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Kids Debit Cards

FamZoo Review – Build Strong Financial Habits Early

Lauren Graves
February 22, 2021

image credit: famzoo.com

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

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

Who is FamZoo For

Average age: Kids ages 12 to 18

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

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

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

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

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

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

Features and Benefits

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

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

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

For Parents

image credit: FamZoo.com

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

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

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

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

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

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

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

For Kids

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

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

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

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

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

FamZoo Costs and Pricing

Have your kids chip in on the FamZoo bill!

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

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

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

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

Other potential charges to be aware of are: 

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

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

FamZoo VS Competitors

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

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

FamZoo VS Greenlight

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

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

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

FamZoo VS BusyKid

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

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

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

Potential Drawbacks with FamZoo

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

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

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

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

Consumer Sentiment

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

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

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

Is FamZoo Safe?

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

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

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

How to Sign Up

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

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

Final Thoughts

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

Filed Under: Kids Debit Cards Tagged With: FamZoo

Greenlight Debit Card Review for 2021

Lauren Graves
February 12, 2021

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

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

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

Who is the Greenlight Debit Card For

Average age: 8-18

Good candidate: Busy families with multiple kids

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

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

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

Greenlight Debit Card Features and Benefits

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

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

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

Greenlight Card from the Parents’ Perspective

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

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

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

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

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

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

Greenlight Card from the Kids’ Perspective

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

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

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

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

Greenlight Debit Card Cost Structure

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

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

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

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

Greenlight VS Competitors

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

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

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

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

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

Greenlight VS FamZoo

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

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

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

Greenlight VS GoHenry

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

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

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

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

Greenlight VS BusyKid

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

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

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

Greenlight Debit Card Potential Drawbacks

Of course, no product is without its disadvantages. 

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

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

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

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

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

Customer Sentiment

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

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

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

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

Is the Greenlight Debit Card Safe?

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

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

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

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

Identity theft protection is included with the Greenlight Max plan.

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

How to Sign Up

To sign up for a Greenlight account, Start Here.

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

Final Thoughts

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

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

Filed Under: Kids Debit Cards Tagged With: Greenlight Debit Card

12 Best Debit Cards for Kids and Teens in 2021

Lauren Graves
February 7, 2021

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

When shopping around for the right debit or prepaid card for your kid or teen you’re going to want to keep an eye out for several key features. Things like low fees, parental controls for reloading funds and monitoring and controlling spending activity are essential.

Depending on the age of your kid(s) though, you many want additional features such as automatic bill pay, or mobile direct deposit. These are great to have if your teen has a part time job and may even have bills to pay of their own such as a cell phone, iTunes, Netflix, etc.

In compiling this list below of the best debit cards for kids and teens, we’ve considered the following features and variables:

  • Does the account pay an interest on the balance?
  • What are the fees associated with this account – monthly fees, fees per cash reload, etc.?
  • Which cards are the best for households with multiple kids and/or teens?
  • Which offers provide the best security?
  • Which offers provide the best parental controls?
  • Which provides the best app and/or online experience?
  • Which debit cards feature the best card art?

If you’re considering applying for a debit or prepaid card for your child or teen, you’ll want to read our comprehensive and objective review of what we believe to be the best options below.

These are not necessarily ranked in descending order from best to worst.

Greenlight Kids’ Debit Card

image credit: greenlightcard.com

The Greenlight debit card for kids is perfect for teaching your children all the basics of earning, spending, and saving their money.

Greenlight lets you create a chore list that your child can work through to earn money and other perks. You can also set automatic allowance deposits on a weekly or monthly basis in addition or if you prefer giving  your children a set amount of money each week. And if you ever need to fund your child’s account in a matter of minutes, you can make an instant transfer through the app.

When your child spends money, you’ll receive a notification that their card was used moments after they’ve used it. You’ll be kept in the loop and you’ll have a say in where your child is allowed to use their money, but your kids will be doing valuable learning themselves as they track their spending and saving and build money management skills. Kids with Greenlight cards can use their funds to make purchases anywhere Mastercard is accepted or even to buy stock.

A Greenlight subscription costs $4.99 a month for your whole family, which can include up to five kids’ accounts.

FamZoo Prepaid Debit Card

image credit: famzoo.com

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. Parents can establish a payroll for their kids, loan money, set up automatic allowances, and even pay interest on savings.

This virtual family bank is great for families of all sizes and can be customized to meet your children’s specific needs. FamZoo is easy to use from both the parent and child perspective and the prepaid cards can be used safely anywhere where Mastercard is accepted.

FamZoo accounts cost $5.99 per month if you pay monthly, but you can save if you pay in advance. If you pay for 12 months, the cost will come out to around $3.33 per month. The first four debit cards are free and each card beyond this costs $2.

