Parenting & Family

Children’s savings accounts

  • Last Updated:
  • Nov 17th, 2017 7:57 am
[OP]
Deal Addict
Dec 15, 2004
1993 posts
163 upvotes

Children’s savings accounts

Does anyone know if any banks are offering any promotions for opening a children’s savings account? When I opened my eldest child’s account two years ago, Tangerine had a bonus for opening but I can’t seem to find information if they’re still doing that.
6 replies
Newbie
Jun 10, 2013
65 posts
20 upvotes
You're right, I remember those. Scotia totally gutted Tangerine...
Moderator
May 28, 2012
9434 posts
1778 upvotes
Saskatoon
My children had Leo's Young Savers accounts. RBC used to give them $5 to get started but I don't see that any more on the website. There's no monthly fee and they get 15 free debits a month.
Sr. Member
User avatar
Mar 9, 2012
839 posts
263 upvotes
KITCHENER
I don't know any offhand. I recall when BMO had this promo where the kids could grab a fistful of coins (quarters). You'd think that would be a lot of money, but little hands don't hold a lot, I think she got like $7 something.

Seems that banks are getting tighter and tighter...
[OP]
Deal Addict
Dec 15, 2004
1993 posts
163 upvotes
Thanks maybe I’ll just open my baby a regular savings account. I tweeted Tangerine they have suspended new children’s savings accounts.
Moderator
May 28, 2012
9434 posts
1778 upvotes
Saskatoon
girlstar wrote:
Nov 10th, 2017 3:00 pm
Thanks maybe I’ll just open my baby a regular savings account. I tweeted Tangerine they have suspended new children’s savings accounts.
Make sure to tell the bank this is for a child...a regular savings account sometimes has fees and there are charges for inactivity too.
Deal Addict
Oct 1, 2004
4141 posts
269 upvotes
Toronto
Looking to start investing CCTB separately so it can be taxed under them not me. Which brokerage do you guys recommend? All the accounts would be setup “in trust” correct? Is there a way to ensure the yearly slips (T3,T5) get issued to the child’s name vs parents?

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