Debit Cards for Kids

Capital One MONEY Teen Checking Account Review

Fact Checked : Dan Nelson
Updated July 17, 2023

The Capital One MONEY Teen Checking Account may be a great solution to teaching your teenager to become financially independent. Named one of 2020’s best checking accounts by GOBanking Rates, this fee-free, interest-bearing checking account helps teens learn how to spend wisely and save money for long-term financial goals.

Hunting for the perfect checking account for your teen? In this article, we’ll cover everything from fees and disclosures to how this kids’ checking account by Capital One stacks up against the competition. You can also see where it sits in our rundown of the best debit cards for kids and teens this year.

Who is it For?

Average age: 13 to 17.

Good candidate: Tech-savvy teens with some experience managing their own money.

Kids eight years old and older are eligible to have this account, but it really is meant more for teens. The platform and practices are meant to mirror those of a standard checking account for adults, so this is best for older kids and teens who know their way around an app and have some degree of understanding about responsible money management.

Once a user turns 18, they can transfer their money to a 360 Checking Account. They may do this on their own without making their parent(s) a joint account owner. Alternatively, they can keep their MONEY account when they turn 18 and enjoy higher transaction limits.

A MONEY debit card by Capital One is issued in the teen account holder’s name and can be used anywhere Mastercard is accepted (with a few exceptions for safety reasons, outlined in “Is It Safe” section below.)

Noteworthy Features and Benefits

Fees: No monthly service fees or minimum monthly balance requirements; no ATM fees at over 70,000 in-network locations*; no fee for debit cards; no charge for incoming domestic or international wire transfers.

The Capital One MONEY Teen Checking Account puts teens in control but gives parents the final say. In other words, teens can have as much independence over their money and account as their parents deem appropriate.

This checking account currently earns an APY of 0.10%, compounded and credited monthly. This is a variable rate subject to change at any time. There is no minimum balance required to continue earning this interest rate and all interest accrued is automatically deposited into the account.

Parental Features and Benefits

When a parent and teen open a Capital One MONEY Teen Checking Account, they become joint account owners with the parent as the primary account holder. Parents can decide what permissions to set for their kids’ spending and can opt-in to receive alerts and push notifications about their activity.

With a MONEY checking account, parents are able to monitor their teens’ activity and intervene as they fit. This may mean locking their child’s card, setting withdrawal and purchase restrictions, or removing money from their account. A parent may decide to restrict their child’s spending at a certain retailer or location as well.

Parents can also encourage positive spending/saving behavior in their children by setting up automatic savings plans themselves and rewarding their children for reaching savings goals. They will be prompted with this choice, which they can either accept or decline and adjust as needed, through the app as soon as their child marks a goal as complete.

Parents and their kids have separate logins when using the app or online banking platform. Parents can see everything that their teens can see including account balances, savings goals, and spend activity from their screen and can make changes immediately from the app.

Parents can easily transfer money into their teen’s account from their own side of the MONEY account (more on how to fund this later). These can be one-time or recurring transfers for allowances and the like. Funding goes directly from a parent’s account of choice into their teen’s MONEY checking account. Unlike some kids’ debit products you’ll see, there is not a separate parent funding account from which money must be transferred.

Kids Features and Benefits

Teens with this account are encouraged to save with a competitive interest rate and optional, parent-activated account bonuses for reaching savings goals. They can set savings goals for themselves and divide their money into categories based on what is spendable and what is going to go into savings. Many financial literacy resources are available at no cost to users.

Teens can check their balance, see their transactions, set savings goals, and deposit money via direct deposit or check conveniently from the Capital One app. Besides having more alerts and the option of setting savings goals, the teen version of this app closely resembles many user-friendly checking account apps.

This is an online-only account and users never have to visit branches to manage their account if they don’t want to. This also means that the account is paperless and teens will receive electronic statements of their activity rather than paper statements and will not be given paper checks.

Teens can use their debit cards to make purchases at most retailers and online, and they can make withdrawals with their card for free at more than 70,000 AllPoint and Capital One ATMs.

Because parents and teens have their own accounts, teens can set their own username and password to access their account and PIN for using their debit card. This is a great way for teens to feel accountable and empowered with their accounts.

Overdrafting is not permitted with this debit card, so there is no fear of incurring fees for charging more than an account can handle.

*If this card is used at an out-of-network ATM, the account holder may be charged a third-party fee but will be reimbursed for withdrawals of this kind up to $15 per statement period.

Capital One MONEY Teen Checking Account Fees and Costs

Unless you request special services or extras, this really is a fee-free checking account. Other than a $25 expedited card delivery fee, a $5 statement fee for each paper statement you request, and a $10 fee for every Cashier’s check you purchase, this account does not cost anything to open, use, and keep.

Because this is a checking account and not a subscription-based product like Greenlight or FamZoo, there are no costs associated with keeping your account and accessing all of its features.

Capital One MONEY Teen Checking vs Competitors

One of the primary benefits of the Capital One MONEY Teen Checking Account over competitors—either checking accounts or prepaid cards—is that this account earns interest. Though it doesn’t offer the high-yields seen in the best checking and savings accounts on the market, this product is competitive compared to many other checking accounts and allows teens to learn about interest and how to maximize their earning potential.

Some other kids’ banking products do let users earn interest on savings, but in most cases, parents pay this interest and set the rates. In the case of this Capital One product, interest is paid by Capital One, a bank that tends to be fairly competitive with its rates.

Another benefit of this checking account is that it is pretty hands-off for the parents. You can choose to monitor your kids’ spending as much as you’d like, but you won’t be prompted to add more money if your child’s account balance gets low (because there’s no account minimum), approve their purchases, or otherwise micromanage their experiences.

Potential Drawbacks

There are few things not to like about this debit card and checking account, but some of the limitations could potentially be problematic. For example, all withdrawals and purchases are capped at $500 per day for users under the age of 18 years old. This includes ATM withdrawals as well. If for some reason your teen needs to charge an amount greater than this, you’ll run into problems and will need to contact Capital One for help.

Some people may also be disappointed by that 0.10% APY. It won’t be easy to find another checking account for teens with a higher interest rate, but this could still be a deal-breaker.

There is also no way to invest or donate with this particular checking account. This is something you’ll see offered by a lot of prepaid cards and debit cards marketed toward younger kids, but Capital One limits what users can do with their money with the MONEY checking account. It is more like a regular checking account in this respect.

Customer Sentiment

There is little in the way of customer reviews for the MONEY checking account online, but there is plenty of data on how people feel about banking with Capital One.

Reviews for Capital One are predominantly positive. This bank is known for offering great customer service and for being transparent with users about fees and restrictions. Overall, people that bank with Capital One are satisfied with the rates, support, and product they receive.

This is a huge, well-established bank with millions of users, so finding in-network ATMs and getting support is relatively easy for most.

To contact customer support, call 1-888-810-4013, tweet @AskCapitalOne, or reach out by mail at the following address:

Checking Accounts, Savings, Money Market and CD Accounts

Capital One Bank

P.O. Box 150

St Cloud, MN 56302-0150

There is no dedicated customer support line for MONEY Checking Account users, but you can send secure messages to an automated system at any time with non-urgent questions.

All MONEY checking account mobile banking is done through the Capital One app, which is one of the highest-rated banking apps available. It has 4.9 stars in the App Store and 4.6 stars on Google Play. You can also sign in to your account online to see your transactions and manage your account.

Is it Safe?

Like any other checking account with an accredited financial institution, this checking account is FDIC-insured up to the federally allowed limit of $250,000.

Capital One also prohibits the use of this card at establishments that are potentially unsafe to your child. These include:

Places that serve/sell alcohol like bars, nightclubs, and liquor stores
Massage parlors
Retailers that sell prescription drugs
Car rentals

As mentioned, parents can further restrict their kids’ spending by adding more establishments to this list of restricted retailers or by lowering their daily spend/withdrawal limit.

All charges made with a card that would lead to overdrafting are declined automatically. Both parents and teens will be notified if this happens.

How to Sign Up

Parents do not need to be Capital One customers to open a MONEY account for their teen. They can link nearly any deposit account except for money market accounts, savings accounts, and investment accounts.

Conveniently, everything can be done online when you sign up for a MONEY Teen Checking Account, but you can visit a Capital One branch in-person if you prefer. There is no minimum opening deposit requirement and the account can be funded in a number of ways. These include linking a Capital One or external checking account, making an ACH transfer via direct deposit, and funding with a card.

If you have multiple teens that you’d like to open accounts for, you will need to do so separately. This isn’t like some other kids’ debit card products, which give parents up to four or five debit cards per household and keep them all under one roof.

