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

Sponsored
EQ Bank
3.75%
Features of chequing without any of the fees
get this rate
Sponsored
Simplii Financial ™
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.
get this rate
Sponsored
EQ Bank
2.50%
EQ Bank Tax Free Savings Account
get this rate
Featured
EQ Bank
2.50%
EQ Bank Retirement Savings Plan
get this rate

compare all rates

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

Making dollars make sense

I am interested in

explore more articles

The knowledge bank

A wealth of knowledge delivered right to your inbox.

By submitting your email address, you acknowledge and agree to Ratehub.ca’s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.

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

Read about all our personal finance experts.

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.