Parenting & Family

Children’s savings accounts

  • Last Updated:
  • Jan 4th, 2018 10:25 am
[OP]
Deal Addict
Dec 15, 2004
2002 posts
174 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.
9 replies
Sr. Member
Jun 10, 2013
588 posts
257 upvotes
You're right, I remember those. Scotia totally gutted Tangerine...
Moderator
May 28, 2012
11695 posts
4238 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
3830 posts
2644 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...
Why can't we all just get along?
[OP]
Deal Addict
Dec 15, 2004
2002 posts
174 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
11695 posts
4238 upvotes
Saskatoon
girlstar wrote: 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 Fanatic
Oct 1, 2004
6650 posts
986 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
10 posts
2 upvotes
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.
Deal Fanatic
Jun 24, 2015
6400 posts
2013 upvotes
0 downvotes
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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Newbie
Jan 24, 2018
17 posts
5 upvotes
Toronto/Scarborough
You can open a "youth" account under your name or your wife's name and have your kids name attached to the account
Jason Gao
Sun Life Financial Advisor

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