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Did you know that many financial institutions in Canada offer bank accounts for children? These accounts help kids learn about the basics of personal banking and the importance of managing money from a young age. Children under 18 must have a parent or guardian as their joint account holder. As the joint account holder, you’ll have access to all their funds and bank statements. This allows you to carefully monitor their transactions.
At RATESDOTCA, you can easily compare different children’s bank accounts to find the perfect fit for your child.
The main features of children’s accounts are:
We spend our whole lives learning how to effectively manage our money, from taking care of our first little piggy banks to investing in long-term savings.
Set your child up for success with a bank account at an early age. A children’s bank account can help you teach money management skills to young children. At RATESDOTCA, we agree with the Canadian Banker’s Association that financial literacy has become very important for young Canadians. As the newer generations go cashless, instilling the value of saving money becomes crucial. Many Canadian financial institutions offer great children’s and youth bank accounts for children and young adults.
Young children usually start with small savings of $10-$50, amounts that are not suitable for a typical chequing account. A typical chequing account comes with several limitations such as account minimums and monthly fees, features that young children may not understand or could get discouraged by. A children’s account makes banking simple.
Several financial institutions offer zero-minimum balance and zero-monthly fee accounts, specially designed for young children. Such age appropriate accounts can teach kids a lot about savings, transactions and future responsibilities. Unlike a basic chequing account, most children’s accounts come with an interest rate, allowing the young clients to watch their savings grow.
A children’s bank account gives your child an opportunity to start learning about day-to-day transactions, from depositing money to completing Interac e-Transfers.
Here are the 7 main benefits of applying for a children’s bank account:
When it comes to finding the best bank account for your child, here the features you should consider:
At RATESDOTCA, you can explore a wide variety of children’s bank accounts with your child, showing them the unique benefits of each. Get your child’s financial journey started today!