Best for allowance tracking
GoHenry
- Allowance tracking
- Custom chore assignments
- 30-day free trial
- No overdraft fees
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The best debit cards for kids for 2022
Compare 19 kids' debit cards that teach healthy financial habits, plus eight alternatives.
The best debit card for kids aims to teach your child how to manage their money. When searching for a card, you have two options: a prepaid debit card or a debit card attached to a checking account. Kids’ prepaid cards typically charge a monthly fee, but you’ll gain access to chores and allowance features and the age requirement is lower. On the other hand, debit cards that come with a kids’ checking account typically don’t charge a fee, but your kid may need to be 13 to 17 years old and its financial education tools come in the form of quizzes or are non-existent.
This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.
The best debit cards for kids
- GoHenry Debit Card: Best for interactive financial learning
- Greenlight Debit Card for Kids: Best all-around kids account
- Step banking: Best for building credit
- Chase First Banking℠: Best for financial literacy for no fee
- Copper Banking Teen Debit Card: Best for teens
- Jassby Virtual Debit Card: Best for rewards
- BusyKid Visa Prepaid Spend Debit Card: Best for families with multiple kids
- Famzoo Prepaid Debit Card: Best for traveling abroad
- Current teen banking: Best for savings round-ups
- Capital One Money: Best for ATM access
- Mazoola Virtual Debit Card: Best free debit card for kids
- Cashola: Best for financial quizzes
- Navy Federal Visa Buxx: Best for military kids
- Purewrist: Best for contactless payments
- Bluebird: Best for early direct deposits
- Jelli: Best for budgeting
- Alliant Credit Union Teen Checking: Best for earning interest
- Till Financial: Best for low fees
- Fidelity® Youth Account: Best for investing
A closer look at the best kids debit cards
We researched over 35 cards to bring you the best debit cards for your child based on specific factors.
1. GoHenry: Best for interactive financial learning
GoHenry
Finder rating 4.3 / 5 ★★★★★
The GoHenry debit card is the best card for interactive financial learning because kids age 6 to 18 can play games through the app's Money Missions section and earn virtual badges. Your kid can also personalize their card with different colors, patterns or images. Other perks include a 30-day free trial offer and overdraft protection, which automatically declines your child's purchases when they exceed their balance.
Pros
- Free trial. Give GoHenry a test spin with a 30-day free trial.
- Parental controls. Create savings goals and custom tasks for your kid to work toward, and set weekly or one-off spending limits.
- Money Missions. GoHenry's app includes interactive financial literacy games designed for young minds. The games even get more challenging as your child gets older.
Cons
- Monthly fee adds up. Unlike other prepaid cards that charge a flat monthly fee for the whole family, you'll pay $3.99 for each GoHenry card, which can add up if you have more than one kid.
- One funding option. As of right now, the only way to add funds to GoHenry is with a connected debit card. You can't deposit cash, e-deposit checks or do an ACH transfer.
- Limited loads per day. You can only add funds up to three times a day for a maximum of $500 a day across all subaccounts, which may require you to plan ahead if you have multiple cards to load.
| Maintenance Fees | $3.99 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | 6 to 18 years old |
2. Greenlight: Best all-around kids account
Greenlight
Finder rating 4.6 / 5 ★★★★★
The Greenlight debit card is the best debit card for parental controls because it lets you set spending limits for specific retailers. Greenlight also stands out because its maximum card balance and transfer limit are higher than most cards for kids.
Plus, it's the only prepaid debit card for kids that earns a 1% or 2% savings boost per year on balances below $5,000, depending on your plan.
Pros
- Funds are split between two categories. Funds in the Spend Anywhere category can be used at any store your child wishes. The other category has parental control features that allow you to designate money for specific stores.
- Saving and investing tools. Set up a savings account that has parent-paid interest or earns a savings boost of 1% or 2% on balances up to $5,000, depending on your plan. Your child can also invest money in real-time.
- Minimal fees. You won't pay any transaction, reload or withdrawal fees with Greenlight, although you may pay ATM operator fees. If you lose your card, Greenlight gives you your first replacement for free, and any after that is $3.50.
Cons
- Monthly fee. Although you'll pay at least $4.99 a month for Greenlight, this is a flat fee that includes cards for up to five kids.
- Limited direct deposit. If your teen is old enough to have a job, they can get direct deposit on their card. But they can't receive payments from Apple Cash, PayPal, Venmo or the US government.
| Maintenance Fees | $4.99 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | 1 to 17 years old |
3. Step: Best for building credit
Step
Finder rating 4.5 / 5 ★★★★★
The Step Banking app is best for building credit because it combines the features of a debit and credit card. The unique Smart Pay system offered by Step lets your kid establish a positive credit history but prevents them from making purchases that exceed their balance. This way, you and your kid never have to worry about overspending or getting hit with overdraft fees. And unlike most debit cards, the Step card is protected by a zero-liability policy from Visa, meaning your kid isn't responsible for charges they did not authorize.
Pros
- Builds credit. Step Banking is unique because it lets kids build credit history even before they're old enough to apply for a credit card on their own.
- No fees. Step doesn't charge a monthly fee for its card, and there's no minimum balance required to keep the account open. There are also no overdraft charges or ATM fees.
- Parental control and management. Adults, which Step calls 'Sponsors', can receive spending notifications, set up recurring deposits or create a Parent-Managed Account to track their child's money even before their child has a phone.
Cons
- No mobile deposit. Step currently doesn't give you the ability to deposit checks on mobile.
- ATM withdrawal limits. You can't withdraw more than $250 from an ATM in a single day.
| Fee | $0 per month |
|---|---|
| Age requirements | Any age |
4. Chase First Banking: Best for financial literacy for no fee
Chase First Banking℠
Finder rating 4.3 / 5 ★★★★★
Chase First Banking stands out as its one of the only checking accounts for kids that comes with chores and allowance features and allows kids as young as 6 to get the account. Most checking accounts require kids to be at least 13 to 17 years old. Plus, because this account is powered by Greenlight, you will get some of the basic features from Greenlight but with no monthly fee requirement. But parents will need to be Chase customers to open this kids' account. If you don't currently bank with Chase, you can open an account like Chase Total Checking to get started.
Pros
- No monthly fee. Unlike many other kid-centric bank accounts, there's no monthly fee for Chase First Banking.
- Built-in chores and allowances. When you open a Chase First Banking account, you can use Chase's mobile app to assign tasks to your child or automate their allowance.
