You can also provide them with financial literacy resources, but you can not require them to read them before unlocking allowance payments. For kids, you can use Apple Pay, set savings goals, manage chores and shop online with restrictions. You can also make p2p payments to friends and family. The Wingocard just launched in May of and is gaining traction quickly with over 75, users on the platform so far. They only have a mobile app on IOS at the moment however, but are looking to launch the android version soon.
Read more about this up-and-comer in our full review. Goalsetter and the Cashola debit card is an education based banking solution for the family. It comes with a savings account and different card art for kids to choose from. It also has some fun quizzes that can be tied to cash rewards and are mapped to financial literacy standards.
Like the USAA Youth Spending account, the Axos Bank First Checking account is a free checking account and debit card that keeps things simple and leaves most of the bells and whistles behind. There are no chore apps, allowance distribution features, financial literacy tools and even limited parental controls. That said, parents can still receive notifications of all purchases and can turn the card on and off from the dashboard.
But you can not toggle with withdrawal limits as these are set by Axos bank, nor can you restrict certain merchants. For more information read our full review. Although this is more of a general prepaid debit card than one specifically geared towards kids and teens, we put it on the list because of a unique feature for those who hold cryptocurrency and would like to convert it to cash. MOVO Chain is a proprietary technology that allows you to convert your cryptocurrency to cash which can then be loaded onto your Movo prepaid digital cash card.
Learn more in our full review here. Revolut, based out of London, UK, and their debit card for kids is another option for families. You can learn more about the Revolut card here.
There is no perfect age at which all kids become ready for a debit card of their own. Many experts advise waiting until a kid is earning money to give them a debit card.
Debit cards for kids under 13 are perfectly legal for banks and companies to issue, and ultimately up to the parents to decide. It is common for kids to start earning money at around 10 or 12 years old , so this may be a good time to start thinking about kid-friendly debit cards.
Some financial products geared toward kids, such as the BusyKids Visa Prepaid Spend Card, permit users as young as 5 to join. More common, however, is a minimum age of 8 years old. There are also several cards designed specifically for teens that do not permit users under the age of 13 to create an account. It may also be a good idea to wait until your child has had some experience handling cash to give them a debit card.
Most debit cards for kids are prepaid cards that are not attached to checking accounts. Users with these debit cards can spend freely online and at most establishments but must add money to their card before they are able to use it.
However, although prepaid debit cards do not come with bank accounts, they are usually protected by maximum FDIC coverage through partner financial institutions. Prepaid debit cards are typically thought to be much safer than checking accounts and traditional debit cards. However, prepaid debit cards for kids can come with a number of fees as well. ATM fees, subscription fees, reload fees, maintenance fees, and transfer fees are a few to watch out for.
Few accounts or cards are truly free, so keep this in mind when considering your options. These products are comparable but prepaid debit cards tend to be more kid-friendly overall and allow for more collaboration between kids and their parents. Prioritize by considering how much experience your child has and what you most want them to learn. Even better, have this conversation with them. Many debit cards for kids allow users to save and spend their money all under one account.
They may do this by allowing users to choose how much of their money to put into savings and how much of their money to load to their card. This is the most basic way that a product may create savings opportunities, but there are a number of other additional features out there. For example, some debit card platforms give users the option of creating distinct savings goals and show them their progress.
Some products even let parents or account holders award bonuses when a user contributes to a goal they created or pay interest on balances. And if you want your child earning interest but would prefer not to pay it yourself, you may want to think about an interest-bearing product like the Mango Prepaid Debit Card. On the opposite side of the spectrum, some products do not make room for this feature.
With such platforms, if a child wants to save, they have to do so by refraining from spending. This may be much more challenging for them, especially if they are inexperienced with money management. If encouraging your kids to hold onto their money and save it for larger purchases and goals is a priority, then a debit card and platform that encourages this in a variety of ways is probably best.
How important is it to you to be able to pay your child an allowance and pay them for chores all in one place? Parents can assign chores for their kids to encourage them to take charge of their finances and kids can earn money for themselves and start to understand the importance of budgeting and restraint.
All this to say that financial products for kids, especially for young users between the ages of 6 and 13, commonly feature chores management capabilities. These vary in complexity. Here are some questions to consider as you review the choices:.
