With a free SPC+ membership and the ability to hold the account until age 25, the best kid's bank account is the CIBC Smart Start Account. Mydoh and the RBC Leo's Young Savers Account are other high-quality options, especially for younger children.
Mydoh and the RBC Leo's Young Savers Account are other high-quality options, especially for younger children.
It's never too early to start teaching your children about money and banking. An account of their own will help them build their financial literacy skills, manage their allowance, and save for their goals.
Key Takeaways
- The overall best bank account for kids is the CIBC Smart Start account.
- There are both savings and chequing accounts available for kids.
- The best kids accounts will have no monthly fees, plenty of included transactions, no minimum balance requirement, and provide a debit card.
- Not all bank accounts for kids will earn interest, and if they do, it won't likely be much.
The best kids bank account in Canada for October 2025
While we think the CIBC Smart Start Account is the best overall kids' bank account in Canada, there are others worth looking at. None of the accounts listed here require a minimum balance, and only one has a monthly fee. Some include a debit card, earn interest, and have unlimited transactions, while others don't.
Here's an overview of the best of the best in Canada:
| Best for… | Best kids bank account | Monthly fee | Special details | Learn more |
|---|---|---|---|---|
| Best overall account | CIBC Smart Start Account | * $0.00 | * Free SPC+ and 12-month Skip+ memberships * Save up to 10 cents per litre on gas * Valid for account holders under age 25 | Learn more |
| Best digital account | Mydoh | * $0 | * App keeps track of kids' tasks and chores * The Mydoh Smart Cash Card is a prepaid, reloadable Visa * Free for the family (up to 7 users) | Learn more |
| Best account for earning rewards | Scotiabank Getting There Savings Program For Youth | * $0 | * Earn Scene+ points on debit transactions * Earn 0.05% interest on $499.99 and under, or 0.1% on $500 or more * Valid for account holders up to age 18 | Learn more |
| Best for saving | Tangerine Children’s Savings Account | * $0 | * Earns 0.4% interest * No fees or service charges * Child gets their own client number and login | Learn more |
| Best for teen savings | Neo Youth High-Interest Savings Account | $0.00 | * Earn 2.5% interest * Comes with a prepaid Mastercard * Excellent mobile app | Learn more |
| Best for younger kids | RBC Leo's Young Savers Account | * $0 | * Earn 0.01% interest * $25 welcome bonus * Only available for ages 12 and younger | Learn more |
| Best for older kids and students | TD Student Chequing Account | * $0.00 | * No charge for overdraft protection * Earn extra stars at Starbucks * Valid for account holders up to age 23 (or longer, if you’re a student) | Learn more |
Best overall kids bank account: CIBC Smart Start Account
CIBC Smart Start Account is a unique, reimagined account that can be opened by parents of children under 14 and kept by the kids until the day they turn 25 – at which point it automatically transfers to a CIBC Smart Account (which costs $16.95 in monthly fees).
This kids bank account starts off simple, with no monthly fee, free recurring deposits for allowances, and easy access through the CIBC mobile app. When the account holder becomes a teen and then young adult, they'll get plenty of perks with this account, including a free SPC+ membership, up to 10-cent savings on gas, and free trading with CIBC Investor's Edge.
If you're looking for a perk-heavy account that can grow with your kid, this is one of the best kids bank accounts around.
- Unlimited free transactions – including Interac e-Transfers.
- No monthly fee or minimum balances.
- $100 Skip gift card and $125 cash welcome bonus
- Free SPC+ membership for access to exclusive deals (up to 30%) at over 450 partners.
- Free 12-month Skip+ membership (requires a linked debit card)
- Gas and investment savings once your child gets a bit older.
- Automatically converts to a CIBC Smart Account once your child turns 25.
- Comes with a debit card.
- Doesn't earn interest.
The CIBC Smart Start Account is a chequing account tailored for Canadians under the age of 25, and its convenient features make it very attractive, especially to students. And since CIBC is one of Canada's big 5 banks, the young account holders can rest assured of their bank's security and reliability.
- No monthly fees until age 25
- Unlimited transactions
- Free SPC+ membership
- CIBC Investor's Edge trading perks
- Save up to 10 cents per litre on gas
- Welcome and referral bonuses
- Converts to the CIBC Smart Account at age 25
- Unaffiliated ATM fees are rather high
- Under 25 years of age or a parent of a youth under age 13
- Free SPC+ membership
- Earn up to $500 each year with referrals
- Save on gas with Journie Rewards
Best digital kids bank account: Mydoh
Mydoh is a unique product from RBC that combines saving, spending, allowance tracking, and more. Accounts must be set up by a parent, but kids are able to view their savings, make payments with the linked Visa debit card, and learn about money and finances through reading up on fun facts and checking out the cool trivia challenges.
