opening a joint bank account with your child

Contrary to popular belief, joint bank accounts aren’t just for couples — they’re also a great tool for families. Siblings can use joint accounts when they share the costs and responsibilities of certain assets or activities. A joint account between a parent and a child is a great way for a child to piggyback on the money management tasks completed by a parent.

In Canada, almost all major banks and credit unions will offer an option for a joint account between a parent and a child. Some fintech and digital banks, such as Tangerine, also offer this option. When choosing which account to use, remember that your child will have access to the account and all the features, but as the parent, you’re responsible for maintaining the account and reporting all interest and earnings on your annual tax return.

Saving vs. Investing: The difference explained

As kids start to develop their financial literacy skills, they’ll need to learn the difference between saving and investing.

Saving is putting aside money in order to reach your goals. Investing requires taking this money and putting it into something with value, with the expectation that the value will grow over time.

One way to illustrate this difference is to help your child open up a high-interest savings account or RRSP. (Unfortunately, your child must turn 18 before opening a tax-free savings account.)

How to close a kid’s bank account: What you need to know

You may find the current kid’s bank account no longer suits your child’s needs. Sometimes, you may need to switch to a student or adult bank account. In other situations, you may want to close the kid’s bank account altogether. Thankfully, the process to close an account isn’t complicated.

1. First, transfer all money out of the account and stop all automatic payments and deposits.
2. Schedule an in-person appointment with your financial institution.
3. Fill out a closure request form, submit a written request or provide a verbal request to close the account.

How do Canadians view digital banks versus traditional banks?

In the Finder: Consumer Sentiment Survey January 2025, we asked Canadians what type of financial providers they’d consider opening an account with among the Big 5 Banks (RBC, TD, BMO, Scotiabank and CIBC), other brick-and-mortar banks (e.g. National Bank or ATB), digital banks or fintechs (e.g. Tangerine or KOHO) and credit unions (e.g. Coast Capital or Alterna).

The Big 5 Banks still lead the way, but what really stands out is the rise of digital banks and fintechs. Just over 40% of respondents said they’d consider opening an account with one, which may signal the rising popularity of digital banking in Canada due to the convenience and flexibility these institutions offer.

Kids’ bank account FAQs

• How old do you have to be to open a bank account?

  While there's no minimum age required to open a bank account in Canada, most banks will have different age range cutoffs for their accounts. For example, you could open a children's savings account in Canada as soon as your child is born.

  Many financial institutions in Canada allow children as young as 13 years old to open their own bank account, without the help of a parent, as long as they can provide official identification (like a passport). In virtually all cases, when a teen reaches the age of 18 (or 19 in some provinces), they're considered an adult and can open an account without parental permission.

• What happens to my kid's bank account when they turn 18?

  In most cases, the financial institution will automatically convert your child's account to an adult account once they reach the age of majority (usually age 18 or 19). As part of your young adult's education, be sure to help them research this new account and whether the perks offered and the fees charged make sense for their financial plans. If they're not happy with their new adult account, have them consider some of the best no-fee chequing accounts instead.

• Can I withdraw money from my child's bank account?

  It depends. Most joint accounts will let you add and withdraw money, but custodial accounts won't. In order to withdraw from a custodial account, you may need to prove that you're using it to pay for something on behalf of the child, such as college tuition.

• At what age can my child have a debit card?

  It depends on the bank. Some banks will let minors as young as 14 get a debit card — but a parent's name will be on the account. RBC's new kids banking product, Mydoh teaches your child how to handle their finances with its innovative app and prepaid Visa card for kids.

• How are kids' bank accounts different from a bank account for a baby?

  There's no difference between a kid's bank account and a bank account opened for a baby. In fact, for parents excited about teaching their kids the value of saving, it's possible to open a bank account for your baby once the child is born and you have the child's unique Social Insurance Number (SIN).

Written by

Romana King

Group Editor | Personal finance expert

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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 23 Finder guides across topics including:

• Personal Finance
• Real Estate
• Estate Planning
• Insurance
• Retirement Planning
• Debt Strategies

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Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including Wise, income.ca and Indeed, writing on topics like personal finance, career development, and travel. See full bio