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Money experts have it that every parent needs to open a bank account for their kids as it is a great way of educating them about financial management skills . There are different Childrens Account Canada that you can open for your kid, but you have to know their features and identify one that best suits your kids.
A children account is bank account designed for individuals below the age of 18. The account works like a regular account, but with a few restrictions depending on which bank you have opened your account. Children accounts are made available to train kids and teens under 18 the value of savings.
The best providers for children accounts in Canada are the following:
Children accounts enable parents to train their young ones the four corners of banking transactions, finance management and savings.
Below are some of the popular children account providers in Canada:
Most of the Canadian banks provide children accounts at no fee. They are pretty the same with a few key differences. These particular key features are what you should be looking for before opening a Childrens Account Canada.
However, going through the abundant information provided by banks is certainly what most people can’t afford hence it sounds more logical and economical to check the already prepared comparisons of the different accounts from different banks.
Most banks in Canada including the major ones don’t charge any fee to open up a Childrens Account Canada, though some offer certain restrictions. Top banks which you might want to have a look at include HSBC, CIBC, Tangerine (formerly ING Direct), RBC, TD and Scotia.
Each have their own features with some offering the accounts to their customers only, such as Tangerine. Some key features to look for include no fees, easy access, attractive interest rates and unlimited debit transactions.
As far as the said key features are concerned, CIBC children accounts stand out from the rest. The bank’s children account is called Advantage for Youth and offers an interest rate of 0.05% and unlimited debit transactions. On the other hand, Tangerine offers the highest interest rate of 2.0% but the account is allowed for their customers only.
There are also no minimum balance requirement and no debit card. HSBC children account is available to the kids of premier clients with personal investments and deposits exceeding $100,000.
The Leo Youth Saver account of RBC on its part offers something attractive, but with very low interest rate of 0.01% and debit transactions that are limited. TD’s Youth Stepping Stone account offers a 0.05% interest rate but with unlimited debit transactions. Scotia offers no interest rate and limited debit transactions.