Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this6:43 am
December 20, 2019
Offline
I needed an account for my 11 and 13 year old and other than the big banks nobody offered children accounts. Tangerine was the only digital bank I could find that did but I thought I would try an experiment with PC Financial instead.
Here is what I did...
I opened 4 accounts under my login at PC Financial and received 4 cash/credit cards.
In the app I named them..
Child1 Saving
Child2 Saving
Child1 Spending
Child2 Spending
I then tied their email address for e-transfer to their spending accounts.
I give them $25 allowance each week and it goes directly to their spending account.
Then I give them $100 each month for saving and that goes directly to their saving account.
The kids can ask anytime to move from saving to spending or from spending to saving and I can do that in seconds in the app.
Tap is set at $250 via PC and I was not happy with that and asked for it to be turned off but they said it was preset and cannot be turned off. I figured no big deal because I keep $25 in the kids spending accounts unless they ask for more for a purchase of sorts.
Long story short, I slapped a sticker on the back of the card with their names on it and since nobody ever handles cards anymore the kids have had no issues going to the variety store or A&W to use their funds. It is teaching them how to save and spend using a card.
I am happy with using the PC accounts like this and the only way it could have been better is if the kids could have had it in their name so they could move from saving to spending via the app by themselves.
I figure as a beginner account I am glad to help with this and according to PC Financial the kids accounts are coming within a year and at that time my kids will be experts so I will give them their own accounts.
5:19 pm
October 21, 2013
Online
Steinbach CU has a kids account through age 14 which pays 3.15% for the first $2000 and currently 1.05% thereafter.
I'm not familiar with all the details, but i know some other CUs also have kids' accounts. with attractive rates and various termination dates. For those who are interested in CUs, it's worth looking around.
It must be a rude awakening though when you age out of these accounts though.
8:08 am
September 11, 2013
Offline
$200+ per month for 11 year-olds' allowance these days?! Is that the going rate these days?!
6:19 pm
April 20, 2019
Offline
Bill said
$200+ per month for 11 year-olds' allowance these days?! Is that the going rate these days?!
Kamwest is very generous. My future kids could only be so lucky
4:45 am
December 20, 2019
Offline
It's really only $100 per month which is $25 per week.
The other $100 is to teach them to save for a future car or something.
Also getting them cash cards to put it on and making them pay their own cell phone bills teaches them responsibility and prepares them to be financially responsible as they grow.
PS. We us public mobile and between bonuses, referrals, loyalty etc the kids have those plans for around 9 bucks each. My wife applies all her savings to my daughter and I apply all mine to my sons and they have really nice plans for almost free.
5:03 am
September 11, 2013
Offline
KamWest, you said they can transfer to spending anytime, so an 11 year-old could blow $200+ per month - I'd have never left home! And, just wondering, to stay in their favour at what age is one required now to provide a smartphone to the kids?
5:44 am
December 20, 2019
Offline
They can use their money as they like, I do not monitor their spending account the $100 in spending they can do with as they please but they have to pay $10 cell phone monthly. It gives them a bit of freedom. The savings account, my son just used some of the money to buy an aquarium, I do have to authorize what comes out of savings.
I was going to get cell phones to the kids at 13 but my son got it at 11 so I had to do the same for my girl. The phones are hand me downs from my wife and I and traditionally my son gets mine and my daughter gets my wifes. The cell phones are controlled with family link and I can turn them off with my phone. The kids have to do their chores to earn phone time and I have the peace of mind to know where they are if they go out because family link tells you where your kids are.
@Bill - you really cannot get around the phones anymore, especially in covid times, my 11 year old girl chats with her friends and I did not have the heart to say no. Times are so different now, the phones give them contact with people during isolation.
6:13 am
May 24, 2016
Offline
Sounds like a good plan to me. Generous, but if you can afford it, why not. A lot depends on the child - I’ve got one saver and one spender - both financially schooled the same way. Good luck!
9:09 am
September 11, 2013
Offline
KamWest, you're doing a great job of raising your kids' awareness of money stuff, as JenE indicates in the long run they'll do what they want with your guidance. And good for you with the chores, etc to earn stuff, that's valuable modelling too that some parents neglect.
I'm fully aware cell phones are not optional any more for kids unless they want to be pariahs, my grandkids are very young yet and I was just wondering at what age they now get access to the whole world and vice-versa.
9:12 am
December 20, 2019
Offline
Yes with cell phones getting used for everything it's like a calculator, it is becoming important the kids master the skills.
The problem is most parents do not have filters and schedules on the phones when Family Link by Google is free. I can say phones off and they shut off. I can disallow sites and apps and it filters smut regardless of what network they hook into.
You can also set the age level so my son had to ask me for the next level when he turned 13.
11:04 am
April 14, 2021
Offline
KamWest said
I was going to get cell phones to the kids at 13 but my son got it at 11 so I had to do the same for my girl. The phones are hand me downs from my wife and I and traditionally my son gets mine and my daughter gets my wifes.
You've noted that you try to treat your kids fairly and uniformly. It might be a good idea to switch with your wife every once in awhile and reverse the order of passage for phones to your son and daughter, just to be consistent. That way, no one can say anyone played favourites. 
Please write your comments in the forum.