You may also pay your kids a fixed allowance each week instead of or in addition to paying them for individual chores. This ability is not guaranteed with all apps, so choose wisely. You may feel that setting spending limits for them is the best way to set them up for success in the real world. Start with the following questions:. Beyond just parental controls to help your kids grow into prepared and knowledgeable spenders, consider parental responsibilities too.
Most financial products for kids require parents or guardians to fund the account. This means you should also think about what funding options are most convenient for you. Read the fine print on every product. There is a wide range of teen debit cards available, with many of them offering mobile apps for seamless digital money management. Most cards offer parental controls, but some offer more features than others.
Companies like Current, Kachinga, and Greenlight allow parents to monitor and control spending options, lock cards, and set up real-time parental notifications, so they are a great option for parents of younger teens who are just getting started with money management. Other teen debit cards, such as the Axos Bank First Checking account and Jassby virtual debit card, keep costs low with no monthly or annual fees.
This allows teens to get started without locking themselves or their parents into recurring fees. Our choice for best overall, Greenlight is a well-designed debit card for teens, with a mobile app created to help make teens smarter with money. Greenlight is a great option for families of any size, but especially useful for families with multiple teens. If you are interested in teaching your teen financial literacy and the ability to manage their own money, a teen debit card is a great onramp to get them started.
Many of these debit cards are prepaid cards, and most come with some form of parental controls, including spending alerts, and the ability to block inappropriate merchants. You can think of these teen debit cards as giving your teen a real checking account with bumper lanes. Teens get the responsibility of handling their own finances without the risk of unfiltered access to a standard debit or credit card. When looking for the right debit card for your teen, there are a few factors you may want to consider:.
Most teen debit cards are designed as mobile-first applications, with the ability to sign up online. If the teen is under 18 years of age, there typically needs to be a joint account holder parent or guardian that is at least 18 years old to sign up for an account. Once an account is created typically via the company website or mobile app , a parent will need to link a checking account or debit card to fund the card.
Many apps offer chore tracking and recurring allowance payments as well as the ability to split earned money into categories, such as spending, saving, and giving. Teens can monitor their finances through the mobile app, which helps them learn financial literacy and responsibility as they are exposed to rewards, fees, expenses, and more.
Debit cards for kids are accounts that allow parents to supervise their children as they learn to manage money. These debit cards may be linked to your bank account or another funding source. There are various companies in the debit cards for teens space, including big banks, neo banks, and fintech startups.
The biggest difference between a debit card for teens and a prepaid debit card is the education and financial literacy features. Debit cards for teens allow children to practice the basics of money management without the risk of high overdraft fees or getting into credit card debt.
You may set up payments for chores, monitor spending, set spending limits, transfer money, and more from the convenience of a mobile app. While some companies charge more than others, understanding the total costs associated with any teen debit card is important before signing up.
Yes, a debit card with the proper parental controls in place can be one of the best ways to expose your teen to financial management without the risks or worries of a credit card.
Teens gain exposure to earning an income through chores and other work, budgeting that money for immediate and future needs, learning to prioritize savings, and making real-life money decisions. Teens gain the responsibility of being able to spend funds they earned, but with the parental oversight to keep them out of financial trouble. If your teen wants the ability to manage their own money but is feeling stuck because most financial transactions are happening digitally, a teen debit card is the perfect stepping stone.
It allows for the independence of making their own money decisions, but with the security of parental controls and monitoring. It can open up conversations about earning money, budgeting, and the importance of saving.
If you want to teach your teen about money management with real-world applications, a teen debit card may be a good option. While many debit cards are only available for teens 13 or older, many kid-focused debit cards are available to kids as young as six years old.
No matter what the age limit is for the child debit card, in the U. Although debit cards for teens are a newer concept, there are already several competing companies on the market. This can make it difficult for busy parents to decide, particularly when so many products offer a similar set of features.
Some products also offer less pricing transparency, especially when it comes to extra fees, making it difficult to make a true apples-to-apples comparison. To make the selections for the best debit cards for teens list, we started with 25 of the top companies. We also looked at pricing and fees, including any that can be waived. We reviewed parental controls, education, security, and any other stand-out features to select the best options.
