The Tangerine Children’s Savings Account is Canada's best overall child’s savings account, largely thanks to its competitive 0.4% interest rate and kid-friendly accessibility. It also doesn't charge monthly fees, allowing your child to save their allowance for something a little more exciting than banking.
Child’s savings accounts are an excellent way to begin teaching your kids about the foundations of personal finance. Some worthwhile features to look for are ease of use, low or no fees, and competitive interest rates – aka, many of the features you'd look for in your own ideal savings account.
This guide explains the benefits of children’s savings accounts and summarizes the best options available in Canada.
Key Takeaways
- The Tangerine Children's Savings Account is the best savings account specifically designed for children.
- A few things to consider when looking at kids' savings accounts are the interest rate, monthly fee, and access to online banking.
- A child's savings account typically auto converts to a general savings account once they reach age 18.
- A child's savings account can help them save for a goal while also teaching them the basics of personal finance, banking, budgeting, and more
- The best child's bank account in Canada for January 2026
- What is a kids' savings account?
- What are the best features of children’s savings accounts?
- Why you should consider opening a savings account for your child
- How to introduce kids to money and set them up for financial success
- How to save for your child’s future
- FAQ
The best child's bank account in Canada for January 2026
| Category | Age limits | Details | Apply here |
|---|---|---|---|
| Best for earning interest: Tangerine Children’s Savings Account | 11 and under | * 0.4% interest* No minimum balance required * No fees or service charges * Your child can view their transactions online and check their balance | Apply here |
| Best learning opportunities: Mydoh | 6 to 17 | * No monthly fee * Create savings goals * Articles, tools, newsletter, and more to help kids learn about personal finance | Apply here |
| Best account from a big bank: Scotiabank Preferred Package for Students and Youth | 18 and under | * Free unlimited debit transactions and Interac e-Transfers * No monthly fee or minimum balance * Earns Scene+ points * $175 welcome bonus | Apply here |
| Best for young children: RBC Leo's Young Savers Account | 12 and under | * 0.01% interest * Free unlimited debit transactions and Interac e-Transfers * No monthly fee or minimum balance * $25 welcome bonus | Apply here |
| Best credit union account: Meridian Youth Savings Account | 17 and under | * 0.05% interest rate * No monthly fee or minimum balance * Free unlimited debit transactions * Free access to THE EXCHANGE Network of ATMs | Apply here |
| Best hybrid account: EQ Bank Personal Account | 18 and up – therefore, may require an adult as a joint account holder | * 2.75% interest rate * No monthly fee or minimum balance * Free unlimited transactions and Interac e-Transfers * All Canadian ATM fees are reimbursed | Apply here |
| Best teen savings account: Neo Savings Account for Youth | Age of majority in home province – therefore, may require an adult as a joint account holder | * 3% interest rate * $$0, no minimum balance * Budgeting and savings goal features * Easy transfers to other Neo accounts | Apply here |
| Best account from an Indigenous-led bank: First Nations Bank of Canada Youth Savings Account | 18 and under | * 0.05% interest * No monthly fee or minimum balance * Free unlimited transactions and five free Interac e-Transfers * Supports an Indigenous-owned and operated institution | Apply here |
Note: Savings account rates are subject to change without notice. Check the bank website for the most up-to-date information.
Best dedicated savings account for earning interest: Tangerine Children’s Savings Account
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)
The Tangerine Children’s Savings Account offers competitive interest rates with no fees or minimum balance requirements, making it entirely free for young savers. Kids can watch their savings grow through daily interest calculations, making savings an engaging learning experience.
Interest rate: 0.4% on all balances
Why we think it's great for kids:
- They don't have to worry about any monthly fees or service charges
- With no debit card and no ability to send Interac e-Transfers, this account is purely for savings
- Offers the highest interest rate for young children
- Ability to create personalized savings goals and auto-transfer funds
- Backed by a big bank (Scotiabank)
This account might not be for your kids if:
- Savings isn’t the primary reason for opening the account
- They want a debit card for regular transactions
- They want a higher interest rate
- You're not a Tangerine client
Best learning opportunities: 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
For the parents and kids who appreciate learning (especially through entertainment), Mydoh provides easy-to-understand blog posts, calculators, tools, and other interactive content. Plus, the account acts as a chore and allowance manager for the whole family.
