Personal Finance

Bank Accounts for Minors

  • Last Updated:
  • Apr 10th, 2016 1:58 pm
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[OP]
Sr. Member
Aug 30, 2015
665 posts
953 upvotes
BC

Bank Accounts for Minors

I've scoured the various deals for opening bank accounts on this site but when I dig into the terms and conditions the age of majority is always a requirement to get the deal.

Does anyone know of any good deal opportunities for kids opening bank accounts, or failing that, just good choices for kids?
5 replies
Member
User avatar
Nov 26, 2014
354 posts
143 upvotes
Quebec
open your kids an resp instead of a bank account.
[OP]
Sr. Member
Aug 30, 2015
665 posts
953 upvotes
BC
Thanks but this is actually money that belongs to my kids, not me.

I might seperately do an RESP for them, but it shouldn't be for this money.
Newbie
User avatar
Oct 18, 2013
19 posts
8 upvotes
Beaconsfield, QC
I doubt there are any promotions that involve accounts for minors, but Tangerine has one (you have to be a Tangerine client though): https://www.tangerine.ca/en/faq/saving/csa/index.html. RBC also still has it's Leo's Young Saver's Account (which is old enough that I had one as a young kid): http://www.rbcroyalbank.com/products/de ... count.html.

And I think getting a bank account, not just an RESP, is great for kids. It teaches them about money and independence so it's natural by the time they're adults.
Deal Fanatic
Nov 22, 2015
5829 posts
5343 upvotes
setlist wrote: I've scoured the various deals for opening bank accounts on this site but when I dig into the terms and conditions the age of majority is always a requirement to get the deal.

Does anyone know of any good deal opportunities for kids opening bank accounts, or failing that, just good choices for kids?
CIBC often has promotions where they put $5 in the youth's account. Youth get free banking and unlimited transactions. Kids seem to like the new Percy the Penguin branding too.
Deal Fanatic
User avatar
Apr 16, 2006
6147 posts
599 upvotes
I had a Leo's young saver's account when I was a kid.

Pretty sure it paid pretty close to 0% in interest.

If you're saving for your kid's future, you're better off opening an RESP for them (20% guaranteed return thanks to federal government contribution) and investing the cash for the long haul for 15+ years.

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