Kids and teens chequing
The kids and teens account that grows with them
No monthly account fees. Up to 2.25% interest. Access ATMs, get deposits, and use Interac e-Transfer®. It’s here: the account your kid actually wants.
A Wealthsimple kids and teens card with illustrations of shoes, pencil crayons, balls, and bubbles
Good financial habits run in the family. Get them a card, set your parental controls, then watch them save, spend and earn — whether it’s from a lemonade stand or their first real job.
Get your kid a grown-up card that works just like yours
A screen showing a kids and teens card, with a prompt to add one to an existing chequing account.
Sure, it looks great. But their card is attached to a real, no-monthly fee chequing account that earns real interest. It’s perfect for lunch money, allowance, and their first paycheques.
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Sure, it looks great. But their card is attached to a real, no-monthly fee chequing account that earns real interest. It’s perfect for lunch money, allowance, and their first paycheques.
A screen showing a kids and teens card, with a prompt to add one to an existing chequing account.
A screen showing a kids and teens card, with a prompt to add one to an existing chequing account.
Read more
Sure, it looks great. But their card is attached to a real, no-monthly fee chequing account that earns real interest. It’s perfect for lunch money, allowance, and their first paycheques.
Earn up to 2.25% interest from day 1
A screen with bar graphs, displaying how much interest in earned each month in a kids and teens account.
Teach your kids that money makes more money, with up to 2.25% interest. Top up their hard-won savings with parent-paid interest — a little boost to help the lesson stick.
Read more
Teach your kids that money makes more money, with up to 2.25% interest. Top up their hard-won savings with parent-paid interest — a little boost to help the lesson stick.
A screen with bar graphs, displaying how much interest in earned each month in a kids and teens account.
A screen with bar graphs, displaying how much interest in earned each month in a kids and teens account.
Read more
Teach your kids that money makes more money, with up to 2.25% interest. Top up their hard-won savings with parent-paid interest — a little boost to help the lesson stick.
Move money quickly and easily
A screen with an illustration of a pencil drawing a dollar sign. A button prompts you to send an e-Transfer.
Use instant transfers, deposits, or Interac e-Transfer® to share, send, and spend.
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Use instant transfers, deposits, or Interac e-Transfer® to share, send, and spend.
A screen with an illustration of a pencil drawing a dollar sign. A button prompts you to send an e-Transfer.
A screen with an illustration of a pencil drawing a dollar sign. A button prompts you to send an e-Transfer.
Read more
Use instant transfers, deposits, or Interac e-Transfer® to share, send, and spend.
Whether it’s from Nonna or their job, deposits are simple
A screen showing direct deposit details, including a contact's name, their institution number, transit number, and account number.
A first job is special — whether it’s folding clothes, sitting in the lifeguard’s chair, or restocking groceries. When they start earning money, direct deposits land right in their account.
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A first job is special — whether it’s folding clothes, sitting in the lifeguard’s chair, or restocking groceries. When they start earning money, direct deposits land right in their account.
A screen showing direct deposit details, including a contact's name, their institution number, transit number, and account number.
A screen showing direct deposit details, including a contact's name, their institution number, transit number, and account number.
Read more
A first job is special — whether it’s folding clothes, sitting in the lifeguard’s chair, or restocking groceries. When they start earning money, direct deposits land right in their account.
The key features of their chequing account
Get their account started online — it takes less time than prepping an after-school snack.
An account for kids and teens that takes the big banks to school
| Wealthsimple | Big bank kids products | |
|---|---|---|
| Interest rates | Up to 2.25% | 0.01% to 0.4% |
| ATM fees | Reimbursed worldwide | Up to $5 |
| Parental oversight | Full transparency, with spend notifications, card locking, and more | Only one has similar oversight, but it’s not integrated into their main banking app |
| Parental controls | Spend limits, spend controls, restricted categories | Only one, as far as we can tell |
The account that gives your kids a head start
FAQs
Who can open a kids and teens account?
Who can open a kids and teens account?
You, if you’re the legal guardian of a child under the age of majority in your province. (That varies between 18 and 19.) You also need to be a Wealthsimple client with an active chequing account. From there, you can send and receive money via transfer, deposits, and e-transfer.
What can my child do with their kids account?
What can my child do with their kids account?
They can see their balance and transaction list, send and receive money, lock their card, and make everyday purchases — either with their physical card or through their Google or Apple wallet. There are some important things they can’t do, like change account settings, spend beyond the limits you set, or unlock a locked card. That stuff is still up to you.
What controls do I have as a parent?
What controls do I have as a parent?
So many! Through your own Wealthsimple account you can set spend limits — either per transaction or through daily, weekly, or monthly caps. You can block certain transaction types, like gaming, and you can get real-time notifications when your child makes a purchase. You can also set a co-manager and give them similar control.
How do I add money to my child’s account?
How do I add money to my child’s account?
There are lots of ways to send money to your kid, including:
- Transferring funds directly, and instantly, from your Wealthsimple chequing account to theirs
- Sending money using e-transfer
- Scheduling automatic allowances
How many kids accounts can I open?
How many kids accounts can I open?
How many kids do you have? If it’s 10 or fewer, you can open a kids account for all of them if they’re under the age of majority. (If it’s 10, you really deserve a medal.) And you can manage them all from your Wealthsimple account.
