These are the debit cards for kids you can use today. Promo:For a limited time, the service also offers a $10 sign up bonus for people who open an account and a $75 bonus for establishing direct deposit and meeting certain conditions. For teens, Current helps teach financial management by letting cardholders create a budget. These plans unlock perks like higher interest rates and investing, but you can stick with a basic plan for your kid to learn the basics of money management. The Axos First Checking account is specifically designed for teens between 13 and 17 years old. Considering the overall value you will get from these debit cards for kids, which one should you choose? So, you dont need to worry about the privacy and security of these debit cards. FamZoo vs CurrentLike Greenlight, Current also outshines FamZoo in tech-savviness. Compare FamZoo with BusyKid, side-by-side. But is it worth the monthly fee? Many of the best debit cards for kids dont have age requirements, so you can open an account for your child as long as youre 18 or older. But if you want more control over your childs investment choices and a robust debit card, M1 Finance is the better pick. They can earn, save, invest, donate or spend - all while having fun! From there, parents can open a prepaid FamZoo card for kids of any age as there is no minimum age limit. However, they do offer discounted fees if you pay in advance, as low as $2.50 per month if you pay 24 months in advance. For the basic Greenlight plan, the pricing is quite affordable. 2023 MeiggsMedia LLC. If youre looking for the best debit card for kids, youre in luck. The answer is yes, debit cards for kids are secure to use. FamZoo doesnt pay interest, but parents can create automatic interest payments to teach the power of compounding. Its always best to teach your kids about how to manage their money as early as possible, so they can build positive financial habits when they grow up toward adulthood. Earn interest on up to 3 Savings Pods, up to $2,000 balance each. You can manage your kids funds in eitherIOU accounts, orprepaid card accounts(subject to eligibility), or a combination of the two. A FamZoo account comes with all the following features. The app's main product is financial education prepaid cards. Additionally, Greenlight now offers cash rewards with up to 5% interest on savings balances and 1% cashback on purchases. Here is what FamZoo can help you save time and teach your kids about finance: FamZoo prepaid cards are MasterCard reloadable card offering designed specifically for families. Acorns invests money in stocks and ETFs to suit your level of risk tolerance and goals. Greenlight has three plans (Greenlight, Greenlight + Invest, Greenlight Max) and your first month is also free. There arent transfer or overdraft fees either. FamZoo: Pricing information from published website as of 05/01/2022, BusyKid: Pricing information from published website as of 05/01/2022. Can You Get Cash Back From a Visa Gift Card? If you want the benefits of an app that won an award as a family finance app but without paying a ton of fees for a prepaid debit card, FamZoo IOU Accounts are your best option. FamZoo is a seriously great way to teach kids about money that moves away from the more traditional cash-based methods. BusyKid app is easy to use and allows you to do the following: Below is the screenshots of the BusyKid app interface. Age requirements: 13 or older to have a card in child's name only; Monthly fee: $2.50-$5.99; Free trial: One month; . 7. Are you looking for a good money app and debit card for your kids? Write to Justin Barnard at feedback@creditdonkey.com. You can even get a 2% savings reward if you subscribe to the Greenlight Max plan. A BusyKid family plan costs $19.99 per year and comes with one BusyKid prepaid Visa spend card. The bottom line It's never too early to teach kids good financial habits. Best Debit Card for kids Greenlight vs Famzoo vs Gohenry vs Current App TommyBryson 521K subscribers Join Subscribe 1.6K Share Save 76K views 3 years ago Which Debit Card is Best Gohenry,. On the other hand, GoHenry only allows you to set limits on more broad areas such as online and ATM. With a kid-friendly debit card, you help empower your kid to make their own financial decisions while still having a safety net thanks to parental controls. Save my name, email, and website in this browser for the next time I comment. There are also various fun financial learning tools you can use together with your kids to build a better financial habit for them. Alternative Financial Service BusyKid BusyKid Reviews 1,480 Average 3.6 VERIFIED COMPANY busykid.com Visit this website Write a review 3.6 total 1-star 17% Filter : Most relevant CU customer 1 review US 3 days ago Verified Very restrictive and charges fees Very restrictive and charges fees. ), Navy Federal Credit Union Debt Consolidation