APY GUY: Maximize Your Savings & Earnings

Lauren Graves

FamZoo Review – Build Strong Financial Habits Early


image credit: famzoo.com

If you’ve shown any interest at all in getting your kids their own debit cards, you’ve probably come across FamZoo. The FamZoo prepaid debit card is flexible and easy for kids to use, and it is accompanied by an app designed to help parents teach their children valuable financial literacy skills. 

FamZoo seems to be gaining popularity, but it isn’t new—this company has been doing business since 2006, and what started as a father making an allowance app to more easily pay his kids has turned into a highly-rated financial product. But is FamZoo a good fit for your family’s needs? Keep reading to find out.

Who is FamZoo For

Average age: Kids ages 12 to 18

Good candidate: Parents who want to play an active role in teaching their children about money management and children who are motivated to learn more about financial literacy and practice

FamZoo claims to be “perfect for all ages,” but it is ideal for older children and teens. With that said, all ages are permitted, there are just different rules for how children in certain age groups are verified and allowed to use these cards. The three age groups are Young Child (<12), Teen Child (13 to 17), and Adult Child (>18).

Young Child: If your kids are less than 12 years old, they may not have a debit card in their own name but may use a card issued in their parent’s name. In this instance, your child may use this card as they would their own and track their spending in the FamZoo app, their card just won’t have their name on it and you may need to verify your identity for certain purchases. According to FamZoo, more than half of all users are younger than 13.

Teen Child: If your kid is between the ages of 13 and 17, they need to pass a teen verification test to prove their identity. Users in this age bracket may have cards issued in their own names.

Adult Child: Yes, your children can still be FamZoo users after turning 18, they just need to provide a little extra documentation. Adult child users are required to complete an adult verification test before their card can be activated. 

When your child moves into a new age bracket, you will need to arrange for them to get a new card and complete any necessary identity verification processes.

Features and Benefits

Fees: FamZoo does not charge overdraft fees (this is a prepaid debit card and overdrafting is not possible/permitted), non-cash reload fees, low balance fees, or ATM withdrawal fees. 

The two FamZoo products offered are prepaid debit cards and IOU accounts. The prepaid cards can be loaded with money to be used to make purchases and the IOU accounts can be used by parents to track the money they owe their children without actually putting these funds in a separate account.

For this article, we’ll stick to covering the prepaid cards, but you can read more about the FamZoo IOU accounts here. Each FamZoo account may have both prepaid cards and IOU accounts, but you do not have to use both products if you don’t want to.

For Parents

image credit: FamZoo.com

At least one parent is required to open a FamZoo account, and this parent becomes the account holder and receives a funding card of their own. The parent then must load their card via bank transfer, direct deposit, cash, etc. as this is what they will use to pay their kids.

Parents load their kids’ cards from their funding account. Many parent users choose to make automatic transfers from their cards to their kids’ to pay them an allowance or compensate them for completed chores and jobs. Each automatic transfer can be awarded on an age-based, fixed, or combination basis. Parents can also make transfers instantly between their card and a child’s at any time or kids can request money themselves (more on this below).

To incentivize saving rather than spending and teach their children about compound interest, parents can pay their kids interest on money they put away. This amount is set and paid by parents, paid out at the interval of their choosing. 

Another interesting feature of FamZoo is that parents can also charge their kids or penalize them for certain things. This can be a good way to encourage kids to complete chores on time and/or teach them early on to help pay for services they use and share with the family, like internet and phone bills. Parents can also loan money to their kids informally and schedule automatic debits for repayment, even charging interest.

Parents may choose to give each of their kids a single card of their own or to give their children multiple cards each to be used for different purposes. 

Whenever a child uses their card, their parent is notified immediately. Users can have these alerts sent to multiple people via text or email. Alerts include detailed information about how much money was spent, where it was spent in terms of location, and at what vendor it was spent. 

Cards can be instantly shut off and re-activated from a parent account as well. If a transaction is ever declined, parents are given detailed summaries of why it was declined and whether any follow-up action needs to be taken (e.g. putting more money on a card or making sure their child knows their pin number).

For Kids

Every FamZoo child user can use the money on their card in three different ways: they can spend it, save it, or donate it to charity. These spend categories allow children to practice simple envelope budgeting techniques by giving all of their money a purpose. They can allocate a percentage of their earnings to each category and have all the money they earn automatically split into these categories. 

If a child decides that they need more money on their card, they can request a reload themselves. The parent may approve this request as is, approve it but change the amount of money, or decline it. Both kids and parents can leave notes on such transactions to keep track of what requests have been made and why.

Kids can set savings goals for themselves and use savings projections provided automatically by FamZoo to see how long it will take them to reach a certain goal.

Kids can also create budget categories for themselves to practice good spending habits. They can make budget proposals for the entire year and submit these to their parents for approval, and their parents can then help them adapt their budgets as they see fit. 

FamZoo prepaid debit cards can be used anywhere Mastercard is accepted, including online.

FamZoo Costs and Pricing

Have your kids chip in on the FamZoo bill!

FamZoo pricing is for families of up to four children. The standard monthly fee is $5.95 for a FamZoo account with four cards, but you pay less per month if you pay in advance.

Here’s a breakdown of pricing when you pre-pay: 

  • 6 months: $25.99 or $4.33/month
  • 12 months: $39.99 or $3.33/month
  • 24 months: $59.99 or $2.50/month

When you pay month-to-month, you can cancel at any time. If you need to cancel but have paid in advance, you will need to call for a refund.

Other potential charges to be aware of are: 

  • Cash reload fee of up to $4.95
  • Additional card fee for each card after the first four you get for free of $3
  • Card replacement fee of $3 each time after the first two free replacements

Right now, you can try FamZoo with prepaid cards for one month at no charge or FamZoo IOU accounts for two months for free.

FamZoo VS Competitors

FamZoo is definitely one of the most educational kids’ debit cards out there. It gives parents total control and there are many opportunities to make notes on transactions, purchases, and other actions. The detailed record keeping aspect of FamZoo is one of the major benefits of this product over others.