- Parents are in control. You can restrict your kid's spending, limit their ATM access and get spending alerts. Plus, your child can send you real-time requests for cash that you can instantly transfer to their account for free.
Cons
- Must be an existing Chase customer. You can't open a Chase First Banking account unless you already bank with Chase.
- No support for multiple parents. You can only link one parent's account unless you share your login credentials with your partner.
- Missing features. This account doesn't support digital wallets, direct deposits, bank-to-bank transfers or mobile check deposits.
| Fee | $0 per month |
|---|---|
| Age requirements | 6 to 17 years old |
5. Copper: Best for teens
Copper
Finder rating 4.6 / 5 ★★★★★
The Copper debit card is best for teens because it gives them more financial independence compared to other kids' debit cards. While it doesn't have chores capabilities, one of the biggest perks is that it comes with financial quizzes and its philosophy is to provide kids and parents with the tools needed for the entire family to grow together financially. Parents can do this by utilizing Cheat Codes, which are videos they can watch to help guide their teen to financial independence.
Pros
- No fees. There's no monthly or overdraft fee and no minimum balance requirement with Copper. Your kid can also use the Copper debit card at Allpoint and Moneypass ATMs without paying a fee.
- Improves financial literacy. The Copper app features financial quizzes and other resources to help your teen be more mindful about their saving and spending habits. Kids can even earn extra cash for completing some of the quizzes.
- Integrated savings. Copper lets your kid create multiple buckets to save up for long-term goals. Your teen can also set up automatic deposits into their savings buckets and invite friends and family to contribute funds.
Cons
- Negligible interest. Saved money only earns 0.001% APY, which is virtually nothing.
- Cash deposit fee. Copper doesn't charge any fees when your kid deposits cash at participating retailers, but some businesses may charge a fee of up to $4.95.
| Maintenance Fees | $0 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | 13+ |
6. Jassby: Best for rewards
Jassby
Finder rating 4.2 / 5 ★★★★★
The Jassby debit card stands out for its rewards and intuitive money-management app. Jassby offers a financial literacy score feature that rewards your child the more they use their account to save. Your child will earn discounts and products they can redeem through its in-app marketplace that includes more than 20,000 products from retailers including Apple, Starbucks and Nintendo.
Pros
- No monthly fee. Unlike other kids' debit cards, you don't have to worry about paying a fee every month.
- Parental features. The adult on the account can award one-time bonuses, freeze the debit card and set spending limits in the app.
- Jassby Rewards. Kids can earn points for completing chores, donating money and more, and redeem them for money.
Cons
- Jassby Mall encourages spending. You'll want to monitor your child's spending in Jassby's online store.
| Fee | $0 per month |
|---|---|
| Age requirements | Any age |
7. BusyKid: Best for families with multiple kids
BusyKid
Finder rating 4.8 / 5 ★★★★★
The BusyKid Visa Prepaid Spend Debit card is best for customer service because it offers faster response times after it upgraded its customer service platform in 2020 and we've never had an issue getting a hold of a customer representative. Busykid also stands out because it lets kids buy real stocks with as little as $10 and you'll only spend $3.99/month to use it. Although Greenlight also offers investing, you'll need to upgrade to its $7.98/month plan to use it. Like many other kids' debit cards, Busykid also offers chore assignments and automated allowance payments. But you can't limit spending at specific retailers, which other kids' cards like Greenlight allow.
Pros
- Competitively priced. Although there are several free debit cards for kids, BusyKid's monthly cost of $3.99 is still a good deal considering all of its features.
- Money management options. Your kids have the option to save their money with parent-paid interest, donate it to any of the nearly 50 charities available, use the app to buy stocks or use their BusyKid spend card to make purchases.
- Parental permissions. Your child has the freedom to move money between the spend, save and share sections in their BusyKid account themselves. But they'll need your permission to move money to their Spend card.
Cons
- Limited parental controls. Unlike the competition, you have no control over how your child spends their money once it hits their BusyKid Spend card, which means it's ideal for parents who have already established trust with their kid.
- ATM fee. Your kid will be charged a $1.50 fee whenever they withdraw money from an ATM plus any fee the owner of the ATM charges. Some of BusyKids competitors, including Greenlight and FamZoo, dont impose a fee for ATM withdrawals.
| Card purchase fee | $0 |
|---|---|
| Age requirements | 5+ |
8. FamZoo: Best for traveling abroad
FamZoo
Finder rating 4 / 5 ★★★★★
The FamZoo prepaid card is best for traveling abroad because you won't have to worry about your kid paying foreign transaction fees on international purchases while you're on vacation or on a school trip. There's also no fees for currency conversions, international ATM withdrawals or balance inquiries. Other perks include a free 30-day trial and the ability to set up mock stocks so your kid can practice investing.
Pros
- Real-time requests. Your kids can request extra funds in real-time, which is helpful if they're out with friends and need extra cash on the spot.
- Focus on saving, spending and giving. Your child's account is split into three subaccounts for saving, spending and giving to encourage them to develop good money management habits.
- No foreign transaction fees. FamZoo Kids traveling abroad won't pay any foreign transaction fees on international purchases.
Cons
- Monthly fee. Famzoo costs $5.99 a month - and there's no way to waive it. But your first 30 days are free, so you can try before you buy.
- Fee for 5+ cards. If you need more than four FamZoo cards, you'll pay a $2 shipping fee for each one over this limit.
- Limited cash deposits. The only way to add cash to your Famzoo card is at a GreenDot or Mastercard rePower location, both of which cost money.
| Maintenance Fees | $5.99 monthly |
|---|---|
| Card purchase fee | $2 |
| Age requirements | Any age |
9. Current: Best for savings round-ups
Current teen banking
Finder rating 4.8 / 5 ★★★★★
The Current Teen Debit Card is best for savings because it includes an automatic round-up setting that can help your teen reach their savings goals even faster every time they make a purchase. Plus, they can organize their savings by creating different savings goals. Another standout perk is that the chores feature it comes with can teach your kid to negotiate by letting them propose a different amount of compensation for certain chores.
Pros
- Savings round-ups. Purchases can be rounded up to the nearest dollar, and the difference will be deposited into the savings goal of your choice.
- Parental controls. Adults on the account can set spending limits, block ATM access, disable the card and select which stores their kid can shop at.
- Separate funding sources. Divorced parents or parents who like to keep their finances separate can link individual funding sources to this account.
