It has a daily transaction limit of $100 cash and $500 debit with no overdraft fees included. That said, heres our summary of the debit cards available for kids. Greenlight provides debit cards for kids, teens, and grownups, along with the banking and investing app that can help kids learn how to save and manage their money. FamZoo vs CurrentLike Greenlight, Current also outshines FamZoo in tech-savviness. Both Greenlight and BusyKid offer money apps and debit card for kids. BusyKid is also less expensive than Greenlight. BusyKid: BusyKid is a prepaid debit card for kids designed as an account to deposit their allowance. GoHenry Debit Card: Best for interactive games. FamZoo provides prepaid cards for your whole family at a fee of $5.99 per month for all family members. On the other hand, FamZoo is a virtual family banking software designed to help you teach your kids to earn, save, spend, and give money wisely. If youre searching for an app with more features and services, such as investment accounts, Greenlight is likely to be a better option since it provides additional services overall. But is it worth the monthly fee? Theres an unfortunate lack of financial education in schools. FamZoo Prepaid Debit Card: Best for financial literacy. Also, with FamZoo, you can monitor and control the way your kids use their money through the app. Its also a joint checking account, so parents can monitor spending and get real-time spending alerts. On the other hand, there is a $1.50 fee to use any ATM for BusyKid. Your kids can use money missions on the GoHenry app to help them build better financial habits, while staying motivated when they do so. Clark says the time they start to learn to add and subtract is a great starting point. Now, we are talking about the fees these debit cards offer for you. With FamZoo, parents can educate their kids about how to spend, save, invest, and manage their money, so they can build better financial habits. Just note that accounts with $20 or more that are inactive for 90 days or more pay a $20 inactivity fee, so make sure your child regularly uses their card. They can earn, save, invest, donate or spend - all while having fun! The one which offers you the best learning features is FamZoo. Their data will remain safe as long as you teach your kids to keep their account and debit card information confidential. Here is another amazing feature of Greenlight app. Instant/Scheduled money transfer to your kids, Automate and track requests for money with a text-message based approval process, Automate and track reimbursement of family expenses with a text-message based approval process, Set savings goals, make savings projections, and track progress, Schedule chores and odd jobs tied to rewards or penalties, Schedule automated debits to charge kids for their share of recurring family expenses, Track the repayment of money loaned to kids with a parent-defined loan interest rate, Set savings goals and plan together for future purchases, Set tasks and kids get paid when its done, Get updates whenever your child uses their card, and an alert if its ever declined, Easily monitor spending, track purchases and get notified when kids use their card, With Giftlinks, family & friends can send money straight to your childs GoHenry card, Teens with jobs can get their paychecks straight to their GoHenry account using Direct Deposit, Easy to send & receive payments between GoHenry accounts in the app, Set Auto-Allowance for your child to be paid every Friday or twice a month (1st & 15th) with no chores required, Parents control how much allowance goes into the Save, Share and Spend areas, Parent approval for any money moving outside the system for cash, donations or shopping on a BusyKid Spend Card, Kids can donate to various charities through the app with parental approval, Kids can invest their savings in stocks via the app with parental approval, Get access to an instant detailed history of all chores, paydays and transactions, Help your child grow savings faster by matching what is saved each week, Funds inside the BusyKid app are FDIC insured, You are protected withVisa Zero Liability Policy. Earn interest on up to 3 Savings Pods, up to $2,000 balance each. As you can see, you can easily track everything in one place. Greenlight provides personalized debit cards for your kids with their selfie on the card, so they can manage their finances with more confidence. CreditDonkey does not include all companies or all offers that may be available in the marketplace. Meanwhile, Greenlight is better for older kids and teens (from 8 years old) as it has more advanced features while also having a higher level of control by parents. The app helps parents manage finances for their kids as they earn or are given money. FamZoo might be slightly cheaper than Greenlight if you go for the 6-month or 12-month plans. Mobile banking is easier for kids thanks to Copper Banking. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. With FamZoo, you can teach your kids to take responsibility for their finances, and you can also help create budgets for your kids, create incentives for their money, and evaluate their progress on the app. Copper Banking is an online bank thats specifically for teens 13 or older. Its simple for parents to set up allowance transfers or quickly approve money requests from their kid. Find out how it stacks up in this review. As an added point for FamZoo, customer service is one of Current's issues. FamZoo BusyKid Prepaid Visa Spend Card Greenlight Review Summary Our Greenlight review will tell you exactly how the card works before signing up for it. Greenlight is a financial technology company that facilitates banking services through Community Federal Savings Bank. With 1.5 million members,GoHenryis another popular debit card for kids ages six to 18 years old. Not only that, Greenlight also provides a 1% savings reward for the savings your kids put on their accounts. Both also help your kids track their spending, set savings goals and earn money from doing chores. The app will teach your kids to manage their money, and you will also monitor their progress along the way. Greenlight allows you to set limit on specific categories and even specific in-store purchases. Through the account, youll be able to invest, borrow and spend cash through the M1 Spend Visa Debit Card. 7 Best 5% Interest Savings Accounts in 2023, Extra Debit Card Review (2023): The Credit Building Debit Card, Bank Promotions without Direct Deposit Requirements [Full List], Finding Your Wells Fargo Bank Routing Number, Perks like free ATM withdrawals or earning interest, Security features like EMV chips or multi-factor authentication. Axos Bank First Checking Account + Debit Card, 16 Best Beer Money Apps That Pay You Instantly 2023, Get Paid to Play Solitaire and Win