Personal Finance

Best account/bank for child's first account?

  • Last Updated:
  • Jun 14th, 2018 1:45 pm
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[OP]
Newbie
May 28, 2009
11 posts
8 upvotes
Hamilton, ON

Best account/bank for child's first account?

We're going to be opening a savings account for our 12 year old.
I see most banks have free accounts for students but beyond that are there other things to consider? Anyone have good/bad experiences?

thanks in advance
5 replies
Deal Addict
Sep 7, 2004
1441 posts
342 upvotes
Toronto
Rbc has an account specifically for kids. It's called the young Leo savings acct and it's free, you get 15 debit transactions per month included and unlimited Interac e transfers.
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User avatar
May 8, 2009
4979 posts
1669 upvotes
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MrPaul wrote:
Jun 11th, 2018 9:05 am
We're going to be opening a savings account for our 12 year old.
I see most banks have free accounts for students but beyond that are there other things to consider? Anyone have good/bad experiences?

thanks in advance
At 12, you just missed the window for Steinbach's FATCAT.

I had RBC as a kid. Not sure of other options.
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Sr. Member
User avatar
Jan 4, 2011
732 posts
453 upvotes
Montreal
Most of the banks have account offers for kids, and they are all fairly similar.

TD: https://www.td.com/ca/en/personal-banki ... h-account/

RBC: https://www.rbcroyalbank.com/accounts/l ... count.html

CIBC: https://www.cibc.com/en/personal-bankin ... ffers.html

Scotia: https://www.scotiabank.com/ca/en/0,,61,00.html

Shop around for promotions as well. Sometimes you can get $50-60 for opening an account. (I think GCR offers cashback as well for opening an account at Scotia).

But in my opinion, the best account is the one from the bank that has a branch or ATM that's most convenient for your child to go to.
Member
Jan 31, 2007
273 posts
6 upvotes
I setup my kids at Tangerine 2 months ago to put all their gift money that they received. They got a 25$ bonus after depositing a 100$.

I initially wanted to open one at RBC for them, but was too lazy (been putting it off for 2 years) to go to a branch to open an account. I signed them up to Tangerine as soon as I found out that they offered a kids savings account.
Newbie
Jan 30, 2013
57 posts
17 upvotes
gqbluez wrote:
Jun 12th, 2018 1:08 am
Rbc has an account specifically for kids. It's called the young Leo savings acct and it's free, you get 15 debit transactions per month included and unlimited Interac e transfers.
I hope my kid will not be withdrawing money from the account and at least not 15 times in a month. Who is my son going to send e-transfers to?? The whole point of having a bank account for a kid is to learn to saving money and understanding the value of money. This plan is also only up to 13 years of age, so the OP is better off find a convenient bank or even a Bank that's you are currently banking with. I find your kid gets much better royal treatment from the bank if the parents are also the customers.

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