RBC Leo’s Young Savers Account review
Set your child up for financial success in the future with this dedicated youth savings account.
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The RBC Leo’s Young Savers Account is a youth savings account designed for children between 0 and 12 years old. It comes with no monthly fees, no minimum balance requirements, free unlimited Interac e-Transfers and a welcome bonus. Just be aware that you’ll only get 15 free debits per month and anything beyond this will cost $1.25 per transaction.
The RBC Leo’s Young Savers Account is a great starter account for youth looking to explore and get familiar with the world of banking. It lets you manage your own accounts and transactions, while earning interest on your savings. You’ll also get $25 for signing up for this account, along with free unlimited Interac e-Transfers. As a parent, you can also set up free automatic transfers into your child’s accounts to give them access to monthly cash.
What are the benefits of the RBC Leo’s Young Savers Account?
The RBC Leo’s Young Savers Account comes with a number of benefits:
- No monthly fees. There are no monthly fees associated with this account.
- Decent interest rates. You can earn 0.01% interest on any money you hold in savings.
- Free internal transfers. It’s easy to send money between RBC accounts for no additional fee.
- Free unlimited Interac e-Transfers. Enjoy fee-free Interac e-Transfers to send money back and forth to family and friends.
- Automated payments. Parents can set up automatic payments into this account to give you access to a weekly or monthly budget.
- Welcome bonus. Anyone who signs up for this account will automatically get $25 as an added incentive for banking with RBC.
- No minimum deposits. You won’t have to keep a minimum balance in this account to keep it active.
- Mobile banking. It’s easy to manage your transactions and banking details for this account using the RBC Mobile app.
What should I look out for?
While the RBC Leo’s Young Savers Account comes with a number of perks, there are a couple of drawbacks to keep in mind before signing up:
- Limited debits. You’ll only be able to enjoy 15 free debits per month before you’re required to pay $1.25 per transaction.
- Strict eligibility requirements. This account will need to be rolled over into a regular savings account once you reach a certain age.
- Fees for ATM withdrawals. You’ll be charged an extra fee anytime you take money out using a non-RBC ATM (even if you have monthly debits left).
- Limited-time offers. You may not be able to take advantage of the welcome bonus, depending on what time of year you sign up and what’s on offer during that period.
- No online sign-up. You won’t be able to sign up for this account online, which means you’ll need to call in or book a time to visit a branch in person to get started.
How do I open an RBC Leo’s Young Savers Account?
Unlike many other RBC accounts, you won’t be able to sign up for this account online. Instead, you’ll need to visit a branch to fill out an application and get set up. You can easily find a branch near you by inputting your postal code into RBC’s Branch and ATM Locator on its site. You can also call into RBC’s phone hotline to get started if you’d prefer not to book an appointment.
To apply for an RBC Leo’s Young Savers Account, you need to meet the following criteria:
- Be a Canadian citizen or resident
- Be under the age of 13 and be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
You can easily take money out of your account by withdrawing cash from an ATM or by visiting a branch in person. You can also transfer money out of your account using a free internal RBC transfer or by sending an Interac e-Transfer to family or friends.
To deposit money, you just need to visit an ATM or a branch to make a deposit by cash or cheque. As an added benefit, parents can set up free automated deposits into their children’s RBC Leo’s Young Savers Account to give them access to a consistent monthly budget.
How can I get in touch with customer service?
There are a number of options available for you to connect with RBC customer service:
- By phone. You can call into RBC’s toll-free number at any time of day or night.
- In person. You can easily visit a branch to speak to an RBC agent in person during normal business hours.
- By mail. Use snail mail to reach out to RBC’s head office in Toronto or send documents or inquiries into a local branch if required.
- By email. Contact RBC by sending a secure message through your online banking account.