Dive deeper: The best bank accounts for kids
Kids debit card accounts, prepaid cards, and money apps for kids
These kids bank account with debit card options let you oversee your child's spending and teach them healthy financial habits.
Looking for a kids bank account with debit card? Kids or youth bank accounts are great ways to help teach your children about how to save and spend wisely. Most of the major banks offer savings accounts and debit cards geared to kids and teens under 18 years of age.
Prepaid debit cards are another great option that lets them spend while giving you the option to keep track of their habits. Plus, most of these are linked to an app, which allows you to monitor spending, transfer funds, and more.
Popular prepaid cards and debit cards for kids
Explore a sampling of kids bank account and debit card options in Canada.
Key takeaways
- Kids and teens under the age of majority in Canada can get a debit card, although they may need their guardian’s help.
- Kids’ debit cards often come with features and tools that let parents set limits and track spending.
- BMO, CIBC, TD, Scotiabank and Mydoh all offer popular debit cards or prepaid cards for children.
How old do you have to be to get a debit card?
Anyone younger than 18 (or 19) years of age can get a debit card in Canada. Many big banks allow teens aged anywhere from 12 to 16 years old to open a chequing account—and get a debit card—entirely on their own without a parent or guardian.
That said, any child under 18 years old can open a kids bank account (sometimes requiring a parent or guardian’s involvement, depending on the child’s age) at any of the major banks in Canada, and in most cases, get a debit card linked to that account.
Both RBC and BMO banks, for example, offer debit cards for kids linked to chequing accounts. RBC also offers a new prepaid debit card and kid's banking product called Mydoh.
Once your child reaches the age of majority, some banks will automatically transfer their kids account to a regular chequing or savings account.
How do kids debit cards work?
Kids debit cards tend to work the exact same way as debit cards for adults, allowing children to debit purchases from their account both in store and online.
Most kids’ accounts are meant to be opened by the parent or legal guardian. Some accounts require the parent to maintain signing authority, while others are owned by the child, with the account statements still going to the guardian. Almost all accounts can be managed online through your bank’s online banking portal and via your bank’s mobile app.
How do prepaid debit cards for kids work?
Prepaid debit cards are also a potential debit card option for kids. You can load money onto them from the parent’s bank account using a mobile app that accompanies the physical card, and then give your child access to the card.
Many of these cards and apps come with extra features, like the ability to see how your child spends their money or the option to pay them pocket money for chores.
Prepaid cards for kids can be an ideal option because they keep your children’s funds separate from yours, so your children can only spend however much you load on the card.
Expert insight
"It’s crucial that minors learn how to use prepaid cards as a preparation for a cashless economy. Parents play an important role in this learning process by regularly checking in with the minors on their finances and using it as an opportunity to teach them about digital currencies. They can sit down with their kids once a week at the dinner table, review and discuss the transactions made on their prepaid card, and talk about budgeting and saving for a desired aspirational item they would like to buy."
What’s the difference between a debit card and a prepaid card?
A prepaid card lets you load money onto your card ahead of time, and it stops working when it runs out of money. It’s like a gift card, but it works everywhere credit cards are accepted.
On the other hand, a debit card is linked to your bank account, so money comes out of your bank each time you use it. It offers more flexibility than a prepaid card but comes with more responsibility. Because you can’t limit your spending ahead of time, you can quickly blow through your balance if you aren’t careful.
Are Greenlight, GoHenry and other US kids debit cards available in Canada?
No, kids debit cards like Greenlight, GoHenry, BusyKid and most other US-based kids debits cards are not available to Canadians. One of the closest equivalent debit cards for kids in Canada is the Mydoh card, which offers many similar features compared to Greenlight, GoHenry and the other US cards—features like chore assignments and payments, weekly allowance payments and spending monitoring.
Can I get a credit card for the kids?
Legally, no one can get a credit card on their own unless they’re at least 18 years old, or the age of majority in their province or territory of residence. Some financial institutions will allow the account holder to add an authorized user that has not, yet, reached the age of majority in that province. If you’re thinking of adding your child as an authorized user on your credit card, read our credit card options for teens guide.
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.
Features of a kids’ debit card
- Spending controls. Many children’s debit cards come with spending control limits that parents can set within their mobile banking app to restrict how much their child can spend.
- Card lock. Parents can also lock the debit card online or via an app.
- Choose how your child can spend. Parents can choose if the card can be used at ATMs, online or for in-store purchases.
- Spending tracking tools. Many mobile banking apps offer spending tracking tools and features to help your child learn how to manage their money.
Here’s what to consider before giving your child a debit card
- Check the fees. The costs can vary between cards and banks. Most youth debit cards and accounts have no monthly fees.
- Spending limits. Look for cards that let you cap daily spending and set limits for ATM withdrawals or at specific stores.
- Shopping online. Consider whether being able to buy online is a benefit or a downside, and opt for a kids’ debit card that can restrict or block online spending if needed.
Pros and cons of kids’ debit cards
Pros
- Control. Keep track of your child’s spending online and cap the daily limit as you see fit.
- Security. You can monitor your child’s spending in the mobile banking app to see where they’re going.
- Safety. Because you can quickly and easily lock the debit card if it’s misplaced, debit cards are often safer than carrying cash.
- Good practice. Having a savings account that earns interest will teach your child how money works digitally and how to save and spend their money wisely.
Cons
- Not a regular chequing account. The majority of kids’ bank accounts are savings accounts and not actual chequing accounts. Most banks, however, will transfer it to a regular chequing account when the child turns 18 or the age of majority of your province.
- Not good for large purchases. Accounts for children generally have much lower debit card spending limits than adult accounts.
- Other fees. They may rack up fees for using out-of-network ATMs or overdrawing their account.
- Age limits. Each card or bank sets its own age limit, which differs depending on the institution.
Bottom line
A kids debit card and kids bank account can help your child learn how to manage money responsibly while letting you track their spending to see if they’re meeting that goal. Make sure you compare the age limits, features, interest rates and security features when choosing a debit card for your kid.
Debit cards for kids FAQs
Sources
More banking guides from our experts
Banking
Explore key banking statistics and figures from the Finder: Consumer Sentiment Survey January 2025.
Chequing Accounts
Compare the features of 8 of the best no-fee chequing accounts in Canada, and find out how to avoid transaction fees.
Banking
Earn cash, rewards points, bonus interest rates and more with these new bank account offers and promotions.
Kids Banking
Learn about the different types of bank accounts for your teenager and how to choose the right one.
Chequing Accounts
Compare chequing accounts and learn about our top picks. Compare different features and see which one is right for you.
Banking
Compare and open a bank account online in Canada in as little as 5 minutes. Learn what you need to apply and how to get started today.
More resources on Finder
More guides on Finder
-
Best bank account for kids
Here’s our list of the best kids bank accounts and money management apps based on critical features, fees, accessibility and ease of use.
-
Teaching kids about money: 8 ways to start
Fast-track your child’s financial literacy by learning how to teach your kids about money.
-
Mydoh App and Smart Cash Card review
Let your child earn a taste of financial freedom with Mydoh, an innovative prepaid Visa card for kids.
-
Best youth bank accounts in Canada
Learn about the different types of bank accounts for your teenager and how to choose the right one.
-
Guide to registered education savings plans (RESPs)
Maximize RESP savings with tax deferral and government contributions to fund your child’s post-secondary education.
-
Do kids pay tax on bank accounts?
Find out if your child’s bank account interest is taxable and how CRA rules apply.