WealthSimple just recently released their much anticipated Kids Accounts, and I was really looking forward to them! Once they became available, and I read through all the information, I decided there was no real benefit for us. We wouldn’t really utilize many of the cool features they provide because my kids are still small. Now they’ve released their Savings Accounts, with a slightly higher interest rate and I opted to open those up for my kids instead! With my kids being only 7 and 2 years old, we’re doing nothing but depositing and saving right now. The savings accounts are perfect and I appreciate the higher interest rate! 🔥 Curious what all you WealthSimple users with kids decided on?! Let me know!
1,426 views
13 Comments
Charleen W@chasingfi · 10d
Our kids are still little too but we use it for allowance. The automation makes it useful for us. And yes we also max their RESP. When they are old enough then they can have their cards for spending on some of their wants. They like seeing their money grow.
michael
@mickcrane · 10d
Im really happy about the kids account but my daughter is about to start her first job when she turns 15 and the kids and teens account does not allow her to have her wages deposited into her account. This should be changed
Mike L
@noviceadvisor · 9d
Why not invest their money instead of putting it into a savings account?
Robyn
@robynew · 10d
I'd love to be able to open one for my kids but it's not available in my province of Quebec. In the meantime, we use the RBC Leo Savers, and that's where we teach them about money, savings, banks, etc They like to do small tasks and "jobs" to earn money and they enjoy going to the bank to deposit it.
See the full comment section 👀Sign up for the full Blossom experience!