Real Money Apps, Got 5 Min to Spare? With free instant money transfers, instant spending notifications, spending limits, and merchant blocking, using Current gives teens financial freedom and visibility, and security for parents. All offer similar features and have similar costs. In short: FamZoo's customer service and education are excellent. Both services allow you to terminate your account at any time, and both provide free trials of at least 30 days. The bottom line It's never too early to teach kids good financial habits. Are you looking for a good money app and debit card for your kids? As a parent, you can set flexible controls and get real-time notifications every time their kids spend money. So, if you have two kids or more, it is much cheaper to go with Greenlight. Also, Greenlight provides various security features that ensure your kids debit cards security, such as purchase protection, identity theft protection, cell phone protection, and more. You will get real-time notifications every time your kids use their debit cards, and you can also send money to your kids debit card accounts anytime and anywhere. BusyKid costs $3.99 per month or $38.99 per year, which includes up to 5 BusyKid Prepaid Visa Spend Cards and no fees on stock transactions. Another difference is that its very easy forfamily or friends to instantly send money to a childs BusyKid account. Plus, find out how it compares to alternatives like Greenlight, BusyKid, and more. For UK families, you can pay 24.99 per year to get a prepaid debit card for kids ages six and up. With Greenlight +Invest, your kid can learn how to invest and actually start investing from young with parental approval. Finance, NASDAQ, Discover, MSN Money and more. It teaches kids critical financial skills through hands-on experience using FarmZoo card. On the surface, BusyKid looks like a simple app that lets parents pay their kids for completing chores or a weekly allowance. A FamZoo account comes with all the following features. BusyKid app is easy to use and allows you to do the following: Below is the screenshots of the BusyKid app interface. Best 5% Interest Savings Accounts. GoHenry is best if you only have one child that works to learn basic money management and wants a debit card for spending. (703) 829-7168 | 1390 Chain Bridge Rd Suite A188 | McLean, VA 22101-3904 The parent card serves as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, interest payments and etc. He has been quoted as a top personal finance blogger in major publications including Yahoo! With Greenlight, everything is done through its Greenlight App where kids and parents have their separate login. Users frequently complain that they had difficulty or were unable to resolve problems by contacting the company. Lastly, if you want to teach your kids about investing, Greenlight can help your kids research, explore and learn about the world of investing. 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. greenlightbonus.com gets a free month and $30 bonus cash to get you started. This means that the free version isnt meant for transferring funds youll need to do that another way. Your email address will not be published. Related: Greenlight vs. Famzoo. Furthermore, you can create save, spend, or give accounts and create savings goals for each account type. Instead of opening a traditional checking account for your kids, you can opt for an investment account with M1 Finance. You can use these debit cards along with the accompanying apps to help your kids learn about how to manage their money, so they can build better financial habits for their future. On the other hand, GoHenry only allows you to set limits on more broad areas such as online and ATM. Bottom line Simply add money to your Savings Pods and enable the Interest feature. In fact, opening a bank account and debit card for your kid is one of the simplest ways to encourage saving and teach the importance of personal finance. There are no minimum balance requirements, overdraft fees, or transfer fees. But if you use a debit or credit card to fund the account, the price lands at $49.74 per year, spreading out to just $4.14 per month. It was designed to be a stepping stone between a piggy bank and a real bank account. 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. The company is handled like a genuine small family business, not an overstretched corporation. Transfer funds anytime and anywhere. You also save up to 58% for prepaying for 24 months, so FamZoo can become more affordable check out the pricing here. This depends on how mature your kid is and when they start earning money. There isnt a minimum balance requirement or hidden fees. BusyKid offers prepaid debit cards for your kids, which they can use to spend their money. In terms of debit card customisation, Greenlight allows your kids to upload any selfie for the card design while GoHenry does not have this. BusyKid lets your child earn, save, and invest their allowance. A lack of parental controls is a downside, but the focus with Acorns is certainly investment education. FamZoo vs BusyKid (including a BusyKid review) FamZoo vs GoHenry; Final thoughts based on our FamZoo review. Nationwide First Checking Top Paid Debit Cards for Teens Greenlight GoHenry FamZoo Busykid Summary There are three variants; a typed, drawn or uploaded signature. Start investing by signing up for the M1 Plus account that costs $125 per year. Let's take a closer look, starting with an account from Axos Bank. Parents can set up recurring allowance transfers, send one-time payments, and create chore lists and automatically send money once chores are done. 7. Also, I feel the Greenlight app interface design is much better and more user friendly than GoHenry app. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. It lets kids decide how to spend, save, donate, or invest the allowance they get from doing chores. Overall, Acorns Early is one of the best debit cards for kids since it helps teach kids about the value of long-term investing. While Current markets the card for teens, you can open an account as long as the primary account holder is 18 or older, so younger kids can try out the Current debit card to learn how to save and spend wisely. FamZoo is a virtual family bank offering prepaid debit cards for kids. These financial learning tools can help your kids understand more about the value of money in their life and to help them manage their money better. Teens also create savings goals and can save automatically by rounding up spare change after making a purchase. CreditDonkey is a credit card comparison and reviews website. For Greenlight, parents can send money to their kids, but there is yet an option for other people to transfer money to a childs Greenlight account. 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