Best bank account for kids

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.

9 best bank accounts for kids in Canada in 2026

• How we picked the best bank accounts for kids in Canada

  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 9 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)
  • Fees: 20% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, NSF fees, overdraft fees)
  • Banking Access: 15% (In-branch banking, online banking access, national availability)
  • Customer Experience: 15% (Live chat availability, mobile app ratings)
  • Minimum Requirements: 10% (Minimum deposit requirements, minimum balance requirements)

  No single bank account will be the best choice for every child, so thoroughly compare your options before picking your new account.

Best bank accounts for kids in Canada: 2026 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.

When do Canadians typically open their first account?

In our latest Finder: Consumer Sentiment Survey January 2025, we found that the majority of Canadians (69.63%) opened their first bank account before turning 18 years old, with 27.97% of those opening their first account as teens between the ages of 13 and 17 years old.

Interestingly, 21.88% of Canadians had their first bank account before turning 10 years old, which is a good reminder that it’s never too early to start teaching kids about money.

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

• What is a kids' bank account?

  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).

• How to find the best kids' bank account in Canada?

  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.

• Why should you get a kids bank account?

  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.

• What to look for in a kids bank account?

  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.

  To compare all bank accounts, use our full market comparison on kids bank accounts, or check out the best kids' bank accounts listed above.

• Are there money apps for teens?

  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.