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Link to original content: https://www.investopedia.com/best-debit-cards-for-teens-5079369
Best Debit Cards and Banking Apps for Kids and Teens for November 2024

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Best Debit Cards and Banking Apps for Kids and Teens for November 2024

With parent-friendly features and support for up to five cards at the lowest fee level, the Greenlight Kids' Debit Card is our pick for the best debit card and banking apps for kids and teens. Debit cards for kids and teens function like regular debit cards. They give young people under the age of 18 the flexibility to manage their own money, with full account control for parents or guardians. Children can learn to budget and save money while parents or guardians can monitor and protect them from financial trouble.

The best debit cards for kids and teens typically pair with mobile apps that have built-in financial education and the ability to track spending and savings over time. Many allow you to set spending limits, safeguarding kids from overspending while allowing them to navigate real-world financial decisions.

To choose the best debit cards for kids and teens, we evaluated 25 of the top card issuers based on 34 criteria, including reputation, pricing and fees, parental controls, education, and security. Some cards are available to kids of any age, while others are limited to kids 6 and up or teens 13 to 17 years old.

Best Debit Cards and Banking Apps for Kids and Teens for November 2024

Best Overall : Greenlight Kids’ Debit Card


Greenlight

Greenlight

  • Monthly Fee: $5.99 to $14.98 (up to 5 kids)
  • Reload Fee: N/A
  • Minimum Age: None
Why We Chose It

The Greenlight Kids’ Debit Card is our top overall pick for kids and teens, offering chore management, instant transfers, real-time notifications, spending controls by store, and more. Complete with an associated banking app, Greenlight also covers up to five debit cards even with the lowest-cost monthly plan, making it a great option for households with multiple kids.

Pros and Cons
Pros
  • Full parental control and monitoring of spending

  • Up to 5% in savings

  • Chore management and payments

  • Can block spending for specific stores

  • No minimum deposit requirement

Cons
  • $1,500 daily spending limit

  • Can only fund accounts via bank account, debit card, or direct deposit

Overview

Greenlight offers a ton of value for both kids and parents, with a simple-to-use mobile experience to help teach young people how to manage money responsibly. For a low monthly fee, Greenlight offers up to five debit Mastercards, all linked to a parent-controlled account. Parents can monitor all child spending, deactivate or activate debit cards, and even block specific stores and online spending within the mobile app. Identity theft protection is included.

Greenlight offers several levels of service; the most basic comes with debit cards and access to the mobile app with parental controls for $5.99 per month. For $9.98 per month, kids gain access to Greenlight’s investing platform (which is just a parent brokerage account that the kids can use to invest). In the Greenlight Max account (which costs $14.98 per month), families receive real time location monitoring, crash detection, and an SOS system.

Greenlight does come with some limitations, however. Maximum daily spending is currently capped at $1,500 per day. While this should be high enough, it's lower than some other debit cards. Also, Greenlight does not allow accounts to be funded through PayPal or credit cards, instead requiring users to connect a bank account or bank card to fund the account; you can also load the account through payroll direct deposits.

To be fair, this also cuts out fees from third-party services, which can save users money. There are no “in-network” ATMs available, and ATM fees are not reimbursed.

Greenlight was founded in 2014 and has headquarters in Atlanta, Georgia.

Best for No Fees : Axos Bank First Checking Account Card


Axos Bank

Axos Bank

  • Monthly Fee per Kid: $0
  • Reload Fee: N/A
  • Minimum Age: 13 years old
Why We Chose It

The Axos Bank First Checking account comes with a free debit card and is available to teens 13 to 17 with no account fees including no maintenance fees, no overdraft or insufficient funds fees, and up to $12 in ATM fee reimbursements per month.

Pros and Cons
Pros
  • No monthly maintenance fees, overdraft fees, or insufficient funds fees

  • ATM reimbursements

  • Joint checking account with teen

  • 0.10% APY

Cons
  • Only available to teens from age 13 to 17

  • Limited parental controls via the mobile app

  • Minimum opening deposit of $50 (no balance requirement after that)

Overview

Axos Bank offers its First Checking account for teens ages 13 to 17, with a debit card included. This is a standard checking account with online bill pay, peer-to-peer payments, and FDIC insurance. The best bits are that it comes with no account maintenance fees, no overdraft fees, and ATM charges are reimbursed for up to $12 each month.

While the Axos Bank mobile banking app doesn’t have all the bells and whistles of other teen debit cards, it offers an inexpensive way to get your child used to managing money on their own. Axos requires a parent or guardian to be a joint account owner with their teen, giving them equal control over the account. Parents can deactivate (or reactivate) their teen’s debit card directly from their dashboard, and set up automated alerts for any account activity.