Final Thoughts

Just as Capital One has proven over the years to be a pretty solid bank and credit card issuer, the checking account for teens offered by this institution is tough to beat as well. This checking account stands out from its competitors because it pays interest, doesn’t charge any fees, and offers kids a safe, user-friendly banking account that’s as close to the “real thing” as you can get. It’s clear why personal finance experts recommend this checking account to parents for their teens.

Axos Bank First Checking Account Review – How it Compares

Written by: Lauren Graves
Published December 5, 2022

Axos Bank hit the scene in 2000 as an online-only institution before digital banks were as ubiquitous as their brick-and-mortar counterparts. Now, this financial services company has become one of the most well-known digital banks out there with a full suite of products ranging from investment to deposit accounts. Forbes went so far as to name Axos “One of America’s Best Banks” in 2020.

The Axos Bank First Checking account in particular has been getting a lot of buzz around the personal finance world as one of few kid-friendly deposit accounts that earn interest. Plus, this product ticks many boxes for parents who want to teach their kids money management skills. Let’s dig into the specifics so you can get a better idea of whether the Axos Bank Teen Checking account is a good fit for you.

Who’s It For

Target age: 13 – 17-year-olds (users up to 18 years old qualify in the state of Alabama).

Good candidate: Teens who want to earn interest.

This is a joint bank account shared by a parent or guardian and their child. Teen users are restricted in terms of what they can and can’t do with the account by Axos and by their parents. This product is ideal for teens who have a bit of money to save.

Features and Benefits

This bank account could be well-suited to both those new to money management and teens with a bit of experience managing their own finances.

For Kids

As account co-owners of an Axos First Checking account, teens can earn money for themselves and experience relative spending freedom. When a teen turns 18 and is no longer eligible to have a First Checking account, they can switch their account over to one of four other free checking accounts with Axos. These include Rewards Checking, Essential Checking, CashBack Checking, and Golden Checking.

Note that a minimum deposit of $50 is required to open an account but there are no minimum monthly balance requirements.

💰 Earn: Teens can earn money through interest payments (although the current APY sits at just 0.10%). The more they save, the more they earn.

This is not a chores-and-allowance-based platform, so teens can not earn more cash by doing chores and checking them off for their parents to review. They will not receive recurring transfers into their account either as this is a joint account shared by parent and child.

Teens earning paychecks can link direct deposits to transfer money into their account. Cash deposits are permitted once an account has been opened and the initial deposit of $50 has been processed and can be made at participating ATMs across the country. Cash deposits can also be made at Green Dot retailers including Walgreens, Walmart, and 7-Eleven. This may cost up to $4.95 per deposit, a fee charged by retailers and not by Axos, and funds may be available as soon as 10 minutes after a transaction has been made.

Teens are NOT eligible to make referrals to earn money, but parents are.

💸 Spend: Every Axos First Checking account comes with a free debit card. Teens can use their debit cards to make ATM withdrawals and are eligible to have up to $12 in third-party domestic fees reimbursed each month. The maximum amount of cash they can withdraw per day is $100. There are approximately 91,000 ATMs in Axos’ network. Teens can use this ATM locator to find in-network machines and, if they use out-of-network machines, will receive reimbursements monthly.

This debit card can be used almost anywhere Visa is accepted, including internationally (some merchants are restricted for minor safety). Point-of-sale transactions are limited to $500 per day.

Teen users cannot write checks but they can deposit checks from their mobile device through the app. They may also transfer money to other people via peer-to-peer transfers through the app. There is no cost associated with doing this.

Overdrafting an account is not permitted and there are no non-sufficient funds fees. Axos will automatically decline any transactions that would cause an account to have a negative balance at no cost to the user. Users do not need to opt into overdraft protection.

💰 Save: This is, of course, an interest-earning checking account, but the current APY is nothing to write home about. As it stands now, all accounts regardless of their balance earn 0.10% APY. Normally, higher balance tiers are more rewarding than lower ones, but Axos isn’t as competitive as it has been in the past.

There is no minimum balance required to earn interest—even accounts with a 0% balance qualify.

The Axos First Checking account does not include such savings features as parent-paid bonuses, parent- or bank-paid balance matching, or the ability to create savings goals. All money is kept in one place and cannot be moved to buckets designated for different spending or saving purposes. Whatever money a user has in their account can be spent with their debit card and is eligible to accrue interest.

For Parents

Parents can fund their main Axos account via ACH bank transfer, direct deposit transfer, or credit or debit card transaction. Cash deposits are not permitted when funding an account, but they can be made after an account is set up via ATMs and retailers in the Green Dot network.

To stay in the loop about when and where their kids are spending money, parents can enable account alerts to receive real-time push notifications, emails, or text messages whenever their child uses their card to make a purchase or transfers money from their account. Parents can also switch cards on and off as needed from their dashboard.

Transaction and withdrawal limits are automatically set by Axos Bank and cannot be toggled by a parent. Parents are also not permitted to restrict certain merchants or set additional spending limits.

Axos also offers a Bill Pay feature that parents can use to schedule payments from their main account. Many parents take this opportunity to hold their child responsible for expenses such as cell phone bills and new clothes.

Parents can earn money through referrals. For every friend they invite that qualifies to open an account of their own with Axos (and funds the account with at least $500 in direct deposit transfers), a user and their friend will each receive $20 into their account. Referrals can only be made to new users who have never had an Axos account before and friends must use a personal referral link for them to qualify for the bonus. There is no limit to how many referrals a user can make.

Cost and Fees

💸 Fees:

$0 for monthly maintenance,
$0 for overdraft,
$0 for non-sufficient funds,
$0 for low balance,
$0 for incoming wire transfers,
$0 for first debit card and replacements,
$5 for paper account statement,
$0 for domestic ATM withdrawals,
1% foreign currency conversion,
$0 for transfers

This is about as close to a free account as they come. As long as you don’t request paper statements (digital statements are free of charge) and you don’t make international purchases, you can avoid fees entirely.

Benefits of Axos Over Competitors

One of the things that Axos has over its competitors is that it is truly a free account. Most other deposit accounts and debit cards we’ve reviewed have fees that sneak up on you for things like transfers and non-sufficient funds, but this isn’t a problem with this product. Axos even reimburses customers for up to $12 in out-of-network ATM fees each month.

And of course, many of Axos’ competitors do not pay interest. Even when offering just 0.10% APY, that is an automatic point for the First Checking account.

Axos also offers 24/7 customer service, which not many institutions do.

Potential Drawbacks

Axos does not offer many educational resources to its First Checking account holders. It would be great if the app featured a library of free posts, at the very least. With some accounts going so far as to incentivize financial literacy quizzes, it’s disappointing to see that Axos isn’t doing much to help young users learn.

This account could also have more savings features. Users should be able to designate money for saving, create goals, and see their progress, as many platforms would allow them to do. The lack of such features, especially when this product seems to position itself as saving-friendly by paying interest, is definitely a letdown.

This account also enforces low spending and transfer limits on all users and these limits can’t be adjusted by parents. Users are only permitted to withdraw $100 cash per day, one of the lower daily withdrawal limits we’ve come across. Cash access could be a lot better.

Consumer Sentiment

Consumers who feel positively about their experience banking with Axos claim that the app and platform are intuitive and that customer service representatives are pleasant and knowledgeable.

Long wait times are a common theme in complaints from Axos customers. This applies to both waiting for customer service to respond to an inquiry or resolve a dispute and waiting for transfers and deposits to process. Some users have even had to wait several weeks just for account registration to finish pending.

App ratings are pretty solid. The Axos Bank app has a rating of 4.7 out of 5 stars in the App Store and 4.5 out of 5 stars on Google Play. Though this app is used by all Axos customers and not specifically designed for use by kids and teens, it is easy to navigate.

Call the Personal Banking line for help with your First Checking account at (844) 999-2967. Customer service is available 24/7 to take your calls. You can also send a secure message through the app.

Is It Safe

All deposit accounts through Axos Bank, including the checking account for teens, are federally insured by the FDIC up to $250,000 per depositor through member FDIC Axos Financial.

Axos customers have the option to enable biometric authentication including facial recognition, fingerprints, and voiceprints. Accounts are monitored regularly for potential fraud and user data is protected with SSL encryption and anti-virus software.

Several merchant codes are restricted automatically by Axos for safety reasons and these include 5813; 5921; 7273; 7297; 7995; 9223. Places with these codes include retailers that sell liquor and tobacco, nightclubs, and gambling establishments.

How to Sign Up

When you sign up for an Axos First Checking account, you will be asked whether you want to also open a First Savings account. This product currently offers an APY of 0.25% and has no minimum balance requirements or monthly fees, but users must be at least 18 years old to be eligible to open. If you don’t want to add this, you can move onto the next step where you will be prompted to provide your personal information and verify your identity. You can add your teen as a joint account owner after you have completed registration.

