How do I open bank account for kids?
At first, you should research banks or credit unions that offer savings accounts for children. Consider factors like fees, interest rates, and branch locations.
Bring government-issued identification such as a passport or driver’s license. Some banks also may require the child’s birth certificate or health card.
Schedule an appointment or visit the bank branch with your child. Some banks allow you to start the process online or over the phone.
Fill out the application form provided by the bank. You will need to provide personal information for both the parent/guardian and the child.
Deposit an initial amount into the account. This amount varies depending on the bank and the type of account chosen.
Select the type of account suitable for children, such as a savings account. Some banks offer specific accounts for children with features like no monthly fees or incentives for saving. Review and sign any necessary agreements or documents related to the account.
Depending on the child’s age and the bank’s policies, you may need to open a joint account where the parent/guardian manages the account until the child reaches a certain age.
Check if the account includes online banking features, which can help children monitor their savings and learn financial responsibility.
Popular Banks Offering youth accounts in Canada:
- RBC Leo’s Young Savers Account
- Scotiabank Getting There Savings Program
- TD Youth Account
- CIBC Advantage for Youth
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.15% | 788 |
| 25,000 | 3.25% | 813 |
| 25,000 | 3.35% | 838 |
| 60,000 | 3.45% | 2,070 |
| 60,000 | 3.55% | 2,130 |
| 60,000 | 3.65% | 2,190 |
| 140,000 | 3.75% | 5,250 |
| 140,000 | 3.85% | 5,390 |
| 140,000 | 3.95% | 5,530 |
| 340,000 | 4.05% | 13,770 |
| 340,000 | 4.15% | 14,110 |
| 340,000 | 4.25% | 14,450 |
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Details of companies offering the financial services:
Windsor Family Credit Union
Head office’s address: 3000 Marentette Ave (Corporate & Administration Office), Windsor, ON
Contact center: 519-974-3100
Web-site: https://mywfcu.ca/
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002