It used to cost $2.99 per month, but it’s now free to include a total of 2 parents and 5 kids under the same account. The Mydoh Smart Cash Card (a prepaid, reloadable Visa) can be used to make purchases online and/or in person – but parents can monitor all spending activity.
- Parents set up the account and have full access
- Provides a chore/task tracker where items can be checked off
- Automatic allowance feature provides regular payments for your kids
- Includes access to a reloadable Visa debit card with unlimited transactions
- No ability to deposit cheques or cash, nor to withdraw cash
Finally, the allowance tool you've been waiting for. Powered by RBC, Mydoh lets you easily assign chores to your kids and automatically pay their allowance. They also get access to the Smart Cash Card to shop online and in-store – totally monitored by you, at no cost.
- Completely free to use for everyone
- Mydoh is backed by a Canadian powerhouse bank: RBC
- Parents are the ones to set up the account
- Keeps track of kids' tasks and chores
- Kids have their own card to use for spending – within reason
- Kids can customize their card for a one-time fee of $6.99
- Parents who aren't tech-savvy can easily get confused
- Your child must have regular access to a phone or tablet to use it
- Saturday is now payday forever
- Mydoh Smart Cash Card gives kids limited access to spending online and in-store
- Use Mydoh Tasks to assign chores and household tasks for your kids
- A fun way for kids to learn financial literacy
- Add up to 2 parents and 5 children at no cost
Best kids bank account for earning rewards: Scotiabank Getting There Savings Program For Youth
With the opportunity to earn Scene+ points, the Scotiabank Getting There Savings Program For Youth can also give your child a head start on stockpiling points. They can use the account's linked debit card to get started on their spending and points-earning, and then watch their savings grow with interest.
No, the interest rates aren't the best out there, but it's something, especially since interest isn't available with all kids' accounts.
- No monthly fee or minimum balance
- Unlimited debit transactions and Interac e-Transfers
- Free paper (or paperless) statements
- Can earn Scene+ points with an affiliated debit card
- Low interest rate of either 0.05% or 0.1% per month
The Scotiabank Getting There Savings Program For Youth is a hybrid between a chequing account and a savings account, similar to other bank accounts for kids. With no monthly fee, unlimited debit transactions, a (mostly) decent interest rate, and the ability to earn Scene+ points, this account has many benefits.
- Earn Scene+ rewards on purchases
- Earn interest on your balance
- Unlimited debit transactions
- No monthly fee
- Middling interest rate
- Mandatory account swap after graduation
- Under age 19
- Ages 12 and under must be accompanied by a parent/guardian
- ID required for age verification
- Earn Scene+ points on debit purcahses
- Earn up to 0.1% interest
Best kids bank account for saving: Tangerine Children’s Savings Account
If you want your child to learn the value of saving and to teach them how interest works, the Tangerine Children’s Savings Account is a great first savings account.
Perhaps the best feature is that this account allows your child to have their own unique client number and login. They'll be able to set up and log into online banking and to experience being in charge of their own money.
- No monthly fee or minimum balance
- Earns 0.4% interest
- Ability to create personalized savings goals
- Convenient online application, tools, and services
- Only for kids under age 11
The Tangerine Children’s Savings Account is a no-fee kid’s bank account designed to help parents and guardians encourage the habit of saving early in life. It offers a modest 0.4% interest rate, the ability to set up automatic savings plans, and a separate login for kids to manage their account online.
- No monthly or service fees
- The child gets their own client number and login
- Earn 0.4% interest
- No welcome bonus
- There are other youth accounts with more perks
- Only for children 11 years old and younger
- 11 years old or younger
- Must open an adult savings account
- Canadian citizen
- Unique client number and login
- Competitive interest rate (for youth accounts)
Best kids bank account for teen savings: Neo Youth High-Interest Savings Account
Designed for kids 13 (14 in Quebec) and up, the Neo Youth High-Interest Savings Account offers an incredible interest rate of 2.5%. Teens can use Neo’s easy-to-use app to open multiple savings accounts and track spending (transactions are unlimited).
The account comes with a JA Money card, a prepaid Mastercard that earns cash back on spending and can even be used to withdraw cash from ATMs. A virtual card is provided as soon as the account is opened, too, so your teen can begin spending (and saving!) immediately.
- No monthly fee or minimum balance
- Earns 2.5% interest
- Unlimited transactions and Interac e-Transfers
- Earn cash back on spending with Neo partners
- Not particularly easy for parents to monitor
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Best kids bank account for younger kids: RBC Leo's Young Savers Account
Unlike CIBC and TD, RBC Leo's Young Savers Account is specifically for kids under the age of 13. Because of this, you'll stick to pretty basic features all the way through – a debit card, free e-Transfers, and some small interest earnings.