If your child already has a checking account or you want to dissolve one of your accounts and transfer the money into this one, Axos actually offers a “No-Hassle Switch Kit” to help make transitioning a bit smoother. You can use their forms to catalog transfers that need to be initiated, redirect automatic deposits, and provide dates for when you would like everything to take place.

Final Thoughts

The Axos First Checking account is a great free checking account for teens, but it’s not perfect. That it is interest-bearing is a definite plus. While it would be great for this rate to be quite a bit higher, it’s still good for helping your child learn about interest and motivate them to save. This account is best for teens who don’t need a lot of help learning to manage their own money as educational resources are limited.

Look elsewhere if you want a platform that will allow you to more closely manage your child’s spending and/or more robust savings capabilities.

25+ Best Debit Cards for Kids & Teens [December, 2022]

Written by: Lauren Graves
Published December 2, 2022

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.

Although most banks and credit unions won’t let kids or teens open an account until they’re at least 18 years old, parents can set up sub-accounts from their current checking account that should provide a free debit card for their child.

However, many parents are choosing a prepaid debit card for their kid(s) rather than a debit card linked to a checking account for a couple reasons:

A debit card with a checking account is generally only available to teens (13 – 17) while kids’ prepaid cards are available to children as young as 6 years old.
Today, there are a plethora of prepaid options on the market that offer rich feature sets via an app. Things like chore and allowance payment features, fun quizzes, educational tools, parental guardrails on spending that can be customized for certain retailers, unique card art and even investment services are all features that can be found with today’s top offers.

If you’re in the market for a debit card for your kid or teen and want a comprehensive look at all of your options, then continue reading our guide below.

GoHenry Debit Card

GoHenry, headquartered in the UK, with US operations and 2 million US customers, was one of the first to market with their debit cards for kids and teens when they launched in 2007.

Today, they remain one of the most popular and trusted brands on the market with a TrustPilot rating of 4.2/5 based on over 2,400 reviews as of December 2022. This is up from a 3.9/5 rating earlier in 2022.

You can learn more about the GoHenry debit card for kids on their website.

Quick Facts:

Target Age: 6 – 18
Cost: $3.99/month for each child.
For Parents: Set up automatic weekly allowance and/or set up chores with a bounty for each completed task. Set limits on how much they can spend in a given week. Lock savings goals, so your child has to reach the agreed upon amount before it is released for them to spend it. “Money Mission Quizzes” – launched in October of 2021 – also provide kids with a fun, interactive way to gain financial literacy. They also recently added “co-parent,” so multiple parents can manage chores/tasks and pay allowances.
For Kids: You can save, spend and even donate to the Boys & Girls Club of America with this card and app. Set up small or large savings goals. These cards can be used online and anywhere Mastercard is accepted.

Copper Debit Card

Quick Facts:

Target Age: 13 – 19
Cost: $0
For Parents: Free debit card for kids and teens with digital checking account. Monitor activity with real time notifications, set up recurring deposits, request and send funds between linked accounts.
For Kids: Fun financial literacy quizzes built into the app, receive interest on your savings (albeit just 0.001% APY currently).

Copper is our second overall pick, with its premium features for both parents and kids and the fact that it is 100% free (which makes it the #1 free option on the list!).

Copper is on a mission to create the first financially successful generation by giving them the tools and resources to take control of their financial futures.

Copper requires no minimum deposit to open and does not charge an annual fee, overdraft fees or maintenance fees which makes it the best fee-free offer out there.

Learn more or get started with Copper today.

[Update October 2022: Copper has seen incredible growth since their inception in 2020 and is closing in on 1 million members. They first announced that they had surpassed 550,000 members in February 2022 and then announced surpassing 800,000 in April of 2022.]

Copper also has a promotion running where you can send $3.00 to each of your friends (which copper will pay for) plus you’ll receive $3.00 when/if they sign up.

FamZoo Prepaid Debit Card

Quick Facts:

Target Age: 6 – 22
Cost: $5.99/month for up to 4 debit cards, $2 per card after that. You can also pay in advance for a year for $30. 1 month free trial available.
For Parents: Receive notifications for all purchases, set spending limits, move money between family members, IOU accounts to track how much you owe each kid, automated bookkeeping for allowance and chores, add loans to your kid(s).
For Kids: Financial literacy tools.

The FamZoo Family Pack of Prepaid Cards gives parents control over how and what their children spend and kids opportunities to learn how to manage their money. FamZoo accounts use private family banking systems to give children hands-on learning experiences that are parent-directed.

With FamZoo, parents are “bankers” and their children are account holders. They can establish a payroll for their kids, loan money, set up automatic deposits, and even pay interest on savings.

We go into further detail in our FamZoo review found here.

BusyKid Visa Prepaid Spend Card

Quick Facts:

Target Age: 12 – 18
Cost: $19.99/year for 1 card. $7.99/year for each additional card.
For Parents: Chore management app that comes pre-loaded with chores based on your child’s age (which can be customized), link checking account and release funds once chore(s) are completed, match savings in child’s saving account.
For Kids: receive funds in 3 buckets – save, spend, share. Parents can match the funds in your ‘save’ bucket, invest in actual stocks, and support charities from the ‘share’ bucket. With parental approval, kids can purchase fractional shares of real companies like Netflix and Amazon.

If you have kid(s) between the ages of 5 and 16, you may be interested in the BusyKid Visa Prepaid Spend Card.

BusyKid uses a chores-based system that allocates money based on chores completed.

You can set rates for different chores and your children can mark them complete and see when they will be paid. Parents who use BusyKid appreciate that this system instills a sense of responsibility and ownership over their finances.

You can read our review here if you’d like to learn more.

Akimbo Prepaid Mastercard

An Akimbo prepaid Mastercard offers a safe way for your older children to learn the nuances of banking in a low-risk environment. This card lets your kids have total control over their money but gives you the final say in what they can and can’t spend. Their account will be a sub account of your own, so you can decide how much money to put on it.

Akimbo doesn’t have all of the bells and whistles of some of the kids cards and apps talked about in this list, but it does have the essentials. You’ll be notified when they spend their money and, as the account manager, what they spend it on.

Each Akimbo account may have up to four cards. There is no monthly fee. However, reloading your card costs up to $5 each time and ATM withdrawals are around $2 each.

Capital One MONEY Teen Checking

A MONEY teen checking account with Capital One is a great choice for kids that have already learned the basics of money management and are ready for more independence with their cash. Kids eight years old or older qualify for this account.

The Capital One MONEY app lets your child track their earning and spending as well as set savings goals in different categories. If you choose to, you can reward them for reaching these goals with bonuses. And in cases of emergency, you can lock their card instantly.

There are no monthly fees or account minimums with this account. You also do not need to have a Capital One account to enroll your child in MONEY. This account earns an APY of 0.10% on any balance.

American Express Serve Prepaid Debit Cards

The American Express Serve FREE Reloads prepaid debit card, while not marketed as a teen product, is great for teaching them financial literacy.

It requires no minimum monthly balance and is free to use/reload at over 45,000 ATM and store locations. By giving your teen a certain amount of money and allowing them to decide when and how to spend it, this card encourages independence and offers all of the perks and protections of a true debit card.

This account charges a monthly fee of $6.95, which cannot be waived. As far as teen debit cards go, this is a bit steep. Also, a card is free to order online but may cost up to $3.95 if you go to a physical retail location. These can be used online or anywhere American Express is accepted. To avoid transfer fees, your teen will need their own American Express bank account which you can link to your own.

Alliant Credit Union Free Teen Checking

You might want to look into getting an Alliant Credit Union free teen checking account if you’re a fan of the popular credit union, fee-free banking, or easy-to-use platforms. Teenagers between the ages of 13 and 17 are eligible to open an account.

This checking account is one of the best options out there for giving your teen a comprehensive banking experience that is safe and helpful. They can set their own budget and even earn interest up to 0.25% APY when they save (you will need to enroll in eStatements and make one deposit per month into their account to access this feature); and parents can set ATM and spending limits for their kids and transfer money between accounts at no cost. On top of that, the Alliant mobile app is consistently rated at five stars.

If you’re looking for even more interest, they also have a kids savings account that features an APY of 0.55%. To put this in perspective, the current national average sits at just 0.07% APY.

There is no minimum monthly balance requirement or monthly fee with this account. Just a few of the perks offered include access to over 80,000 free ATMs, up to $20/month in ATM rebates, and the ability to make contactless Visa purchases.

Step Banking for Teens

Step is an app and card that is backed by founders with experience at Google and Square. Step has the standard functions of allowing parents to monitor spending and send kids money on the go.

Unlike some of the other offers on this list, Step also adds one of the best features of a kids’ credit card ie: the ability to start building credit early. The best part of this feature is that Step prevents your kids from spending more than they have while letting them establish a positive credit history.

