The best kids' bank account in Canada is the CIBC Smart Start Account. It provides a free SPC+ membership, has a debit card with no transaction limits, and allows users to maintain the account until age 25.
It's never too early to introduce your children to money management and banking concepts. An account in their name provides a safe place to store money while teaching them to manage their allowance, earn interest, create budgets, and build toward their savings goals.
The article below offers reviews of the best bank accounts for kids in Canada, tips on what to look for when choosing accounts for your young ones, an explanation of how to open one, and more.
Key Takeaways
- The overall best bank account for kids is the CIBC Smart Start account.
- Kids can get both chequing and savings accounts, though interest rates are typically low for savings.
- Parents are usually required to be co-owners prior to age of 13.
- The best kids accounts have no monthly fees, provide a debit card, include free and unlimited transactions, and don't require a minimum balance.
The best kids bank account in Canada for December 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 requires 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:
| Category | Monthly fee | Special details | Learn more |
|---|---|---|---|
| Best overall: CIBC Smart Start Account | * $0.00 | * Free SPC+ and 12-month Skip+ membership * Save up to 10 cents per litre on gas * Valid for account holders under age 25 | Learn more |
| Best digital: Mydoh | * $0 | * Comes with a prepaid, reloadable Visa * App keeps track of kids' tasks and chores * Free for the family (up to 7 users) | Learn more |
| Best for rewards: Scotiabank Preferred Package for Students and Youth | * $0.00 | * Earn Scene+ points * One free unaffiliated ATM use per month * Special features for older teens and students | Learn more |
| Best for teen savings: Neo Savings Account for Youth | * $0 | * Max 3% interest * Set personalized savings goals * Excellent mobile app | Learn more |
| Best for younger kids: RBC Leo's Young Savers Account | * $0 | * Earn 0.01% interest * Debit card access * Set your own transaction limits | Learn more |
| Best for older kids: TD Student Chequing Account | * $0.00 | * $25 welcome bonus * Earn bonus Stars at Starbucks * Free until age 23 or post-secondary graduation | Learn more |
Best overall kids bank account: CIBC Smart Start Account
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
The CIBC Smart Start Account is a unique, reimagined account that can be opened by parents of children under 14. One of its biggest selling points is that users can maintain the account until they reach age 25, at which point it automatically transfers to a CIBC Smart Account. Many other kids' bank accounts auto-transfer at age 18.
Parents and kids alike will appreciate the free recurring deposits for allowances and easy access through the CIBC mobile app. When the account holder becomes a teen and then a young adult, they get a free SPC+ membership, gas savings, and free trading with CIBC Investor's Edge will be especially valuable. And there are never any monthly fees.
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Best digital kids bank account: Mydoh
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
Mydoh is an RBC product that combines saving, spending, allowance tracking, and more. A parent must set up accounts, but kids can view their savings, make payments with the linked Visa debit card, and learn financial literacy via trivia challenges, blog posts, and tools.
This free digital service can include up to two parents and five kids under the same account. The Mydoh Smart Cash Card (a prepaid, reloadable Visa card) can be used to make purchases online and/or in person, and parents can monitor all spending activity.
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Best kids bank account for earning rewards: Scotiabank Preferred Package for Students and Youth
The Scotiabank Preferred Package for Students and Youth is one of the best chequing accounts for youth and students in Canada. Get unlimited transactions, earn Scene+ points on debit purchases, all while paying no monthly fee.
- Unlimited transactions
- Earn rewards on debit purchases
- No monthly fee
- Get $125 with a new account
- Only for youth and students
- Age of majority
- Enrolled in a post secondary institute in the US or Canada
$50 GeniusCash + Get up to a $125* welcome bonus + Earn Scene+ points on all debit purchases.- No monthly fee.
- Earn Scene+ points on debit transactions
$50 GeniusCash + Get up to a $125* welcome bonus + Earn Scene+ points on all debit purchases.With the opportunity to earn Scene+ points, the Scotiabank Preferred Package for Students and Youth can also give your child a head start on earning rewards points. They earn points each time they use the account's linked debit card and can learn the value of this popular Canadian rewards program as they go.
This account is open to youth of all ages, but offers bonus features for ages 16+ and students. This includes free trades via Scotia iTRADE and a first-year fee waiver for eligible Scotiabank credit cards. Plus, all ages are offered bonus interest on a Scotiabank MomentumPLUS Savings Account and no monthly fee for a Scotiabank U.S. Dollar Daily Interest Account.
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Best kids bank account for teen savings: Neo Savings Account for Youth
- Highest interest rate in Canada for youth
- No monthly fee
- Valuable budgeting and savings tools
- No debit card
- No branch access
- Be a Canadian resident
- Have a Canadian SIN
- Age 13+ (14+in Quebec)
- Highest interest rate available for kids/youth
- Personalized savings goals with names and icons
The Neo Savings Account for Youth is technically just the Neo Savings Account but marketed for kids 13 (14 in Quebec) and up. It offers an incredible interest rate of up to 3%, and users can open multiple savings accounts via Neo’s highly-rated app.