Review, Best Auto Refinance Companies and Rates of 2023, Best Student Loan Refinance Companies (April 2023), 31 Best Bank Account Bonuses and Promotions [Full List], 21 Best High-Yield Online Savings Accounts of April 2023, 18 Best Money Market Accounts (Best Rates of 2023), Copper: Best teen card for no hidden fees, Greenlight: Debit Card for Kids and Teens, Current: Debit Card for Teens with Trackable Card & Account, BusyKid: Chores App for Kids to Earn Money, sign up through here and get a free trial, FamZoo: Preparing Kids for the Financial Jungle, Acorns Early: Save and Invest for Your Family. Kids can track their progress toward goals like a new video game console, bike, or trip with friends. And for parents, the app provides a real . CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You help support CreditDonkey by using our links. On the other hand, with FamZoo, you need to log in to its website to access the dashboard and manage all the settings and you can only use the FamZoo app for limited functions. Overall, our GoHenry review found it to be a slightly cheaper alternative to Greenlight which also has in-depth parental controls. But is it safe? Lastly, there is also FamZoo App to give you an easy access to accounts, transactions, money requests, reimbursements, and checklists. The only fee is a $1.50 ATM withdrawal fee. Looking for a good checking account for teenagers? It has a daily transaction limit of $100 cash and $500 debit with no overdraft fees included. Learn about FamZoo's features and fees in this review. You can create chores from within the app and let your kids complete them, and you can also set their allowance on autopilot, whether per week or per month. There are various ways your kids can learn about financial management with these apps, which can pave their way to understand more about how to manage their finances when they reach adulthood. (Otherwise, 0.25% APY.). (You can cancel at any time.) You also need to find out about what you can expect from the financial app that comes with the debit cards, so you will know what features you can use, how you can control your childs accounts, how to use the app in the right way, and so on. The company also offers an online checking account, personal loans, and a rewards credit card. Ultimately, Axos First Checking is the best debit card for kids and teens if you need less parental oversight and dont want monthly fees. And, Axos also has one of the best debit cards for teens with its Axos First Checking account. From there, kids spend their money with their BusyKid Visa Prepaid Spend card. Also, I feel the Greenlight app interface design is much better and more user friendly than GoHenry app. It is the family FinLit card. With BusyKid, your kids can earn money by completing the chores or tasks you set, such as finishing laundry, cleaning the house, and so on. Any ATM, but the ATM owner may charge a fee. Axos is built for safety and security, as the account has great security features such as fingerprint readers, voiceprints and facial recognition through smartphones. They call it BusyKidJr and it's free for children ages 3-5. With the Greenlight app and debit card, kids can earn money through chores, set savings goals, spend wisely and invest. From ages 6-16 they have BusyKid, which costs just $4.00 a month for up to five children and includes up to five BusyKid Prepaid Visa Spend Cards. While FamZoo may get beat out by some of the competition, it still offers a great app for teaching kids about saving and spending for a fair price and unparalleled customer support. The good thing about Copper is that it doesnt run a credit check when you sign up, so your credit score remains unaffected no matter what. How does it compare to BusyKid? Parents also get instant spending notifications and can create spending limits or block certain merchants. If you want your teen to learn basic financial literacy and to manage their money through an intuitive mobile app, Copper Banking is the right choice. For $4/month, your family will gain access to entire app including charities, chores and up to 5 BusyKid Visa Prepaid Spend Cards (one card per child). Greenlight Max offers you everything that is included in Greenlight+Invest plus more: If you would like your kids to learn about investing from young, then Greenlight would be the better choice because FamZoo does not offer investing for kids. Finance, NASDAQ, Discover, and more. As their parents, you can also monitor all their financial activities from your app interface, so you can always follow their progress. For teens, the app is a sleek way to track spending, and Copper Banking also provides financial literacy tips to help teens learn about money. What Are The BEST Kids Debit Cards in 2022Getting your kids a debit card may sound strange to some. (billed annually)*, your family can have complete access to our award-winning app