Step’s banking services are provided by their partner-bank, Evolve Bank & Trust, which also allows Step to leverage their FDIC coverage.

Step accounts are protected by bank-grade encryption and authentication and because the debit card is a Visa it benefits from fraud protection and zero-liability guarantee. You can read our full review to learn more.

Fidelity Youth Account

The Fidelity Youth Account was launched back in May of 2021 by the reputable financial services firm. Make no mistake, it is a brokerage account first, but also comes with a free debit card that has no minimum deposit or balance requirements and no fees. On top of that, for a limited time, your teen will get a $50 reward just for opening the account.

Here’s how it works: In order for your teen to receive the $50 reward offer, you (parent/guardian) must initiate the opening of a new Fidelity Youth Account and your teen (aged 13–17) must download the Fidelity Mobile App and activate the new account.

On the brokerage account side, teens can start their investing journey. Fidelity allows for this account to trade most US stocks, ETFs and Fidelity Mutual Funds. Parents won’t have the option to pre-approve trades their child makes, but they can set up alerts and monitor all activity online – both on the debit card and brokerage side.

Family Money by Verizon

On June 15, 2021 Verizon announced the launch of Family Money, an app for kids to learn about personal finance. Verizon worked with fintech firm Galileo to develop the family-centric financial product and it comes with a “spending account,” a “savings vault” and a prepaid debit card for kids issued by Metropolitan Commercial Bank. Parents can monitor their spending activity from the app, set limits and stop or freeze the card if it gets lost or stolen.

Families that are not Verizon customers are still eligible for this product. It can be downloaded from the Google Play and Apple App Store. You’ll just need to create a Verizon Family Money account and link a verified bank account after you download it. Once you’ve done that, you’ll get a 30 day trial period.

At the end of the 30-day trial period, the service auto-renews for $5.99 per month (so be sure to set a reminder if you don’t plan on paying for it!).

The $5.99 fee, which includes up to 5 kids, will be debited from the parent’s Wallet in the app, not charged to your Verizon account (if currently a customer). You must be 18 years or older to create a parent profile in the app and Verizon states that kids accounts are designed for children ages 8-17.

Current Debit Card for Teens

Quick Facts:

Target Age: 13 – 22
Cost: ~~$36.00/year per teen. Current premium accounts cost an extra $4.99/month.~~ Now with no annual fee.
For Parents: Receive notifications for all purchases, set spending limits, set chores, block specific merchants.
For Kids: No overdraft fees up to $100 with Current premium, receive paychecks up to 2 days early with Current premium, earn up to 15x points at over 14k locations across the US which are redeemable for cash in your Current account.

You and your child will both like the Current debit card for teens. There are no minimum monthly balance fees, overdraft fees, or transfer fees. This card can be used online or anywhere Visa is accepted.

[Update December 2022 Current is still offering an FDIC-insured savings account to go along with their debit card. This account pays 4.0% APY on balances up to $2,000. To put this in perspective, the current national average for a savings account sits at just 0.24% APY according to recent FDIC data, although with the FED’s series of historic rate hikes this year, the best online savings rates are now inching above the 3.50% APY mark. Current launched the 4.0% APY savings feature when top online savings account rates were still well under the 1.00% APY mark and hasn’t given it a raise since.]

In July 2022, Current eliminated the fee associated with the premium account. All new customers get all the premium account features for free.

This is a variable rate that can change at any time without notice.

Current is a financial technology company, not a bank. The banking services they offer – both the debit card and FDIC-insured savings account – are provided by Choice Financial Group and Metropolitan Commercial Bank, member FDIC.

Purewrist Wearable Contactless Payment

The FinTech company Purewrist has partnered with Sutton Bank, member FDIC, to offer quite the unique product – a bracelet that can make contactless payments.

The bracelet costs just $25 and can be used to pay for items by simply tapping it on the point of sale terminal.

Teens can shop online as well. A secure pin protected page within their profile allows them to see their full card number for any online purchases they wish to make.

For parents, they can make one time payments or set up automated payments to their kids.

Mango Prepaid Debit Card

A Mango prepaid debit card is a stand-out option because it offers the opportunity to link a high-interest savings account to your card.

This account has a lot going for it, including the fact that it can be opened even if your teen doesn’t have a checking account of their own. They can open a linked Mango savings account with a deposit of just $25 and earn up to 6% APY (to qualify for this rate, they would need to make signature purchases totaling $1,500 after opening the account and maintain a minimum monthly balance of $25 after).

You can add funds to your teen’s card from your own checking account or load money onto it from a participating retailer like Walmart or Walgreens.

There is no activation fee, but there is a monthly charge of $5 and a $3 ATM withdrawal fee. This card can be used online or anywhere Mastercard is accepted. Mango can also be used virtually from your phone when you enable this from the app.

Jelli

Even though you have to be 18 to open a Jelli account and get their debit card, we added it to the list because it’s an interesting product with some unique budgeting tools.

It uses what’s called envelope style budgeting where you can distribute your paycheck into “JelliJARS.” You can create JelliJARS for budgeting, saving, sharing etc.

These envelopes can also be shared. Let’s say for example the snowboarding trip mentioned above includes lift tickets and a cabin rental for you and 4 friends (and, of course, a higher cost than $120). You can set up and then share the envelope with your friends so they can contribute their share of the funds for the trip.

Jelli has partnered with Metropolitan Commercial Bank for FDIC insurance. Your funds will be held here if you sign up and use the Jelli account and debit card.

Visa Buxx Card

The Visa Buxx Card is a fairly basic debit card for kids and teens offered through Navy Federal Credit Union or TD Bank. For NFCU, you must first be a member of the credit union to open the Visa Buxx Card, but membership is available nationwide. Both offer parents the ability to reload the card from their phone as well as monitor spending. The Navy Federal Credit Union Buxx Card also has a few different designs to choose from whereas the TD Bank Buxx card does not.

Chase First Banking

Chase First Banking is also one of the newer offers on the list and is only available to current Chase customers. This product launched in 2020 in collaboration with Greenlight and is intended for kids between the ages of 6 and 17.

And although kids are eligible up to the age of 17, the product does not allow for direct deposit, so if your high school kid(s) are earning their own income, Chase First Banking won’t be a great fit.

That said, the product has a number of helpful parental controls and functions (most or all of which are powered by Greenlight). You can read more about them in our Chase First Banking review.

Kachinga Prepaid Debit Card + Chore App

Much like the other offers on this list, the Kachinga prepaid debit card comes with a chore app where parents can track chore progress, set alerts and spending limits as well as teach kids general financial literacy.

The app + debit card costs $36 per year per child which is a little bit pricier than other options on this list with a larger feature set.

New: Now with 1 month free trial.

Mazoola Virtual Debit Card

The Mazoola Virtual Mastercard debit card for kids is managed by parents and comes with a flat subscription fee of $9.99/month for the whole family. They also have a 1% purchase fee and charge $0.11 as a loading fee which can make it a more costly product to use than the other options. You can read more about their fees in our full review.

As a parent you can activate a virtual and secure debit card for each child and create flexible and individual spending controls. You can also assign & track chores and the rewards for completing them and set up automatic allowance payments. You can also provide them with financial literacy resources, but you can not require them to read them before unlocking allowance payments. Wouldn’t that be neat. 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.

Wingocard Prepaid Visa Card

The Wingocard launched in May of 2021 and is gaining traction quickly with over 75,000 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.

We should also note that Wingocard has the largest network of free ATMs out of all the debit cards for kids on the market – with roughly 87,000 nationwide.

Read more about this up-and-comer in our full review.

Till Financial

Till Financial is another new one on the list. This collaborative family banking platform is a savings and budgeting product first, but does come with a debit card that is attached to the child’s “Spend Balance” which is why we included it in our list.

Till was named the Best App for Teaching Teens to Budget in 2021 by U.S. News & World Report.

You can learn more about Till in our full review.

Goalsetter: Family Banking

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. “Learn before you burn” allows your tween to take quizzes before they get to use their debit card.

USAA Youth Spending Account

This one may not have all the bells and whistles like chore apps, financial literacy tools and quizzes, or the like, but it is a simple and free card that gets the job done if you’re just looking for basics.

It’s geared towards kids and teens ages 13 – 18, comes with a Visa debit card and has absolutely no maintenance fees or monthly fees of any kind. You’ll also get free ATM usage both in network and out of network, although 3rd party ATMs may charge you up to $2 per withdrawal. You can learn more about the USAA Youth Spending Account in our review.

Axos Bank First Checking Account + Debit Card

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.

Movo Digital Cash Card

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.

You must be at least 18 years old to get the card and use the crypto-to-cash feature, but kids and teens can be added as authorized users to a parent’s card. Learn more in our full review here.

