Parenting & Family

Children’s savings accounts

  • Last Updated:
  • Jan 4th, 2018 10:25 am
[OP]
Deal Addict
Dec 15, 2004
1994 posts
169 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.
8 replies
Jr. Member
Jun 10, 2013
171 posts
42 upvotes
You're right, I remember those. Scotia totally gutted Tangerine...
Moderator
May 28, 2012
9524 posts
1825 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.
Deal Addict
User avatar
Mar 9, 2012
1053 posts
339 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
1994 posts
169 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
9524 posts
1825 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
4418 posts
297 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?
Newbie
Dec 16, 2017
8 posts
1 upvote
I would recommend that you open up your kids bank account where you bank. As guardian it’s a joint account with you, so you can put money into it and see the transactions. Then later when they are teens you can arrange auto deposit for their chore allowance plus you can see what they are spending money on. Most banks offer free banking for kids and if they go to college they get free banking (you just switch it to a student account) . But the tip is that you are in the account also so you can see what they are spending their money on. I got that tip from a friend and it works for me even now I have teenagers.hope this helps.
Sr. Member
User avatar
Jun 24, 2015
799 posts
71 upvotes
Woodbridge, ON
both my kids are under 5 ,I want to open bank accounts for them but will it be joint with me and my wife or will they be on their own? they are too young to even sign a signature, so I would have to do it, no?

I got both of them SIN numbers from service canada too.

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