Another pro of this product is that these prepaid debit cards don’t need to be funded by a parent account. They can also be funded via direct deposit if they have their own source of income. Also, the parent account itself can be loaded in a variety of ways including direct deposit, bank transfer, cash, and debit card transactions.

FamZoo VS Greenlight

The Greenlight debit card is another popular option for families. Here is a side by side comparison of the two options:

ItemFamZooGreenlight
Monthly Fee$2.50 – $5.99$4.99/family
ATM fees$0$0
Allowance Payment/ControlYesYes
Interest DistributionYesYes
Custom Card DesignNot Offered$9.99
Card Replacement Fee$0Up to $3.50

If you pay monthly and have a family of 4, Greenlight beats FamZoo on price, however, if you opt for FamZoo’s “pay-in-advance” plan, you’ll end up saving more with the FamZoo plan.

FamZoo VS BusyKid

BusyKid is another popular choice for families looking to introduce debit cards to their kid(s). Below is a side by side comparison of the two options:

ItemFamZooBusyKid
Monthly Fee$2.50 – $5.99$0 – 19.99/year
ATM fees$0Not Eligible
Allowance Payment/ControlYesYes
Interest DistributionYesNo
Custom Card DesignNot OfferedNot Offered
Card Replacement Fee$0$5.00

BusyKid started as an app designed to motivate kids to save, invest, donate and spend the allowance they earn doing chores around the house. The Spend Card was introduced by BusyKid in October 2017.

Potential Drawbacks with FamZoo

FamZoo is certainly one of the best kids’ debit cards on the market from an objective standpoint, but it’s not for everyone. For example, this product requires parents to manage their kids’ spending closely and approve/deny requests. If you’re not going to take full advantage of all the tools available to you with FamZoo, you might be better off using a different card and app that is a little more hands-off. 

However, it goes without saying that the more time you’re willing to commit to educating your children about how to manage their money responsibly and guide them through real-world experiences, the more they will learn.

FamZoo is also a little more expensive than some of its competitors. There are free products that you can use to teach your kids about money management and kids’ debit cards that cost a bit less. 

As with many products like this, families with multiple kids get a bit more bang for their buck. If you are most interested in getting the best price or you only have one child and don’t feel this service would be worth it, check out some great alternatives like the Jassby virtual debit card and the Copper debit card in our article about the top 12 best debit cards for kids.

Consumer Sentiment

The FamZoo blog and website are packed with positive reviews from users, and you can also visit the site and read posts written by users about their family’s experiences with the product.

FamZoo service receives high praise from the majority of customers as well. Most consumers say they are happy with the support they receive as well as the promptness of service. FamZoo also has a private community of users on Facebook that you can join with questions about the product or tips for other parents.

The FamZoo app is available for both Android and Apple devices. In the App Store, the FamZoo app has a rating of 4.6 out of 5 stars. On Google Play, the FamZoo app has a rating of 4.4 out of 5 stars. Overall, consumers agree that the app is easy to use and functional.

Is FamZoo Safe?

All FamZoo prepaid debit cards are federally insured by the FDIC up to the limit of $250,000.

In terms of protecting your kids from making unsafe purchases or losing money to scams, FamZoo is also safe in this respect. All purchases are protected by the Mastercard Zero Liability policy.

Parents can also take necessary precautions against having their child’s identities compromised by requesting “on-behalf-of” cards for their child instead of a card issued in their child’s name.

How to Sign Up

To create a FamZoo account, register your family here and enter your information for verification. After doing this, just add prepaid cards to your account for your family and enter payment information for your plan. As soon as your cards arrive in the mail, they’re ready to use.

If you have any questions about signing up or registering, you can refer to the FAQs or watch a tutorial video on the FamZoo site.

Final Thoughts

FamZoo is an excellent kids’ debit card because it offers more real-world money management experiences than the average product like it and comes with more educational resources. The FamZoo platform is very collaborative so this product is best for families that want to work together—parents with time to teach and kids excited to learn. This debit card is packed with features and comes at a value that’s hard to beat.

Fifth Third Bank CD Rates & Savings Accounts: Are they Worth Opening in 2021?


image credit: 53.com

Fifth Third Bank, headquartered in Cincinnati, Ohio, is the 15th largest bank in the country by asset size. With over six million customer accounts and locations in 10 different states, this bank has earned itself a reputation as a large regional bank with decent account options and good accessibility for those living in midwestern or southeastern states. 

Fifth Third Bank was born of numerous mergers through the years, the most notable of these taking place between Third National Bank and Fifth National Bank in 1908 (which is how The Bank of the Ohio Valley, founded in 1858, eventually came to be known as Fifth Third Bank).

Fifth Third Bank’s CD rates are unimpressive at the moment, so this bank probably won’t be a good choice for you if you’re after a high-yield certificate of deposit.

With that said, there are many deposit accounts offered through this institution, and one or more of them might be up your alley. Here’s a closer look at what Fifth Third Bank has available for its customers, who is eligible to join this bank, and any other account details you might need to know if you’re interested in becoming a member.

Fifth Third Bank CD Rates + Account Details

Please note that Fifth Third Bank certificates of deposit cannot be opened online currently. We cover how to open a Fifth Third Bank CD in the following section.

Fifth Third Bank claims CD rates vary by location, but at this time it appears that all Fifth Third Bank certificate of deposits, even promotional accounts, are earning the same (exceptionally low) rates regardless of zip code.

The same rates (shown below) were obtained running a few scenarios. First, using 45202, the zip code for Cincinnati, Ohio. Second, using 6007, the zip code for Elk Grove Village, IL right outside Chicago. And the third, using 27531, the zip code for Wake County, NC right outside Raleigh.

All Fifth Third Bank certificate of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

Fifth Third Bank CD Rates

TermAPY
7 – 89 days0.01%
3 – 6 months0.01%
6 – 12 months0.01%
12 – 24 months0.01%
24 – 36 months0.01%
36 – 48 months0.01%
48 – 60 months0.01%
60 – 84 months0.01%
84 + months0.01%

For context, the national average for a 12 month CDs sits at 0.24% APY currently. Although you cannot beat that here at Fifth Third Bank at the moment, they have been known to offer competitive deposit rates in the past.