Revolut Junior Prepaid Card

Revolut, based out of London, UK, and their debit card for kids is another option for families. Just note that this is one of the most expensive options on the market and doesn’t offer any features that most of the competitors do not.

Families with 2 kids or more can easily pay more than $100/year for these cards PLUS at least one of the parents or guardians has to already have an account with Revolut. On the off chance you fall in this category you’re likely better off with another option above. You can learn more about the Revolut card here.

Bluebird Prepaid Debit Card

The Bluebird American Express prepaid debit card has partnered with Walmart to bring consumers this family-focused debit card. It allows parents to create up to 4 sub accounts for their kids or teens.

As the primary account holder you can limit ATM access or withdrawal amounts. You can also limit spending and even have store level controls (ie. you can control how much your child spends at specific stores).

There is no fee associated with this card and the sub accounts.

Bluebird also offers a bank account with a Visa debit card. This card is more widely accepted than the American Express offer. You can read more and compare the two options here.

Revolut for <18s

Revolut is another option for families. This UK based company offers their product and services to US customers. Kids that are 13+ can download the app on IOS or Google Play and then have their parents approve and activate the account from their Revolut account. It comes with a contactless debit card that connects to the app which kids can design and customize by drawing, adding text or emojis, etc.

Parents must have a Revolut account to activate an account and get a free debit card for their kid(s). Kids under 12 years old will need to have the parent create the account.

Learn more here.

Apple Cash Family

Another cashless option for the entire family is Apple Cash Family. If you and your family have an Apple account and associated hardware you can set up Apple Cash Family for all children 13 years old and over.

It has less features than some of the top debit card + app options on this list, but allows for most of the basics.

The “Family Organizer” ie. the parent(s) can:

set limits on who their child can send money to,
set up notifications on any/all transactions and
lock account(s).

Kids and teens on the account can:

spend money at participating stores, apps and websites,
send and receive money from people they know (and approved by parents)

This is a free feature by Apple and can be managed through your Apple Wallet. Once set up, you can make payments from your iPhone, iPad, or Apple Watch. Learn how to get started here.

Can You Get a Debit Card for Kids Under 13 Years Old?

Debit cards for kids under 13 are perfectly legal for banks and companies to issue, and ultimately up to the parents to decide.

It doesn’t matter whether a kid is getting money from an allowance, saving money they’ve received for birthdays or holidays, or earning an income from a job. 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. This way, they will feel more comfortable keeping track of it and spending money in the real world – since they’ve had a warm up with cash.

Additional Features You May Want to Consider

You’ll want to have a conversation with your kid(s) about the responsibilities (and liabilities) that come with having a debit card and ultimately what you’re trying to achieve beyond just access to money.

If you’re looking for some statistics to help you decide on the necessary features for your kid or teen, you may want to take a look at the GoHenry Youth Economy Report. This report breaks down how kids are earning money and what’s important to them.

Some of the high level take-aways are:

Kids earned $26 billion in 2021 (including allowances, paid tasks completed, gifts)
Average weekly earnings were $11.17. Up 16% from the previous year.
78% of kids say it is important to earn their own money.

In addition to part-time jobs, paid tasks, allowances, and babysitting, kids made money in these ways:

Pet-sitting and dog walking (41%)
Online gaming (35%)
Selling things online (34%)
Social media influencer (29%)
Investing / trading stocks (28%)
Content creator (28%)
Investing in cryptocurrency (27%)

Below are additional features to consider.

Savings Account

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.

In such cases, the saved money does not go into a separate savings account and remains accessible at any time, but it can’t be immediately spent with the 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 (albeit savings rates are abysmally low at the moment).

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.

Allowance and Budgeting

How important is it to you to be able to pay your child an allowance and pay them for chores all in one place?

Chores are the focal point of many kids’ money management apps. 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:

Do you want to be able to require your kids to complete certain chores or give them a list of options to choose from?
Do you want to set fixed prices for every chore or create recurring chores that cost the same every time?
Do you want to approve chores as your child completes them or arrange for them to be paid instantly when they mark a chore as complete?

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.

And if you don’t want your child spending all the money they’ve earned in one place, you probably want a product with budgeting features. You may feel that setting spending limits for them is the best way to set them up for success in the real world. After all, no one knows better than you what is best for your child, and a lot of kids’ financial platforms agree.

Parental Controls and Safety

Have a conversation with your kid(s) and let them know minors are prime targets for identity theft. Most cards will only require the parent’s social security number but some may require the child’s as well. Be on the lookout for credit card applications that come for your child or unsolicited phone calls. Learn more at the FTC on how to protect your family against identity theft.

If monitoring your child’s activity and creating custom controls for their spending is important to you, be sure to look for a product that lets you easily do this.

You should also think about how involved you’d like to be. Start with the following questions:

Do you want to approve your child’s purchases and transfers or would you rather trust them to make good decisions?
Do you want to allow them to set their own budgets or create spending limits for them?
Do you want the ability to automate payments into your child’s account or do you want to initiate transfers each time?
Do you want to receive real-time push notifications of their activity?

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. Often, this means funding their own account, the main account, and transferring money into their children’s accounts from there.

This means you should also think about what funding options are most convenient for you. Read the fine print on every product. If you’re looking for a particular funding option, be sure that it is actually available (you may be surprised by how many accounts don’t allow cash reloads or direct deposit transfers). Some products are extremely limiting when it comes to funding and may only permit ACH transfers or card transactions.

Also look into how many account managers a product allows. If you and your co-parent want equal access to your child’s account, it is important to find a product that can give you this. Some have strict one-parent policies but others are more generous when it comes to adding more adult users and may even allow for the inclusion of other members of the family.

Data Collection

Be sure to read through the debit card company’s privacy policy to understand how they intend to collect and use data from your child’s activity. There are consumer protection laws in place that govern some ways in which these companies can gather and share (sell) data to third parties, but the laws do not cover everything. These companies also reserve the right to change the ways in which they collect and use the data on an ongoing basis, so keeping up with their terms of service is necessary to make sure you’re comfortable with what’s going on behind the scenes.

Introduction to Stocks and Investments

There aren’t a lot of financial products for kids that allow them to invest their money in real companies, but looking for only those that do can help you filter through the ever-growing list of options.

The Fidelity Youth Account and the BusyKid Visa Prepaid Spend Card made this list for a lot of reasons, but one of these was the ability to invest. Giving kids the opportunity to make investments can show them that there is more to money management than spending and budgeting. You can help them choose their investments or let them make their own investing decisions.

Charitable Giving

You may also like the idea of your child donating their money to charity. Apps that allow kids to donate typically do so by pre-selecting a number of reputable organizations and giving users the option of giving charitably to these. Users may then donate a percentage of their entire balance or make donations of fixed amounts.

Parents can decide to take it one step further by awarding account bonuses if their kid makes the decision to donate to charity for themselves. Some apps even let kids set up donation goals just as they would savings goals.

Copper Banking Teen Debit Card – Best Free Option!

Written by: Lauren Graves
Published March 12, 2022

Launched in April 2019 and headquartered in Seattle, Washington, Copper is quickly becoming a popular option for teens and parents.

This free debit card ranks high among the top debit cards for kids and teens mostly because of its app – which features an extensive selection of tools and learning resources.

Copper banking sets itself apart from other debit cards for kids and teens by putting more focus on teaching users financial literacy skills. Their mission is to build the “first financially successful generation.”

The app and debit card were created specifically for teens—educational resources are intended to be engaging and helpful to young audiences.

Get started with Copper today.

Who is it For?

Average age: teenagers (13 – 19)

Good candidate: teenagers who want financial independence and are going to take advantage of educational resources available to them.

Copper is great for teens between the ages of 13 and 18, but Copper doesn’t actually specify a minimum or maximum age required for this account. Rather, only those 18 years old or older may open an account and all others must have an authorized user, a parent or guardian. With that said, teenagers are the target audience for this product.

Features and Benefits

Fees: no monthly service fee or subscription fee, no low balance fee, no ATM fee for in-network ATMs, no transfer fees, no overdraft fees

One of Copper’s main hooks is that it is a financial literacy app as much as it is a safe debit card for teens. On the teen side, the app is full of educational material carefully curated by financial literacy experts. And unlike other products that also offer resources of this kind, Copper’s tools are not reading-heavy (which may cause many teens to lose interest).

And there are resources for parents as well. Published author and Certified Financial Planner Liz Frazier is the Executive Director of Financial Education at Copper, and her articles are available to all Copper users to help parents and guardians support their children in learning critical money management skills.

A Copper debit card may be used almost anywhere Mastercard is accepted, with restrictions on certain merchant types.

Parents and teens have their own accounts with Copper. Here’s what that looks like.

For Parents

The parent account is also the funding account, which is linked to an existing checking account with another bank. This account is referred to as the Copper wallet. Parents may choose to fund this account on an as-needed basis or set up auto reloads from their linked checking account into their Copper wallet.

