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Best bank account for kids

Here's a 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, so choosing the right account is critical.

To help speed up the process, we compiled a list of the best bank accounts for kids in Canada for 2023. To learn more about each account, scroll down. We explain the advantage of each account and how we chose the best kids’ bank accounts.

Best bank accounts for kids by feature

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Best bank accounts for kids in Canada: 2023 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.

Best children’s bank accounts by feature

Overall best kids’ savings account

Scotiabank Getting There Savings Account

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.

Pros

  • 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)

Best high-interest rate kids’ bank account

Tangerine logo

Tangerine Children’s Savings Account

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).

Pros

  • No monthly fee
  • The highest offer for a kids savings bank account
  • Completely online application process

Best digital kids’ account

Mydoh app and Mydoh Smart Card

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 $2.99. See the full Mydoh review.

Pros

  • 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)

Best kids’ chequing account

National Bank logo

National Bank Modest Chequing Account

For kids that want a grown-up account without the monthly fees, check out National Bank’s Modest Chequing account. It comes with 30 free digital transactions and kids pay no fees until they reach their 25th birthday.

Pros

  • No fees (until 25th birthday)
  • Unlimited transactions, including e-transfers
  • Completely online process

Best little kids bank account

RBC logo

RBC Leo’s Young Savers Account

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 up to $95 in value when you open an RBC Leo’s Young Savers Account for your child. Apply by March 31, 2023. (Add a family Mydoh account and get an extra $25 credit in the Mydoh Cash Card account). See the full RBC Leo’s Young Savers Account review.

Pros

  • No monthly fee
  • Get up to $95 in value when you open an RBC Leo’s Young Savers Account for your child. Apply by March 31, 2023.
  • No minimum account balance required
  • Save on Mydoh monthly fees as an RBC client

Best online application kids’ bank account

CIBC Investor's Edge

CIBC Smart Start

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.

Pros

  • No monthly fee
  • Comes with a kids’ debit card
  • Free, unlimited transactions and e-transfers
  • Earn 0.05% on savings account balance
  • Discounts for food, fashion and entertainment through the SPC membership

Best joint parent + kid bank account

Tangerine logo

Tangerine Children’s Savings Account

As a completely digital bank, you can open the Tangerine Children’s Savings Account from the comfort of your home and every dollar your child saves will earn 1.1%. Since this is a savings account, your child will not get a debit card. However, since it’s a joint account (a parent must be a Tangerine client), you get an opportunity to work closely with your child and to use the joint bank account to help teach your child the difference between everyday banking and a savings account.

Pros

  • Earn 1.1% on account balance – the second highest offer for a kids’ bank account
  • Unlimited transactions, including e-transfers
  • Completely online process

Best hybrid chequing and kids’ savings account

BMO Bank of Montreal logo

BMO Kids Plus Plan

Rather than create a special account for kids, BMO decided to offer almost all the same perks and advantages as their regular accounts but at significantly discounted rates. With the BMO Kids Plus Plan, kids under the age of 19 get both a chequing and a savings account, which helps you start teaching your child the difference between day-to-day banking and the importance of saving.

Pros

  • No monthly fee
  • Comes with a kids’ debit card
  • 25 free transactions per month
  • Unlimited e-transfers
  • Earn 0.01% on savings account balance

Best kids’ bank account with rewards

Scotiabank Getting There Savings Account

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.

Pros

  • 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)

Best kids’ bank account with daily discounts

CIBC Investor's Edge

CIBC Smart Start

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.

Pros

  • No monthly fee
  • Comes with a kids’ debit card
  • Free, unlimited transactions and e-transfers
  • Earn 0.05% on savings account balance
  • Discounts for food, fashion and entertainment through the SPC membership

Best Indigenous-led kids’ bank account

Picture not described

First Nations Bank of Canada Youth Savings Account

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.

Pros

  • 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

Best regional credit union accounts for kids

Best credit union kids account – BC only

Coast Capital

Coast Capital Chequing Account

With no monthly fees and no minimum balance, this account offers a chance for your kids and teens to take on a real-world bank account. Unlimited transactions mean your child can learn every aspect of banking, saving and spending — using almost every form of payment. When your child turns 19 years old, this account also offers overdraft protection on approved credit. Keep in mind e-transfers cost $1.50 to send, but they are free to receive. See the full Coast Capital Day-to-Day Chequing Account review.

Pros

  • No monthly fee
  • Unlimited day-to-day transactions
  • Free in-branch, online or phone bill payments
  • Free withdrawals and deposits at 4,000+ free ATMs across the country

Best credit union kids account – Ontario only

Meridian logo

Meridian Youth Savings Account

Available to youth aged 17 and younger, this kids savings account comes with no monthly fee and unlimited debits, but each Interac e-transfer will cost $1.50.

Pros

  • No monthly fee
  • Unlimited, free transactions
  • Access to 43,000 ATMs across North America
  • Includes kids’ debit card
  • 4 free e-transfers a month

Best credit union kids account – Quebec only

LDC digital bank

Laurentian Youth Account

This account is available to kids aged 18 and younger. It offers free, unlimited transactions, including Interac e-Transfers. You get free digital bank statements, but you’ll need to pay $3 for a paper statement.

Pros

  • No monthly fee
  • Unlimited, free transactions
  • Free ATM withdrawals
  • Cheques

Basics on 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

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