Cons
- Annual fee. This account requires a $0 annual fee, which is $3 broken down into 12 months. This is pretty average, but you'll find cheaper options out there as well.
- Overseas fees. If your kid uses this card outside of the US, they'll pay a 3% transaction fee and a $3 ATM fee on top of what the ATM owner charges.
| APY | 4.00% |
|---|---|
| Fee | $0 per month |
| Age requirements | Any age |
10. Capital One Money: Best for ATM access
Capital One Money
Finder rating 4.4 / 5 ★★★★★
The Capital One Money account earns interest, lacks fees and is open to children as young as 8. And unlike other banks that require parents to have personal checking accounts with the same bank before they can open a kids’ account, Capital One doesn’t have this requirement. Plus, Capital One doesn’t charge international transaction fees on this account. Although the Famzoo debit card doesn’t charge foreign transaction fees either, you’ll pay $4.99 a month to use it whereas Capital One Money is free to use.
Pros
- No existing account required. Parents don't need a separate Capital One account to open this account for their kid.
- Earns interest. This account earns 0.1% APY, which isn't the best rate we've seen, but it's still more than double the national average.
- Other features. There's no foreign transaction fee with this account, it supports ATM deposits and it's open to kids as young as 8.
Cons
- No check-writing. This account doesn't offer any check-writing options for teens.
- Lackluster resources. Capital One's financial literacy resources aren't as interactive as the tools offered by kids' prepaid debit cards.
- $500 daily limit. This may be considered a benefit by some parents, but this account has a $500 daily limit for purchases and ATM withdrawals.
| APY | 0.10% |
|---|---|
| Fee | $0 per month |
| Age requirements | 8 to 17 years old |
11. Mazoola: Best free debit card for kids
Mazoola
Finder rating 4.5 / 5 ★★★★★
The Mazoola virtual debit card is the best free debit card for kids because it has absolutely no fees. You get a lot for your money as it offers the same standard features other debit cards for kids typically come with like the ability to set chores, allowances and savings goals. Another perk is that the account supports peer-to-peer payments, allowing your kid to quickly send funds to friends and family. But as a virtual card, your kid may be limited to using it at stores that allow contactless payments.
Pros
- No fees. Unlike most debit cards for kids, Mazoola is 100% free to use. Plus, your kid can't overdraft as any purchases that would put their balance in the red are declined.
- Savings tools. Your child can set up savings goals in the app and fund them as they complete chores and earn money.
- P2P payments. Your kid can send money to other friends and family in the Mazoola app using peer-to-peer payments.
Cons
- Not available on Google Play. Mazoola has an Android app in the works, but as of February 2021, it's only available to iPhone users.
- New app. Mazoola is a new debit card for kids, so it's too soon to tell what parents like and don't like about it.
| Fee | $0 per month |
|---|---|
| Age requirements | Any age |
12. Cashola: Best for financial quizzes
Goalsetter Cashola
Finder rating 4 / 5 ★★★★★
The Goalsetter Cashola Prepaid Debit Mastercard is best for teaching kids 6 to 16 about money through financial quizzes. Although other debit cards like Copper Banking also offers quizzes, Cashola offers added features that ensure that your kid is taking at least one financial quiz a week. Parents have the option to turn on a feature that automatically locks their kid’s card if they don’t do their quiz that week. Other incentives to learn include the ability to pay your kid $1 for each question they answer correctly.
Pros
- Savings goals. Your kid can create financial goals toward vacations, gifts and more. Plus, you have the option to set up auto-save and round-ups.
- No monthly fee. You won't pay a dime for your child to use this account. If you'd like to give, you have the option to pay what you can.
- Financial quizzes. This account stands apart from other accounts that offer quizzes because you can choose to freeze the card when your child doesn't complete at least one quiz a week.
Cons
- No ATM access. Unlike other prepaid cards like Greenlight and Famzoo, your kid won't be able to withdraw money from an ATM with this account.
- Not transparent. The account markets itself as being fully transparent, but you don't have access to the fees unless you create an account or reach out to customer service.
- Inactivity fee. You'll pay $1 a month after 12 months of no transactions.
| Maintenance Fees | $0 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | 13+ |
13. Navy Federal Buxx: Best for military kids
Navy Federal Visa Buxx
Finder rating 3.6 / 5 ★★★★★
The Visa Buxx card from Navy Federal Credit Union is best for kids who have a family member in the military or work for the Department of Defense as you won’t qualify for the account otherwise. Unlike most prepaid debit cards, there are no monthly fees tied to this card. Plus, it includes parental controls you can use to monitor your kid’s spending habits and limit the amount of cash they can access. But it doesn’t include allowance or chores functionality, so it’s better suited for teens who want more financial freedom.
Pros
- Parental controls. You can track your kid's purchases, check their balance and reload the card online or over the phone. You can also limit ATM access and restrict how much cash your kid can get back from participating retailers
- Zero-liability protection.Your kid won't be held responsible for confirmed fraudulent transactions as long as you notify Navy Federal within 60 days of the statement date on which the fraudulent transactions first appear
- No monthly fees.There's no monthly fees to keep the account open.
Cons
- Eligibility criteria. You must be a current or former member of the military, work for the Department of Defense or have a family member who meets either of these criteria to qualify for membership in this credit union. Your child must also be at least 13 years old
- No integrated chores or allowance. Unlike several other cards on this list, including Greenlight and BusyKid, this card doesn't include integrated chores or allowance features.
| Maintenance Fees | $0 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | 13+ |
14. Purewrist: Best for contactless payments
Purewrist
Purewrist is the best account for contactless payments because it lets teens pay for purchases without taking out a debit card or using a phone. It is a wearable payment bracelet your kid can use before they are ready for a physical debit card. But there is a one time $25 fee, and there is no ATM support. And although it's a good contactless option, your teen may be required to touch the keypad to enter the PIN and decline cash back.
Pros
- Parental controls. Add money to your teens bracelet and use the mobile app to monitor their spending.
- Gratitude program. Purewrist donates 10% of its profits to organizations hoping to cure cancer.
- Durable bracelet. The Purewrist Go bracelet doesnt have any internal electronics, so it is completely waterproof and washable.
Cons
- Cant access cash. Your bracelet wont work at ATMs, and you cant use it to request paper money back at brick and mortar merchants.
| Maintenance Fees | $4.95 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | Any age |
15. Bluebird: Best for early direct deposits
Bluebird
Bluebird by American Express is the best card for early direct deposits because it gives you access to paychecks, tax refunds and other direct deposits up to two days early. This family-style prepaid card is issued in partnership with Walmart and lets parents create up to four sub-accounts for teens and kids. If you're the primary account holder, you can limit the other cards' ATM access and spending limits.
