Children’s Savings Accounts | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Children’s Savings Accounts
November 3, 2023
4:35 pm
MAC99
Member
Members
Forum Posts: 35
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

My 14 year old niece has a bank account with debit card at Alberta Treasury Branches. She’s asked me to find her a good savings account for her money to grow, one that she can open and manage entirely on her own. I’ve tried finding the answer via search to no avail so would appreciate knowing about available options.

November 3, 2023
4:54 pm
hwyc
GTA
Member
Members
Forum Posts: 1155
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

I asked chatGPT, Tangerine come up as a rare exception. Looks like age requirement is only 16 …two more years.

Rate not good though. Back to zero.

November 4, 2023
11:38 am
RetirEd
Member
Members
Forum Posts: 938
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

MAC99: I'd suggest somewhere local your niece can visit from time to time, for a first account. If there's anything local, that is. She can worry about higher interest and other options as she learns. In the meantime, she can talk to staffers and develop a relationship for basic banking. Some banks have no-fee options for young members, but otherwise I'd say teach the young lady that fees are the devil's mark. And good phone access is important, too!

RetirEd

November 4, 2023
12:53 pm
Norman1
Member
Members
Forum Posts: 6591
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

No province recognizes someone that young as having full legal capacity to contract on her own. So, one is not going find a financial institution that would let her open and operate an account on her own.

That includes Tangerine Bank:

Children’s Savings Accounts can only be opened by a child’s parent or legal guardian who is a Tangerine Client with an Account of their own. Sign up today to get started or give call us at 1-888-…

November 4, 2023
1:03 pm
Loonie
Member
Members
Forum Posts: 9172
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I too think age is a factor. She will probably have to wait a bit longer, no matter where she banks.
I believe some CUs may be more flexible but you don't have a lot of choice in AB.

Children's accounts, however, generally pay much better than adult ones, and may have other perqs. Perhaps she can be persuaded to accept a better one of those, if one is available to her.
Did you check Bridgewater? Not sure of their arrangements.
It may be difficult, at that age, to even have the necessary ID to open accounts.

November 4, 2023
2:43 pm
hwyc
GTA
Member
Members
Forum Posts: 1155
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Your niece may also want to look at Scotiabank today, probably cannot be too choosy on the rates though.

https://www.scotiabank.com/ca/en/personal/bank-accounts/students/getting-there-savings-program-youth.html

Capture-scotia.JPG

November 4, 2023
2:53 pm
hwyc
GTA
Member
Members
Forum Posts: 1155
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

At National Bank, there is a $300 promo for 14-to-24 years old!!!

See here https://www.nbc.ca/personal/accounts/youth.htmlCapture-National.JPG

November 4, 2023
5:05 pm
MAC99
Member
Members
Forum Posts: 35
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

Norman1 said
No province recognizes someone that young as having full legal capacity to contract on her own. So, one is not going find a financial institution that would let her open and operate an account on her own.

That includes Tangerine Bank:

Children’s Savings Accounts can only be opened by a child’s parent or legal guardian who is a Tangerine Client with an Account of their own. Sign up today to get started or give call us at 1-888-…

  

My research indicates that is incorrect:

“ Can a minor open a bank account without a parent Canada?
Minimum age to open a bank account

For most financial institutions in Canada, children between the ages of 12 and 15 can open their own bank account, without the help of a parent, as long as they can provide official identification, such as a passport.Mar 16, 2023”

November 4, 2023
5:06 pm
MAC99
Member
Members
Forum Posts: 35
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

hwyc said
At National Bank, there is a $300 promo for 14-to-24 years old!!!

See here https://www.nbc.ca/personal/accounts/youth.htmlCapture-National.JPG  

I had seen this however, quite oddly, they require the 14 year old to: “ Set up automatic, recurring direct deposit of your pay from your new chequing account.”

Thus she wouldn’t qualify unfortunately.

November 4, 2023
5:09 pm
MAC99
Member
Members
Forum Posts: 35
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

RetirEd said
MAC99: I'd suggest somewhere local your niece can visit from time to time, for a first account. If there's anything local, that is. She can worry about higher interest and other options as she learns. In the meantime, she can talk to staffers and develop a relationship for basic banking. Some banks have no-fee options for young members, but otherwise I'd say teach the young lady that fees are the devil's mark. And good phone access is important, too!  

She already has an account with debit card at ATB (Alberta Treasury Branches)

She (we) are looking for higher interest options for longer term savings.

November 4, 2023
5:15 pm
MAC99
Member
Members
Forum Posts: 35
Member Since:
December 27, 2021
sp_UserOfflineSmall Offline

HSBC Youth Savings @ 1.25% interest seems to be the best, so far. Still digging in. Thanks for the answers to date.

November 4, 2023
9:18 pm
Loonie
Member
Members
Forum Posts: 9172
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

If it's a good rate that is a priority, check out the MB CUs, but I think ID will be a problem for one so young. I wouldn't focus solely on children's accounts. Some of them end at about her age anyway. Some adult accounts pay more than HSBC for sure. If she can tolerate a joint account with parent or you for a bit longer, she'd do much better in terms of interest at a MB CU, for example - and likely no fees - assuming they'd accept her.

Please write your comments in the forum.