The best Canadian bank accounts for kids (2026 ranking)

When to open a kid’s bank account

The right time isn’t a fixed age — it’s when your kid’s Save jar starts holding more than $50-$100. At that point, the cash gets harder to track, kids start wanting to count it more often than is realistic, and the jar becomes a security risk if a sibling can reach it.

For most families, that’s somewhere between age 8 and age 11. Younger than that, stick with the three-jar system. Older than 13, your kid is probably ready for a debit card too.

The features that actually matter

Most Canadian banks now offer “kids savings accounts.” The marketing makes them sound similar. The actual features vary a lot. Look for:

• No monthly fees. Non-negotiable. There is no reason to pay a fee on a child’s savings account in 2026.
• No minimum balance. Your kid will have $7 in there sometimes. The bank shouldn’t penalize that.
• Interest above 1.5%. Below that, the “savings” part is theatre. Tangerine, EQ Bank, and Wealthsimple Cash all do better than the Big Five on this.
• Free debit card (eventually). Most kids accounts don’t include a card until 11 or 12. That’s fine. But check the upgrade path.
• Mobile app the kid can actually see. Some banks hide kid balances inside the parent’s app. Worse for learning. You want the kid to be able to see their balance.

The 2026 ranking

1. Tangerine Children’s Savings Account

Our top pick for most families. No fees, no minimum, currently 2.50% interest (vs. 0.05% at most Big Five). The Tangerine app is genuinely good for showing balance and adding money. The catch: you have to be a Tangerine customer to open one for your kid, so you’ll need to open your own account first.

Best for: parents who don’t mind opening a Tangerine account themselves, and want the highest interest with zero fees.

2. Scotiabank Getting There Savings Program

Best Big Five option. Available for ages 0-19. No monthly fees. Interest is lower than Tangerine (~0.10%), but if you already bank with Scotia, the convenience of seeing it in the same app might be worth it. Kids can get a debit card at age 13.

Best for: families already banking with Scotiabank who want one app for everything.

3. RBC Leo’s Young Savers Account

Available for ages 0-12, then auto-converts to a youth account. No fees. Interest is low (around 0.05%). The RBC app is solid. Has a unique “Leo” mascot-led learning section that some kids actually enjoy.

Best for: RBC customers, particularly families with younger kids who’d engage with the gamified learning.

4. CIBC Smart Start Account

For ages 0-13. No fees, low minimum. Interest is the standard Big Five low rate. The standout feature is that it links to the parent’s account so transfers in are instant. Decent app.

Best for: CIBC banking families.

5. EQ Bank Joint Savings Plus

Not officially a kids’ account — EQ doesn’t offer minor accounts. But for older teens (16+) who can be added as a joint accountholder, EQ’s 4% on the first $30K is genuinely excellent. Use this when your teen is making their first real money (summer job, first part-time gig).

Best for: 16-18 year olds with real income who need a high-interest account.

The accounts to skip

Big bank chequing accounts for kids under 13. Some banks push these. You don’t need a chequing account for a 10-year-old. Savings only until they have real income.

“Goal-tracking” sub-accounts that charge a fee. A few banks let you create named savings goals. Useful concept — but if it costs anything, skip. You can do this for free with a paper goal tracker or a Save jar.

Credit cards for teens under 18. Most banks now offer “secured” or “prepaid” cards for teens. We are not fans — secured cards teach kids to spend money they have on a piece of plastic, building a credit-card habit before they need one. Wait until 18 for a real credit card.

How to actually open it (15 minutes)

1. You’ll need: your kid’s birth certificate or passport, your government ID, and your SIN.
2. You can do it online for Tangerine and most Big Five options. For Scotiabank Getting There, you need to visit a branch.
3. The account is in your kid’s name but you’re a joint holder until they turn 18 (or 19 in some provinces).
4. Move the Save jar money in. First deposit should be celebratory. Do it together.
5. Set up an automatic weekly transfer from your account to theirs — this becomes their allowance “raise” when they outgrow cash payments.

The single most important thing

Whatever account you choose, do one thing every Sunday morning: show your kid the balance. Open the app, point at the number, and say “Look — you have $X now.” That weekly ritual is what makes the account real to them.

The account itself doesn’t teach anything. The conversation about the account does.