Interest rate: 0%
Why we think it's great for kids:
- The whole family can manage finances together
- Offers convenient and easy ways to track chores and responsibilities
- Reliability of being backed by a big bank (RBC)
This account might not be for your kids if:
- Saving interest is important to you and your child
- Your child doesn't have, or you don't want them to use, a mobile device
Best account from a big bank: 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 $175 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.The Scotiabank Preferred Package for Students and Youth is available for kids of all ages but offers extra perks for older youth and students, including free trades via Scotia iTRADE and eligibility for overdraft protection. Luckily, the excellent $175 welcome bonus is for everyone.
Interest rate: N/A
Why we think it's great for kids:
- They get unlimited debit transactions and Interac e-Transfers
- Scene+ points are valuable for teens and students
- Has the convenience and security of a big bank
This account might not be for your kids if:
- They want to save and earn interest
- They're under age 16 but want the same perks as older users
Best for young children: 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
RBC Leo's Young Savers Account offers an easy banking experience for ages 0 to 12 with a decent welcome bonus and no monthly fees. Parents can easily set up automatic transfers from their RBC account, and young account holders enjoy the perk of free Interac e-Transfers.
Interest rate: 0.01%
Why we think it's great for kids:
- The nice welcome bonus helps kickstart their savings
- Automatic allowance transfers are valuable and convenient
- Easily converts to an RBC Advantage Banking for students account when they're older
This account might not be for your kids if:
- They want a high interest rate
- You don't want them to have easy access to spending money
Best credit union account: Meridian Youth Savings Account
The Meridian Youth Savings Account offers significant interest earnings and free transactions, with no monthly fees. Additionally, it provides free access to THE EXCHANGE Network of ATMs and supports community-focused businesses.
Interest rate: 0.05%
Why we think it's great for kids:
- They'll earn a competitive 0.05% interest rate
- No monthly fees involved
- They'll learn of and experience the benefits and value of supporting local credit unions
This account might not be for your kids if:
- They live outside of Ontario
- They want free Interac e-Transfers
Best hybrid account: EQ Bank Personal Account
If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
- High daily interest rate
- Easy access to all other EQ Bank products
- Less expensive international money transfers
- Zero everyday banking fees
- Free Interac e-Transfers, electronic funds transfers, and bill payments
- No minimum balance
- No welcome bonus
- Age of majority
- Canadian citizen
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
You'll probably have to open this as a joint account, but the EQ Bank Personal Account offers all the conveniences of a chequing account, along with interest earnings like a savings account. Kids will save on ATM fees too, thanks to EQ Bank's convenient fee reimbursements.
Interest rate: 2.75%
Why we think it's great for kids:
- They'll earn a high 2.75% interest rate
- All Canadian ATM fees are reimbursed
- Comes with a prepaid Mastercard that earns cash back
This account might not be for your kids if:
- You don't want to be a joint account holder
- You're concerned about them having a prepaid credit card
Best teen savings account: 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
If you or your teen wants a high-interest account for dedicated spending, the Neo Savings Account for Youth is designed with them in mind. The personalized budgeting and savings tools available through Neo's highly-rated app make it even easier to reach their savings goals.
Interest rate: 3%
Why we think it's great for kids:
- Earns a very high 3% interest rate
- Can request a prepaid Mastercard that earns cash back
- Offers a completely online experience
- Provides valuable and convenient budget and financial management tools
This account might not be for your kids if:
- They want to be able to visit a bank branch
- You don't want to be a joint account holder
Best account from an Indigenous-led bank: First Nations Bank of Canada Youth Savings Account
The First Nations Bank of Canada Youth Savings Account offers no monthly fees or minimum balance requirements, alongside free unlimited transactions. With a notable presence in territories and northern Quebec, it provides accessible, comprehensive banking services tailored to Indigenous youth.
