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.
And although the Tangerine Children’s Savings Account lacks a few of the bonus features and perks that come with other youth accounts, it's a practical tool for teaching children the value of money and the power of compound interest over time.
Tangerine Children’s Savings Account features
Here’s a quick overview of the features you get with the Tangerine Children’s Savings Account:
Why You Want It
Earn 0.4% interest + Your child gets their own client number and login.
Special Features
- Unique client number and login
- Competitive interest rate (for youth accounts)
Eligibility
- 11 years old or younger
- Must open an adult savings account
- Canadian citizen
Provinces
ALL
Interest Rates
Any balance
0.4%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Tangerine Children’s Savings Account product rating: 4.0 stars
The Tangerine Children’s Savings Account is easy to use, offering no monthly or service fees, a unique client number and login for kids, and a 0.4% interest rate, making it an excellent tool for young savers.
However, the account doesn’t come with a welcome bonus and lacks the additional perks found in other youth accounts. It’s also limited to children under the age of 11. Despite these downsides, it's a solid choice for parents looking to instill saving habits in their children from a young age.
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 Tangerine Children’s Savings Account
Let’s take a look at these benefits and see if they outweigh the limitations we’ll discuss next.
Pros
No monthly or service fees
One of the most appealing features of the Tangerine Children’s Savings Account is its lack of monthly or service fees. This fee-free structure ensures children can watch their savings grow without paying service charges. It’s a practical, cost-effective way to introduce children to the concepts of saving and financial responsibility.
The child gets their own client number and login
Young account holders are provided with their own client number and login for the Tangerine Children’s Savings Account – empowering them to take an active role in managing their savings. This level of autonomy not only boosts their confidence in handling money, but also lays a foundational understanding of digital banking.
Earn 0.4% interest
The Tangerine Children’s Savings Account offers a 0.4% interest rate, which is competitive compared to similar products. Children can watch their savings grow at a steady pace, introducing them to the concept of compound interest in a tangible way.
The cons of Tangerine Children’s Savings Account
The Tangerine Children’s Savings Account comes with notable advantages, but it's still important to examine its shortcomings to make a well-rounded decision.
Cons
No welcome bonus
The Tangerine Children’s Savings Account doesn't offer a welcome bonus, a notable difference when compared to the RBC Leo's Young Savers Account, which entices new account holders with a $25 welcome bonus. For a child under 11, this promotional offer could really kickstart their savings.
There are other youth accounts with more perks
While the Tangerine Children’s Savings Account focuses on straightforward savings without the frills, other youth chequing accounts offer more enticing perks. For instance, the Scotiabank Preferred Package for Students and Youth allows kids to earn Scene+ points to redeem on movies, shopping, and more.
Only for children 11 years old and younger
Only children age 11 and younger are eligible for this account, excluding those 12 and above who might still benefit from a youth-focused savings account. While an age restriction isn’t uncommon, Tangerine doesn’t offer an account for teens or students under 18.
Tangerine Children’s Savings Account alternatives
Not convinced it’s the right choice? Check out some alternative youth accounts below:
 |  |  |  | |
|---|---|---|---|---|
| Account | Tangerine Children’s Savings Account | RBC Leo's Young Savers Account | Neo Savings Account for Youth | Scotiabank Preferred Package for Students and Youth |
| Genius Rating | ||||
| Why You Want It | Earn 0.4% interest + Your child gets their own client number and login. | $0 monthly fee + Unlimited debit transactions and e-Transfers. | High interest rates + Personalized savings goals via mobile app. |  $50 GeniusCash + Get up to a $125* welcome bonus + Earn Scene+ points on all debit purchases. |
| Interest Rates |
|
|
| See Issuer for Details |
| # Of Free Transactions | 0 | See Issuer for Details | N/A | |
Compare |
FAQ
What is the Tangerine Children’s Savings Account?
The Tangerine Children’s Savings Account is a no-fee savings account for children under 12. It encourages early financial literacy and savings habits with features like a unique client number and login for children.
What is the Tangerine Children’s Savings Account interest rate?
The Tangerine Children’s Savings Account offers a competitive interest rate of 0.4% to help young savers grow their funds and develop saving habits from an early age.
How do I open a Tangerine Children’s Savings Account?
The process of opening a Tangerine Children’s Savings Account involves setting up a Tangerine Savings Account if you don’t have one and then opening an Tangerine Children’s Savings Account by going to your dashboard and selecting "Open a savings account" or by calling 1-888-826-4374. You’ll be asked for your child's personal information (SIN number and ID).
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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