Although we did consider some larger, national banks, our research indicated that the smaller, niche banks provided better services tailored to the specific needs of teens and their parents. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Best Debit Cards for Teens Expand. Best Debit Cards for Teens. Pros No fees. There's no monthly or overdraft fee and no minimum balance requirement with Copper. Improves financial literacy. The Copper app features financial quizzes and other resources to help your teen be more mindful about their saving and spending habits.
Kids can even earn extra cash for completing some of the quizzes. Integrated savings. Copper lets your kid create multiple buckets to save up for long-term goals. Your teen can also set up automatic deposits into their savings buckets and invite friends and family to contribute funds.
Cons Negligible interest. Saved money only earns 0. Cash deposit fee. BusyKid Finder rating 4. Go to site on BusyKid's secure website. Busykid offers a way for your kid to save, donate, share, spend or invest any earned allowances.
Meanwhile, Busykid is cheaper and includes its investing feature at no extra cost. Other standout features include allowance automations and excellent customer service. Pros Affordable. This annual fee includes one free prepaid card. Money management options. Parental permissions. Your child has the freedom to move money between the spend, save and share sections in their BusyKid account themselves.
But they'll need your permission to move money to their Spend card. Cons Cost per card. Limited parental controls. Unlike the competition, you have no control over how your child spends their money once it hits their BusyKid Spend card, which means it's ideal for parents who have already established trust with their kid.
Current teen banking Finder rating 4. Go to site on Current's secure website. The Current Teen Debit Card is best for savings because it includes an automatic round-up setting that can help your teen reach their savings goals even faster every time they make a purchase. Plus, they can organize their savings by creating different savings goals.
Another standout perk is that the chores feature it comes with can teach your kid to negotiate by letting them propose a different amount of compensation for certain chores. Pros Savings round-ups. Purchases can be rounded up to the nearest dollar, and the difference will be deposited into the savings goal of your choice. Adults on the account can set spending limits, block ATM access, disable the card and select which stores their kid can shop at.
Separate funding sources. Divorced parents or parents who like to keep their finances separate can link individual funding sources to this account. Cons Annual fee.
This is pretty average, but you'll find cheaper options out there as well. Overseas fees. Jassby Finder rating 4. Go to site on Jassby's secure website. The Jassby virtual debit card stands out for its rewards and intuitive money-management app. Jassby offers a financial literacy score feature that rewards your child the more they use their account to save. Your child will earn discounts and products they can redeem through its in-app marketplace that includes more than 20, products from retailers including Apple, Starbucks and Nintendo.
It's also a great option for kids who don't need a physical debit card. Unlike other kids debit cards, you don't have to worry paying a fee every month. Parental features. The adult on the account can award one-time bonuses, freeze their kid's debit card and set spending limits in the mobile app. Jassby Mall. The app has a built-in Jassby Mall where your kid can buy products from popular retailers like Starbucks, Apple and Nintendo. Cons No physical card.
Jassby is a virtual debit card only, which could be a disadvantage if your kid shops at a place that doesn't support mobile wallet and contactless payments. Go to site on FamZoo's secure website. The FamZoo prepaid card is best for traveling abroad because you won't have to worry about your kid paying foreign transaction fees on international purchases while you're on vacation or on a school trip.
There's also no fees for currency conversions, international ATM withdrawals or balance inquiries. Other perks include a free day trial and the ability to set up mock stocks so your kid can practice investing. Pros Real-time requests. Your kids can request extra funds in real-time, which is helpful if they're out with friends and need extra cash on the spot.
Focus on saving, spending and giving. Your child's account is split into three subaccounts for saving, spending and giving to encourage them to develop good money management habits. No foreign transaction fees. FamZoo Kids traveling abroad won't pay any foreign transaction fees on international purchases. But your first 30 days are free, so you can try before you buy. Limited cash deposits. The only way to add cash to your Famzoo card is at a GreenDot or Mastercard rePower location, both of which cost money.
Capital One Money Finder rating 4. Read review. The Capital One Money account earns interest, lacks fees and is open to children as young as 8. Pros No existing account required. Parents don't need a separate Capital One account to open this account for their kid.
Earns interest. This account earns 0. Other features. There's no foreign transaction fee with this account, it supports ATM deposits and it's open to kids as young as 8.
