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Best Banks for Single Parents Canada 2025

No-fee accounts, cashback on family spending, RESP savings, and financial tools for single parents managing on one income

Best Banks for Single Parents in Canada

Single parents face unique financial challenges: managing household expenses on one income, receiving child support or CCB payments, saving for children's education, and finding time to manage finances efficiently. The best banks for single parents minimize fees, maximize cashback on family spending, and support RESP saving.

1. KOHO Best Overall — No Fees + Cashback

For single parents on tight budgets, KOHO's zero monthly fees and cashback on groceries (where single-parent households spend heavily) are significant advantages. The $100 bonus can help cover an immediate expense or kickstart a savings goal.

Pros

  • $0/month fees — more money for the family
  • Up to 2% cashback on groceries
  • $100 bonus with code 45ET55JSYA
  • Spending insights help budget tracking
  • Instant e-Transfer for child support payments
  • Savings goals for emergency funds

Cons

  • No RESP account
  • No in-person branch service

2. TD Canada Trust Best for RESP & Full Banking

For single parents who need a full-service bank with RESP accounts, TD is the top choice. TD's RESP allows you to save for your children's education with government grants (CESG), and their advisors understand single-parent family finances.

Pros

  • RESP with CESG government grants
  • Family financial planning advisors
  • Good app for busy parents
  • Direct deposit for CCB (Canada Child Benefit)

Cons

  • Monthly fees without minimum balance
  • Complex product lineup

3. EQ Bank Best for Saving

EQ Bank's high-interest savings account is ideal for single parents building an emergency fund. The interest rate significantly beats the Big Five banks, helping your emergency savings grow faster without any monthly fees.

Pros

  • 2.50%+ interest on all savings — no minimums
  • No monthly fees
  • Excellent for emergency fund building
  • CDIC insured

Cons

  • Savings-focused — not a full chequing account
  • No RESP
Canada Child Benefit (CCB) Tip: The CCB is paid directly to the primary caregiver's bank account on the 20th of each month (or the nearest business day). To set up CCB direct deposit, use My CRA Account at canada.ca or call 1-800-387-1193. The average CCB for a single parent with one child under 6 is over $600/month in 2025.

Financial Tips for Single Parents in Canada

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FAQ

What's the best bank account for a single parent with a tight budget?

KOHO is the top choice for budget-conscious single parents: zero monthly fees, cashback on groceries and restaurants, and a $100 welcome bonus. Unlike the Big Five banks, there's no minimum balance requirement and no risk of being charged fees.

Where should a single parent open an RESP?

Wealthsimple RESP is free to open and has no management fees, making it the best RESP for cost-conscious single parents. TD and RBC are good alternatives if you want in-branch help and prefer to have everything with one bank. Avoid third-party RESP "group plan" providers (scholarship plans) which often have high fees.

How does CCB (Canada Child Benefit) direct deposit work?

CCB is paid monthly to the primary caregiver's Canadian bank account. Set it up through My CRA Account at canada.ca by navigating to "Direct Deposit" and entering your bank's transit number, institution number, and account number. Changes take 1–2 payment cycles. Your bank account must be in your name.

Can I receive child support payments via e-Transfer?

Yes, Interac e-Transfer supports child support and maintenance payments between Canadian bank accounts. KOHO and all major Canadian banks support receiving Interac e-Transfers. This is a common way for separated parents to transfer child support funds quickly and with a clear record.

Is KOHO safe for receiving government benefit payments?

Yes. KOHO is a legitimate Canadian fintech and your funds are held at People's Trust, a CDIC member institution. Your KOHO balance is insured up to $100,000. Government benefits (CCB, EI, etc.) can be deposited to your KOHO account using your KOHO transit number, institution number, and account number.