Compare the Best HSBC Youth Savings Accounts in Canada 2021

Looking for a cost effective way to teach your child about the importance of saving? Youth savings accounts are accounts that are generally restricted to Canadian residents under the age of 18, accompanied by very few, if any fees. Among the benefits of having a youth savings account are a high (if not unlimited) number of included transactions per month, and no minimum balance. Input the estimated balance of the account, then compare and find the best rate available.

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What is a youth savings account?

Youth savings accounts are bank accounts designed for young people under the age of 18 to save their own money and learn how to bank. Youth savings accounts usually don’t charge transaction fees, but they also don’t pay interest rates as high as those paid on high interest savings accounts.

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 age of majority.

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 60 and over can sometimes take advantage of seniors savings accounts that waive minimum balances and transaction fees.

How to choose the right youth savings account

It’s best to involve your child when choosing a youth savings account for them to save their money in. Show them how different bank accounts have different interest rates, and how their money will earn more interest in an account with an everyday high interest rate. Look for youth savings accounts with online banking tools that are easy to use so your child can see how his or her savings grow.

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