The Tangerine Children’s Savings Account is Canada's best overall children’s savings account thanks to its 0.4% interest rate and kid-friendly online accessibility. Plus, it has no fees so kids can save their allowance for something a little more exciting than banking.
Children’s savings accounts are an excellent way to introduce children to banking and teach them the foundations of financial success. Some worthwhile features to look for are – ease of use, low or no fees, and competitive interest rates. Aka, many of these features you'd look for in an ideal savings account.
Our guide will explain the benefits of children’s savings accounts and summarize the best options available in Canada.
Key Takeaways
- The Tangerine Children's Savings Account is the best savings account specifically designed for children.
- A savings account can help your child save for a goal, learn about banking and budgeting, and teach them about compound interest and delayed gratification.
- A few things to consider when looking at kids' savings accounts are the interest rate, monthly fee, and access to online banking.
- Most child-specific savings accounts require the parent/guardian to open the account for the child, but the account holder can be age 18 or under.
- A child's savings account typically auto converts to a general savings account once they reach age 18.
The best kids' bank account in Canada for October 2025
Here’s a comparison of the best children’s savings accounts in Canada:
| Category | Account | Details | Apply here |
|---|---|---|---|
| Best for earning interest | Tangerine Children’s Savings Account | * For ages 16 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 account from a big bank | Scotiabank Getting There Savings Program For Youth | * For ages 19 and under * 0.05% interest for balances under $500 and 0.1% interest for balances of $500 or more * Free unlimited debit transactions and Interac e-Transfers * No monthly fee or minimum balance * Earns Scene+ points | Apply here |
| Best welcome bonus | RBC Leo’s Young Savers Account | * For ages 18 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 learning opportunities | Mydoh | * For ages 6 to 17 * 0% interest * No monthly fee * Create savings goals * Articles, tools, newsletter, and more to help kids learn about personal finance | Apply here |
| Best credit union account | Meridian Youth Savings Account | * For ages 17 and under * 2.25% 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 | * For ages 18+, therefore requires an adult as a joint account holder * 3% interest rate * No monthly fee or minimum balance * Free unlimited transactions and Interac e-Transfers * All Canadian ATM fees are reimbursed | Apply here |
| Best student savings account | KOHO Earn Interest | * For ages 18+, therefore may require an adult as a joint account holder * 3.5% interest rate * Monthly fee between $0 and $19, no minimum balance * Free unlimited transactions and Interac e-Transfers * Earn up to 2% cash back on spending | Apply here |
| Best small bank option | Canadian Western Bank Youth Account | * For ages 18 and under * 0.05% interest for balances up to $500 and 0.5% interest for balances over $500 * No monthly fee * Free unlimited transactions and Interac e-Transfers * Supports a community-focused institution | Apply here |
| Best account from an Indigenous-led bank | First Nations Bank of Canada Youth Savings Account | * For ages 19 and under * 0.05% interest * No monthly fee or minimum balance * Free unlimited transactions and 5 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)
Interest rate: 0.8% 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
- It offers the highest interest rate of any child-specific, savings-dedicated account in Canada
- Ability to create personalized savings goals and auto transfer funds
- Convenient online application, tools, and services
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 are 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
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
This account might not be for your kids if:
- Saving interest is important to you and your child
- Your child doesn't have/you don't want them to use a mobile device
Best account from a big bank: Scotiabank Getting There Savings Program For Youth
The Scotiabank Ultimate Package is the chequing account that offers everything. From unlimited transactions, credit card fee waivers, a free safe deposit, rewards on debit purchases, increased interest rates on GICs and savings accounts, and more, this account includes everything you might need from a chequing account.
- Get a $100 GeniusCash boost
- Get up to $700 in welcome bonus cash
- Unlimited transactions
- Plenty of physical bank locations
- Save money on premium credit cards
- Exclusive rates and fee rebates for other accounts
- Earn rewards
- Minimum balance to waive fee
- High monthly fee
- Minimum balance is a wasted investment opportunity
- You may still be charged for non-Scotiabank ATM withdrawals
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.- Earn Scene+ points on debit transactions
- No monthly overdraft protection fee
- Unlimited free Scotia International Money Transfers
- Up to $150 annual fee waiver each year on select credit cards
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Interest rate: 0.05% interest for balances under $500 and 0.1% interest for balances of $500 or more
Why we think it's great for kids:
- Unlimited debit transactions and Interac e-Transfers
- Earns Scene+ points
- Pairs well with your own Scotiabank products and services
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 welcome bonus: RBC Leo's Young Savers Account
RBC Leo's Young Savers Account offers an easy banking experience for young savers 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 welcome bonus is an excellent addition to help kickstart your child's savings
- Automatic allowance transfers are valuable and convenient
- Easily converts to an Advantage Banking for Students account
This account might not be for your kids if:
- They want a high interest rate
- You don't want them to have easy access for 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: 2.25%
Why we think it's great for kids:
- They'll earn a very high 2.25% interest rate
- No monthly fees involved
- Easy access to their funds via ATMs and online banking
- 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 to be able to visit branch locations instead of using ATMs
- They want free Interac e-Transfers
$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 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
Interest rate: 3%
Why we think it's great for kids:
- They'll earn a very high 3% 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
- They live in Quebec or the territories
Best student savings account: KOHO Earn Interest
Want a savings account that consistently has one of the best rates in Canada? You'll want to check out KOHO Earn Interest With The KOHO Prepaid Mastercard, which gets you up to 3.5% interest, depending on your subscription level.