If they choose this option, they can choose what balance they want to trigger auto funding (e.g. if their wallet balance drops below $50). These deposits may take a few days to process.

Transfers out of the Copper wallet and into a teen’s account are easy and fast. A parent can instantly transfer Parents can use Copper to set up recurring transfers for allowance and other regular payments.

Parents can see all of their teen’s transactions from the Copper app and can optionally set up push notifications for every time their child uses their debit card.

There is no maximum dollar limit on ACH, direct deposit, or wire transfers from an external account into a Copper wallet as long as these transfers are initiated by the outside institution. However, if initiated by Copper, there is a $500 daily deposit limit on both ACH transfers and credit/debit card deposits.

Each Copper account holder may add up to five kids to their account at no additional charge. They will each get their own card, and adding kids to an account can be done through the Copper app.

Financial literacy resources available to parents cover topics including kids and their relationship with technology, money and mental health, and financial fundamentals useful to parents and teens alike.

For Kids

There are a couple of ways that teens can get more money into their Copper account. They can request this money from their parent(s) through the app, leaving a note about what the money’s for and how much they need; set up direct deposit from their job, if they have one; or make cash deposits at select retailers (those within the Green Dot network).

Copper also has a rewards program that often gives users bonuses when they refer friends and family members to use the product. Currently, this offer is only good for an extra $3 in your account, but this promotion is subject to change. Money earned through promotional offers is automatically deposited into a teen’s account.

Teens can also set savings goals for themselves with Copper and track their progress. They will be notified when they reach a goal and they can see a visualization of how their withdrawals and deposits over a period of time have contributed to a savings goal.

Teen users can create savings categories or buckets and have these funded automatically when money is deposited into their account at certain percentages or dollar amounts. Alternatively, they can just transfer money into these buckets as needed. Savings categories can be for their own personal goals or for goals shared by their family.

Copper does not grant account bonuses when savings goals are reached, but parents may choose to establish these themselves. A Copper checking account earns 0.001% interest across all balances.

And of course, Copper teens can learn about debt, budgeting, investing, and saving with Copper’s vast library of resources. These financial literacy lessons, called Cheat Codes, are short, engaging, and interactive. Much of this content is in video format as visual learning has proven to be effective for the majority of teens. After studying a topic, users can test their understanding by taking a short quiz (parents can take these quizzes too!).

The real-world topics covered in Copper’s financial literacy “lessons” may include anything from mortgage payments to interest accrual.

There are many ways to use a Copper debit card to spend. This card can be used in person, online, and through mobile payment services and wallets such as Venmo and Apple Pay (see “Benefits of Copper Over Competitors”). A $2,000 daily spending limit is placed on Copper debit card transactions.

Users can withdraw funds from their Copper account for free at more than 50,000 MoneyPass and Allpoint ATMs. Users may reset their PIN or request a new card from the Copper app at any time, and these services do not cost anything.

How Much Does the Copper Checking Account Cost?

The Copper checking account is not exactly like your standard checking account from a big bank or credit union. For example, there is no checking writing capabilities and of course, no branches to physically go to.

The best part of the account though, is that it is free to open and use and there are no subscription costs.

The only fees associated with a Copper checking account or debit card come from the following transaction types:

Withdrawals from out-of-network ATM withdrawals – fees assessed by third-party ATM owners)
Card reloads at retail store registers – Copper users can reload their debit cards at retailers that are part of the GreenDot network, but these retailers have the right to charge up to $4.95 per transaction for this service
Processing foreign transactions – fees for processing international transactions and converting them are assessed by Mastercard International and fall within wholesale currency market rates
Card not present transactions – purchases made using a debit card’s number only, which may come with fees

In other words, Copper users may incur fees on their account charged by third parties for optional services.

Benefits of Copper Over Competitors

There are a number of things that may make Copper more appealing to you and your teen compared to other products like it.

First, is the lack of subscription fees. Greenlight and GoHenry, two of the market leaders in this space, both come with subscription fees to use their product.

Second, Copper offers a little more payment flexibility than most. A Copper debit card can be linked with both Google Pay and Apple Pay. Many debit cards for kids and teens prohibit the use of these digital wallets. Copper users can also link their card to Venmo and Cash App. Copper users appreciate how easy it is to access their money and make transfers.

Another great feature of Copper is that it permits multiple authorized users. There can be up to five authorized users per Copper checking account, and it doesn’t cost anything to add people to an account.

Copper also allows users to set up direct deposits. So if your teen is already earning money for themselves, they can be paid right into their personal checking account. Not many products allow this.

Potential Drawbacks

Some users may be put off by the daily and monthly funding limits on Copper accounts as well as daily spending limits mentioned above. If you think it’s likely that you or your teen would exceed these, Copper may not be for you.

Copper also does not pay interest on account balances, which can be disappointing. Another potential downside is that each teen an account holder opens a Copper account for needs to have their own phone. This is required for account verification.

Users may also be bothered by the fact that this online-only bank prefers to handle its customer service via chat rather than phone calls or in-person visits (e.g. text, email, social media, etc.).

Consumer Sentiment

The Copper app itself is one of the highest-rated financial apps on the market. It has a rating of 4.5 stars on Google Play and 4.8 stars on the App Store.

The app is well-designed, with interesting and helpful graphics for teen and parent users and straightforward features. You don’t have to be especially tech-savvy to use the Copper app successfully, making this a great choice for those with little experience navigating technology.

As for the quality of customer support users can expect from this digital challenger bank, there is little information available. This is certainly something to be aware of. But to get in touch with customer service, text (202) 831-0684 or send an email to support@getcopper.com. There is also a chat feature right in the app.

You can also reach out for non-urgent inquiries through social media—@CopperBanking on Facebook, Twitter, and Instagram and @getcopper on TikTok and Snapchat.

Is It Safe?

All Copper checking accounts are FDIC insured up to the federally allowed limit of $250,000 and protected by Fraud Monitoring services.

Accounts are also covered by Mastercard’s Zero Liability Protection policy, which exempts users from making payments they did not authorize.

Transactions are prohibited at certain retailers, including those that sell liquor, gambling venues, and merchants that sell illicit goods or services.

How to Sign Up

Submit your phone number to get started! image credit: getcopper.com

To sign up for a Copper account, just navigate to their website, submit your phone number and click download now.

Anyone over the age of 18 with a social security number or tax identification number with a checking account in good standing is eligible to sign up for a Copper checking account. You and your teen (or teens) need phone numbers of your own.

To fund an account, the account owner just needs to link a checking account and transfer funds. This can be done via ACH transfer or debit card payment; debit card payments are instant but may incur a small fee. There is no minimum opening balance requirement. Accounts can also be funded via PayPal, Venmo, or Cash App or linked to direct deposits from a parent or teen.

Upon sign up (and after completing any necessary steps such as taking a quiz, leaving a review of the app, etc.), users may receive a small account bonus of between $5 and $10.

About Copper

As mentioned GetCopper, the company, launched in Seattle, Washington in 2019. However, their product didn’t hit the market until 2020.

When it did, it made quite the splash and was quickly adopted by consumers.

In just two months after their launch, they had surpassed 100,000 users. Here’s their CEO and Co-Founder Eddie Behringer making the announcement on LinkedIn:

As of March 2022, they have surpassed the 550,000 user mark and are quickly advancing towards 1 million.

Final Thoughts

Overall, Copper is a great debit card for teens of the modern world. Copper offers more convenient ways to pay and transfer money than many debit cards and apps for teens out there, and it doesn’t charge any subscription fees. This free debit card also comes with many complimentary educational resources. So to really get the most out of Copper, you and your teen should take advantage of the financial literacy resources available to you.

Get started with Copper today.

Chase First Banking Review – A Debit Card for Kids with Parental Controls

Written by: Lauren Graves
Published February 24, 2022

Chase Bank is the largest bank in the United States as of 2021. This bank has over $3.03 trillion in assets and one of the highest customer satisfaction rates across the board. But how does the new Chase Bank debit product for kids and teens stack up against its competitors?

The Chase First Banking account was created as a kid-friendly banking account that helps kids learn the value of money and parents play an active role in this process. Launched in 2020 in partnership with Greenlight, Chase First Banking has many of the features seen in popular kids’ banking products, plus a few management options parents may love.

Is the Chase First Banking account right for your family? Continue reading our comprehensive review below, and see how it stacks up against the competition in our rundown of the best debit cards for kids and teens this year!

Who’s It For

Average age: 6-13

Good candidate: Older children and younger teens who are not quite ready to be financially independent and would benefit from moderate parental control.

