The Wealthsimple kids and teens account gives your child a real, physical card they can use at ATMs or their favorite store (plus a virtual one if they have a phone), up to 2.25% base interest that can go all the way up to 100% if you decide to top it up yourself, and a full set of parental controls you can manage from your own Wealthsimple account. No monthly account fees, no minimum balance, no branch visit required.
The best way to teach a kid about money isn't a lecture. It's trusting them with some.
What is the Wealthsimple kids and teens account?
The Wealthsimple kids and teens account is a chequing account for a child under the age of majority, opened and managed by you — their parent or legal guardian. Your kid gets a real-deal card and a view into their own balance and transactions, but you keep the controls. It's built so the training wheels come off gradually, as they're ready.
Here's the part we like most: it's the same Wealthsimple you already bank with, extended to the people you'd most like to pass good habits on to. The kids account sits in your account list, so you can check in at any time in the app you already use.
First, a real card — not a toy
Your child gets a physical card they can tap, swipe, and use at ATMs. If they have a phone, they also get a virtual card for their Google or Apple wallet. It works like a card is supposed to work, because the whole point is to let them get real-world experience while you stay in the loop.
On their side, your kid can check their balance, see their transactions, lock their card if it goes missing, and make everyday purchases. A few things stay firmly with you: they can't change account settings, spend past the limits you've set, or unlock a card once it's locked. That last one is a feature, not a bug.
How does the interest work? A chequing account that doubles as an education tool
Money in a kids and teens account earns up to 2.25% interest on its own — no strings, no minimum balance, nothing for you to set up. That's the base rate - they’ll get the same interest rate that you have on your chequing account - and it's already well ahead of what most big-bank kids' accounts pay.
Then there's parent-paid interest: a boost you choose to add on top that can help you teach compound interest from an early age. You can top up their rate to 100%, funded by you. Think of it as a matching program for the under-18 set: your kid squirrels away their birthday money, and you quietly reward them for not spending it.
It's the fastest way we know to make an abstract idea — money can make more money — concrete enough that an eight-year-old can watch it happen in real time. The lesson sticks because they can see it.
Setting it up: here's how
Open the account online. No branch, no appointment. It takes less time than making an after-school snack.
Add money instantly. Transfer funds straight from your Wealthsimple chequing account to theirs in an instant.
Schedule an allowance. Set it to run automatically, and add more whenever you want.
Set your parent-paid interest. Decide the boost you'll add on top of their savings.
You can also add a co-manager, so a partner can share the same oversight as you share oversight with you and help manage the account.
Setting up parental controls
Yes, we have parental controls. A lot. And they’re all easily managed from your own Wealthsimple account:
Spend limits, set per transaction or as daily, weekly, or monthly caps.
Blocked categories, so you can switch off things like gaming.
Restricted transactions, so you can decide whether or not they can use the card for in-person purchases, online, or for ATM withdrawals.
e-Transfer controls, turn it off or on, block contacts you don’t recognize, and get notified when your child sends or receives a transfer.
Real-time notifications the moment your child makes a purchase.
The idea is that the account grows with your kid. Tighter controls when they're small, more room to make decisions as they learn and earn your trust and are ready for more independence — without you ever having to switch products.
How it compares to a big-bank kids account
Most youth accounts at the big banks are, frankly, a bit stingy. Here's the honest comparison:
Wealthsimple | Big bank kids products | |
|---|---|---|
| Interest rate | Up to 2.25% | 0.01% to 0.4% |
| ATM fees | Reimbursed worldwide | Up to $5 |
| FX fees | 0% | Typically 2.5% |
| Parental oversight | Full transparency with spend notifications, card locking, and more | Only one has similar oversight |
| Parental controls | Spend limits, spend controls, restricted categories | Only one (that we can tell) |
As of September 15, 2026. This chart is for illustration purposes only and is intended to provide a general overview comparing Wealthsimple's Kids and Teens account against those of similar youth accounts offered by Canada's Big Banks. For more information, see here.
And like our grown-up accounts, there are no monthly account fees and no minimum balance.
A few honest notes
A kids and teens account is a chequing account, not an investment account, so the interest isn't a market return. The account earns a base rate of interest paid by Wealthsimple, the same rate as the primary chequing account, and parents can choose to add an interest top-up on their own.
To open a kids account, you'll need to be the legal guardian of a child under the age of majority in your province (that's 18 or 19, depending on where you live), and you'll need an active Wealthsimple chequing account of your own — that's how you fund their account and follow along. You can open accounts for up to 10 kids. If you have 10 kids, you deserve a medal, not just a chequing account.
Make their first account the best account
You can set up their account in the Wealthsimple app in a few minutes. Give them the card, set the guardrails, and let them learn the way everyone actually learns money — by using some.
Not sure where to start the conversation? We've got a guide for that.
Wealthsimple Kids and Teens Chequing Accounts are offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc. (“WSP”), a Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) registered money services business. WSP is a payment service provider registered with the Bank of Canada under the Retail Payments Activities Act. Registration with the Bank of Canada does not imply endorsement of WSP by the Bank of Canada. WSP has appointed WSII as its agent to perform certain payment activities offered through the Kids and Teens chequing account(s). The funds you add to a Kids and Teens chequing account (the “Funds”) are ultimately held securely in trust. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds.
The Wealthsimple Visa* Kids and Teens Prepaid card (the “Card”) is issued under license by Wealthsimple Payments Inc. *Trademark of Visa Int., used under license.
1.25% interest rate is available to Wealthsimple Core clients; 1.75% interest rate is available to Wealthsimple Premium clients; and 2.25% interest rate is available to Wealthsimple Generation clients. Annualized rate, calculated daily, paid monthly. Subject to change. For more information see https://wsim.co/rates
While Wealthsimple does not charge additional ATM fees, withdrawals may be subject to a fee charged by ATM providers. Wealthsimple will reimburse chequing clients an unlimited number of ATM fee reimbursements. Reimbursements will be made to the account linked to the Visa Platinum Prepaid Card within 4 business days after the ATM transaction settles. Click here for details.
Foreign transaction (FX) fee is a surcharge typically charged on foreign currency transactions. Wealthsimple does not charge FX fees, but transactions are still subject to currency conversion from credit card issuers, or fees from retailers or financial institutions involved in the transaction.
