Choosing your child's first bank account

As adults we're familiar with the concept and importance of financial literacy. Yet at times, we can struggle to teach our children about saving money, budgeting and how time can help grow their savings through compound interest. By teaching your kids about money when they’re young — and continuing to have money conversations as they grow older — you can help your kids become more financially confident adults. At TD, we offer various financial tools and products that can help you create a saving and spending plan for your child. Plus, we've made opening a kid's bank account simple and easy. Set up a bank account for your child so they can start working towards their goals.

We believe that it's never too early to teach kids about the value of money. You can and should help them understand that money isn't free and must be earned. Just make sure that the learning experience is fun for your kids. You could assign a dollar amount to each chore around the house and let them 'earn' their allowance. You could also encourage them to get part-time jobs around the neighbourhood to earn some extra cash.

Take it to the next level by opening a bank account for your child to help make saving a habit. They can learn about short-term and long-term goals and ways to work towards them. If they have access to a computer, they can use online banking to quickly check their deposits and balances. They can also learn about different ways to bank offline such as at a branch or at an ATM. Operating their own account will help them get familiar with terms such as compound interest and budgeting. And if you allow your kids to decide how much to save, you give them the opportunity to discover fiscal responsibility. Building these financial habits when they're young will serve them well in the long run.

If you think your kids may have outgrown their 'piggy bank', consider looking for a bank account that can help them save. For youth and students, we offer a TD Student Chequing Account with no monthly fees and you can have the flexibility of unlimited transactions as well as free eTransfers®. And, if you get your child a TD Access Card with Visa Debit, they can shop online or make in-app purchases under your watchful eye. Best of all, these accounts have been designed to grow with your children and do not have to be converted as they age.

Here's what to look for in a kid's bank account:

At TD, we offer the TD Student Chequing Account, an account designed for both students and youth. Your child can keep this account until the age of 23 and pay no monthly fee. Plus, they can earn interest on every dollar¹.

Opening a TD bank account for your child is as simple as walking into a TD branch near you. Generally, you will need to provide two forms of government issued ID such as:

Ready to get started? Explore TD bank accounts for your child. Get started

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¹ Different interest rates apply to different portions of your Daily Closing Balance based on the Tiers listed. Interest will be calculated each day by multiplying the interest rate for each Tier by the portion of the Daily Closing Balance in that Tier.