Bank accounts for Kids
This summer, our kids begged us to get their own bank accounts.
I remember getting my own bank account around 8 years old, so I thought it was a great idea!
Before heading to the nearest bank, we did a lot of research. I also consulted my father who is a retired personal finance professor.
Most of my research involved reading a few key articles on line:
I highly recommend reading these articles before you make your own decisions on what will work best for your family.
Canadian Bank Accounts for Kids
How 7 Banks Fare on Children’s Accounts
Grown Up Accounts for Kids
Things to Consider
1. Overall, the biggest piece of advice that I garnered from these articles is to make sure that the bank account allows for unlimited debit transactions.
This will be especially important when the kids are teenagers and will rely on plastic for everything. Costs per transaction can quickly add up!
2. Check if the parent needs to have an account at the bank before the kids can open one.
3. Consider getting an adult account. This was the main advice in another article I read.
I am not a financial advisor. Please make your own decisions and do your own research before making a decision. I am writing about our family’s choices and experiences.
Our Decision
In the end, we decided to go for Scotiabank.
They have unlimited debit transactions.
The debit card allows youth to gain Scene It points for the movie theatre.
Parents do not have to have an account (although we do).
Getting the Account
The boys were so excited about getting a bank account that they were counting down the days before we could go!
Steps
1. Call first to make an appointment.
We just showed up, and the boys were very disappointed that we couldn’t get an account on the same day, but had to come back a few days later.
Phone to make the appointment, then tell the kids the day they will be getting their accounts! Ask what documents you need to bring with you.
2. Bring documents.
The parent will need ID.
You will need ID for the children. I used their Social Insurance Numbers and their health cards.
You will need an official document that records your mailing address, other than on your license. A bill, bank statement, etc. will work.
Our Experience
When we had our appointment, the Scotiabank employee filled out the paperwork, asking the boys lots of questions about their address, phone numbers, birthdays, etc. They were so proud to sit there and give all the answers!
Once the paperwork was complete, we went to the tellers where the boys each could make their first deposit! This was so exciting for them!
With Scotiabank, children cannot get a bank card until they are 10. Daniel was a bit disappointed, but only has a year to wait!
Having a bank account is a great way for kids to learn about saving, how a bank works, and about responsibility!
It was something easy to do and so important! I encourage you to do the same!
**Please do your own research and make the right decision for your family!**