BusyKid Visa Prepaid Spend Card

image credit: busykid.com

If you have a child between the ages of five and 16, you may be interested in the BusyKid Visa Prepaid Spend Card. 

BusyKid uses a chores-based system to allocate money for your child so that they can see exactly where their money is coming from and where it is going. 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 spending and saving in their children.

Once your children have been paid for their chores, they can choose to spend, donate, or invest their money. Investments can be made into real companies like Netflix and Nike through Stockpile and kids can donate a percentage of their earnings into the charities of their choice. All purchases and spending is approved by parents before it goes through.

BusyKid prepaid debit cards can be used online and anywhere Visa is accepted. A BusyKid annual subscription costs $19.99 including a free card. Each additional card costs $7.99 a year.

This breaks down to a monthly cost of just $1.67 for one child or $2.33/month for two.

Copper Debit Card

image credit: getcopper.com

Copper debit cards are specifically designed to help your teenager learn good money habits, without being overly restrictive or charging fees for mistakes like overdrafts. Copper debit cards can be used online and in person anywhere Mastercard is accepted.

With Copper, your child is given the tools they need to make smart financial decisions for themselves and control over their own accounts to practice what they’re learning.  They can also take quizzes to test their knowledge and they’ll have access to expert advice whenever they need it. 

The Copper app provides a straightforward, comprehensive look at your teen’s spending and saving, lets them set savings goals, and makes it easy to manage their finances in one place. And as their parent, you can set up automatic payments into your child’s account and not have to worry about transferring money.

Copper requires no minimum deposit to open and does not charge an annual fee.

Akimbo Prepaid Mastercard

image credit: akimbocard.com

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 teens have total control over their money but gives you the final say in what they can and can’t spend. Your child’s card account will be a sub account within your own, so you can decide how much money you allocate to your teen’s card.

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 is as close as you can get to giving your child a bonafide debit card without surrendering your ability to see what they’re doing and help them. You’ll be notified when they spend their money and, as the account manager, what they spend it on. This is great for parents that want to play a role in teaching their children financial literacy lessons.

Each Akimbo account may have up to four prepaid 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

image credit: capitalone.com

A MONEY teen checking account with Capital One is a great choice for kids and teens 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 your child’s card instantly.

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

Gohenry Debit Card

image credit: gohenry.com

The gohenry debit card is designed for kids between the ages of six and 18 years old, but it’s best for parents that want to start teaching their children young about the importance of smart budgeting.

The gohenry app lets you set up an automatic weekly allowance for your child and you can also add chores and set a price for these to let them earn more. Then, you set limits on how much your child can spend in a given week or trip and change these as needed. Your child can save, spend, or donate their money to Boys & Girls Clubs of America. They can set as many savings goals as they want for larger purchases.

A gohenry account costs $3.99 per month per child. This card is a little pricier than some of the others on this list because fees are charged per child, but it’s good for small families. These cards can be used online or anywhere Mastercard is accepted.

American Express Serve Prepaid Debit Cards

image credit: serve.com

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

A FREE Reloads debit card 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. A card is free to purchase online but may cost up to $3.95 if you go to a 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, and many parents choose to link this to their own.

Alliant Credit Union Free Teen Checking

image credit: alliantcreditunion.org

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. Teens 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. Teens can set their own budgets 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 teens 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.

Jassby Virtual Debit Card

The Jassby virtual debit card for kids offers all of the safety and convenience that a kids’ card should, with the added security of being fully digital. This card is best for families with multiple children because parents are in complete control of when the card is activated and for who. The card can only be used when active.

The Jassby virtual card is unique in that it is on your child’s phone, so you don’t have to worry about them losing a card, but they can still use it anywhere. You can use the Jassby Family Finance app to pay your child an allowance and for chores instantly without incurring fees.

There is no monthly fee for this account for the first six months and as long as the card is used once per month after this (otherwise the monthly charge is $2.99). This card can be used online or anywhere Mastercard is accepted.

Current Debit Card for Teens

image credit: current.com

You and your child will both love the Current debit card for teens. They will love the freedom to make purchases just about anywhere and save more effectively with round ups and savings goals, and you will love being able to keep them safe wherever they are using their card.

This card lets you set spending limits, assign chores, pay allowance, and transfer money to your teen with ease. You are immediately notified whenever your child uses their card. The Current app is user-friendly and easy to navigate, making it perfect for teaching your teen about banking without the stresses of a complicated interface. You also have the ability to block your child from using this card at certain merchants.

The price is $36 per teen annually. There is no minimum monthly balance fee, overdraft fee, or transfer fee. This card can be used online or anywhere Visa is accepted.

Mango Prepaid Debit Card

A Mango prepaid debit card is our last great pick for this list and 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. Your teen can open a linked Mango savings account with a deposit of just $25 and earn up to 6% APY (to qualify for this rate, your teen needs 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.

Filed Under: Kids Debit Cards Tagged With: debit cards

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