Plus, the outlook for affordable groceries, and a helpful primer on the difference between tax credits and tax deductions
When our boys were little, we opened children’s savings accounts for them at the big bank where we had our mortgage and chequing account.
I encourage you to put more work into this choice than I did. Prompted by a recent question from a reader, I went back and looked at the current details for that same account our boys had. The interest rate was listed at 0.01 per cent.. No minimum balance, no monthly fee, unlimited debit purchases and sometimes unlimited e-transfers as well. The interest rate is another matter. Most banks hid the actual interest rate so well I gave up trying to find it.
The reader I mentioned has kids aged 7 and 10. “What are the best bank accounts for children in Canada?” she asked. “Ideally, no fees and a savings rate so they can understand compound interest.”[email protected] . Meantime, the best option I found was the Tangerine Children’s Savings Account. The prominently displayed interest rate was 1.1 per cent as of early April, which is nothing special.
Another account that caught my eye was Canadian Imperial Bank of Commerce’s Smart Start, which takes a young person to age 25 with no monthly fees and unlimited debits and e-transfers. But, interest? I couldn’t find a mention of it on the CIBC’s online product page.
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