Mydoh Smart Cash Card

- Prepaid Visa card
- Free 1 month trial
- Add up to 5 kids
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.
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.
Min. Age | N/A |
---|---|
Min. Age Teen Account | 12 |
Account Fee | $0 |
Transaction Fee | free and unlimited |
Interac e-Transfer Fee | free and unlimited |
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 |
Min. Age | N/A |
---|---|
Account Fee | $10.95 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
Min. Age | 12 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | N/A |
NSF Fee | $45 |
Min. Age | 12 |
---|---|
Account Fee | $0 |
Transaction Fee | 15 free debits |
Interac e-Transfer Fee | N/A |
Min. Age | N/A |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $0 |
Transaction Fee | free and unlimited |
Interac e-Transfer Fee | N/A |
NSF Fee | $45 |
Min. Age | 12 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | N/A |
NSF Fee | $45 |
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | 25 transactions a month, unlimited e-transfers |
Interac e-Transfer Fee | N/A |
Min. Age | N/A |
---|---|
Min. Age Teen Account | 12 |
Account Fee | $0 |
Transaction Fee | free and unlimited |
Interac e-Transfer Fee | free and unlimited |
Min. Age | N/A |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $0 |
Transaction Fee | free and unlimited |
Interac e-Transfer Fee | N/A |
NSF Fee | $45 |
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | Unlimited |
Interac e-Transfer Fee | 5 free Interac e-Transfers. $1.50 each |
Min. Age | 19 |
---|---|
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 |
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | unlimited |
Interac e-Transfer Fee | $1.50 |
NSF Fee | $45 |
# of Included Accounts | 43000 |
Min. Age | 12 |
---|---|
Account Fee | $0 |
Transaction Fee | Free and unlimited |
Interac e-Transfer Fee | N/A |
NSF Fee | $65 |
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.
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.
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