Best Bank Accounts for Kids in Canada 2025

Opening a bank account for your child is one of the first steps toward building their financial literacy. Most major Canadian banks and credit unions offer free or low-cost accounts specifically for children and youth. Here's what to look for and which accounts stand out in 2025.

What to Look for in a Kids' Bank Account

No monthly fee: Kids' accounts should be free — full stop.
No minimum balance: Children rarely hold large balances.
Interest on deposits: Even a small rate reinforces the value of saving.
Parental visibility: Parents should be able to view transactions.
Easy deposits: E-transfers from parents, branch, or ATM deposits.
Age transition: Does the account convert gracefully when they turn 18?

Best Kids' Bank Accounts in Canada 2025

RBC Leo's Young Savers Account

Age: Under 18 | Monthly fee: $0 | Transactions: Unlimited

RBC's dedicated youth account has no fees, unlimited debit transactions, and comes with an optional debit card for older kids. The account earns a small amount of interest and can be monitored through RBC Online Banking by a parent or guardian. Converts to a regular account at 18 with no action needed.

TD Youth Account

Age: Under 18 | Monthly fee: $0 | Transactions: Unlimited

TD's youth account offers unlimited transactions at no charge, a TD Access Card for older children, and access to TD's extensive ATM network. Parents can be joint account holders to monitor activity. TD's Green Machine ATMs are widely accessible across Canada.

Scotiabank Scotia Smart Money for Students

Age: Under 18 (youth) | Monthly fee: $0 | Transactions: Unlimited

Scotiabank waives all fees for customers under 18 on its basic chequing account. Unlimited debit transactions, Interac e-Transfer, and access to Scotia's ATM network. Can be linked to a Scene+ rewards account for teens who want to earn points.

BMO Youth Chequing Account

Age: Under 18 | Monthly fee: $0 | Transactions: Unlimited

BMO's youth account includes unlimited transactions, no monthly fee, and a BMO debit card. BMO's mobile app is well-rated and helps older kids track their spending. Joint account setup with a parent is straightforward at any BMO branch.

CIBC Smart Start Account

Age: Under 18 | Monthly fee: $0 | Transactions: Unlimited

CIBC waives its Smart account fee completely for customers under 18. Unlimited transactions, Interac e-Transfer, and access to CIBC's digital banking tools. Smart for families already banking with CIBC who want everything in one place.

Credit Union Youth Accounts

Age: Varies | Monthly fee: Often $0 | Interest: Often higher than Big 6

Local credit unions frequently offer competitive youth accounts with better interest rates than the Big 6 banks. Meridian Credit Union, Desjardins, Servus, and Coast Capital all have strong youth account options. Credit unions are member-owned, so profits stay local. Worth checking your regional credit union for rates and features.

Comparison Table

Bank	Account Name	Monthly Fee	Transactions	Age Limit
RBC	Leo's Young Savers	$0	Unlimited	Under 18
TD	Youth Account	$0	Unlimited	Under 18
Scotiabank	Smart Money (Youth)	$0	Unlimited	Under 18
BMO	Youth Chequing	$0	Unlimited	Under 18
CIBC	Smart Start	$0	Unlimited	Under 18
Credit Unions	Varies	Usually $0	Unlimited	Varies

How to Open a Kids' Bank Account in Canada

Children under 18 need a parent or guardian to be a joint account holder. You'll typically need:

Child's birth certificate or passport
Parent/guardian's government-issued ID
SIN (Social Insurance Number) — required in some cases for interest-bearing accounts
An initial deposit (varies by institution — often as little as $1)

Many banks now allow online account opening for youth accounts with a joint parent, though some require a branch visit for first-time youth accounts.

Should kids have a debit card? Most banks will issue a debit card to children 12+ (some as young as 8–10 with parental approval). A debit card connected to a no-overdraft account is a safe way to teach practical spending skills.

What About App-Based Options?

Beyond traditional banks, app-based solutions are growing:

Mydoh (RBC-backed): A smart banking app for Canadian kids 6–17. Parents set tasks and allowances digitally, kids get a prepaid Visa. Costs $2.99/month per family.
KOHO: Best for teens 18+ or older teens approaching adulthood. Zero-fee prepaid Visa with real-time spending tracking. No overdraft possible.

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Bottom Line

All major Canadian banks offer free accounts for children under 18 with unlimited transactions. The best choice often comes down to where your family already banks — convenience and parental visibility matter more than minor feature differences at this age. The most important thing is opening an account early, making deposits regular, and turning banking into a positive habit.