Pros
- No monthly fee. Unlike other prepaid cards, you won't pay a monthly fee for maintaining your teen's account.
- SetAside Accounts. This feature lets your teen set aside money for short-term savings goals in a separate account.
- Store-level spending controls. Choose how much money your teen can spend at certain stores, so you can make sure they don't go over budget.
Cons
- Not accepted everywhere. American Express isn't as widely accepted as Visa or Mastercard, so some stores may not accept the card.
- Additional fees. Expect to pay 5% on same-day mobile check deposits and for non-network ATMs.
- No bank transfers. Unlike other prepaid cards, this one doesn't let you reload money with a bank transfer. But you can add funds with a linked debit card.
| Maintenance Fees | $0 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | Any age |
16. Jelli: Best for budgeting
Jelli
Finder rating 3.8 / 5 ★★★★★
Jelli is the best account for budgeting because it lets teens separate their money into budgeting, saving and sharing categories. There is no monthly fee and your teen can earn cashback on qualifying debit card purchases. But there are several pesky fees, some of which you may not be able to avoid — and you can only access your account via the mobile app.
Pros
- Envelope-style budgeting. Jellis jar system encourages teens to earmark funds for saving, sharing and spending.
- Transaction limits. Compared to most prepaid debit cards, Jelli has higher daily limits for withdrawals, deposits and transfers.
- No ongoing fees. Unlike some debit cards, you wont have to pay a monthly fee to maintain your account.
Cons
- ATM fees. Jelli charges $2 for domestic ATM withdawals and $3.50 for international ATM withdrawals. This is in addition to whatever the ATM owner charges.
- Various fees. There is no recurring maintenance fee to use a Jelli card, but there are several other fees to watch out for.
- Smartphone required. You can only access your account using the mobile app, as Jellis website doesnt offer online banking.
| Fee | $0 per month |
|---|---|
| Age requirements | Any age |
17. Alliant Credit Union Free Teen Checking: Best for earning interest
Alliant Credit Union Free Teen Checking
Finder rating 4.1 / 5 ★★★★★
Alliant's teen checking account is best for earning interest. Balances in the account earn a commendable 0.25% APY, and to $20 in out-of-network ATM fees each month. Plus, you won't have to worry about your kid spending thousands of dollars because the account is limited to $100 in ATM withdrawals and $300 in purchases per day.
Pros
- Solid interest rate. Your kid can earn 0.25% APY if they opt out of paper statements and receive at least one electronic deposit each month.
- No monthly fee. There's no ongoing service fee to use this account, but you may need to make a one-time $5 donation to the nonprofit Foster Care to Success to qualify for membership.
- ATM network and rebates. Your kid will have free access to 80,000 ATMs, and if they do use an out-of-network machine, Alliant will reimburse up to $20 in fees each month.
Cons
- Limited locations. Alliant Credit Union only has two brick-and-mortar branches, and they're both in Illinois.
- Few parental controls. Compared to other debit cards for teens, this one has relatively few parental controls.
| APY | 0.25% |
|---|---|
| Fee | $0 per month |
| Age requirements | 13 to 17 years old |
18. Till: Best for low fees
Till Financial
Finder rating 4.6 / 5 ★★★★★
Till Financial is the best free debit card for kids because it not only has a $0 monthly fee but it also has low fees across the board. This debit card doesn’t have any one-time or recurring charges, which is rare for an account that comes with both a physical and virtual card. It also stands out against the competition because it provides parents with plenty of ways to contribute to the account and share access with other family members. Plus, unlike other virtual debit cards like Jassby and Mazoola, Till allows you to choose between a virtual and physical card.
Pros
- No fees. Till doesn't charge a fee to open or maintain an account. The only fees associated with this account are for international transactions, overseas ATM withdrawals and replacement cards.
- Virtual and physical cards. Some debit cards for kids are strictly virtual, but Till offers both virtual and physical debit cards for free. You can even get multiple cards if you have more than one kid.
- Advanced options. Till lets parents contribute to their kid's account in several ways. In addition to one-time transfers, you can choose to match your kid's savings efforts, set up automated allowance payments or enable parent-paid interest on savings goals.
Cons
- No Android app. Till's app only works on iPhones and the iPod Touch.
- Few support options. Till doesn't offer phone or chat support. If you need help with your account, you can email support@tillfinancial.io or contact a representative via social media.
- Not compatible with all banks. Till is compatible with many of the most popular banks in the US, but some smaller banks and credit unions may not be supported.
| Fee | $0 per month |
|---|---|
| Age requirements | 8 to 18 years old |
19. Fidelity Youth Account: Best for investing
Fidelity® Youth Account
The Fidelity® Youth Account is best for teens interested in investing as it’s one of the few accounts that lets kids as young as 13 invest in stocks, ETFs and mutual funds without training wheels. Parents can view all investment activity, but unlike other kids’ accounts like Greenlight that give you the power to approve trades, Fidelity doesn’t allow you to approve or prevent transactions. And while this account comes with a measly 0.01% APY, there are no fees or minimums to worry about.
Pros
- No fees or minimums. Enjoy zero maintenance fees and no minimum balance requirements.
- Free-rein investing. Your teen can invest in most US stocks, ETFs and Fidelity mutual funds.
- ATM reimbursements. Fidelity credits all domestic ATM fees when your teen uses a Visa, Plus or Star ATM.
Cons
- Eligibility criteria. Parents need to have or signup for their own Fidelity account to open a Fidelity Youth Account for their teen.
- No parental controls. While Fidelity grants parents basic controls over their teens account, including the ability to monitor their activity and disable their debit card, you cant withdraw funds, prevent transactions or limit their investing.
- Unimpressive APY. Uninvested funds earn a low 0.01% APY, which is significantly lower than the national average at 0.06% APY.
| Maintenance Fees | $0 monthly |
|---|---|
| Card purchase fee | $0 |
| Age requirements | 13 to 17 years old |
Methodology: How we chose the best debit cards for kids
We researched and compared over 35 debit cards for kids and narrowed our list down to those that have nationwide availability, simple fee structures, unique financial literacy features and parental controls that allow you to set boundaries. We looked at both kids’ checking accounts and prepaid debit cards as they’re both options parents consider when opening a bank account for their child. But we rated these products using a slightly different criteria as they’re different types of products.