Kids between the ages of 6 and 17 are eligible to be added as users to this account. However, a Chase First Banking account does not support direct deposit, so if your teenager is already earning their own money and they want to deposit it directly into their own account, they will need to do so another way or get a different account like the Chase High School Checking account.

Only Chase customers are eligible to sign up for this account and parents must link a qualifying Chase checking account in order to get started. Qualifying accounts include but are not limited to the Chase Total Checking, Chase Premier Checking, Chase Better Banking, and Chase Private Client accounts.

Features and Benefits

Fees: no monthly service fee, no fee for in-network ATMs ($2.50 per withdrawal from out-of-network ATMs), $5 card replacement fee per card, 3% foreign exchange fee

The Chase First Banking account debit card is offered through Greenlight, one of the most popular kids’ banking products and apps on the market. So not surprisingly, there are a few similarities between this product and Greenlight. However, this checking account by Chase is structured differently and better for kids that are a little older.

This is a fee-free banking product that gives kids valuable learning experiences and parents the ability to “micromanage” their kids’ accounts. For both parents and kids, this account is divided into three categories: Spend, Save, and Earn. Take a look at what this is like for each.

For Parents

As the account owner of a Chase First Banking checking account, parents have control over their kids’ spending and are responsible for transferring money into their account. They must fund their child’s account with a linked Chase checking account.

In the Spend category, parents can choose where their kids do or don’t shop, how much they may spend at certain places, and even freeze their cards as needed from the app. They can set “Places to spend” which can be either specific merchants or merchant categories they would like to restrict.

Restrictions may mean setting spending limits for those categories or prohibiting spending at them altogether. For example, a parent may decide to allow their child to only spend $20 at a movie theater, $75 on clothing, or $25 at a restaurant, etc. Such categorical spending limits can be set by the parents with this account.

Money not in a “Places to spend” category becomes “Spend anywhere” funds. “Spend anywhere” money can be used anywhere (except for prohibited establishments) until there is no more available. All transactions that would overdraft either “Places to Spend” or “Spend Anywhere” funds are automatically declined. Kids can only use funds from “Places to spend” or “Spend anywhere.”

In the Save category, parents can essentially require their kids to set aside their money for future use by assigning it to their savings for them. By placing money into the “General savings” category, parents can effectively save for their kids and teach them good habits. Kids can then decide which categories to put their savings into if they have specific goals set up.

Finally, in the Earn category, parents can pay their children allowances via recurring transfers into either their “Spend anywhere” or “General savings” balance. Chores can be assigned in the app that earn allowance when completed. For one-time payments, parents can select “Transfer money” and initiate this transaction from their own linked checking account.

Parents may choose to set up alerts to be notified when their kids use their cards. Only one parent or guardian may manage and have access to a Chase First Banking account.

For Kids

On the kids’ side, users are more limited in what they can and can’t do. Their parents will decide for them what money they can spend and what they can spend it on.

But stringent though these terms may be, kids still have a lot of options for what they do with their Chase First Banking funds. For example, they can set savings goals for themselves that they contribute to, even if their parents have already designated a certain chunk of money to be put away in savings. After they reach a goal, a parent may choose to move this money to a spending category for their child to use or leave it in savings.

Unlike some similar products, kids will not receive rewards from their parents for reaching savings goals or saving more money (i.e. an interest rate paid on their savings balance or an account bonus when a goal is met). This account does not earn interest paid by Chase bank either.

Kids can also ask for more money. If a child would like more money added to their account, they can request this from their parents from the app. This money can be transferred into a spending or saving category at the parent’s discretion.

Another way kids can receive funds is by completing chores or tasks for their parents. Many parents assign chores to their kids through the app and set a reward amount that their child can see for the completion of these chores. Others set fixed recurring allowances without specific chores.

Chase First Banking debit cards can be used online and almost anywhere Visa is accepted, including at more than 16,000 transaction-free Chase ATMs. They can also be used internationally, but foreign exchange fees may apply. Unfortunately, many types of withdrawals and transfers are prohibited.

There are only two ways that kids can withdraw funds from their account:

At an ATM (fees are assessed at out-of-network locations)
As cashback on non-PIN debit card transactions for in-person or online purchases

The only other way funds can leave a child’s account is if their parent transfers it.

Kids can either spend or save their money only. They are not able to invest it into real stocks or donate it to charity through Chase.

A child may lock or unlock their own card from the Chase mobile app in the event that it is lost or stolen.

How Much Does it Cost

The Chase first Banking checking account with debit card does not come with any service fees. It also does not penalize low balances.

It does not cost most users anything to use, open, or keep (with the only real fees coming from foreign transactions, card replacement, and withdrawals from out-of-network ATMs).

This is not a subscription-based product, so there are also no costs associated with keeping your account and accessing all of its features. As long as the qualifying Chase checking account linked with a Chase First Banking account remains in good standing, your First account will stay open.

Please note that this account does not qualify for signup bonuses applied to other Chase personal checking accounts.

Chase First Banking Vs. Competitors

One of the main benefits of Chase First Banking is that it does not charge unnecessary subscription or service fees like many other kid-friendly deposit products (including FamZoo).

Chase First Banking is also a popular choice because it gives parents much more control than other apps and products. For example, few kids’ debit cards or checking accounts allow parents to set spending categories for their kids or set aside money for savings on their behalf. These could be especially useful for parents of children who have not had much practice managing their own money.

Chase First Banking checking accounts are incredibly safe too. As we’ll talk about, they protect against unsafe spending, fraud, and unauthorized debit transactions.

Potential Drawbacks

One potential drawback to this product is that it requires you to be a Chase customer to open. And while Chase is a great bank for many people, this may be an inconvenience for some.

There are also several limitations on how money can go into and out of this account. For example, the account owner cannot deposit money into this account via ACH transfer or wire transfer or transfer money in these ways.

Additionally, kids are limited in how they may use their money. Some families may prefer a product that allows them to put money toward giving or investments in addition to spending and saving.

A Chase First Banking account also has no check writing capabilities and does not allow check deposits of any kind. Chase convenience services including Chase QuickPay and Chase QuickDeposit are not available for this account, and users cannot use peer-to-peer transaction services such as Zelle or Venmo.

This account does not pay interest on money saved, so look elsewhere if this feature is important to you and your child.

Consumer Sentiment

Chase Bank is known for providing above-average customer service, and Chase First Banking account users are generally satisfied.

The Chase mobile app is highly regarded with 4.4 stars in Google Play and 4.8 stars in the App Store. Its interface is easy to navigate and most users have little to no trouble accessing their accounts and getting questions answered through the app and/or online platform.

To contact customer support, you can send a secure message through the app or online banking platform or give Chase a call at 1-800-935-9935.

Is It Safe

In addition to being FDIC insured up to $250,000, Chase First Banking checking accounts are covered by Zero Liability Protection and 24/7 Fraud Monitoring. These features will keep your child’s money safe from unauthorized debit transactions and flag you if suspicious activity occurs.

Chase protects kids’ safety by prohibiting spending at dangerous establishments and by capping daily spending and withdrawals. Prohibited transaction types include:

Gambling purchases
Rental purchases
Cash withdrawals
Check purchases

As mentioned, parents can also take their kids’ safety into their own hands by limiting or restricting their spending at certain establishments. Additionally, use of these debit cards on peer-to-peer spending networks like Zelle, Venmo, and PayPal is prohibited.

How to Sign Up

Signing up for this checking account can be done completely online or through the Chase mobile app. To be eligible to sign up, you must be a Chase checking account customer already or be willing to open an account.

If you qualify, you can sign up by providing your personal information and linking your Chase checking account. Your child should receive their debit card within three to five business days.

Only one parent or guardian may be the owner of a Chase First Banking account. Each Chase customer can open up to five Chase First Banking accounts per qualifying checking account (if at any time your linked checking account is closed, this account will be as well).

Final Thoughts

For parents of kids and young teens that want a little more control over their kids’ spending, the Chase First Banking account is not a bad way to go. This account allows parents to manage their children’s spending on a more granular level than other products and apps do, making this one of the best options for parents hoping to help their children learn important money management skills.

If you don’t mind the restrictions and limitations of this account (i.e. few funding options and a number of services not available), then it may be a good fit.

Fidelity Youth Account Review – $50 Sign Up Bonus!

Written by: Lauren Graves
Published February 24, 2022

Teens get a $50 bonus for activating their new account!

Fidelity Investments offers a wide variety of investment accounts and financial services, and now they cater to teens too. With the new Fidelity Youth Account, teens can spend, save, and invest their own money with a trusted corporation that’s been around since 1946.

This product just launched in May of this year, and you can expect to hear about it often in the coming months. The Fidelity Youth Account is a fee-free financial account with a lot of things going for it that’s great for young investors, and definitely one to consider as you look at account options for kids and teens. Will this be the youth brokerage account for you?

