The best youth savings accounts in Canada
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Rates updated:
Viewing with a balance of
$1 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
$1 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
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Best savings accounts in Canada
High interest
1.25%Free transactions, sign up in 5 minutes
Get this rateTFSA
1.25%Get this rateRRSP
1.25%1.25% interest* on every tax-deferred dollar
Get this rateHSBC High Rate Savings Account
1.75%Open an HSBC Canadian Dollar High Rate Savings Account and enjoy a total interest rate of 1.75% on New Deposits± from September 13, 2021 to December 16, 2021.
Get this rate
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.
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Mikael Castaldo, Senior Business Manager Everyday Banking
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.
Mikael Castaldo, Senior Business Manager of Everyday Banking
Mikael is a Senior Business Manager at Ratehub.ca and the driving force behind our Everyday Banking Team. He knows everything there is to know about the best credit cards and bank accounts, and 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 plastic. A numbers guy at heart, having worked as a strategy consultant at the Boston Consulting Group, he’s found himself right at home as a personal finance expert at Ratehub.ca.
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