The Best Children’s Savings Accounts in Canada

Craig Sebastiano
by Craig Sebastiano September 30, 2016 / No Comments

There’s no time like the present to teach your children about money. One way to do that is by opening a youth savings account for them.

When choosing an account, there’s more to consider than just a high interest rate. You should look for an unlimited number of free transactions so fees and other costs don’t eat into your children’s savings. With that in mind, here are what we consider to be the best savings accounts in Canada for children:

Tangerine Children’s Savings Account

The Tangerine Children’s Savings Account has an interest rate of 1.10%—the best rate among youth savings accounts. There’s no minimum balance required to get that rate. The account has no fees, it comes with an unlimited number of free transfers, and it’s available to any child aged 16 or younger. There’s just one small catch: A parent must have an existing Tangerine savings or chequing account in order to open a children’s account.

Tangerine Savings Account

Open an account

  • 1.10% interest rate
  • No fees or service charges
  • No minimum balance required

 

CIBC Advantage for Youth

The CIBC Advantage for Youth account has an interest rate of 0.15%. There’s no monthly fee and there’s no limit to the amount of free transactions that can be made. Account holders can keep their account as long as they’re aged 18 and under.

TD Youth Savings Account 

The TD Youth Savings Account has a tiered interest rate. That means if the balance is less than $5,000, the rate is just 0.05%. If the balance is greater than $5,000, the interest rate is 0.1%. The account has an unlimited number of free transactions and there’s no monthly fee. This account is only available for those aged 18 and under.

Scotiabank Getting There Savings Program for Youth

Similar to the TD Youth account, the Scotiabank account offers a tiered interest rate that starts at 0.05% for balances less than $5,000 and 0.1% for balances in excess of $5,000. Also available to those aged 18 and younger, the account offers no monthly fee and unlimited transactions.

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