Kids Checking Accounts

I recently read an article from Moneysense about opening a kids account (article). This is something my wife and I thought of. Mainly because we kept saying we will give our kids an allowance and we always forget. We even set up money jars for them. But since both of us rarely carry cash and we rarely go to the bank we ended up not getting the cash for them. We decided it was best just to open an account for them and email transfer the money. They can have a debit card and when the money is out they can’t buy anything. And the truth is likely when they get to their teens they probably won’t carry cash anyway.

So here is my summary of the Canadian Banks who offer kids checking accounts.

Option 1 - CIBC Youth Account

  • Unlimited transactions

  • Earn 0.15% (YAY!!!! LOL)

  • Unlimited email transfers

  • Includes debit card

  • Free record of transactions including paperless statements

  • No monthly fee

Option 2 - BMO

  • No minimum balance

  • 30 transactions

  • Unlimited email transfers

  • Includes 1 statement for kids

  • $2 for paper statements

Option 3 - TD

  • Lower interest

  • Same as CIBC

There are others but for my wife and I comparison we looked at those 3 mainly because their site was easy to navigate, user friendly.

We ended up going with CIBC because it comes with a free debit card. I don’t know if the other companies included a debit card, they might have but never said so on their page so don’t know. And for our kids sake the debit card was important because I want them to use to see how they are spending their money and to use it for trips we make to Dollarama, or Superstore and they want to buy something.

The important thing is teach your kids to spend money properly. Teach them that money is a vehicle to freedom, and teach them what happens when they run out.

That is one my goals for opening my kids account.

While shopping around I noticed National Bank of Canada has special offer for nurses and since I am the financial advisor for nurses and small business owners I had to point it out. You can view it here but it seems like a pretty good deal. Preferred service, 2 accounts no monthly fee. You can sign up and find out more about it here.