There's also a nice little $25 welcome bonus to help get your child's savings started. And RBC backs Mydoh, which we discussed above, so combining these two products could be a handy way to get your kids started on their financial journey.
- No monthly fees or minimum balance
- Free unlimited Interac e-Transfers
- $25 welcome bonus
- Parents can set up automatic payments
- Interest rate is only 0.01%
With the RBC Leo's Young Savers Account, RBC clearly demonstrates that it takes children's savings accounts seriously. This isn't a huge surprise, since we're talking about one of Canada's largest and most trusted financial institutions, but sometimes these types of accounts get overlooked.
- No monthly fees
- Free debit transactions and Interac e-Transfers
- Automated payments for parents
- Access to the Mydoh app
- Initial setup requires an appointment
- Low interest rate
- No ATM freebies
- Free debit transactions across Canada
- Optional self-imposed transaction limits
- Cash welcome bonus
Best kids bank account for older kids and students: TD Student Chequing Account
The TD Student Chequing Account is another option that will grow with your kid as they age. The account can stick with them until the day they turn 23, though they can keep it going with proof of full time enrollment in school.
Equipped with a debit card and completely free transactions, this makes it an easy place to store money when they're young and seamlessly allows more freedom as they grow older.
- No monthly fees, overdraft fees, or minimum balances
- Parents can set up pre-authorized transfers from their own account into their kid's – making allowance payments easy
- Comes with a debit card
- Earn 50% more Stars at Starbucks when the debit card is linked to a Starbucks account
- Super low interest rate (0.01%)
The TD Student Chequing Account provides a budget-friendly banking solution for young people and full-time students. It comes with unlimited transactions, no monthly fees, and even a modest interest rate. New signups can get a welcome bonus of up to $125, along with discounts on trades through TD Direct Investing.
- No monthly fee for this account
- Unlimited transactions and e-Transfers
- Free overdraft protection
- Earn 0.01% interest on account balance
- Earn 50% more Stars at Starbucks
- Extra ATM fees
- Welcome bonus requires a few extra steps
- Lacking extra perks like CIBC or Scotiabank’s student accounts
- Be the age of majority in your province or territory
- Must be under the age of 23 or a full-time student
- Earn 50% more Starbucks stars
- Free overdraft protection
- Discounted trades with TD Direct Investing
No fee online bank accounts
You can't go wrong with a free chequing account from an online bank. Some are an excellent option for young people, combining simple digital account management with the value of no fees.
Note that not all kids will be eligible, depending on their age. These accounts are also not designed to grow with your kids, with incrementally increasing features and responsibility.
Here are some accounts that offer unlimited transactions and won't cost a penny – most also offer at least a bit of interest on your balance:
Here are a few of these accounts you can look at.
Never pay for a monthly bank fee again with Innovation's No-Fee Bank Account, saving you about $11 every single month – without having to worry about locking up thousands of dollars for a minimum balance. You'll also get unlimited free transactions and Interac e-Transfers®, plus won't be charged an extra fee for using non-affiliated ATMs Canada-wide.
- Get $75 in GeniusCash when you open your account
- Earn rewards on monthly transactions
- Free and unlimited transactions and Interac e-Transfers®
- No minimum balance requirements
- Free non-affiliated ATM use in Canada
- Earn rewards for everyday banking
- Unavailable for Quebec residents
- No branch locations outside of Saskatchewan
- Be age 18 or older
- Be a Canadian resident (excluding Quebec)
- Have a SIN
- New members pay a $5 membership fee
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.- Ding-free ATM use across Canada
- Everyday banking earns cash rewards
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
With the Coast Capital Free Chequing, Free Debit, and More Account, you'll get free unlimited day-today transactions*** for no monthly fee.
- Banking with a full-service institution
- Earn a sweet welcome bonus
- Free use of ATMs across Canada
- Deposit cheques with just a photo
- Fees for sending Interac e-Transfers
- Age of majority in your province
- Social Insurance Number for new members
- New members must purchase a minimum of $5 in membership equity shares
$100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
- Work with a full service bank, not just an online bank
- Free withdrawals and deposits at more than 4,000 Exchange Network ATMs across Canada
$100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
Reasons to open a kids bank account
If you're like most parents, you've probably set up some sort of allowance system for your child. It’s not just a way to get them to wash the dishes or pick up their toys – this is a tried-and-true way to get kids started early on money matters, preparing them for their future.
