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.
With no monthly fee and unlimited debit transactions, the RBC Leo's Young Savers Account offers your child a savings account with chequing account-like features, which is essentially the best of both worlds. And while your child won't get rich on the interest earned here, there's plenty of opportunity for them to learn about saving money.
RBC Leo's Young Savers Account features
We've compiled all of RBC Leo's Young Savers Account features into this one table so you can see it all at a glance:
Why You Want It
$0 monthly fee + Unlimited debit transactions and e-Transfers.
Special Features
- Free debit transactions across Canada
- Optional self-imposed transaction limits
- Cash welcome bonus
Provinces
ALL
Interest Rates
Any balance
0.01%
Features
# Of Free Transactions
See Issuer for Details
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
$25
Promo End Date
October 31, 2025
RBC Leo's Young Savers Account product rating: 3.0 stars
It's tough to find a decent no-fee savings account for adults that offers free and unlimited transactions, which makes the RBC Leo's Young Savers Account all the more impressive. While the interest rate could certainly be bumped up a few notches, this is an excellent account to open for your kids and begin teaching them the fundamentals of saving.
Hopefully, they won't need to use an ATM. And hopefully, if they do need one, they're near an RBC machine. Otherwise, they'll learn the fundamentals of annoying fees and account dings.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC Leo's Young Savers Account
These are the details that make the RBC Leo's Young Savers Account especially attractive:
Pros
No monthly fees
People want to avoid paying monthly bank fees, especially kids, and RBC knows this. And considering that it's likely parents or caregivers opening and managing the account, the absence of a monthly fee makes the RBC Leo's Young Savers Account all the more attractive.
Free debit transactions and Interac e-Transfers
With unlimited free debit transactions and Interac e-Transfers, you'd be forgiven if you first assumed this is a chequing account. But RBC does classify it as a savings account and offers an impressive level of flexibility for the young account holder. Also, it's important to note that these debit transactions are for use in Canada only.
Automated payments for parents
Provided they have their own RBC account, parents can easily set up automatic transfers to this account, making allowance day much easier. These transfers are free too, which gives you the freedom to dole out allowance as frequently as you like.
Access to the Mydoh app
While you don't require a RBC Leo's Young Savers Account to access it, this account works well in tandem with Mydoh, another product from RBC. Mydoh is a money management app designed for kids, complete with a savings goal tool and a prepaid Visa.
The cons of RBC Leo's Young Savers Account
On the other hand, here are a few examples of where the RBC Leo's Young Savers Account could improve:
Cons
Initial setup requires an appointment
To open a RBC Leo's Young Savers Account, you need to book an appointment to speak with an RBC representative either in person, over the phone, or via video call. And if you don't already have an RBC account yourself, you'll need to make a phone call that will likely be followed by several other steps.
Low interest rate
Yes, this is a savings account and yes, it does earn interest, but the rate is a mere 0.01%. While we wouldn't expect a kids' account to offer exceptional interest, the current rate is still disappointingly low.
No ATM freebies
Kids aren't exactly known to be detailed planners, but the RBC Leo's Young Savers Account doesn't offer free ATM transactions. Account holders looking for cash in a pinch will pay anywhere from $2 to $5 (depending on whether or not they're in Canada) to use unaffiliated ATMs.
RBC Leo's Young Savers Account alternatives
Here's a side-by-side comparison of the RBC Leo's Young Savers Account and a few similar accounts for kids in Canada:
 |  | |  | |
|---|---|---|---|---|
| Account | Tangerine Children’s Savings Account | Scotiabank MomentumPLUS Savings Account | Scotiabank Money Master Savings Account | EQ Bank US Dollar Account |
| Genius Rating | ||||
| Why You Want It | Earn 0.4% interest + Your child gets their own client number and login. | Get up to 4.95%* interest on your money + No monthly fees. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn 2.75% interest + Send international money transfers using Wise. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 0 | 0 | 0 | 0 |
| # Of Free Interac E-Transfers | N/A | 0 | 0 | 0 |
| Max Promotion Rate | N/A | 4.95% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | See Issuer for Details | N/A | N/A |
| Open an account See more Tangerine products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more EQ Bank products Compare |
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FAQ
Is there a monthly fee for RBC Leo's Young Savers Account?
No, the RBC Leo's Young Savers Account doesn't charge any monthly fees. Account holders can make free and unlimited debit transactions, and sending and receiving Interac e-Transfers is free too. But there are fees for unaffiliated ATM use.
How can I open a RBC Leo's Young Savers Account?
If you're an adult with your own RBC account, you can book an appointment either at a branch, over the phone, or by video conference. During that appointment, you'll be able to open a RBC Leo's Young Savers Account.
What is the interest rate for the RBC Leo's Young Savers Account?
The RBC Leo's Young Savers Account currently earns 0.01% interest, which isn't much at all. While this low rate is typical for a big bank, there are children's accounts from other institutions that offer higher interest rates.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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