A kids’ bank account comes with special features that help young people save money and learn how to use a bank account. Read our guide to opening a kid’s bank account below to learn more about how a bank account for kids works and compare options to find the best fit for your child.<\/p>
A kid’s bank account is a savings or chequing account designed specifically for babies, children or teens, usually under the age of majority in your province or territory (18 or 19). Bank accounts for kids help them learn about money management and typically have the following features:<\/p>
If you want to set your child up for financial success, you need to start with the basics: a kid’s bank account. By opening a bank account for kids, you can teach your child about the importance of saving money and spending wisely.<\/p>
The younger you start to talk and teach children about money management, the greater their chances for future financial success. Statistics show a direct correlation between higher education and higher income with lower unemployment.<\/p>
According to a University of Michigan study, when a parent with low or moderate income opened up a kid’s bank account, the child was three times more likely to go to college and four times more likely to graduate from college \u2014 even if the child’s savings account held less than $500.<\/p>
And, the Canadian government agrees that investing in a child’s financial literacy skills has the potential to yield long-term dividends.<\/p>
To help with your research process, we compiled a list of all bank accounts available to children in Canada in 2025, including money management apps and digital bank accounts for kids.<\/p>
| Kids’ bank account<\/th> | Interest rate<\/th> | Debit card<\/th> | Age requirements<\/th> | Transactions<\/th> | Monthly fee<\/th> | <\/th><\/tr><\/thead> |
|---|---|---|---|---|---|---|
| BMO Performance Chequing Account<\/td> | 0%<\/td> | Yes<\/td> | Min. age: 13<\/td> | Free and unlimited<\/td> | $0 for kids<\/td> |