Children's Bank Accounts in Canada (2023)

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Alexandre Desoutter updated on 7 November 2023

A bank account for children? More and more Canadian families are introducing banking to their children at a younger age in order to prepare them for the world ahead. Getting your child started with a saving account at a young age can help promote careful spending and responsibility with money. It is also a useful way to send money to them in an emergency, rather than having to wire money to an adult who happens to be nearby.

Let's take a look at who offers children's bank accounts and how to go about choosing the right one.


What is a child's bank account?

A bank account for children is a type of account specifically catering to those under the age of 25. Usually, it is for children from the age of 13 until they become a student but it can be kept open until 25. The bank account generally has no monthly fee and often a more generous interest rate than adult accounts.

A kid's bank account has no minimum deposit limits and does not expect regular pay-ins such as an income-earning adult would make. There are similarly no minimum balances. The idea behind them is to give children practice at using bank accounts to prepare them for leaving home. The banks also want to make sure that they are preparing and educating the next generation of bank account holders.

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Who offers a bank account for kids?

Many major financial institutions in Canada offer youth saving accounts or kids' chequing accounts. Below are our four top choices:

InstitutionBank children's account
CIBC children's account
CIBC Smart Start
RBC child account
Young Saver's Account
Tangerine child account
Children's Savings Account
TD child account
TD Student Chequing Account
Child bank account Canada

How to choose children's bank accounts?

Often people will simply open a bank account for the kids at one of the institutions that they already bank with. However, certain institutions have specific benefits and you may find a better deal if you shop around. Below is a list of banks each with the top advantage of their youth of children's bank account.

Children's bank accountTop advantage
CIBC kid's account
get up to $150 for using the account
RBC kid's account
MYDOH spending app
TD kid's account
0.5% interest rate
Tangerine kid's account
$75 Amazon gift card
Children's savings account Canada

Some banks offer perks that aren't very useful or advantageous. This is a great learning moment to teach your kids not to go for a certain bank account just because they can get a personalized debit card!

What are the advantages of having a bank account for your kids?

There are several advantages to opening a bank account for your kids. First, it is good to familiarize them with bank accounts and make sure they are confident in paying, saving and keeping track of money before they leave for university or move out. Banking cyber-security is a reflex that you cannot teach someone too early!

Secondly, it is a great way to be able to send your child money quickly and easily. If they are on a school trip and you forgot to give them cash to buy a drink or a snack if they are staying with grandma and want to buy a souvenir from the local dinosaur museum. If your child has a debit card you can put money in their hands from wherever you are - even when you are at work!

How to open a children's bank account?

To open a children's savings account in Canada, you will need to contact a bank or financial institution and arrange a meeting. At this meeting you will need to produce the following documents:

  • the child's photo-id (usually a passport)
  • the photo-id of a parent or guardian
  • a birth certificate for the child

For children over the age of 13, some banks will allow the child to open a bank account with or without parental consent. In these cases, it is not necessary to produce a parent or guardian's id. yA

Which banks offer a kid's debit card?

A debit card for kids can be a great way to begin teaching your children about money. It allows them to access and spend the money in their children's saving account. The following institution offers a kid's bank account with a debit card:

  • CIBC
  • RBC
  • TD

These institutions also offer debit card data apps for kids so that you can both keep track of spending and help you to talk about money with them.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.

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