The best youth savings accounts in Canada

Q: 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.

Q: 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.

The best kids savings accounts are specifically tailored for youth under 18 and can help them learn about financial responsibility. Compare the best youth accounts in Canada.

Best savings accounts in Canada

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6.00%
Earn 6.0% interest rate on your first Simplii Financial High Interest Savings Account for the first 5 months. Limits apply. Offer ends January 31st, 2025.
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EQ Bank
2.50%
EQ Bank Tax Free Savings Account
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Oaken Financial
3.40%
Oaken Financial Savings Account
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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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Natasha Macmillan, Business Unit Director - 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.

Natasha Macmillan, Business Director of Everyday Banking

With over a decade of experience in the finance industry, Natasha works closely with Canada's top financial institutions - from banks to credit unions - to help Ratehub.ca's 1,200,000 monthly users get matched with the right banking products. read full bio

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