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The best youth savings accounts in Canada

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Best savings accounts in Canada

FAQ

Designed for those under 18 years old, a youth savings account can help get your child acquainted with bank accounts and the value of saving money.

What is a youth savings account?


How to choose the right youth savings account


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Other types of savings accounts

High interest savings accounts

High interest savings accounts pay the most interest of any kind of savings account, but are often only available to people who have reached the age of majority (either 18 or 19 years old, depending on your province).

Tax-free savings accounts

Tax-free savings accounts (TFSAs) are a type of registered saving account that earns interest tax-free. By law, TFSAs can only be opened by Canadians who are 18 years of age and over.

Senior savings accounts

Similarly to how banks offer special accounts with lower fees to children, seniors 65 and over can sometimes take advantage of seniors savings accounts that waive minimum balances and transaction fees.

Natasha Macmillan, Senior Business Manager of Everyday Banking

Natasha is the Business Director of Everyday Banking at Ratehub.ca. With over a decade of business, strategy and execution experience in the financial services industry, Natasha has worked with numerous public and private enterprises across North America. Her passion for finance and education brought her to Ratehub.ca, where she works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 1,200,000 monthly users get matched with the right credit cards and personal financing accounts.

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