Like other standard checking accounts, teens can direct deposit their paychecks. They can also earn some interest with this checking account, though it’s well below 1%, which doesn’t add up to much, and parents should consider setting up a savings account for their child instead.

Axos Bank was founded in 2000 under the name Bank of Internet USA. Today it's headquartered in San Diego, California; it and its affiliates have offices in several other states, as well.

Best for Spending Controls : BusyKid Visa Prepaid Spend Card


 BusyKid

 BusyKid

  • Monthly Fee per Kid: $4.00, billed annually at $48 (up to five kids)
  • Reload Fee: $0
  • Minimum Age: None
Why We Chose It

BusyKid offers an easy-to-fund prepaid debit card, as well as full parental control of loading the card, investing, and donating. Parents can even prevent transfers and boost savings by using the money movement controls to lock certain features.

Pros and Cons
Pros
  • Savings locks and account alerts

  • User-friendly mobile app

  • Fund cards through debit card, credit card, or checking account

Cons
  • Fee on declined purchases after 4 attempts

  • $5 cost for replacement card

  • $1.50 ATM withdrawal fee

  • No APY or savings bonus

Overview

The BusyKid debit card pairs with the BusyKid mobile banking app, which allows parents to pay kids directly for chores and other work. Kids then have the option to choose whether to save, spend, invest, or donate the earned money within the app.

BusyKid gives parents full control over spending activity with a real-time activity feed and the ability to lock transfers. BusyKid also requires all outside money transfers or withdrawals to be parent-approved. These controls allow parents to give their kids access to spending tools with safety features providing parent oversight and control.

Download the app and you can allow kids to earn money through chores or allowance, with a full chart with a preset amount for each activity. As kids perform the chore and check it off, money will be loaded onto their prepaid debit card. The earnings can be split between three categories, spending, saving, and giving. The amounts that flow into each category can be locked by parents, or adjusted as necessary.

BusyKid keeps costs low with a $48 annual fee for up to five prepaid debit cards for the family. Replacement cards cost $5. There is also a $2.50 foreign transaction fee.

BusyKid was founded in 2011 as MyJobChart; it's based in Scotsdale, Arizona.

Best for Customer Service : GoHenry Debit Card


GoHenry by Acorns Logo
  • Monthly Fee per Kid: $5,00
  • Reload Fee: $0
  • Minimum Age: 6 years old
Why We Chose It

The GoHenry debit card comes with a host of features for kids and parents, including chores and allowance tracking, real-time alerts, and parental spending controls. Unlike some other companies, GoHenry also offers customer support via phone, email, or chat, seven days a week.

Use code INVFREE for a free month AND a free personalized card.

Pros and Cons
Pros
  • Customer service available 7 days a week

  • Financial education resources

  • No fee to send money or make ATM withdrawals

Cons
  • Higher cost than competitors ($5.00/month, per child)

  • No rewards or investment options

  • Minimum $5 opening deposit

  • No APY or savings bonus

Overview

GoHenry offers a debit card and mobile app aimed at children ages 6 to 18 to help them manage allowance and chore money. It also has built-in financial education tools, including “money missions,” which are interactive financial lessons based on the K-12 Personal Finance Education National Standards.

GoHenry is our top choice for customer service with access to phone and email support seven days a week. There is also a comprehensive support section on the website.

GoHenry offers a wide range of features, including chore tracking, savings goals, real-time notifications, parental spending controls, and peer-to-peer payments with friends and family. Direct deposit is available for anyone 14 and older. Accounts are FDIC-insured, and the debit Mastercard offers the latest in chip-and-PIN technology for an extra layer of security.

Cardholders can choose from over 45 card designs, including some designed by artist Lucie Corbasson. While GoHenry is slightly more expensive than other debit card accounts, the full-featured banking app and excellent support team make it a worthy consideration for parents of kids and teens. 

GoHenry costs $5.00 per month, per child, but you can also get a family plan at $9.98 per month for up to four children.

GoHenry was founded in 2012, and is based in the U.K.

Best for Security Features : Jassby Virtual Debit Card


Jassby

 Jassby

  • Monthly Fee per Kid: $5.95
  • Reload Fee: N/A
  • Minimum Age: None
Why We Chose It

Jassby offers a completely online experience with the added security of a virtual card that offers PIN and biometric security for every purchase, and full parental controls for each account.

