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Kids Bank Accounts
March 31, 2021
5:52 am
KamWest
Toronto
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Forum Posts: 52
Member Since:
December 20, 2019
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I would love to open an account for my 14 year old boy but it seems most digital offerings like motus or simplii cannot be used by anyone under 16.

Tangerine is an exception but there are hardly anymore benefits to dealing with them. The only reason I would like simplii is because I do my everyday banking there.

For me motus would be a great choice at 1% savings interest but they are a no go for kids.

The new PC spending account looked promising but again no go for kids which is odd considering it is a mastercard/debit account that is fully funded.

The PC account would have been a great learning tool for my boy.

I know a number of the big banks have kids accounts but I am looking more for a digital offering instead of a traditional bank.

Anyone care to discuss more?

March 31, 2021
5:27 pm
Loonie
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Forum Posts: 7005
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October 21, 2013
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I don't have any personal reason to look into this closely, but I have noticed that some of the credit unions have kids' accounts with much better interest rates than adults'. That's where I would look if I were looking.

P.S. I just noticed that Steinbach CU has one for kids 14 and under which pays a whopping 3.2% on deposits up to $2000. Not much good after that, but good while it lasts.
https://scu.mb.ca/personal/accounts/youth

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