Related: See how the Fidelity Youth Account and debit card stack up against the competition in our guide to today’s best debit cards for kids and teens!

$50 Sign Up Bonus – Limited Time Offer

For a limited time Fidelity is helping teens jumpstart their financial journey by offering them $50 just for signing up!

The $50 will be deposited directly into your teens account within 10 calendar days after they have downloaded the Fidelity Mobile App and activated their account. This entails creating a username/password, and logging into the mobile app and accepting account agreements.

They will get a push notification on their phone once the $50 has been deposited.

Who’s It For

Average age: 13 to 17

Good candidate: Teens who are serious about learning to invest and grow their wealth.

The Fidelity Youth Account is a brokerage account that teaches teens to manage and invest their own money. It provides them with real opportunities to buy and sell shares in publicly owned U.S. companies.

Children under the age of 13 are prohibited from having an account opened in their name, and new customers older than 18 may not open one either. When users turn 18, they are eligible to change their youth brokerage account to a standard brokerage account. Parents or guardians are removed from the account automatically.

Please note that only parents who already have a brokerage relationship with Fidelity to qualify for this product. A brokerage account, cash management account, or IRA with Fidelity would make you eligible for the Fidelity Youth Account.

Features and Benefits

In addition to being unique because it is a brokerage account rather than a typical checking account, the Fidelity Youth Account stands out from other financial products for teens because it gives teens more control than parents.

This is not a joint checking account—teens are the account holders and managers. Parents are there to supervise and support their kids, serving as the point of contact between them and Fidelity. All investment and spending decisions are to be made by the teen associated with the account, and they do not need the consent of their parent or guardian in most instances.

For Parents

After opening an account for their child, the parent of a kid with a Fidelity Youth Account becomes known as the Interested Party for that account and hands over most responsibilities.

Parents are granted “inquiry access” to see how their child is spending their money and what they invest in. They are not asked to approve transactions or investments. Parents can set up alerts to receive real-time push notifications about spending activity and investing.

The parent is also the Trusted Contact in charge of communicating with Fidelity Investments. They are financially liable if their teen fails to make payments and can go to Fidelity with any questions or concerns about details of the account. They must also consent to certain privacy permissions that their child may enable such as Fidelity MyVoice.

This is essentially the extent of parent or guardian involvement, but parents do have ultimate say over account closures too. Parents must open this account for their child and they may close it or have their debit card deactivated. They reserve the right to request these things of Fidelity at any time.

Unlike other deposit accounts for kids, parents don’t have to be the ones to fund their children’s Fidelity Youth Accounts. They may fund it from their own Fidelity brokerage account, but they may go a different route.

For Kids

There are many ways to fund this account, which can be done by either a teen or their parents. The parent may transfer money from a linked Fidelity retail brokerage account or the parent or teen may use any of the following funding methods:

Wire transfer
ACH transfer (if the teen is the account owner or a joint account owner)
Mobile check deposit
Paper check deposit

Teens can also link a digital payment app such as PayPal, Venmo, or CashApp and fund their account that way. If a teen is employed, they can set up a direct deposit from their employer into this account.

Fidelity recommends against exceeding $30,000 in deposits in a year.

💸 Spend: Fidelity Youth Accounts, of course, come with debit cards. This is your average debit card, issued by PNC Bank, that can be used in-person or online for transactions and cash withdrawals. It can also be linked to payment apps like PayPal and Venmo for easy fund transfers. This debit card can be managed through the app and used anywhere Visa is accepted.

💰 Save: Teens can also save their money in their account by simply choosing not to invest it. Fidelity may move this money into a sweep account to earn interest, but it is never locked from teens. There is no charge for withdrawing and spending saved money.

📈 Invest: Teens are empowered to make all investing decisions for themselves, but users are limited to certain types of securities, chosen by Fidelity. The first type of security is exchange-listed National Market Securities or NMS securities such as stocks and ETFs. The second is Fidelity mutual fund shares, including Fidelity money market mutual funds, ZERO expense ratio index mutual funds, and municipal bond funds.

All other types of securities, such as international stocks and third-party mutual funds, as well as certain subsets of NMS securities are not able to be traded with a Fidelity Youth Account, but there is no shortage of options. There are no limits on the amount of money that can be traded in one transaction and teens can invest with as little as $1 at a time in fractional shares.

Teens may invest as actively or as passively as they’d like. They will not have an account manager making decisions for them, so they’ll need to do their own market research.

If a teen doesn’t know much about investing, Fidelity recommends that they go through the provided educational resources in the Youth Learning Center with their parents or guardians. These resources include articles that cover financial literacy topics in depth, from the basics of spending and saving to the nuances of investing.

Teens can talk with Fidelity investment professionals to ask questions about their account, but they will need to have a good understanding of the risks associated with investing to be successful with this account.

How Much Does the Fidelity Youth Account Cost

Fees: no fees for low balance, no account maintenance fees, no ATM fees, 1% fee for foreign transactions.

There are no subscription fees for the Fidelity Youth Account or other fees for using and keeping the account. However, there are investing fees. These are specific to each security a teen trades.

Users are reimbursed for fees they incur when using their Fidelity Youth Account debit card at any domestic ATM. There is no limit on reimbursements.

There are no minimum balance requirements for the investment account itself, but there may be some different securities available for purchase.

Benefits of Fidelity Over Competitors

One of the great things about this account is that it empowers teens to actually invest. The Fidelity Youth Account is a much more comprehensive investment product than we’ve seen catered toward kids and teens before. Other deposit accounts for kids simply offer investing as an option, but on a much smaller scale and with far fewer options.

This account is also inexpensive compared to the competition. There are no subscription fees or account maintenance fees, and securities are mostly either low-fee or fee-free. Many are $0 commission and there are no fees for advisory.

It also pays to work with a high-profile financial services company like Fidelity Investments. Fidelity has a track record of success and high customer satisfaction.

Potential Drawbacks

Parents need to be Fidelity customers in order to open an account for their teens. A lot of people won’t be able to open a Fidelity Youth Account because of this, and Fidelity should consider opening it up to a larger population of interested candidates.

Because this is a proper investment account, there are going to be typical drawbacks to consider. For example, taxes. Your child will be responsible for paying taxes on their earnings and covering any fees associated with their investments. There is also the possibility that they may lose money, in which case they would need to cover their losses. If a child is unable to cover their losses or pay fees, their parent or guardian is financially responsible for them.

Another con to this account, for some families, is that it doesn’t give parents a lot of control. This is pretty much the point as this brokerage account is meant to give teens financial independence, but this might not be what you’re looking for if you want account management capabilities. For example, a parent may not set spending limits for their child.

Consumer Sentiment

As this is a new account offering, there are few consumer reviews available for it at this point. So, let’s take a look at what real customers have to say about working with Fidelity Investments as a whole.

Positive reviews about Fidelity Investments tend to center around the company’s extensive list of product offerings and helpful resources. Many Fidelity users today are long-time customers. Negative reviews complain about account restrictions, primarily in instances of suspected fraud, which can take a while to resolve.

The Fidelity mobile app is highly rated. It has a rating of 4.8 out of 5 stars in the App Store and 4.3 out of 5 stars on Google Play. The app is sophisticated and comprehensive but still easy to use.

Fidelity’s customer service is another strong point. They have a robust team of representatives working for them, and this results in short wait times and good rates of problem resolution. In a 2020 study by J.D. Power, Fidelity Investments ranked as the second best full-service investor for overall customer satisfaction.

Is It Safe

In terms of security, the Fidelity Youth Account is pretty safe. All account securities are SIPC insured up to $500,000 and uninvested account funds are insured up to $250,000.

Fidelity may share a teen’s personal information with third-party service providers and may use this information to make product suggestions.

It is up to a parent and their child to monitor their account for suspicious activity and report it to Fidelity promptly.

As for the safety of investments, this is, of course, not guaranteed. Fidelity doesn’t do anything to make the stocks a teen can invest in safer, so a child exposes themselves to the risks and losses any other investor does.

How to Sign Up

Again, you must have a brokerage account with Fidelity to submit an application for a Fidelity Youth Account. If you do, you can register for this account online or through the Fidelity app by providing identity verification for yourself and your child. Then, after your application has been processed, your teen can install the app, activate their account, and fund it.

Final Thoughts

If you value working with reputable companies and want your child to get started growing their wealth early, this account is probably one of your best options. The Fidelity Youth Account might be right for you and your family if you want to give your child real experiences with investing. And rather than having a limited range of companies to invest in and no control over how securities are traded, Fidelity Youth Account users can invest in the same companies that users with standard brokerage accounts may invest in.

Don’t let the fact that this account is new scare you away, as Fidelity has a reputation for delivering quality service and highly rated financial products. But if you’re looking for more parental control or you’re just not ready for your child to start investing yet, this account is not for you.