Wealthsimple Kids Account vs Mydoh: Up to 2.25% Interest
Wealthsimple's kids and teens account earns up to 2.25% interest and allows ATM cash. Mydoh pays none, but any parent can fund it. Compared November 2026.
Wealthsimple's kids and teens account earns up to 2.25% interest on a child's balance, while RBC's Mydoh app pays no interest at all. As of November 2026, these are the two app-based options most Canadian parents compare for a first digital account: each gives the child a prepaid Visa card and gives the parent real-time oversight of spending.
The right pick depends on three questions. Do you already bank with Wealthsimple? Do you live in Quebec? Does your child need cash from an ATM?
As of November 2026, the Wealthsimple kids and teens account earns up to 2.25% interest and reimburses ATM fees, but it requires a parent who holds a Wealthsimple chequing account and it is not available in Quebec. Mydoh has no monthly fee and works with any bank, but pays no interest and blocks ATM withdrawals.
Wealthsimple vs Mydoh at a glance
| Feature | Wealthsimple kids and teens account | Mydoh (RBC) |
|---|---|---|
| Interest on the balance | Up to 2.25% | None |
| Who can open it | A parent with a Wealthsimple chequing account and verified identity | Any parent, funded from a bank account of their choice |
| Child's age | Under the age of majority (18 or 19, by province) | 6 to 17 |
| Quebec | Not available yet | Available |
| Card | Prepaid Visa, virtual at opening, physical optional | Reloadable prepaid Visa, digital and physical |
| ATM cash | Yes, $999 per interval, ATM fees reimbursed | No |
| Purchase limit | $999 per purchase ($250 tap), higher for verified teens 13+ | Only the money in the child's Mydoh wallet |
| Monthly fee | Not stated on the help page | None |
How the Wealthsimple kids and teens account works
The account is a bare trust. The parent is the legal account holder and trustee, and the child is the beneficial owner of the money. Statements and T5 slips are issued as "[Parent's name] ITF [Child's name]".
Wealthsimple says the account earns up to 2.25% and points parents to its chequing interest page, which lists three rates tied to the parent's client status:
- 1.25%: every client with a chequing account
- 1.75%: Premium clients, or Core clients earning the 0.5% direct deposit boost
- 2.25%: Generation clients, or Premium clients earning the boost
Wealthsimple states these are not promotional rates and that they can change at any time.
The card and its limits
Every account comes with a prepaid Visa card. The virtual card is issued instantly at opening, and a physical card is optional. Wealthsimple lists these limits:
- Maximum purchase: $999
- Maximum ATM withdrawal: $999 per interval, with ATM fees reimbursed
- Tap limit on the physical card: $250
There are no foreign exchange fees on the card. Teens aged 13 and older who verify their identity with a photo ID and a selfie can go above $999 per transaction, see their own account numbers, receive direct deposits such as paycheques and set up pre-authorized debits.
The account opens only in the Wealthsimple mobile app. One parent is linked to each account, a co-manager can be invited, and a parent can link up to 10 kids and teens accounts to one profile.
How Mydoh works
Mydoh is a money app built by RBC for kids aged 6 to 17. It comes with the Smart Cash Card, a reloadable prepaid Visa card issued by the Royal Bank of Canada. Parents load money from a bank account of their choice, so no RBC account is required, and Mydoh charges no monthly fee.
The child can only spend what sits in the Mydoh wallet: no credit, no overdraft. Cash is off the table, since the card cannot be used at an ATM. The savings tools are built for habits rather than returns: up to three savings goals at a time, round-ups to the nearest dollar, and an auto-save split of the weekly allowance. Mydoh states plainly that it is not a child savings account and pays no interest on savings or wallet balances. A custom "Mydoh by Me" card costs $6.99.
Taxes: who reports the interest
Interest earned in a Wealthsimple kids and teens account is taxable. Wealthsimple notes that when a parent or grandparent gifted the money, attribution rules generally put the interest on the contributing adult's return. Money from the child's own job, the Canada Child Benefit or an arm's-length gift is generally the child's to report. The parent, as trustee, may also need to file a T3 return, so a tax professional is worth a call.
Neither app replaces an education plan. For long-term savings with government grants, our RESP guide explains how the Canada Education Savings Grant works.
Which one fits your family
Choose the Wealthsimple account if you already hold a Wealthsimple chequing account, live outside Quebec and want the balance to earn interest, or if your teen needs ATM cash or a direct deposit for a first job.
Choose Mydoh if you bank elsewhere, live in Quebec, or want chores, allowance and savings goals in one app for a child between 6 and 17, without cash access.
If you are rethinking your own banking at the same time, compare options in our ranking of the best chequing accounts in Canada, the chequing account comparison tool and our list of no-fee chequing accounts. Wealthsimple's recent move on real-time payments is covered in our banking section.
Bottom Line
Open the Wealthsimple kids and teens account if you already have a Wealthsimple chequing account outside Quebec: interest of up to 2.25% and ATM access make it the stronger tool for a teen. Pick Mydoh if you want a fee-free spending card that any parent can fund. For weekly updates on rates like these, join the Ratesopedia newsletter.