12 thoughts on “The Best Children’s Savings Accounts in Canada”

  1. Not just you. When I first moved to Canada as an immigrant, RBC was the bank that made opening an account easiest and was willing to give us limited credit. I’ve stayed loyal to them ever since. Two years ago, I took my kids to the bank to open LEO accounts, They’ve bought themselves 2 generations of loyalty 🙂

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  2. Great article, something to consider when I become a dad.

    My story is, 32 years ago, my dad opened an account with RBC for myself and my brother. Since then my brother had a falling out (student loans issue – pretty bad too) with RBC and switched over to TD and my dad as well (montage issue) switched over to BNS.

    I, still have the same savings account with RBC and still use it as my day to day banking.

    Here is where I find things confusing to this day. I’ve never owned a chequing account. Never. I’ve always done my day to day with RBC Savings account. Wrote cheques, eTransfer money, withdrawn from teller or ATMs, Deposits, money transfers to fund my Questrade account. I also own other bank accounts at Tangerine, Hubert and Achieva, all savings account, never chequing. I still don’t see the point of a chequing account when I can do the same exact thing with a savings account.

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  3. Great article! When I was growing up I had the RBC Leo (the lion!) Young saver’s account. So much has changed since then, but I’m glad they’ve still kept that account around.

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    • @AnotherLoonie- 3 for 3 are with RBC, pretty good! No wonder they are the biggest. I wanted the Leo the Lion account so bad, they sure did good marketing back then.

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  4. The thing that sticks in my craw, is the pathetic interest rate that these banks offer. If EQ bank can offer 2% all the time, then surely these banks can do the same. I thought that they wanted to retain young customers!!!

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    • @Bob’s your Uncle- I know. The interest rate is kind of laughable. I think that was reasonable back then but not in the day and age of high interest savings accounts that are online. EQ Bank just announced they are doing Joint Accounts now so 2% interest is a pretty good interest rate for kid’s gift money.

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  5. Great review. I remember a couple years ago Tangerine had a good deal, something like deposit $100 into a new kids savings account and they give you $50 for free. No fees or anything, just $50 in a savings account for free!

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