If you can get past the low rates you’ll find that the terms are flexible and unique in that they go all the way down to 7 days and all the way up to 84 months. In a normal interest rate environment these rates would be tiered by balance amount – with higher yields paid on higher balances. Today, however, rates remain the same across all balance amounts.

Fifth Third Bank requires a $500.00 minimum deposit to open a CD with a term of 3 months or more and a $5,000.00 minimum deposit to open a 7-89 Day CD or to open any promotional CD.

Fifth Third Bank Promotional CD Rates

TermAPY
5 months0.05%

Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. While this tactic has been quite successful for them in the past, their current CD promotions fall far behind the standard rates offered by online banks such as Discover or TIAA bank.

Interest is compounded continuously and credited monthly either back into your CD or to a Fifth Third checking or savings account. 

Fifth Third Bank Certificate of Deposit Grace Period

The grace period for withdrawing or adding funds penalty-free at Fifth Third Bank is much shorter than usual on their short term CDs. That said, renewal upon maturity is not automatic unless you opt into this feature.

CDs with maturities shorter than 32 days have a grace period of just one day. For all other CDs it is ten days.

Early Withdrawal Penalties

  • Early withdrawal from a CD of 7 to 364 will cost you 1% of the principal withdrawn,
  • Early withdrawal from a CD of 365 days to 36 months will cost you 2% of the principal withdrawn,
  • and from a CD of 36 months or greater will cost you 3% of the principal withdrawn

How to Open a Certificate of Deposit at Fifth Third Bank

Anyone residing in one of the ten states in which Fifth Third operates AND is at least 18 years old with a valid form of identification can apply to join Fifth Third Bank and open a CD. These states are:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

As mentioned, many of Fifth Third Bank’s deposit accounts such as CDs cannot be opened online. To open any of their CDs, you will need to visit a Fifth Third Bank branch — there are over 1,123 — and speak with a banker.

Fifth Third Bank Savings Accounts and Money Market Accounts

Fifth Third Bank offers a wide range of deposit account options outside of CDs, including traditional savings accounts, money market accounts and multiple types of checking accounts. These are all FDIC insured up to the maximum allowed limit of $250,000 per depositor or $500,000 for joint accounts.

Most Fifth Third Bank deposit accounts come with monthly maintenance fees, only some of which are avoidable, and almost all of which are $5 a month. These accounts have low minimum balance requirements and some have interest bonuses.

The Fifth Third Goal Setter Savings account is an interest-bearing account that is designed to help you set and reach savings goals. These goals can range anywhere from $500 to $25,000 each. You will receive a one-time interest bonus equal to the total amount the account has earned when you reach your first savings goal. Open this account for yourself or for your child. Fifth Third Bank mentions contacting them for current rates, however, we ran scenarios again in Ohio, Illinois and North Carolina and found the rate to sit at 0.01% APY.

A Fifth Third Relationship Saving account is almost identical to a Goal Setter savings account, except that it earns an APY of 0.02% instead of 0.01% on all balances. This also lets you make automatic transfers between your checking account and this account and can be used as a savings account for your children.

Fifth Third Relationship Money Market savings accounts offer tiered interest rates that are somewhat higher than the previously mentioned savings accounts. For every month you keep an eligible linked checking account, earn the higher relationship interest rate posted. No minimum opening deposit is required.

Fifth Third Standard + Relationship Money Market Rates

BalanceStandard APYRelationship APY
$0.01 – $9,9990.01%0.02%
$10k – $24,9990.01%0.02%
$25k – $49,9990.01%0.02%
$50k – $99,9990.01%0.02%
$100k – $249,9990.01%0.02%
$250k +0.01%0.02%

Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively, and able to be used only on college spending; Minor Savings accounts, simple accounts designed for those under the age of 18; Health Savings accounts.

Avoid the $5 monthly service fee on all of Fifth Third Bank’s savings accounts if:

  • you and all other account owners also have a Fifth Third Checking or Express Banking account,
  • you maintain an average daily balance of $500 or more,
  • the primary account owner is under the age of 18, or
  • you are enrolled in Fifth Third Military Banking.

This fee is automatically waived for all new Goal Setter Savings accounts for the first six months.

In compliance with Federal regulation, all savings accounts are limited to a total of six transactions per month. You will incur excessive withdrawal fees, determined by account type, for every time you exceed this.

If you open a Fifth Third Bank account with a debit card and ATM access, you’ll want to note that there are more than 50,000 surcharge-free ATMs (including Allpoint, Presto!, and 7-Eleven ATMs) across the country that are considered in-network to Fifth Third members.

Final Thoughts

Fifth Third Bank doesn’t excel when it comes to rates currently, and in fact falls below the national average(s).

If yields are your number one factor in determining who to bank with then Fifth Third likely won’t make the cut. However, if you value in-person banking with an established institution and a robust suite of product offerings then Fifth Third Bank may be worth your consideration.

Citi Accelerate High Yield Savings – Still 0.50% APY!


image credit: online.citi.com
Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on APYGUY are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

Update February 2021 APY Update: The Citi Accelerate High Yield Savings account still holds an APY of 0.50%. This is a variable rate account but the rate has remained at this level since December of last year.]

You can read prior APY updates for this account directly below to get an idea of how often the Citi Accelerate account lowers its APY.

[Update September 28, 2020: Citi lowered the rate on their Accelerate Savings account to 0.70% APY. Down from 0.90% APY. This is the first rate decrease in September.]

[Update August 24, 2020: Citi lowered the rate on their Accelerate Savings account to 0.90% APY. Down from 1.05% APY.]

[Update August 5, 2020: Citi lowered the rate on their Accelerate Savings account to 1.05% APY. Down from 1.10% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.10% APY. Down from 1.20% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.20% APY from 1.35% APY.]

[Update: The Citi Accelerate High Yield Savings Account had its rate lowered to 1.35% APY. Down from 1.40% APY.]

[Update: The Citi Accelerate High Yield Saving Account lowered its rate again at the end of May from 1.55% APY to 1.40% APY.]

Some of the big retail banks are still competing for consumer deposits with better than average APYs despite an abysmal savings rate environment over the last several years. Not to mention the Fed’s commitment to keep rates near zero.

