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Best bank account for kids

We analyzed every kids bank account in Canada to come up with our list of the best kids' bank accounts and money management apps based on critical features, fees, accessibility and ease of use.

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.

10 best bank accounts for kids in Canada in 2024

Overall best kids account

BMO Performance Chequing Account

Earn $600
Bonus Offer
$17.95
Monthly Account Fee
unlimited
Free Transactions
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 5.50% on all deposits Valid until July 2, 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
Min. Age 18
Min. Age Teen Account 13
Account Fee $17.95
Youth Account Fee $0
# of Accounts Included 20
Overdraft Fee $5
ATM Out-of-Network Fee $2
U.S. ATM Fee $5
International ATM Fee $5

Best hybrid chequing and kids’ savings account

Scotiabank Getting There Savings Account

Scotiabank Getting There Savings Account

0.10%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
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
Min. Age N/A
Min. Age Teen Account 12
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee free and unlimited

Best little kids bank account

RBC Leo’s Young Savers Account

0.01%
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
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 July 31, 2024. (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 July 31, 2024.
  • No minimum account balance required
  • Save on Mydoh monthly fees as an RBC client
  • Low interest rate
  • Must pay a fee for non-RBC ATM withdrawals
Min. Age 12
Account Fee $0
Transaction Fee unlimited
Interac e-Transfer Fee unlimited

Best credit union accounts for kids

Best credit union kids account

Oaken Savings Account
Finder Rating: ★★★★★ 3.8 / 5
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Oaken Savings Account

3.4%
Interest Rate
$0
Account Fee
$0
Transaction Fee
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.
  • $0 account fee
  • $0 transactions
  • Earn 3.4% interest on your balance
  • No Interac eTransfers
  • No in-person service at a branch
Min. Age N/A
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee not supported

Best high-interest rate kids’ bank account

Tangerine Children’s Savings Account

Tangerine Children’s Savings Account

0.80%
Interest Rate
$0
Account Fee
$0
Transaction Fee
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
  • Cannot send Interac e-Transfers from this account
  • No debit card
Min. Age 12
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee N/A
NSF Fee $45

Best online application kids’ bank account

CIBC Smart Start

CIBC Smart Start

N/A
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
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

First Nations Bank of Canada Youth Savings Account

N/A
Interest Rate
$0
Account Fee
unlimited
Transaction Fee
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

National Bank Connected Account

N/A
Bonus Offer
$15.95
Monthly Account Fee
unlimited
Free Transactions
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
Min. Age N/A
Account Fee $15.95
Overdraft Fee $5
ATM Out-of-Network Fee $2

Best joint parent + kid bank account

Mydoh Smart Cash Card

$0
Monthly Fee
$0
Transaction Cost
N/A
Rewards
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)
Monthly Fee $0
Transaction Cost $0
Foreign Transaction Fee 2.5%
Monthly Fee $0
Minimum Age 18
Minimum Age Teen Account 4
# Included Account 5
Rewards N/A

Best student account

TD Student Chequing Account

TD Student Chequing Account

Earn up to $445 in value
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
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 $445 in value when you open a new TD Student Chequing Account. Valid until October 31, 2024
  • 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

Written by

Romana King

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 profile

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