What’s changed in 2022?
We added Jelli as the best account for budgeting, Purewrist as the best account for contactless payments, Bluebird as the best account for early access to direct deposits and Fidelity® Youth Account as the best account for teen investing.
Summary of the best debit cards for kids
8 debit cards for kids alternatives
Although you might find these popular cards for kids on other sites, they didn’t make the cut on our list because they don’t offer comprehensive features or unique educational tools for kids.
Axos Bank First Checking
Designed for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees. Plus it includes up to $12 in out-of-network ATM fee rebates each month.
Why we didn’t choose it: Although Axos Bank First Checking is a great option for kids, it falls a bit short when compared to Alliant Credit Union’s Teen Checking account, which is one of our best picks. Neither of these accounts requires a monthly fee, but Alliant offers an interest rate of 0.25% APY compared to 0.1% APY with Axos. And while Axos provides up to $12 in ATM fee reimbursements each month, Alliant’s Teen Checking account includes up to $20 in monthly fee refunds. However, Axos Bank grants you free access to 91,000 ATMs, while Alliant’s network includes 80,000 machines.
Revolut Junior
A prepaid card with parent-paid bonuses, spending analyzers and task tracking. But adults must have a personal Revolut account to get started.
Why we didn’t choose it: Revolut Junior offers a lot of the same features you’ll find with other prepaid cards, like parent-paid bonuses, chores and allowances. But to open an account, parents need to open a Revolut account.
Kachinga
A prepaid Mastercard tied to a chore app that includes features to boost your kid’s financial literacy. Parents can also activate automatic transfers and get real-time notifications about their teen’s purchases.
Why we didn’t choose it: Kachinga is a very basic prepaid card for kids. Like most cards, it offers spend, give and donate options and a way for parents to set up chores and allowances. But you’ll pay $36 a year or more depending on how many kids you have. For the lack of features, the cost is not worth it when compared to other cards, which gives you more for your money. For instance, BusyKid offers more options like investing for a year depending on the amount of kids.
RoosterMoney
An allowance app that teaches kids how to earn, spend and save. The debit card option is currently only available in the UK, but the company is looking to expand to the US.
Why we didn’t choose it: While it’s a popular debit card in the UK, it’s only available as an app in the US. You have the option of a free plan or a paid plan at $2.99 a month or $18.99 a year, but neither option comes with a debit card for US families. If you’re after a free app that teaches kids how to manage their money without using a card or actual cash, this is a good option especially since Busykid’s free option was recently discontinued.
Wingocard
Why we didn’t choose it: While there’s no monthly fee to use the card, it didn’t make our best list due to its its return policy, lack of savings categories and user limitations. Wingocard has a return policy that disallows you from transferring money out of the account once you fund it. And unlike other debit cards for kids that have different categories to spend, save and give, this one only has a category for spending. And lastly, only iOS users can use this card as it’s not yet available on Android.
Akimbo
You can use this card to help you budget or set allowances for your kids, but it’s currently not available.
Why we didn’t choose it: While you might see Akimbo mentioned on other review websites, we contacted Akimbo’s customer service department and were explicitly told that “Akimbo cards are not open to the public.” Current cardholders can still use the account, but the company is no longer issuing cards to new customers.
Mango Prepaid Mastercard
This simple debit card has a pesky monthly fee, but it comes with an optional high-yield savings account that earns a whopping 6.0% APY.
Why we didn’t choose it: Although you may see this card listed in other roundups of debit cards for kids, we didn’t choose it because the only way to avoid the $5 monthly service charge is for your kid to receive at least $800 in direct deposits each month. The card also lacks other features such as chores and allowance tracking.
Verizon Family Money Kids Debit Card by Verizon
The Family Money app gives you up to five prepaid debit cards and like most cards for kids comes with savings goals, chores and allowance capabilities. But it costs $5.99 per month after your 30-day free trial.
Why we didn’t choose it: Our biggest concern about the Family Money card is how long it takes to transfer money from your bank account to your parent account. While transfers can be instant with other debit cards for kids, an ACH transfer with Family Money could take three to five business days. So if you initiate it over the weekend, you might end up waiting a full week before the money hits your account, significantly delaying your child’s allowance and chore payments. Also, this app only allows one parent can be on the account at a time.
7 things to compare when looking for the best debit card for your kid
Most kids’ debit cards come with mobile apps that let you track your kid’s spending, but other offerings vary substantially. To help you find the best account for your family, here are some considerations to keep in mind when comparing debit cards for kids and teens.
- Fees. Debit cards tied to checking accounts are typically free for kids, but prepaid cards for teens are notorious for miscellaneous fees. BusyKid is a good low-cost option if you’re seeking a kid’s prepaid card with comprehensive features, and Copper is a free option if you’re looking for an account for your teen.
- Security. Nearly all debit cards for kids offer up to $250,000 in FDIC insurance, but some cards go even further to keep your data and your money safe. Greenlight, for instance, offers identity theft protection, purchase protection and cell phone protection for up to five kids, but only if you upgrade to its Max plan.
- Features. If you have a teenager who just got their first job, look for a teen checking account that supports direct deposits. If they’re still earning allowance or need strict parental supervision, consider a kids prepaid debit card, because those usually have better parental controls.
- Age restrictions. Prepaid debit cards for kids are available to children as young as six, but debit cards tied to kids’ checking accounts typically require your child to be at least 13 years old.
- Interest. Prepaid cards for kids rarely offer a way for your child to earn interest. Instead, they offer a way for parents to pay interest to their children. If you’re looking for an account that offers financial literacy tools and interest, you’re better off opening a kid’s checking account like Capital One Money. Or if you’re strictly concerned about interest, look at the Alliant Teen Checking account, which offers 0.25% APY.
- Reloading options. Think about how you’ll move money to your kid’s card — e.g., direct deposit, cash deposits, bank transfers, and so on — and choose a card that supports these methods. Some prepaid cards — such as Greenlight — allow for instant transfers to your teen’s card. Otherwise, transfers could take 2 to 5 days.
- Daily transaction limits. Make sure your child is aware of their card’s daily withdrawal and purchase limits — especially if they’re traveling.
8 features available with debit cards for kids
Debit cards for kids commonly offer some or all of the below features for your consideration.
1. Online shopping
Consider whether being able to make online purchases is a benefit or a downside, and opt for a kids’ debit card such as Greenlight, which lets you restrict your child from spending money at specific stores.