Citibank, the retail banking division of Citigroup, is one in particular that has remained competitive. Although their CD rates are currently lower than what you can find with other online banks, they still have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

In February of 2019 they launched a noteworthy online savings account dubbed the Citi® Accelerate High Yield Savings Account that still holds a respectable APY compared to its peers in 2020.

Today, the account comes with a standard interest of 0.49% and an APY of 0.50% on minimum monthly balances of at least $500. To put this in perspective the national average on a savings account sits at just 0.05% APY according to recent FDIC data. That said, this account is still lower than some of the top online offers which still hover slightly over 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

The Citi Accelerate High Yield Savings account is one of the highest yielding, FDIC-insured accounts available.

Setting up a Citi Accelerate Savings Account

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s five banking packages.

Below are the 6 packages to choose from. All come with the Citi Accelerate Savings Account:

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening.

Citibank claims that the APY you receive is determined by a multitude of factors including your physical or residential address and/or deposit amount.

That said, we ran a few search scenarios using their rate comparison widget to “compare savings rates across packages by amount” and found a consistent 0.49% interest and 0.50% APY across multiple zip codes and various deposit amounts.

The only exception to this is when searching states in which the Citi Accelerate Savings Account is not available. In these states you are offered a standard Citi Savings Account as an alternative. This account comes with a lower, but still respectable APY.

If you live in an eligible state and see a different APY for the Citi Accelerate Savings Account based on the criteria you’ve selected then please let us know about it in the comment section.

More on the APY below.

Who’s eligible for the Citi Accelerate Savings Account?

Only residents in the following states are eligible for the Citi Accelerate Savings Account:

  • Alaska
  • Arizona
  • Arkansas
  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Oklahoma
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Citi Accelerate Savings Account APY – 0.50%

As mentioned above, while Citibank stipulates rates and APY will vary depending on region and/or deposit amount, we don’t see that to be the case currently in any eligible state.

Below are a few examples we’ve run to give you an idea. The rates in the screenshots are slightly outdated but you can see that we get the same APY regardless of location. The same is true today with the 0.50% APY offer.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a west coast zip code and deposits under $10,000.

First, we tried a Seattle-area zip code and assumed a deposit of $10,000 or less. Our results – 0.49% standard interest rate and 0.50% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.49% standard interest rate and 0.50% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a mid-west coast zip code and deposits between $100,000 and $499,999.99.

Last, we tried a Charlotte, North Carolina zip code and assumed a deposit of $1,000,000 or more. Our results – 0.49% standard interest rate and 0.50% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming an east coast zip code and deposits over $1,000,000.

As you can see above, regardless of location, account package types or deposit size, the Citibank Accelerate High Yield Savings Account seems to provide the lucrative 0.50% APY across all variables.

Keep in mind this is a variable rate and is subject to change at any time. Interest is compounded daily and paid out monthly.

Citi Accelerate Fees, Requirements and Account Details

If you can keep a monthly minimum balance of at least $500, then Citi will waive the $4.50 monthly service fee that comes with the account.

You’ll also want to note that there is no check writing with the Citi Accelerate Savings Account and as a customer you’re limited to six outgoing transfers or withdrawals per month (per federal regulations).

The account is FDIC-insured up to $250,000 against bank insolvency.

Accessing your Citi Accelerate Savings Account

Citibank has taken pride in building industry-leading digital banking products and tools. In 2018 Citibank was named (again) as the “World’s Best Digital Bank” by Global Finance.

Once you have your username and password, you can login anytime, anywhere to your account here – https://online.citi.com/US/login.do.

You can also download their native app(s) on IOS or the Google Play Store.

image credit: apple.com

The app has 1.6 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has ~415,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Final Thoughts

If you don’t feel burdened by linking this account to one of their five Citibank account packages, then the APY alone makes it a decent option.

At 0.50% APY it beats the current national average by a significant margin. The current average savings rate hovers around 0.06% APY nationally to put this in perspective.

Be sure to monitor your average monthly balance closely if you think it could near the $500 mark as a $4.50 monthly service fee could wipe away interest earnings and even parts of the principal.

SunTrust Bank Money Market Review + CD Rates and Savings Accounts


image credit: suntrust.com

[Update February 2021: SunTrust Bank’s fixed and variable rate deposit accounts including CDs, savings and money market accounts, have not seen a rate change yet this year.]

SunTrust Bank​, now Truist, is a hybrid brick-and-mortar and online bank. Their branch locations are limited to a handful of Southeastern states, but their personal banking products can be managed 100% digitally – making this corporation accessible to just about anyone.

In 2019, BB&T and SunTrust merged to become Truist Financial Corporation. But today, the two banks still operate separately and offer a distinct set of products.

On the savings side of the equation, SunTrust’s FDIC-insured products include interest checking, savings accounts, money market accounts, and CDs.

But how do they stack up?

First off, if you value an in-person banking experience and don’t live in the Southeast, SunTrust likely isn’t for you. But if you do live near a branch and/or you’re ready to go digital then you could consider them as an option. Just don’t expect much in the way of savings rates at the moment.

SunTrust Essential and Select Savings + Advantage Money Market Account Details

All of SunTrust deposit and savings accounts are federally insured by the FDIC to the legal limit of $250,000

SunTrust Bank offers two savings account options:

SunTrust Essential Savings Account

BalanceAPY
$0.010.01%

A ​SunTrust Essential Savings​ account earns a pitiful rate of 0.01% APY. This almost makes the national average of 0.06% APY look less terrible than it really is.

Interest is compounded daily and credited quarterly. You need only maintain an average daily balance of $0.01 to avoid closure, so while there is technically a minimum balance requirement, access to this account isn’t restricted to wealthier individuals.

This account doesn’t require a minimum opening deposit either, and it also doesn’t charge any monthly maintenance fees. There is, however, an incentive to go paperless in the form of a $3 paper statement fee.

SunTrust Bank Select Savings Account

BalanceAPY + loyal customer bonus
$1,0000.01% + 1.0% bonus (up to$25)

With a ​SunTrust Bank Select Savings​ account, you’ll be getting a slightly less basic account with a (sort of) better rate. The standard APY on this account is also 0.01%, but loyal customers can earn an annual bonus worth 1% APY of their balance up to $25. In other words, you can make up to $25 on top of whatever you’re earning from the paltry 0.01% APY.