and up to 5 BusyKid Spend Cards. Kids then have the option to choose. Custom Cards Greenlight allows you to customize your prepaid debit cards, but it costs $9.99 each. Now, we are talking about the fees these debit cards offer for you. If you are thinking about teaching your kids how to invest from young, Greenlight+Invest is also a better choice because it provides valuable investing education resources as well as zero trading fees. You can instantly transfer money to your childs account and set up automated payments for allowance as well. With the Copper Banking app, parents monitor how much their teen is spending, automate allowance payments, and easily send one-time payments. - Apple Pay compatible. This is all virtual, and your kid doesnt have an online checking account to actually receive money. Current utilizes cutting-edge security features like biometric scanning (i.e., fingerprint scan). Like the regular Acorns app, Acorns Early lets kids under 17 learn basic financial management and the value of consistent investing. We have provided you with a comparison of the most popular ones you can use today, which are Greenlight, GoHenry, BusyKid, and FamZoo. BusyKid. It also comes with the financial learning app with various tools your kids can use to help manage their money better. The company enjoys a 4.6-star rating on both the Google Play Store and the Apple App Store and 5 stars on Facebook. Ultimately, the decision will depend on . There are two products here: the IOU account and the prepaid card account. Once youve signed up, you can have up to five child accounts linked to your copper account. When taking fees into consideration, GoHenry is the best way to go if you are looking for an affordable debit card for kids. BusyKid Prepaid Visa - BusyKid card is the perfect combination of a chore app and prepaid debit card that allows your kids to spend, share, save, and earn money, even invest the means you provide for the account. With BusyKid, parents set the chores, kids complete them, and allowance is direct deposited each Friday. FamZoo is a virtual family bank offering prepaid debit cards for kids. Current doesnt have a minimum balance requirement. Also, both Greenlight and BusyKid include debit cards for up to 5 kids in their subscription plans. Lastly, lets compare Greenlight with BusyKid. So, what is the key difference between them? Let's take a closer look, starting with an account from Axos Bank. Its also a joint checking account, so parents can monitor spending and get real-time spending alerts. Both of these kids debit cards have great ratings on TrustPilot and both allow you to invest money in stocks. Users also get a debit card and can choose to round-up and invest spare change when they spend. Which is a better choice for your family? Its a prepaid debit card and app made for teens and managed by parents. The financial app from FamZoo can also give them the tools to help your kids build their own financial freedom when they reach adulthood. You can get in touch with the customer service department of Greenlight, GoHenry, BusyKid, or FamZoo, depending on which service you are using. That price works out to $4 per month. Cardholders can also call 1-800-416-6373. They can also spend online, in-store, and use Apple Pay using the Copper debit card. Also, there are other reasons that ensure the safety of these debit cards for kids: Although you may find these popular cards for kids on other websites, they didnt make the cut because they dont provide comprehensive features or unique educational tools for children. Besides the monthly subscription cost, FamZoo charges very few fees. Another difference is that Greenlight has the option of teaching your kids to learn about investing from young while you dont have this option with GoHenry. However, you can always monitor the use of your kids debit cards to determine if they keep their personal data secure and private. Greenlight provides debit cards for kids and financial learning apps that cover basic money management education for kids, as well as a wealth of features for parents to help follow their kids progress. GoHenry. Age requirement: 6 to 18 years old. There are various financial service providers that provide debit cards for kids, along with the accompanying financial learning apps, to allow your kids to learn about how to manage their money from an early age. It has more features than other similar apps, though there's no investing. Still need help deciding which kids debit card is better? The Nationwide First Checking account is primarily geared towards teenagers and helping them with money management. If you want your kid to learn basic money management and how to invest, Acorns Early is for you. This prepaid debit card and chores app has it all and for a very affordable price tag compared to its top competitors. 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