Interest rate: 0.05%
Why we think it's great for kids:
- They get unlimited transactions for no monthly fee
- Five monthly Interac e-Transfers are included
- Convenient access for those living in the territories and northern parts of Quebec
This account might not be for your kids if:
- They want a high interest rate
- They make lots of Interac e-Transfers
What is a kids' savings account?
A kids' savings account is a bank account tailored for individuals under 18 to deposit and store their money. Ideally, it offers interest, allowing their savings to increase over time. This type of account offers children a practical means to grasp personal finance concepts firsthand.
These are the features typically associated with a kids' savings account:
- No monthly fees
- No minimum balance requirements
- Access to online banking
- Some debit transactions included
- Some Interac e-transfers included
- Some level of interest rate
- Easy rollover into a student or regular savings account
Types of kids bank accounts
| Account type | Purpose | Controlled by | Deposits made by | Example account |
|---|---|---|---|---|
| Custodial account | Holding gifted funds until the child can use it | Parent/guardian (until the child reaches the age of majority) | * Parent/guardian * Family members * Friends | EQ Bank Personal Account |
| Joint account | Provide kids with control of and easy access to their money | Parent/guardian and child | * Parent/guardian * Child | Scotiabank Preferred Package for Students and Youth |
| Educational account | Saving for post-secondary education | Parent/guardian | * Parent/guardian | BMO RESP |
Do children’s savings accounts have fees?
No, children's savings accounts, like most savings accounts, don't usually charge monthly fees.
However, there may be other service charges to consider, including these bank fees:
- Statement fees
- Transaction fees
- ATM fees
- NSF fees
- Overdraft fees
- Interac e-Transfer fees
- Lost card fees
What happens to a child’s savings account when they turn 18?
Once your child turns 18, most of the big banks will automatically convert a child's savings account into one of their basic savings accounts for adults.
Depending on your child's plans and ambitions, it can be wise to request that a child's account be converted to a student bank account once they enter post-secondary education.
What are the best features of children’s savings accounts?
The best features of a child's savings account are the same as the best features of typical savings accounts – namely, the interest rates.
These are some of the best features and most important details to consider when choosing a child's savings account:
- High interest rates
- No monthly fees
- Unlimited or high transaction limit
- No minimum balance requirements
- Debit card access
- Access to online banking
- Easy to use, highly-rated mobile banking app
Why you should consider opening a savings account for your child
First and foremost, you should consider opening a savings account for your child because it provides them with a hands-on approach to learning financial literacy. Here’s the nitty-gritty of it:
- They can watch their money grow over time with compounding interest
- When they want to buy something, they can use their own money
- It’s a vehicle to reach their financial goals
- It teaches them delayed gratification
- It teaches them the habit of budgeting
How to open a child savings account
You and your child can open a savings account in one of several ways:
- Make an appointment with the financial institution, either virtually, via telephone, or in person. Depending on the account, the application may also be available online
- Fill out the online application
- Visit the bank and fill out the required paperwork with the help of a representative
Required documents to open a child's bank account
- Your child's Social Insurance Number (SIN)
- Your own SIN
- Your child's government-issued IDs (eg. passport, birth certificate, driver's license)
- Your own government-issued photo ID
- Proof of address
How to introduce kids to money and set them up for financial success
It's important to teach your kids about money to support their future financial success. Here are some tips to keep in mind:
- Provide a good example: This means not exemplifying poor spending habits, such as complaining about your finances in front of the kids and impulse purchasing. Instead, show them how to be content with what they have while still saving for future goals.
- Take them with you on bank visits: Show them where the bank is, discuss how teller services are different from using an ATM, and explain the reason(s) why you're there.
- Provide incentives: This can take the form of an allowance or compensation for chores. Explain that they're earning money for doing something. Depending on their age, encouraging them to get a summer job can also be a great way to introduce your child to financial responsibility.
- Introduce them to investing: Explain the concept of risk vs. reward, show them your own investment strategy and activities, and take time to explain compound interest. You might even encourage them to invest some of their own earnings.