A Select Savings account comes with a $7 monthly maintenance fee that can’t just be dodged by going green with billing, but it​ can​ be avoided in one of two ways:

  1. setting up automatic transfers totaling $25 or more per statement cycle
  2. or by maintaining an average daily balance of at least $1,000.

SunTrust Advantage Money Market Account

BalanceAPY
$10,0000.01% + promo introductory rate (call for details)

Finally, there are the ​SunTrust Advantage money market accounts​. The national average rate on a money market is currently a measly 0.09%, so you might be surprised to find that right now, SunTrust Bank is paying only 0.01%. But this isn’t always the case—this bank often offers promotional introductory rates that are far better than this, but you’ll actually have to call customer support to inquire about offers in effect as rates vary by area and account history and aren’t posted or searchable.

And although rates aren’t currently listed, they are tiered rates calculated by balance. These are the balance tiers:

  • Tier 1: <$9,999.99
  • Tier 2: $10,000 – 24,999.99
  • Tier 3: $25,000 – 49,999.99
  • Tier 4: $50,000 – 99,999.99
  • Tier 5: $100,000 – 249.999.99
  • Tier 6: $250,000 – 499,999.99
  • Tier 7: $500,000 – 999,999.99
  • Tier 8: $1,000,000 – 1,999,999.99
  • Tier 9: $2,000,000+

Interest on a money market account is compounded daily and credited monthly. A minimum balance of $10,000 is enforced through a $17 low balance fee. This can be avoided by either meeting the balance requirement or setting up an electronic transfer/deposit of at least $100. You will need to make a deposit of at least $100 upon account opening.

No matter what SunTrust savings account you have, you’ll be restricted to 6 transactions per account, per month—this, of course, is the government’s rule, not SunTrust’s. Transact more than this and you will incur a fee of $6 per transaction on an Essential or Select savings account and $15 per transaction on a money market savings account.

One final note on SunTrust Bank savings accounts, which may or may not make up for these lackluster rates, is that they make you eligible for a 10% loyalty cash bonus if you a) Have a SunTrust Rewards Credit Card​ and b) Redeem the cash bonus you get from this card into a deposit account (via ACH transfer). Essential, Select, and Advantage Money Market savings accounts count toward this bonus.

SunTrust Bank CD Rates

SunTrust Bank Advantage CD​ rates are similarly elusive, but you can ​search current promotional rates by area here​. This is what we found for the vast majority of zip codes. If you found something different please leave us a comment on this post, or email us a screenshot of the rates you see.

SunTrust Bank CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
18 month0.05%
24 month0.05%

To give the offers above some context, the current national average on a 12 month CD sits at just 0.27% APY currently. All SunTrust certificates do manage to come in slightly above this, however much better deposit rates can still be had elsewhere.

A minimum deposit of $2,000 is required to open an Advantage certificate account. In the fine print, you’ll see that SunTrust Bank requires you to have a checking account with them before they’ll let you open an Advantage CD.

Early withdrawal penalties are issued based on the amount of time you have left on a term, not the full length of the term upon issuance. The fees are as follows:

  • If you have 1 to 31 days remaining, you’ll pay 180 days’ interest.
  • If you have 1 to 6 months remaining, you’ll pay 270 days’ interest.
  • If you have 12 to 24 months remaining, you’ll pay 360 days’ interest.
  • If you have 24 to 60 months remaining, you’ll pay 720 days’ interest.
  • And if you have more than 60 months remaining, you’ll pay 1080 days’ interest.

You can make ONE penalty-free withdrawal within 7 days of opening or renewing an account.

Banking Experience and Customer Sentiment

Both BB&T and SunTrust ATMs are available for SunTrust customers to use. This adds up to over 2,000 ATMs to use surcharge free. On top of that, SunTrust Bank has ​branch locations​ in the following states:

  • Alabama,
  • Arkansas,
  • District of Columbia,
  • Florida,
  • Georgia,
  • Maryland,
  • Mississippi,
  • North Carolina,
  • South Carolina,
  • Tennessee, and
  • Virginia.

You will be refunded up to 3 times per statement cycle for transactions made using out-of-network ATMs.

SunTrust Bank scores about average in the customer banking experience department. The bank has received a fair amount of negative reviews recently, especially with regard to mortgages and personal loans, but has 3.5 stars overall out of 679 reviews on WalletHub. This is slightly better than average, but out of 169 reviews on ConsumerAffairs (which seems to be the place people go to complain), the bank has 1.1 stars.

In general, SunTrust Bank physical branch locations, good enough remote service, and easy set-up processes are sources of satisfaction for many. While unexpected account closures—a theme across many digital bank review forums—and merger complications are common complaints against the bank.

If you bank with SunTrust Bank, you can probably count on decent customer service over the phone, but if you live near a branch location, you’re likely to get better service there. To get in touch with customer support, call 1-(800)-786-8787 (hours not listed).

The SunTrust Bank app performs well with ​4.4 stars on Google Play​ and ​4.1 stars on the App Store​. The bank’s mobile and online platforms are said to be easy-to-use and relatively glitch-free.

ACH Transfer Limitations:

SunTrust Bank limits external ACH inbound transfers to $10,000 per transaction and per day, and outbound ACH transfers to $2,000 per transaction and per day.

Final Thoughts

Yes, this bank has offered stellar APYs in the past, however with the savings rates offered today there is little to be excited about here.

This bank is going to be more for people that live in the Southeastern part of the country who prefer the option of walking into a branch to manage their accounts. This isn’t going to be a great fit for rate hounds, low-income individuals, or anyone looking to grow their money with FDIC-insured savings vehicles. Account options are limited, come with the potential for rather steep fees, and are generally at or below average in terms of rates.

Spectrum Credit Union CD Rates – 0.75% APY + 0.50% APY Money Market


Spectrum Credit Union is a small financial cooperative with just over 100,000 members and less than $4 billion in assets, based primarily in San Francisco and Maryland. 

