How to Open a Bank Account for Your Child in Canada
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If your child is starting to get birthday money, allowance, or even a part-time job, it might be time to open their first bank account.
And if you’re in Canada? The process is easier than you might think.
Here’s a quick guide to opening a child’s bank account in Canada—including what to bring, how to choose the right one, and how to make it a learning moment (not just a form-filling task).
Why Open a Bank Account for Your Child?
Here’s what a bank account can teach your child:
- How to save and track their own money
- What it means to deposit, withdraw, and budget
- The basics of banking, interest, and financial responsibility
It also makes allowance easier if you want to transfer money digitally instead of handing over coins every Friday.
What Age Can a Child Have a Bank Account in Canada?
In most provinces, you can open a youth account for a child of any age, but you’ll likely need to co-sign as the parent or guardian.
Around 12 or 13 years old, many banks offer accounts where kids can use their own debit card (with your permission).
What You’ll Need to Bring
To open a bank account, both you and your child should bring:
✅ Government-issued ID for your child (birth certificate, passport, or SIN)
✅ Parent/guardian ID
✅ Proof of address (like a utility bill or bank statement)
It’s usually easiest to open the account in person, though some banks now let you start the process online.
Best Banks in Canada for Kids’ Accounts
Most big banks in Canada offer fee-free youth accounts with extras like debit cards or online banking access. Here are a few parent favorites:
🏦 RBC Leo’s Young Savers Account
- No monthly fees
- Earns a small amount of interest
- Kid-friendly features like automatic savings
🏦 TD Youth Account
- No fees
- Debit card available
- Works well for teens with part-time jobs
🏦 CIBC Advantage for Youth
- Free unlimited transactions
- Easy online banking tools
🏦 Scotiabank Getting There Savings Program for Youth
- Debit card + rewards points
- No monthly fees
- Fun mobile app features for kids
Pro tip: Start with your own bank—it may be easier to link accounts and manage everything in one place.
Turn It Into a Money Lesson
Here’s how to make this more than just a signature-and-go moment:
- Explain how deposits work and show them a paper receipt
- Check the balance together online so they learn how to read it
- Set a small savings goal (like $50 for a toy) and track progress
- Let them make choices—with guidance—about spending or saving
Final Thoughts
Opening a bank account for your child is a great step toward building lifelong money habits.
Keep it simple, make it hands-on, and let your child feel like they’re in charge (even if you’re still behind the scenes).
More Posts You’ll Love:
- How to Make Budgeting Fun for Kids (With Free Printables!)
- Allowance 101: How Much to Give and What Rules to Set
- 10 Money Lessons Kids Should Learn Before High School