So why get a bank account to help with this kind of teaching? There are a few reasons:
- Teach them about financial products: This is a good introduction to how things like bank accounts work – how money gets in there and how it gets out.
- Store their allowance: Not only is a bank account more secure than a piggy bank, but it's always nice to see the numbers grow after making a deposit.
- Earn interest: Some accounts will even pay out interest on every dollar in the account. Another money lesson on compound interest – with the perk of getting more money.
Their bank account will be their own. That in itself will make them care about it more, further opening them up to everything you have to teach them.
Budgeting, compound interest, saving up for their first big purchase – all these lessons will be a lot more interesting when it's about their own money.
What is the recommended age for opening a child’s bank account?
You can open a bank account for a child at any age, so long as you act as the official custodian with signing authority.
Here are the accounts we recommend opening for children in Canada by age group:
| Account/product type | Age range | Example account | Notes |
|---|---|---|---|
| RESP (Registered Education Savings Plan) | 0 - 5 | Questrade RESP | Save for education as soon as possible |
| Savings account | 0 - 5 | Tangerine Children’s Savings Account | Useful for depositing Canada Child Benefit payments and gifts for the child from family members |
| Joint chequing account | 6 - 12 | Simplii No Fee Chequing Account | Parents can help monitor spending and introduce basic financial literacy |
| Youth chequing account | 13 - 17 | CIBC Smart Start Account | Introduce teens to everyday banking and budgeting |
| TFSA | 13 - 17 | Scotiabank TFSA | Good for teens with part-time jobs to start saving tax-free |
| Joint credit card | 13 - 17 | Tangerine Money-Back Credit Card | Start building credit responsibly under parental supervision |
What to look for in a kids bank account
When considering what kids bank account to open, it may be easiest just to stay at the bank you use for your own products.
That's fine to do, but it's also a good idea to make sure there aren't even better options somewhere else. You likely didn't choose your bank with a youth bank account in mind, after all.
There are really five main things to look for:
- No monthly or annual fee
- No minimum balance
- Has a debit card for easy access
- Earns interest
- Has a decent amount of free transactions
How to open a kids bank account
To open a bank account for your child, you'll likely need a few documents and pieces of information on hand:
- Your child's SIN
- Your own SIN
- Your child's photo ID (or birth certificate)
- Proof of address
- Your own photo ID
If they're young enough, their birth certificate will likely be fine instead of photo ID.
When you've gathered all these documents/items and are ready to open the account, simply call the bank you're interested in or visit the physical branch. With online bank accounts, like Mydoh, you'll be required to open the account fully online.
FAQ
What's a kids bank account?
A kids bank account is a chequing or savings account tailored specifically for kids under 18 (or sometimes under 24). These accounts often offer a free place to store your child's allowance and teach them about spending and saving.
What's the best kids bank account in Canada?
The overall best bank account for kids in Canada is the CIBC Smart Start Account, but there are many other top choices. The best savings account for kids is the Tangerine Children’s Savings Account, which offers 0.4% interest.
Can a 12-year-old have a bank account in Canada?
Yes, there are some bank accounts in Canada that children under the age of 13 can use. However, 12-year-olds are typically required to have an adult open the account with them and be a co-holder.
Which bank has the best kids' bank account?
CIBC has the best kids' bank account. The CIBC Smart Start Account is the top option for kids in Canada, offering a free SPC+ membership, a 12-month Skip+ free trial, and other valuable perks for ages 14 to 24.
What’s the best bank account for teens?
The CIBC Smart Start Account and the Neo Youth High-Interest Savings Account are the best teen accounts. The CIBC account comes with a free SPC+ membership, while the Neo account offers cashback and a high interest rate.
Are children's bank accounts taxable?
Interest earned in a child’s bank account is taxable. If the money came from a parent, the parent should report the interest. If the child earned it themselves (from a part-time job, for instance), then the child reports it.
What is a good children’s bank account with debit card?
The RBC Leo's Young Savers Account offers a debit card for kids over 13, if requested. Mydoh gives kids under 13 a prepaid debit card for purchases and withdrawals, managed and overseen by the parents.
What’s the best bank account for students?
We like the CIBC Smart for Students account, with its savings features, gas savings, and other excellent perks. The TD Student Chequing Account is another top choice, thanks to its pre-authorized parent transfers and extra Starbucks Stars.
How old do you have to be to open a bank account without a guardian?
Typically, you have to be the age of majority in your province before you can open an account without a guardian, and you'll need to visit a bank branch. BMO lowers this age to 13 (14 in Quebec).
What is the best way to invest for my child's future?
Simply opening a savings account is a good place to start. Even making consistent, small deposits over months and years will help. You can also open an RESP and take advantage of Canada Education Savings Grants
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