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  • Writer's pictureMagy Aguiluz

Teaching Financial Responsibility: How to Open a Bank Account for Your Child

Updated: Feb 25


Kid showing a bank card, piggy bank, financial responsibility


Our society often fails to prioritize financial literacy and education. Many people are not taught the importance of managing money wisely, saving for the future, and investing in their financial goals. Instead, the focus tends to be on spending and consumption.


It is crucial to teach financial responsibility to our children. This can help them understand the value of money and the importance of making smart financial decisions. Learning about budgeting, saving, and investing can set children up for a more secure financial future.


By instilling good money habits in our children, we can help them develop a healthy relationship with money and avoid the common pitfalls of overspending and debt. Financial literacy is a vital life skill that can benefit us all, regardless of our age or income level.


Children often grow up not fully understanding the value of money. They may see their parents buying everything they need and want, without realizing that money is not an unlimited resource. As parents, it's important to teach our children how to manage money wisely.


To help our daughter learn about earning and spending money, we decided to open a savings account for her. Through this account, she can learn the importance of saving money for something she wants, as well as the concepts of budgeting and making smart financial decisions.



We opened an account at CIBC for children younger than 13 years of age under our account; from the age of 13, they can already have their account as a student and obtain discounts in many places as students.

The process is very simple, and you do not have to pay any annual or monthly fee to have this account,; until you turn 25 and have unlimited transactions.


What are the requirements?



  • Your child must be a resident of the country and under 25 years of age.

  • Have your child's government-approved ID, which could be her passport.

  • The process is fast,; you only need to fill out a small form with basic data, and if your child is under 11, you can open it online; otherwise, you will have to go to a branch.


To do it online, you just have to enter CIBC; after submitting your application, your kids will receive their card in about a week.



I leave you options for other banks so you can check which bank is best for you to open an account for your child:


  • Canada Trust offers student accounts and youth accounts.

  • BMO has options for children under 13 years of age and for those over 13 years of age up to 18 years of age.

  • Scotiabank has an account for children under 18 years of age.


I hope this information is useful to you, and always remember to keep your children safe. Do not give their personal information to any page, and make sure they are not malicious pages.

When opening a savings account for your child, make sure to keep their personal information safe and secure. Don't give out their information to any unknown websites or pages, and verify that you're accessing the official website of the bank you choose.


2 Comments


lorena.orive
Jun 01, 2023

Great article. Having worked in the financial sector for more than 30 years, I have had a lot of evidence of the relevance of teaching smart healthy financial habits since a young age. Even professionals from other segments reinstate how they wished they had some training on spending and saving, and how to use their money wisely. And yes, a great place to start is with young kids.

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This Maple Life
This Maple Life
Jul 10, 2023
Replying to

Thank you very much for your input, and our apologies for replying so late.

We agree with you. Financial education should be taught early and be available to everyone.

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