- No transaction fees
- Earn 3.5% interest on every dollar
- Comes with a free cash back prepaid Mastercard
- Supports major digital wallets
- Free app for tracking spending and setting savings goals
- Automate your savings with RoundUps
- Monthly fees
- You must meet your province's age of majority
- Comes with a KOHO Prepaid Mastercard which you can upgrade for even more perks
- Earn up to 6.5% cash back on your spending
- Free app for setting saving goals and tracking spending
- Savings paid on a monthly basis
- KOHO International Money Transfer allows you to send money abroad to people in over 190 countries, right from your KOHO balance
Interest rate: 3.5%
Why we think it's great for kids:
- Offers a completely online experience
- Earns a very high 3.5% interest rate
- Comes with a prepaid Mastercard that earns significant cash back
- RoundUps feature helps them save as they spend
- 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 small bank option: Canadian Western Bank Youth Account
Are you looking for a quality youth account to help your children learn how to save? And do you want them to keep as much of their cash as possible without getting nickel and dimed? Do you also live in B.C. or Alberta? If so, you should take a look at the Canadian Western Bank Youth Account.
- No monthly fee
- Unlimited transactions
- Free Interac e-Transfers
- The account earns much more interest than similar youth accounts
- Very few physical locations
- Low upper age limit
- Pricey cost of using non-EXCHANGE Network ATMs
- No additional perks
- Aged 18 and under
- Canadian resident
Interest rate: 0.05% interest for balances up to $500 and 0.5% interest for balances over $500
Why we think it's great for kids:
- No monthly fee, plus unlimited transactions and Interac e-Transfers
- Offers higher interest than most youth accounts from non-online banks
- They're supporting Canadian Western Bank which is a smaller, local institution
This account might not be for your kids if:
- They want a high interest rate
- They want the features and services offered by bigger banks
- They live in Quebec
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 higher age eligibility compared to most youth accounts and a notable presence in territories and northern Quebec, it provides accessible and comprehensive banking services tailored for Indigenous youth.
Interest rate: 0.05%
Why we think it's great for kids:
- No monthly fee for unlimited transactions
- Convenient access for those living in the territories and northern parts of Quebec
- Supports an Indigenous-owned and operated institution
This account might not be for your kids if:
- They want a high interest rate
- They live in Eastern Canada
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 like 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 goals in the future.
- 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 look like 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 and show them your own investment strategy and activities, also taking 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.
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 Getting There Savings Program For Youth |
| Educational account | Saving for post-secondary education | Parent/guardian | * Parent/guardian | BMO RESP |
What are the best features of children’s savings accounts?
- High interest rate
- No monthly fee
- Plenty of transactions included
- No minimum balance requirements
- Comes with a debit card
- Access to online banking
- Access to a 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 kids' 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
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.
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.
FAQ
What is the best children’s savings account in Canada?
The best children's savings account that's designed specifically for savings and offers a decent interest rate is the Tangerine Children's Savings Account. The best kids' savings account from a big bank is the Scotiabank Getting There Savings Program For Youth.
What is the Tangerine Children’s Savings Account interest rate?
The current interest rate offer for the Tangerine Children’s Savings Account is 0.8%. It also has no monthly fee or minimum balance required, and gives children the opportunity to have their own login information.
Can I open a savings account for my grandchildren?
Generally, a parent or guardian must be present to open a savings account for their child, but you can help with contributions. Alternatively, you can help your grandchild by contributing to a RESP, TFSA, or another type of investment account.
Should I use a children's savings account to save for college?
While it’s possible you could use a children’s savings account to save for their post-secondary education, you would be better off using a TFSA or an RESP, where you can make contributions and receive government grants.
Do I have to pay taxes on the interest my child’s savings account earns?
Monetary gifts count towards your income, and if you jointly hold an account with your child, the income counts as yours. You should check the CRA's attribution rules to ensure you and your child file your taxes correctly.
How do I choose a savings account for my child?
When choosing a child’s savings account, consider how high the interest rate is, whether or not there's a monthly fee, and how many monthly transactions are included.
What's the minimum age to open a bank account in Canada?
Most bank accounts require the holder to be the age of majority in their province or territory. For children's accounts, the parent/guardian is responsible for opening the account for their child so the child can be any age.
Is it worth opening a savings account for a child?
It can certainly be a worthwhile investment to open a savings account for a child, especially if you want to teach them the value of saving money. A kids' savings account are a good first step to help them learn financial responsibility.
At what age should a child have a savings account?
Research suggests that age 9 is a good age for your child to have their first savings account, but this certainly isn't a rule. You should start exposing your child to financial lessons early, but each child is different.
What happens to a child’s savings account when they turn 18?
Most children's savings accounts will automatically convert to a general savings account once the child/account holder reaches age 18. Approach your bank before this milestone if you or your child prefer a different outcome.
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