Best bank account for kids for 2023

We considered every kids bank account available in Canada to come up with our list of the best bank accounts for kids in Canada for 2023. Since 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.

To learn more about each of the best bank account for kids by feature, 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

• Overall best kids savings account: Scotiabank Getting There Savings Account
• Best digital kids account: Mydoh Smart Card
• Best high-interest rate kids bank account: Tangerine Children’s Savings Account
• Best kids chequing account: National Bank Modest Chequing Account
• Best little kids bank account: RBC Leo’s Young Savers Account
• Best online application kids bank account: CIBC Smart Start
• Best joint parent + kid bank account: Tangerine Children’s Savings Account
• Best hybrid chequing and kids savings account: BMO Kids Plus Plan
• Best kids bank account with rewards: Scotiabank Getting There Savings Account
• Best kids bank account with daily discounts: CIBC Smart Start
• Best Indigenous-led kids bank account: First Nations Bank of Canada Youth Savings Account
• Best credit union kids account – BC only: Coast Capital Chequing Account
• Best credit union kids account – Ontario only: Meridian Youth Savings Account
• Best credit union kids account – Quebec only: Laurentian Youth Account

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

0.05%
Interest Rate

$0
Account Fee

free and unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

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)

• No monthly fee
• 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	free and unlimited
Interac e-Transfer Fee	free and unlimited

Best high-interest rate kids’ bank account

Tangerine Children’s Savings Account

1.1%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

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 digital kids’ account

Go to site Read review

Mydoh Smart Cash Card

$2.99
Monthly Fee

$0
Transaction Cost

1-month free trial + $15
Rewards

• Info
• Pros & Cons
• Details

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 $2.99 (but includes up to five youth or kids' accounts under one plan)

Monthly Fee	$2.99
Transaction Cost	$0
Foreign Transaction Fee	2.5%
Monthly Fee	$2.99
Minimum Age	18
Minimum Age Teen Account	4
# Included Account	5
Rewards	1-month free trial + $15

Best kids’ chequing account

Read review

National Bank Modest Chequing Account

30
Free Transactions

$0
e-Transfer Fee

$10.95
Monthly Account Fee

• Info
• Pros + Cons
• More Details

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.

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

• Limited transactions
• Fees for branch transactions
• Maintaining minimum balance to avoid fees (only if you're aged 25&ndash
• 59)
• Limited range of benefits and features.

Min. Age	N/A
Account Fee	$10.95
Overdraft Fee	$5
ATM Out-of-Network Fee	$2

Best little kids bank account

RBC Leo’s Young Savers Account

0.01% ,
0.01% thereafter
Interest Rate

$0
Account Fee

15 free debits
Transaction Fee

• Info
• Pros + Cons
• More Details

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).

• 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

Min. Age	12
Account Fee	$0
Transaction Fee	15 free debits
Interac e-Transfer Fee	N/A

Best online application kids’ bank account

CIBC Smart Start

0.05%
Interest Rate

$0
Account Fee

Free and unlimited, including e-transfers
Transaction Fee

• Info
• Pros + Cons
• More Details

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 0.05% 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	Free and unlimited, including e-transfers
Interac e-Transfer Fee	N/A
NSF Fee	$45

Best joint parent + kid bank account

Tangerine Children’s Savings Account

1.1%
Interest Rate

$0
Account Fee

$0
Transaction Fee

• Info
• Pros + Cons
• More Details

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.

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

• Before your kid 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 hybrid chequing and kids’ savings account

BMO Kids Plus Plan

0.01%
Interest Rate

$0
Account Fee

25 transactions a month, unlimited e-transfers
Transaction Fee

• Info
• Pros + Cons
• More Details

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.

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

Min. Age	N/A
Account Fee	$0
Transaction Fee	25 transactions a month, unlimited e-transfers
Interac e-Transfer Fee	N/A

Best kids’ bank account with rewards

Scotiabank Getting There Savings Account

0.05%
Interest Rate

$0
Account Fee

free and unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

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)

• No monthly fee
• 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	free and unlimited
Interac e-Transfer Fee	free and unlimited

Best kids’ bank account with daily discounts

CIBC Smart Start

0.05%
Interest Rate

$0
Account Fee

Free and unlimited, including e-transfers
Transaction Fee

• Info
• Pros + Cons
• More Details

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 0.05% 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	Free and unlimited, including e-transfers
Interac e-Transfer Fee	N/A
NSF Fee	$45

Best Indigenous-led kids’ bank account

First Nations Bank of Canada Youth Savings Account

0.05%
Interest Rate

$0
Account Fee

Unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

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

Min. Age	N/A
Account Fee	$0
Transaction Fee	Unlimited
Interac e-Transfer Fee	5 free Interac e-Transfers. $1.50 each

Best regional credit union accounts for kids

Best credit union kids account – BC only

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Coast Capital Free Chequing, Free Debit, and More Account

unlimited
Free Transactions

$1.50
e-Transfer Fee

$0
Monthly Account Fee

• Info
• Pros + Cons
• More Details

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.

• 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

• e-transfers cost $1.50 each
• Only available to BC residents.

Min. Age	18
Account Fee	$0
Overdraft Fee	$5
ATM Out-of-Network Fee	$10
U.S. ATM Fee	$2.50
International ATM Fee	$5
Dormancy Fee	$1.50

Best credit union kids account – Ontario only

Meridian Youth Savings Account

0.5%
Interest Rate

$0
Account Fee

unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

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.

• No monthly fees
• Unlimited, free transactions
• Access to 43,000 ATMs across North America
• Includes debit card for teens
• Earn interest on deposits

• $1.50 fee for Interact e-Transfers
• $3 non-Meridian ATM fee

Min. Age	N/A
Account Fee	$0
Transaction Fee	unlimited
Interac e-Transfer Fee	$1.50
NSF Fee	$45

Best credit union kids account – Quebec only

Laurentian Youth Account

0%
Interest Rate

$0
Account Fee

Free and unlimited
Transaction Fee

• Info
• Pros + Cons
• More Details

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.

• No monthly fee
• Unlimited, free transactions
• Free ATM withdrawals
• Unlimited Interac e-Transfers
• Access to cheques
• 'Cheques to send monthly' are free, upon request
• Free digital bank statements

• Only available to Quebec residents
• $3 for paper bank statements
• $1.25 per cheque

Min. Age	12
Account Fee	$0
Transaction Fee	Free and unlimited
Interac e-Transfer Fee	N/A
NSF Fee	$65

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

• 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 (HASOFFER. 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.