- Explain what taxes are: Have a conversation about the different types of taxes we pay, why we pay them, and where exactly that money goes.
- Teach them how to budget: Show your child budget plans and explain why it's important to know what your expenses are so you can prepare accordingly.
- Help them set up an education fund: Explain the value of education, but be sure to point out how expensive it is. You should also explain how student loans work.
- Introduce them to credit: Discuss how credit works in Canada and show them your own credit card as an example. Consider adding them to your account and giving them a supplemental credit card as a form of hands-on learning.
- Encourage charitable donations: Lead by example and show them how and why it's important to give back when possible.
How to save for your child’s future
Children's savings accounts aren't the only option to help your child save, especially if they don't seem interested in post-secondary education. The table below outlines a few other options:
| Savings method | Details |
|---|---|
| RESP | * Can hold a variety of investment options * Federal and provincial benefit programs are available to supplement savings for qualifying individuals * Lifetime contribution limits for beneficiaries apply |
| TFSA | * Can hold a variety of investment options * No taxes placed on withdrawals * Annual and lifetime contribution limits apply |
| HISA | * Provides an especially high interest rate * No contribution limits * Convenient backup method when RESP and/or TFSA limits are maxed |
| Life insurance | * Can provide financial benefits as well as peace of mind * Tax-free savings that also benefit from compound interest * Beneficiary can receive cash payout of annual dividends, you can borrow on the cash value of the policy, or you can cancel the policy and withdraw its cash value |
| Other investment accounts | * Consider options like real estate, ETFs, mutual funds, RRSPs (for your child's retirement), etc. * Investments grow over time and offer flexibility as your child decides what to do with the funds later in life * You can decide if and when to hand control over to your child |
Genius tip: It's important to note that while RRSPs are commonly used to pay for education costs, they cannot be used to pay for your child's education. Funds in an RRSP can only be used to pay for the account holder's education.
$35 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.FAQ
Which is the best savings account for a child?
The Tangerine Children’s Savings Account is a dedicated savings account designed for young children and boasts a competitive interest rate of 0.4%. However, the best savings account for teens and older youth is the Neo Savings Account for Youth as it has many convenient features and an amazing 3% interest rate.
What type of savings account is best for a child?
The best type of savings account for a child will depend on their preferences, their goals, and what you want them to learn by having the account. If saving is important to them, then a savings account is best, but if you want them to save and they want to spend, a hybrid account could work well.
Can a grandparent open a savings account for a child?
Usually, a grandparent can only open a savings account for a child if they're the child's legal guardian, but some banks allow it. It varies, but banks allow kids between the ages of 12 and 16 (and up) to open their own accounts, but the presence of a parent or guardian may be required as they do so.
What is the best option to save money for a child?
If your child wants to save their own money, then a child’s savings account is the best option. If, as a parent, guardian, or relative, you want to put money aside for a child, consider what you want them to eventually do with the funds – an RESP, TFSA, HISA, or some type of investment account could work.
Are children's savings accounts different from adult accounts?
Yes, children's savings accounts differ from adult accounts. Your child's savings account likely has a lower interest rate than your own, and it doesn't include features like free cheques or a credit card fee waiver. Plus, some accounts are intended for parents to manage, such as Mydoh, while others promote independence, like the Scotiabank Preferred Package for Students and Youth.
Do online banks have the best kids' savings accounts?
Yes, there are several online banks that offer kids' savings accounts. In fact, some of the best child's savings accounts are from online banks, including theTangerine Children’s Savings Account from Tangerine and the EQ Bank Personal Account from EQ Bank. These accounts usually offer competitive interest rates with no minimum balance requirements or monthly fees.
Does the best savings account for kids have a high interest rate?
Yes, many of the best savings accounts for kids have competitive interest rates. The Tangerine Children’s Savings Account is our top recommendation for a savings-dedicated account for younger kids, and it offers a competitive 0.4% rate. Meanwhile, the Neo Savings Account for Youth earns a very high 3%.
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