While it doesn't provide a debit card, Neo Savings Account for Youth holders can also open a Neo Everyday Account, which offers the option of having a JA Money card. This is a prepaid Mastercard that earns cash back on spending and can even be used to withdraw cash from ATMs. Having this hybrid account also makes it easy for teens to transfer money into their Neo savings account
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Best kids bank account for younger kids: RBC Leo's Young Savers Account
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
Unlike other options, the RBC Leo's Young Savers Account is specifically for kids ages 0 to 12. This would mean the account's features are pretty basic, but there are still quite a few benefits: an accompanying debit card, free Interac e-Transfers, and even the ability to set your own transaction limits. There's also a nice little welcome bonus to help get your child's savings started.
Since it's from a big bank, this kids' account is a good choice if you want to teach your young ones the ins and outs of banking at a branch, with an ATM, online – all of it. Plus, RBC backs Mydoh. Combining these products is a valuable and convenient way to get your kids started on their financial journey.
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Best kids bank account for older kids and students: TD Student Chequing Account
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
Technically, our top choice for a student account is an RBC account, but the TD Student Chequing Account is an excellent option for an account that will grow with your kid as they age. It's available to all children and youth under 23. And even then, once they hit age 23, they can keep it going with proof of full-time enrollment in a post-secondary school.
Equipped with a debit card and completely free transactions, this account makes it easy to store money when they're young and seamlessly allows more freedom as they grow older.
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What to look for in a kids bank account
When considering which kids' bank account to open, it is often easiest to stick with the bank you use for your own products.
Still, it's a good idea to make sure there aren't better options elsewhere. 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 when comparing kids' accounts:
- No monthly or annual fee
- No minimum balance
- Includes a debit card
- Earns interest
- High transaction limit – preferably none at all
Reasons to open a kids' bank account
If you're like most parents, you've set up an allowance system for your child. It’s not just a way to get them to wash the dishes or pick up their toys – it's 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 these life lessons? There are a few reasons:
- Understanding financial products: Opening an account introduces kids to how different banking products work, from the various account types available to how to make deposits and withdrawals.
- Develop good savings habits: They're more likely to build disciplined savings habits when they have a designated place to put their money. Watching how interest earnings help their balance grow can be quite motivating.
- Security and responsibility: A bank account teaches kids that money needs to be kept safe and managed responsibly, moving them beyond keeping cash in a piggy bank.
- Promotes independence: Starting early means teens understand banking basics, which makes the transition to college and/or independent life much smoother.
- Builds credit history: For older teens, certain accounts can help establish a banking relationship that becomes valuable when they eventually need to open credit cards, apply for loans, rent a living space, etc.
Your child's 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 | RBC Leo's Young Savers 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 |
| Student credit card | 18 - 19 | CIBC Aventura Student Visa | Start building credit responsibly under parental supervision |
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 a photo ID.
When you've gathered all the documents and are ready to open the account, simply call the bank you're interested in or visit its physical branch. With online bank accounts, like Mydoh, you'll be required to open the account entirely online.
FAQ
What is the best bank account for a child?
The best bank account for a child is the CIBC Smart Start Account. It offers unlimited free transactions, a cash welcome bonus, a free SPC+ membership, gas savings with Journie Rewards, and more, all for no annual fee.
Does the best bank account for kids have a high interest rate?
The best account, the CIBC Smart Start Account, doesn't earn interest. The RBC Leo's Young Savers Account, which is best for kids, offers a 0.01% rate, while the Neo Savings Account for Youth for teens earns up to 3%.
Which bank offers the best kids' account?
CIBC offers the best kids' account, the CIBC Smart Start Account. It's also the bank with the best account for seniors, the CIBC Smart Account, as well as an excellent tiered savings account, the CIBC eAdvantage Savings Account.
At what age can a child open a bank account in Canada?
Parents and legal guardians can open bank accounts for or with their children at any time. To open their own account, the applicant must be the age of majority in their home province or territory.
What are the best kids' savings accounts?
The RBC Leo's Young Savers Account is the best savings account for young children, offering 0.01% interest and many valuable features. The Neo Savings Account for Youth, with its max 3% rate, is the best option for teens.
Is the TD Canada Youth Account good?
The only account TD offers for youth is the TD Student Chequing Account, and yes, it's an excellent choice, especially for students. Users have unlimited debit and Interac e-Transfer transactions, earn bonus Starbucks Stars, and more.
Is RBC or CIBC better for students?
CIBC's student account, the CIBC Smart for Students, is a bit better than the RBC Advantage Banking for students. Plus, the best student credit card comes from CIBC: the CIBC Aventura Visa Card for Students.
What is the RBC kids' savings account?
The RBC Leo's Young Savers Account is a savings account for kids. Technically, it's a hybrid account as it earns interest (an unexceptional 0.01%) but also has an accompanying debit card and unlimited transactions.
Which kids' debit card has no monthly fee?
The majority of kids' accounts – including teen and student accounts – don't charge monthly fees. Unlike credit cards, which incur annual and other fees, debit cards incur only overage fees, and most kids' accounts have unlimited transactions.
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