Founded originally as Bechtel Employees Federal Credit Union in 1973, the institution was first intended to serve the banking needs of Bechtel Corporation employees. Becthel Corp is an engineering firm that is one of the largest construction companies in the United States and is the 11th largest privately held company in the country.

Since becoming Spectrum Credit Union, the company made another acquisition in 2012 with the larger Chevron Federal Credit Union. Today, Chevron Federal Credit Union is the parent company to Spectrum.

Spectrum now serves employees of Bechtel, Charles Schwab & Co., residents of San Francisco and Maryland, and more.

Plus, even if you don’t fall within one of their location or employment-based eligibility brackets, you can always join a Spectrum non-profit partner foundation to become a member.

This credit union offers competitive CD and money market rates, making it a strong option for many savers despite a declining interest rate environment.

Spectrum Credit Union CD Rates + Account Details

As with most credit unions, your deposits are federally insured by the NCUA up to $250,000. Spectrum CDs can be opened with just $500, but the APYs scale slightly upward with larger deposit amounts. Below are the current deposit rates and terms available at Spectrum.

Spectrum Credit Union CD Rates

CD TermAPYAPYAPY
deposit amount:$500 – $50k$100k$250k
3 month0.50%0.50%0.50%
6 month0.50%0.50%0.50%
9 month0.50%0.50%0.50%
12 month0.55%0.60%0.65%
24 month0.55%0.60%0.65%
36 month0.60%0.65%0.70%
48 month0.60%0.65%0.70%
60 month0.65%0.70%0.75%

To put the annual percentage yields listed above in perspective, the current national average for 12 month CDs sits at just 0.15% APY.

Some online banks are still offering 12 month CDs with rates above Spectrum’s, but not by much. In fact, up until April 2020 Spectrum had the most lucrative APY anywhere in the country.

Dividends on these deposit accounts are compounded daily and credited monthly. You can opt to have these deposited back into the certificate, paid out by check, or automatically moved to another deposit account. 

If your balance drops below $500, you’ll stop earning interest.

There is a 10 day grace period on these accounts; if you make changes to a CD outside of this window, be prepared to pay for it. The early withdrawal fees for each term are as follows:

  • 12 months or less: three months’ interest 
  • 24 months: six months’ interest
  • 36 months: nine months’ interest
  • 48 and 60 month: 12 month’s interest

Spectrum Credit Union Money Market Rates + Account Details

Spectrum MarketEdge money market savings accounts offer rates well above the national average just like their deposit products, however, higher APYs can be found with a number of online banks.

Spectrum “MarketEdge” Money Market Rates

BalanceAPY
$0 – $2,499.990.30%
$2,500 – $250k0.50%

There is no minimum balance requirement with the MarketEdge money market account. If your average daily balance comes in under $2,500, you’ll earn a more modest rate of 0.40% APY which is the same yield as their regular savings account.

There are no monthly maintenance fees and interest is compounded daily and credited monthly. Transactions are limited to no more than six per month.

Other Savings Accounts Offered by Spectrum Credit Union

The $25 Spectrum share that you’ll have to buy to become (and stay) a member of the credit union goes right into a Spectrum Primary Share Savings account. This account comes with an APY of 0.40% and can be added to (above the initial required share deposit). You’ll need to keep your balance above $25 to avoid a $5 monthly low balance fee.

image credit: spectrumcu.org

A lucrative youth savings account called MySavings account offers a promotional rate of 7.0% APY on balances up to $1,000. Spectrum members under 21 years of age are eligible for this account, and with a rate like this, it is a fantastic way to get kids excited about savings!

To open this account and earn the 7.0% APY, you’ll need to:

  • Have a Social Security number
  • Have a valid email address
  • Opt into eStatements within 60 days of opening and out of paper statements

Account balances that surpass $1,000 earn the standard APY of 0.40%. Keep your account total above $25 to earn interest, but don’t worry, you won’t be charged any fee for low balances.

Spectrum also offers another savings account type for anyone looking to put away money for specific purposes, called a sub-savings account. When you open a sub-savings account within your primary savings account, you’ll continue earning the same rate but will be able to keep designated funds separate.

There are no monthly maintenance fees for any Spectrum savings accounts. There is, however, a $25 overdraft fee and a $1 fee for out-of-network ATM transactions. Spectrum savings accounts are subject to federal regulation D transaction limits.

About Spectrum Credit Union + Eligibility

There are a number of ways to join Spectrum Credit Union. We’ll go over the easiest ways first. If you don’t find that you’re eligible, don’t worry Spectrum offers many loopholes for membership that allow practically anyone in the US to join. Keep reading to see all of the ways to qualify.

Individuals that qualify include:

  • Non-manual Bechtel and affiliate employees
  • Charles Schwab & Co. employees who work in, or are paid from, San Francisco
  • Spectrum family members or roommates
  • U.S. members and employees of Safari Club International or Project Management Institute, Inc.
  • Those that live, work, worship, or attend school in qualifying San Francisco neighborhoods (see below, call 510-251-6000 or 800-782-8782 to confirm eligibility)
  • Those that live, work, worship, or attend school in Maryland’s Frederick County, Thurmont, Woodsboro, Emmitsburg, or surrounding areas (call to confirm eligibility)

Qualifying San Francisco neighborhoods include:

  • Bayview
  • Bernal Heights
  • Chinatown
  • Financial District
  • Hunters point
  • North Beach
  • Portala
  • Potrero Hill
  • Russian Hill
  • South of Market
  • Telegraph Hill
  • The Mission
  • The Panhandle
  • Visitacion Valley
  • Western Addition

If you do not meet any of the above criteria, you can still join Spectrum by becoming a member of either the Contra Costa County Historical Society (CCCHS) for a $40 annual fee or the Navy League of the United States for (NLUS) for a $55 annual fee. Anyone can join these nonprofit organizations and membership to either will make you eligible for membership with Spectrum Credit Union.

The CCCHS, located in Martinez, California, is devoted to providing historical records and heritage of Contra Costa County to the public. Though many members of this historical society are members of other local historical groups as well, this is not required; and if you so choose, you can become a member without ever setting foot in Contra Costa County. The NLUS dedicates itself to serving members and veterans of the Navy through education and advocacy. 

