Interest Rate: 2%
Minimum Balance: $0
Monthly Fees: None
Maximum Balance: Unlimited
Why It’s the Best Children’s Bank Account in 2012 in Canada
Start your child on the track to savings with a competitive 2% interest rate on their balance. This no-fee account has no minimum or maximum balance restrictions, and is a great way to teach kids about the value of an invested dollar.
Great Rate: 2% Back on Savings!
- One of the highest interest rates on savings
- Interest is paid out monthly
- No minimum balance required to set up an account
- Interest is allocated to the total balance of the account and compounded daily
- Absolutely no fees, including transfers, online transactions and telephone banking
- CDIC Insured
- Transfer funds within ING or a different lender for free
- Access to Lil’ Savers’ Money Land, an online interactive kids zone that promotes financial literacy
Ease of Use
- CSA is held jointly between parent and child - all account maintenance is handled by parent
- Banking is conducted solely online
- Only child’s SIN and birth certificate required during setup.
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