2. Financial literacy quizzes
Many prepaid debit cards for kids include interactive tools that can help your child learn how to spend and save responsibly. A few cards even include financial literacy quizzes your kid must complete in order to use their card.
3. Investing tools
If you want to look beyond chores and allowances, look at cards like Busykid or Greenlight that can teach your child how to start investing real money. And if you’re looking for a true kids brokerage account, consider the Fidelity Youth account. But if your child isn’t ready to dabble in investing just yet, look at prepaid cards like Famzoo, which allow your child to invest using mock stocks.
4. Charitable contributions
A few debit cards for kids let your child donate a portion of their funds to charity. Some of these cards give your kid a list of preselected nonprofits to choose from, while others let your child choose any charity they like.
5. Instant transfers
A few cards, such as Greenlight, BusyKid and Copper, support real-time transfers between the parent’s account and the kid’s account, while other cards make you wait a few days for funds to arrive.
6. Allowances and chores
Several debit cards for kids let you automate allowance payments on a weekly, biweekly or monthly basis. Many cards also include chores tools that let you create tasks your child can complete for financial rewards.
7. Personalized cards
Some kids’ debit cards come in a variety of designs or let your child customize the look of the card. For example, the BusyKid card is available in several different designs, while Greenlight lets you add a custom image to your card for $9.99. And GoHenry cards are available in more than 45 different design and your kid has the option of choosing a biodegradable version.
8. Parental controls
Most debit cards for kids let you monitor or control your child’s spending, but these controls come in a variety of forms. Here are some of the controls offered by today’s best kids’ debit cards.
- Automated allowance. If you pay your child an allowance, many debit cards for kids like Jassby and Chase First Banking allow you to automate payments on your own schedule.
- Chore assignment. You have control over setting up one-time or recurring chores with dollar amounts determined by you.
- Spending limits. You can control how much your child spends by setting limits. Also, cards like Current allow you to deactivate your kids’ card and block ATM withdrawals.
- Merchant limitations. While most debit cards for kids automatically limit your child from making certain transactions for sports gaming, lotteries, massage parlors and more, other cards like Greenlight and Current let you add on to this list and restrict your child from purchasing from specific retailers.
- Transfer approval. Some cards like Busykid allow parents to approve transfers made to their spending debit card.
What controls don’t I have?
Although many debit cards for kids give parents a great deal of control over their childrens’ saving and spending habits, these controls have their limits. For instance, the BusyKid card lets you decide how much money your kid can transfer to their spend or share balance, but it doesn’t let you control how your kid uses their money once it’s loaded onto the debit card.
Similarly, the Navy Federal Visa Buxx card lets you limit ATM access and restrict how much cash your kid can get back from participating retailers, but you can’t control where your child uses the card. Different cards offer different levels of control, so choose one that has the controls that are important to you.
What is a debit card for kids?
Debit cards for kids help parents teach their children how to start managing their money at an early age. But kids will need their parent’s help to get one as they can’t open a bank account on their own until they’re 18. These debit cards allow kids to save and spend money online or at a store all while learning how money works through financial quizzes, chores and allowances. There are two types of cards to choose from:
- Prepaid debit cards. These cards allow you to preload your kid’s account, set chores and allowances and apply spending controls. Plus, they offer financial tools to help your child learn how to manage their money. They also typically charge a monthly fee.
- Debit cards attached to checking accounts. These joint checking accounts typically don’t require a monthly fee, but you won’t get as many financial tools as you would with prepaid debit cards. However, there are exceptions like Copper Banking, which offers financial quizzes and Chase First Banking, which is powered by Greenlight, a popular prepaid debit card option for kids.
Which one should I choose?
If you’re not sure whether to choose a checking account or a prepaid debit card for your child, here’s some guidance that may help you make the right decision.
- Choose a prepaid card for kids if you want more control over when, where and how your child can spend money. Prepaid cards for kids are also great if you want to assign chores, set aside funds for different purposes or help your child develop financial literacy.
- Choose a checking account for kids if your child is a teenager and understands how to manage their money. Checking accounts for kids also make sense if you want to avoid paying a monthly fee. And unlike prepaid debit cards, some kids’ checking accounts can earn interest.
- Choose both if you want to take advantage of the app-based tools that accompany many debit cards for kids while also encouraging your child to learn the basics of managing a bank account. Though may better off going with a checking account like Chase First Banking which offers a lot of the same money management features and tools offered by prepaid debit cards for kids.
Is a debit card for teens a good idea?
Yes, a debit card is a good option for teens to develop healthy money habits. But which card you choose depends on what your teen is ready for as some cards have less parental controls, which gives the user more freedom to move their money without approval. If you want to have more control over your teen’s spending, consider a prepaid debit card. But if you want them to have more freedom, you can open a teen’s checking account.
How can I transition my child out of a teen account?
It depends on the type of account. In many cases, prepaid debit cards for teens will continue working after your child turns 18. If you want to upgrade your child to an account for adults, look at free interest-bearing checking accounts such as Ally Bank Interest Checking or Axos Bank Rewards Checking.
If you have a kids’ checking account, the account will automatically transition to a standard account once they turn 18 in most cases. For instance, the Alliant Teen Checking account will automatically convert to the Alliant High-Rate Checking account. These accounts often have monthly fees and are less forgiving when it comes to overdrafts, so it’s best to contact the bank directly to avoid unnecessary charges.
What’s next for kids’ debit cards?
- Kids debit cards are becoming increasingly popular with more accounts emerging. Currently we’re seeing more accounts taking into consideration
investment opportunities in not only cash, but also cryptocurrencies
- . Two examples of these include:
- Strive Piggy Bank. Shipping in early 2022, Strive Piggy Bank is a physical, $149 piggy bank that syncs with cryptocurrency wallets. It features an interactive screen that displays your kid’s balance in both Bitcoin and USD, and it’s powered by an app that lets you give your child crypto as a gift or for completing chores. Strive plans to support multiple crypto wallets in the future, but it will only support Coinbase at launch. Pre-order one now for free shipping worldwide.
- KidCoin. Launching on December 1, 2021, KidCoin is a blockchain-based digital wallet to help families manage their finances. It can hold traditional currency and cryptocurrency, and it’s slated to include connected debit cards for parents and kids. It will offer allowance management and account monitoring features. Your kids can also earn micro-rewards for saving money.
5 free debit cards for kids
If you’re looking for a free debit card for kids, consider these options:
- Goalsetter Cashola. This free reloadable debit card for kids offers financial literacy quizzes for kids and has savings round-up options.