Spectrum Credit Union participates in co-op shared branching with over 5,000 credit union branches. Spectrum members can also access and manage their money at any Chevron branch or through over 85,000 surcharge-free ATMs. There are nine Spectrum branches across California, Texas, Virginia, and Utah and six Chevron branches across California, Louisiana, Mississippi, and Texas.

At the end of the 2019 fiscal year, Spectrum/Chevron held nearly $3.6 billion in assets, and that figure includes $3 billion in net member loans. There are over 100,000 members across the country.

Final Thoughts

Although Spectrum Credit Union is rather tiny in size – both by membership and assets held – they still offer some of the best savings rates in the country of any federal credit union.

That said, reports of slow service and occasionally poor customer service can be found on a few review sites online.

Keep in mind, you’ll also have to manage banking without access to in-person branches if you don’t live near one of their very few physical locations.

Greenlight Debit Card Review for 2021


Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on APYGUY are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

A debit card that will teach your kids responsible money management skills, introduce them to investing, and let you keep an eye on their activity—this is what the Greenlight debit card for kids promises. Founded in 2014 and headquartered in Atlanta, Georgia, Greenlight has made a name for itself within the growing niche of kids debit cards.

But is this product what it claims to be? Does it live up to the hype? Our complete review of this kid-friendly debit card should help you decide whether this product is right for your family or not.

Who is the Greenlight Debit Card For

Average age: 8-18

Good candidate: Busy families with multiple kids

Greenlight does not set any minimum or maximum ages for this product, but the majority of users fall within the eight to 18 range with many being somewhere around 13 years old. More and more parents are opting to get debit cards for their children when they turn 12 as cash becomes obsolete. This can be much more convenient and a whole lot safer than loaning your child your own credit or debit card when they’re out making purchases themselves.

The Greenlight debit card for kids is marketed toward parents with busy kids who have started earning their own money through allowance or chores and are making their own purchases. This product is intended to make parents’ lives easier by making it simple to pay their kids and allowing them to control how, where, and when their children spend their money. 

Greenlight helps parents teach their children financial literacy lessons through real-life experiences like earning interest on savings, investing in real stocks, and tracking their balance.

Greenlight Debit Card Features and Benefits

One of the best features of this card is the lack of steep fees – especially for larger families. Many kids’ debit cards charge on a per card or per kid basis, so it’s nice that Greenlight’s costs don’t increase much for larger families.

On top of that, there are no fees for overdrafts, international spending, or ATM withdrawals either.

In terms of App features, Greenlight offers a chore management function that lets you create chores lists right in the app and pay your kids when they complete those chores. You can even set automatic allowance deposits into their accounts on a weekly or monthly basis. But if you don’t want to set up automatic transfers, you can make an instant one-time transfer into your child’s account at any time at no charge.

Greenlight Card from the Parents’ Perspective

On the parents’ side, Greenlight is all about giving you control over your kids’ spending and the final say over what they can and can’t do with their money. 

Parents transfer money into a Greenlight main account that can then be dispersed into their children’s cards. Greenlight automatically declines all purchases that exceed a card’s available balance, so it is literally impossible for a child to overdraft their account. 

Parents can also decide what’s best for their children by setting restrictions on their children’s spending as they see fit. They can:

  • Restrict or block their children’s spending at certain stores
  • Set ATM withdrawal limits
  • Switch their child’s card on or off instantly from the app

Parents are always instantly notified via pop-up notifications to their phone (if they set this permission) whenever their children make purchases. If their child has attempted to make a purchase at a store they have restricted, they are alerted immediately.

To encourage your kids to save and invest their money rather than just spend it, you can incentivize different behaviors. You can, for example, pay your children interest on their savings. This interest comes out of your own bank account but can be used to teach your kids the importance of holding onto the money they earn.

Greenlight Card from the Kids’ Perspective

On the kids’ side, Greenlight gives users many authentic financial experiences in a safe and supportive environment that’s specifically designed to teach them about money management and sound financial choices as they go. 

Greenlight also makes it easy to spend and save. Kids can set personal savings goals for themselves in the app and they can set their account to round-up their purchases to save faster automatically. If you have the Greenlight + Invest or Max account, kids can even invest in real stocks.

(Your child does not need to have the Greenlight app to have the debit card, but this does give them access to free educational resources and certain account features like the one above. There are separate parent and kid versions of the app.)

This Mastercard debit card can be used at most places Mastercard is accepted, except for at vendors and on services that are restricted by Greenlight (see “Is It Safe?” for more info).

Greenlight Debit Card Cost Structure

Pricing for this product begins at $4.99 a month, but this is for the most basic version and does not include certain features. Plan options are as follows:

  • Greenlight (basic): $4.99/month for
    • Debit cards for up to 5 kids, the Greenlight app, free financial literacy tools, and parental controls
  • Greenlight  + Invest: $7.98/month for
    • All features listed above plus access to the Greenlight kid-friendly investing platform, which includes actual stocks and bonds and portfolio tracking. Your kids can research different investments using data analyses powered by Morningstar. All investments your kids choose to make must be approved by you before they go through.
  • Greenlight Max: $9.98/month for
    • All features listed above plus black cards for every kid on your plan, priority customer support, identity theft protection, cell phone protection for every kid on your plan at values based on the Insurance Plan for 5 Individuals by AT&T, and purchase protection to prevent losses when items are lost or stolen.

You get the first month free when you sign up for Greenlight and can cancel whenever you like—you’re not locked into a contract. If you want to customize your child’s debit card for them, this costs $9.99 each. You may upgrade or downgrade your plan at any time from the parent version of the Greenlight app. The first card you need to replace is free and every card after that costs $3.50 each for standard shipping.

Please note that the basic Greenlight plan does not include any sort of investing options.

Greenlight VS Competitors

In 2021, there are many kids’ debit cards to choose from, so how does Greenlight compare?

Greenlight is a good card overall and generally considered one of the best options on the market. It’s one of the only cards that allows parents to control every transaction their kids make and even prohibit them from spending money at certain establishments. 