Cons No check-writing. This account doesn't offer any check-writing options for teens. Lackluster resources. Capital One's financial literacy resources aren't as interactive as the tools offered by kids' prepaid debit cards. APY 0. Mazoola Finder rating 4. The Mazoola virtual debit card is the best free debit card for kids because it has absolutely no fees. You get a lot for your money as it offers the same standard features other debit cards for kids typically come with like the ability to set chores, allowances and savings goals.
Another perk is that the account supports peer-to-peer payments, allowing your kid to quickly send funds to friends and family. But as a virtual card, your kid may be limited to using it at stores that allow contactless payments. Plus, your kid can't overdraft as any purchases that would put their balance in the red are declined. Savings tools. Your child can set up savings goals in the app and fund them as they complete chores and earn money.
P2P payments. Your kid can send money to other friends and family in the Mazoola app using peer-to-peer payments. Cons Not available on Google Play. Mazoola has an Android app in the works, but as of February , it's only available to iPhone users.
New app. Mazoola is a new debit card for kids, so it's too soon to tell what parents like and don't like about it. Step banking Finder rating 4. The Step Banking app is best for building credit because it combines the features of a debit and credit card. The unique Smart Pay system offered by Step lets your kid establish a positive credit history but prevents them from making purchases that exceed their balance.
This way, you and your kid never have to worry about overspending or getting hit with overdraft fees. Pros Builds credit. Step Banking is unique because it lets kids build credit history even before they're old enough to apply for a credit card on their own. No fees. Step doesn't charge a monthly fee for its card, and there's no minimum balance required to keep the account open. There are also no overdraft charges or ATM fees.
Adults can set up recurring payments. Adults, which Step calls 'Sponsors', can set up recurring deposits into their kids' accounts via the mobile app. Cons Atypical ATM withdrawals. When you withdraw cash from an ATM, Step doesn't subtract those funds from your account. Instead, your ATM withdrawals are considered cash advances, which may be subject to interest and finance charges.
Kids can't fund the account. The only way to add money to this account is through direct deposits, bank-to-bank transfers or apps such as Venmo. Neither you nor your kid can deposit cash or checks into the account. The Goalsetter Cashola Prepaid Debit Mastercard is best for teaching kids 6 to 16 about money through financial quizzes.
Although other debit cards like Copper Banking also offers quizzes, Cashola offers added features that ensure that your kid is taking at least one financial quiz a week. Pros Savings goals. Your kid can create financial goals toward vacations, gifts and more. Plus, you have the option to set up auto-save and round-ups.
No monthly fee. You won't pay a dime for your child to use this account. If you'd like to give, you have the option to pay what you can.
Financial quizzes. This account stands apart from other accounts that offer quizzes because you can choose to freeze the card when your child doesn't complete at least one quiz a week. Cons No ATM access. Unlike other prepaid cards like Greenlight and Famzoo, your kid won't be able to withdraw money from an ATM with this account.
Not transparent. The account markets itself as being fully transparent, but you don't have access to the fees unless you create an account or reach out to customer service. Inactivity fee. Navy Federal Visa Buxx Finder rating 3. Unlike most prepaid debit cards, there are no monthly fees tied to this card. Pros Parental controls. You can track your kid's purchases, check their balance and reload the card online or over the phone.
You can also limit ATM access and restrict how much cash your kid can get back from participating retailers Zero-liability protection. Your kid won't be held responsible for confirmed fraudulent transactions as long as you notify Navy Federal within 60 days of the statement date on which the fraudulent transactions first appear No monthly fees. There's no monthly fees to keep the account open. Cons Eligibility criteria. You must be a current or former member of the military, work for the Department of Defense or have a family member who meets either of these criteria to qualify for membership in this credit union.
Your child must also be at least 13 years old No integrated chores or allowance. Unlike several other cards on this list, including Greenlight and BusyKid, this card doesn't include integrated chores or allowance features.
Alliant's teen checking account is best for earning interest. Balances in the account earn a commendable 0. Pros Solid interest rate. Your kid can earn 0. ATM network and rebates. Cons Limited locations. Alliant Credit Union only has two brick-and-mortar branches, and they're both in Illinois. Few parental controls. Compared to other debit cards for teens, this one has relatively few parental controls.
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