- Jassby. This kids checking account is free to use, comes with chores and allowances and lets kids earn points to redeem for money or online shopping.
- Mazoola. This is a virtual debit card, so your kid is limited to stores that allow contactless payments. This is a good option if you don’t want to worry about your kid losing a physical card.
- Chase First Banking. This is a good option if you like the Greenlight Debit Card but want a debit card for kids free of monthly fees. The account is powered by Greenlight, so it has all the same features, but it’s only available to parents with existing Chase accounts.
- Till Financial. Till offers both physical and virtual debit cards and doesn’t have a monthly fee. It’s also great for inviting your extended family and friends to contribute to your kid’s account without the risk of someone withdrawing funds. And you can share full administrative access with another adult.
3 parents share their experience with debit cards for kids
We asked parents to share their experience after getting a debit card for their kid and what they’ve learned so far.
Kovar Wealth Management financial adviser – Claudia Gonzalez – September 2021
I got a debit card for my niece when she was 17 and she’s had it for a year now. We opened an account at a local bank. I’m actually a joint owner on her account, so I could monitor and assist her with her account. She has learned the fundamentals of banking: how long it takes for a purchase to go through, how a debit card works, the difference between a debit card and a credit card. She’s learned basic personal finance! It has been very useful to her and she has been able to teach several of her friends some of these basic concepts.
Parenting Nerd Co-founder – Elizabeth Hicks – September 2021
The Current Debit card was my go-to debit card for my kids because it’s highly cost-effective, costing only $36 per year. I can also control the card since I can set the spending limit and exclude specific shops to protect my children. I can also view the purchases made with the card to keep a check of what my child is doing.
FinanceBuzz Vice President – Tracy Odell – September 2021
Earlier this year I got my boys, ages 12 and 14, the Greenlight debit card. I chose this card — despite its monthly fee — because I wanted the ability to automate allowance. Every Sunday, they get money automatically deposited into their account.
Having a debit card has helped my boys develop independence. Right after he got the card, my 12-year-old was so excited to bike to a local donut shop and buy himself breakfast. He was also nervous because he wasn’t sure if he’d need to put in a PIN or sign something — little things that we as adults take for granted, but they were all new experiences for him.
Compare debit cards for kids
Use this table to compare popular debit cards for kids. Sort the list by monthly fee, ATM withdrawal and features to find the best one for you.
WATCH: The best debit cards for kids
How old do you have to be to get a debit card for kids?
To get a debit card, minors will need a parent or legal guardian who is at least 18 years old. Although there are exceptions, most prepaid cards allow you to be as young as 5 and checking accounts as young as 13.
7 reasons debit cards for kids are safe
Debit cards for kids are safe for these main reasons:
- FDIC insured. Like most banking products, debit cards for kids are insured up to $250,000, so you’re guaranteed to get your money back if the bank or the partnering bank fails.
- COPPA-compliant. Most debit cards for kids are COPPA-compliant, meaning that they must clearly disclose what type of information is being collected and obtain parents’ consent. Under COPPA, this also means that they must put measures in place to maintain confidentiality and security of the information. But, this doesn’t prevent them from sharing information to other parties.
- Lock/unlock cards. Most cards for kids have security features that allow you to lock and unlock the card if it goes missing.
- Extra protections. Some debit cards for kids like Greenlight Max, offer extra security features like identity theft, cell phone and purchasing protection.
- Attached to spend accounts. Prepaid debit cards for kids that have a separate spending and savings bucket, allow you to transfer money from your spend to your savings bucket through the app without your card. If your child’s card is stolen, they’ll only have access to the funds in the spend account. And if you move funds out of it and into their savings, anyone who finds the card won’t have access to any funds.
- Virtual cards. Kids debit cards like Mazoola are virtual, contactless cards. These cards have no monthly fee and are a good option for parents who don’t want to worry about their kid losing a physical card.
- Fraud protection. If your child’s debit card gets lost or stolen and is then used by someone else, most card issuers will reverse any transactions you’re able to prove are fraudulent.
5 things to do if your child loses their debit card
If your kid has misplaced their debit card, you’ll want to act fast to prevent unauthorized access. Here are a few things you should do:
- Lock the card. Some debit cards let you lock your child’s card from the app to prevent unauthorized transactions. And you can always unlock it if you find the card.
- Transfer funds out of the spend account. If your debit card doesn’t have a lock feature, consider moving the money from your child’s spend account to their savings. That way, if someone finds the card, they won’t be able to spend any of the funds.
- Contact your provider. Inform your bank or provider that the card is missing so it can flag any potential fraud issues.
- Request a replacement card. If the card doesn’t turn up, you’ll need to get a new debit card. Although card replacement fees vary by provider, you can expect to pay $5 on average.
- Consider a virtual card. If a physical card is too hard to keep track of, you might consider a virtual debit card option like Mazoola or Till Financial.
Which one’s safer: Checking accounts or prepaid cards for kids?
Checking accounts and prepaid cards for kids both offer FDIC insurance. While prepaid cards are typically attached to fintechs they partner up with banks that protect your funds up to $250,000. Both types of accounts also offer parents a way to lock or freeze cards.
However, prepaid cards offer extra protection by providing separate accounts for your funds within the account. For instance, they’ll offer a Spend, Save and sometimes even Invest or Give accounts. Since the physical prepaid card is attached to the Spend account only, if the card is ever stolen thieves will only have access to funds within the Spend account. As an extra protective measure, parents can transfer money from the Spend account into another account to ensure that no one has access to the money in the card.
What if I’m divorced?
Most debit cards for kids give all parents on the account equal access to funding sources. This means if you’re on the account with your ex, they could potentially see your bank account information. You have a few options if want more privacy.
If you both want the ability to set chores and allowances, BusyKid is your best option. It supports two separate parent accounts with separate funding sources where you don’t have access to each other’s bank account information.
If one parent simply wants to add funds to their child’s account and nothing else, you have two card options.
- FamZoo. All parents have access to each other’s accounts in FamZoo, but you can get around this by leaving the spot for Parent B blank, then sharing the routing number with the other parent so can make ACH transfers to the card.
- GoHenry. The main parent on the account can share a “giftlink” with the other parent, which allows them to add up to $350 to the kid’s card each month. You can also invite a co-parent or guardian to help manage your GoHenry account with their own secure login, but they won’t be able to add a second funding source.
How can I get a kids debit card?