However, how much you want to control as the account’s owner is up to you. You may choose to give your children freedom and just check up on their activity now and then or you may prefer to receive notifications every time your child spends something and set spend controls as you see fit. There is a good deal of parental flexibility with this product.

Another benefit of Greenlight over its competitors is that your kids can invest their money into real stocks and bonds.

Below is a side-by-side comparison of Greenlight’s offer vs other popular options on the market.

Greenlight VS FamZoo

If you’re in the middle of conducting research on the best available debit cards for kids, you’ve likely come across FamZoo. Below is our side by side comparison of the account features and costs with Greenlight.

ItemGreenlightFamZoo
Monthly Fee$4.99/family$2.50 – $5.99
ATM fees$0$0
Allowance Payment/ControlYesYes
Interest DistributionYesYes
Custom Card Design$9.99Not Offered
Card Replacement FeeUp to $3.50$0

Greenlight beats FamZoo on the monthly costs, however, if you opt for FamZoo’s “pay-in-advance” plans you can get it lowered to as little as $2.50.

Greenlight VS GoHenry

GoHenry is another popular debit card offer for kids. Below is our side by side comparison of the two offers.

ItemGreenlightGoHenry
Monthly Fee$4.99/family$3.99/kid
ATM fees$0$1.50/ea
Allowance Payment/ControlYesYes
Interest DistributionYesNo
Custom Card Design$9.99$4.99
Card Replacement FeeUp to $3.50$0 – $4.99

Depending on how many kids you have in your family, the GoHenry card may end up being more or less expensive. The fee structure with GoHenry is pinned to each kid rather than the family.

Greenlight beats FamZoo on the monthly costs, however, if you opt for FamZoo’s “pay-in-advance” plans you can get it lowered to as little as $2.50.

Greenlight VS BusyKid

BusyKid is a chore based app that allows parents to create chores and pay their child a weekly allowance through the app for completing them. They also have a prepaid debit card. The app is free but the associated card has some fees. Below is our side by side comparison of the BusyKid Visa Prepaid Debit Card and Greenlight.

ItemGreenlightBusyKid
Monthly Fee$4.99/family$0 – 19.99/year
ATM fees$0Not Eligible
Allowance Payment/ControlYesYes
Interest DistributionYesNo
Custom Card Design$9.99Not Offered
Card Replacement FeeUp to $3.50$5.00

Although the $19.99/year price may seem decent, this package only comes with one debit card. If you plan on adding more kids, it will cost $7.99/year for each additional card.

Greenlight Debit Card Potential Drawbacks

Of course, no product is without its disadvantages. 

Some users don’t like that the interest their kids earn must come from the parents instead of from Greenlight Financial. A few kids’ debit cards do pay interest on savings, but this isn’t particularly common.

Another potential disadvantage is that parents can’t load their Greenlight account with cash or a check. You may load your parent account via ACH transfer, direct deposit, debit card transaction, or Invest Account transfer from a DriveWealth broker-dealer account. 

There are also restrictions on how much you may load to your account and how much may be added to a Greenlight card. You may only add up to $10,000 to your parent account (the primary account, called the Parent’s Wallet) and your child’s card may carry a balance of up to $5,000. Each transfer you make from the primary account to a kid’s account must be equal to at least $20 and may not exceed $500 per day (if loading by debit card transaction).

There is also the fact that there are no brick-and-mortar Greenlight Financial institutions. Greenlight cards are issued by Community Federal Savings Bank, but all account service takes place online.

Greenlight charges a monthly fee for use. However, the lowest price of $4.99/month is fairly standard for this type of account (a debit card for kids) and five kids included in this price is pretty generous. But if you want to avoid fees altogether, you may want to look into opening a checking account for your child with your bank or credit union or getting a prepaid card.

Customer Sentiment

On paper, the Greenlight debit card for kids has few flaws. However, the feedback for this product from real-life customers tells a different story.

Many users complain about the support they receive from Greenlight customer service. Specifically, that it is slow and not always helpful. For example, some customers have reported being on the line for multiple hours waiting for phone support and others have voiced complaints about automatic transfers being delayed. Issues getting refunds after account closure are also somewhat common, and many past users indicate that closing an account is a difficult and time-consuming process.

That Greenlight’s customer service is lacking is a sentiment often expressed about this product on review platforms and a reason to pause and consider how important customer support is to you. If you’re considering this product, it may not be a bad idea to give Greenlight a try for the one-month free trial period and test your luck at reaching a representative with a question or concern. 

The Greenlight app has a rating of 4.8 out of 5 stars in the App Store and 3.9 out of 5 stars on Google Play. The general consensus is that the app is easy to use but that there are connectivity issues that sometimes cause problems when trying to make a transfer from a parent account to a kid’s card. Some users have complaints about the January 2021 update, but most find the interface satisfactory.

Is the Greenlight Debit Card Safe?

All deposit accounts with Greenlight are FDIC-insured up to the federally allowed limit of $250,000. Greenlight also keeps your family’s money safe by preventing your children from making purchases at vendors or via avenues deemed dangerous.

Just a few of the places your children will not be allowed to spend their money at with the Greenlight debit card include:

  • Casinos and other gambling sites
  • Massage parlors and dating services
  • Security brokers

Your kids will also be prohibited from making wire transfers or receiving cash back at store registers.

Identity theft protection is included with the Greenlight Max plan.

Also, if you plan on customizing the card for your kid(s) all photos and data that is uploaded is also encrypted.

How to Sign Up

To sign up for a Greenlight account, Start Here.

You will be asked to fill out your personal information, verify your identity, and add children to your plan. Then, you just load money into your wallet, at least $20, by linking your bank account or using your debit card. After your account has been verified and this transfer has gone through, you will receive your children’s cards in the mail (usually 7 and 10) and they can start spending.

Final Thoughts

Overall, the Greenlight debit card for kids is a good product. It comes with a lot of features to keep parents in control and plenty of safety protections. Its price point is about what you’d expect from a kids’ debit card and because five children are included in each plan, this is an especially good choice for families with multiple children.

Just be aware that you may not be satisfied with the customer service you receive from this company. Greenlight has some work to do in this department and should also consider allowing cash loading in the future.