You can open most debit cards for kids online. But keep in mind that if you decide to open a kids checking account as opposed to a prepaid card, you’ll need to open it as a joint account between a minor and an adult.
Once you get a debit card for your kid, you can load the card by transferring money from your checking account. You’ll then be ready to start using all the features available. You’ll find that most prepaid cards for kids like Famzoo, Busykid and Goalsetter Cashola, offer more features than regular checking accounts for kids. Some features include chore tracking, automated allowances, spending controls, investing and financial literacy quizzes.
Can I set up a debit card for my grandchild?
Yes. If you’re a grandparent who wants to give your grandchild some spending power, you can sign them up for a kids’ debit card with you listed as a joint owner on the account. However, if you want to transfer ownership of the account to one of your grandchildren’s parents, you may encounter some issues. For instance, Greenlight doesn’t currently allow a primary account holder to remove their name from a kid’s account, even if another adult is added as a co-owner. FamZoo, however, does support such transfers and will allow you to completely disassociate yourself from your grandkid’s account, but you can only do this by calling a FamZoo support specialist.
If your grandchild already has a debit card that their parent or guardian signed them up for, you can usually fund the account quite easily. A few popular debit cards for kids, including FamZoo and GoHenry, let your grandchild share a link that allows family and friends to fund the account without having to join the account as a co-owner.
3 documents you need to open a kids debit card
When signing up for a kids debit card, you’ll need the primary accountholder’s information as well as a few details about the child:
- Parent’s government-issued ID
- Parent’s Social Security card
- Child’s birth certificate
4 things to do before getting a debit card for kids
Don’t apply for a kids’ debit card before following these four steps.
- Decide what features you want. Some debit cards for kids include integrated chore management and automated allowance payments while others have financial literacy quizzes and granular parental controls. Determine what features are most important to you and your kid before choosing an account.
- Do your homework. Once you’ve decided on the features you want, research and compare your options. No two debit cards for kids are identical, but odds are there’s a card that checks all of the boxes that are important to you.
- Talk to your kid. Have a serious discussion with your child about the responsibility that comes along with having a debit card, and ensure they have at least a basic understanding of spending and saving.
- Prepare to apply. Most applications will require your and your kids’ Social Security number, your driver’s license details and your contact information during sign up.
Pros and cons of debit cards for kids
If you’re not sure whether a kids’ debit card is right for your family, these pros and cons might help you decide.
Pros
Debit cards for kids and teens offer these benefits.
- Control. Keep track of your child’s spending online and cap the daily limit as you see fit.
- Security. You can monitor your child’s spending in the mobile banking app to see where they’re going.
- Safety. Because you can quickly and easily lock the debit card if it’s misplaced, debit cards are often safer than carrying cash.
- Financial literacy. Both debit and prepaid cards can help you teach your child how money works and the importance of savings. But prepaid cards often have more financial literacy tools.
- Unique features. Some debit cards and most prepaid cards for teens have unique features not found in regular adult-oriented prepaid cards. For instance, several prepaid cards come with chore and allowance tracking, parental controls, instant transfers from parental accounts and automatic saving tools.
Cons
Before choosing a debit card for your kid, consider these limitations.
- Not good for large purchases. Accounts for children have much lower debit card spending limits than adult accounts.
- Monthly fees. Most prepaid debit cards for kids require a recurring subscription fee. Most kids’ checking accounts are free to use, but they usually lack features such as chore and allowance management.
- No interest. While some kids’ checking accounts earn interest, most kids’ prepaid debit cards don’t unless it’s interest paid out by parents. But Greenlight card is an exception as it offers savings bonuses that work like APYs.
- Age limits. If your child is younger than 13, you’ll find more options when you look at prepaid cards for kids. But if your child is between 13 and 17, you can expand your search to kids checking accounts.
- Cash reload fees. A few debit cards for kids like FamZoo, charge a fee for loading cash onto the card. If you or your kid want to frequently fund your card with paper money, look for an account like Till that doesn’t charge this fee.
- Doesn’t build credit. Most debit cards and prepaid cards won’t help your teen build credit, but accounts like Step Banking, which leverages secured loans, can help teens establish it.
How much should I deposit in my kids debit card?
While the decision is ultimately yours to decide, kids debit cards come with deposit limits. For instance, Famzoo allows your child to keep up to $5,000 in the account and the maximum deposit amount a day is $2,500. Check the fees and limitations attached to your kid’s debit card before you deposit money. Alternatively, if you don’t want to make an initial deposit, some kids cards allow you to start creating an allowance and chore plan. If you’re setting up a weekly allowance, consider basing it on your child’s age. For instance, if they’re six years old, they’ll earn $6 a week.
Can a debit card impact my teen’s credit?
No. A debit card can be a good way for your teen to learn how to budget, save and spend responsibly, but it won’t impact your teen’s credit history one way or the other. Yet if helping your kid build credit is important to you, check out the Step banking card, which uses secured deposits to establish your kid’s credit. Or, you can add your kid as an authorized user of one of your credit card or find a credit card with no minimum age for authorized users.
6 options beyond debit cards for kids
If you’re not set on a comprehensive debit card for your child, here are some other options to consider, depending on their age:
- Kids savings account. Help your child get a jump start on their future with a kids savings account. Most offer competitive APYs and low fees and minimum deposits. They’re a great option for any age.
- Custodial account. Uniform Gift to Minors Act (UGMA) and Uniform Transfer to Minor Act (UTMA) accounts like Acorns Early are a type of investment account that holds the funds for your kids until they become adults.
- Credit cards. You could add your child to your credit card as an authorized user. This could help them build their credit and learn financial responsibility, but beware of the risks that come.
- Educational savings account. A 529 savings plan is a good option if you want an account that can help cover college expenses, such as tuition and room costs.
- Cash. Your kid can start storing cash in savings jars and classic piggy banks as they start their savings journey.
- Virtual accounts for kids. If your kid isn’t ready to handle an actual bank account yet, consider a virtual bank account that helps them keep track of their cash and spending. Digital accounts like Bankaroo act like a manual budgeting account to help kids learn to manage their personal finances until they’re ready for a real bank account with a debit card.
Bottom line
The best debit card for kids helps your child learn how to manage money responsibly — and lets you track their spending so you can see if they’re meeting their goals. But while some prepaid cards let kids save money on them, they’re not a replacement for a savings account. Compare savings accounts for kids and prepaid debit cards to create a banking solution that’s right for your family.
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