Pros and Cons
Pros
  • Apple Pay compatible

  • PINs and biometric access authentication capabilities

  • No minimum opening deposit

Cons
  • Replacement physical cards are $4.95

  • No APY or savings bonus

Overview

Jassby is an online bank that offers a virtual debit card that is also compatible with Apple Pay for in-store and online purchases. Kids and teens don’t have to worry about losing a physical card with Jassby, and each transaction uses a PIN for an added layer of protection. The debit card is issued by Mastercard, and Jassby accounts are FDIC-insured through Sutton Bank of Ohio.

If you'd like, you can order a physical debit card as well.

In addition to the debit card, Jassby offers a kid-friendly mobile app that allows parents to assign chores, set up recurring allowance payments, and monitor any debit card transactions on the account. If the card is lost or stolen, you can request a replacement or get help through the app. Kids also gain access to Jassby's rewards program, which provides awards for completing tasks that increase their financial literacy.

There are few fees to use the card. There is no minimum or maximum age, but you must be a U.S. citizen or legal resident with a U.S. street address and an iOS or Android device, and have a U.S. bank account or credit card.

Jassby is based in New Hampshire and was founded in 2017.

Best for Financial Education : FamZoo Prepaid Debit Card


FamZoo

FamZoo

  • Monthly Fee: $2.50 to $5.99 (unlimited cards available)
  • Reload Fee: $0 to $4.95 (depending on reload method)
  • Minimum Age: None
Why We Chose It

FamZoo has a banking app, a prepaid debit card, and a wide range of educational features, such as chore lists, purpose-driven accounts, savings goals, instant transfers, real-time alerts, and more.

Pros and Cons
Pros
  • Up to four cards at no additional cost (additional cards after four have one-time $3 fee)

  • Unique educational features

  • Chore lists, savings goals, and loan tracking

  • Apple Pay and Google Wallet support

  • Minimum initial deposit of $0.01

Cons
  • Reload fees up to $4.95

  • Interest on savings account paid by parents

  • Lowest pricing requires 24-month payment upfront

  • No APY or savings bonus

Overview

FamZoo focuses on teaching kids good money habits. It offers a prepaid debit card and mobile app that helps kids manage their money using spend, save, and give budget categories. The mobile app has payment checklists for kids to track chores and jobs that earn them money.

Payment can be split between categories, teaching kids why paying themselves first is a smart choice. Kids can also set and track savings goals, setting aside funds for larger purchases. Parent-paid interest is available as well, allowing parents to encourage saving money by paying interest on saved amounts.

FamZoo offers some unique abilities to help kids learn about real-world finances, including a loan repayment tracker and “chore fail” chart. Parents can loan their kids money (by loading it onto the prepaid card and setting a repayment schedule for kids to repay the loan). The chore fail feature is the ability to remove funds from a child’s account for failure to do a chore. FamZoo provides weekly financial reports, showing transactions and goal progress for each member of the family.

FamZoo has two options for families: prepaid cards or IOU accounts. While the IOU account only keeps track of the money you owe your child, the prepaid cards offer a lot more hands-on money management experience. Parents can make instant transfers and track purchases while retaining visibility and control over four linked prepaid cards. There are no age restrictions on FamZoo accounts. The card’s funds are stored in an FDIC-insured account, and the company doesn’t keep your sensitive data on its servers.

The pricing for FamZoo ranges from $2.50 to $5.99 per month, depending on if you pay monthly or pre-pay. The fee remains the same, no matter how many cards you have. If you need more than four cards, each card after the fourth will be charged a one-time $3 manufacturing/shipping fee. You'll also receive three free card replacements before being charged a $3 replacement card fee.

The reload pricing ranges from free (direct deposit, Apple Pay, PayPal, Square Cash, or Venmo) to $4.95 (Mastercard rePower, GreenDot @ the Register, GreenDot MoneyPak). FamZoo doesn’t pay interest, but you may set up “parent-paid interest” to encourage saving.

FamZoo was founded in 2006, and is based in Palo Alto, California.

The $2.50 per month pricing requires you to prepay $59.99 in advance for 24 months.

Best for Parental Controls : Kachinga Prepaid Debit Card


Kachinga

Kachinga

  • Monthly Fee per Kid: $3.00/month, billed annually
  • Reload Fee: N/A
  • Minimum Age: None
Why We Chose It

Kachinga offers a fully controllable prepaid debit card and chore app, with the ability to receive notifications every time a transaction occurs, instantly lock/unlock cards through the mobile app, and even restrict access to age-inappropriate spending categories.

Pros and Cons
Pros
  • Real-time transaction monitoring

  • Ability to lock child debit cards remotely

  • Free trial available

Cons
  • $36/year per child

  • $2 ATM withdrawal fees

  • Limited customer support

  • No APY or savings bonus

Overview

Kachinga is a chore app that pairs with a prepaid debit card that helps kids learn how to earn, save, and spend money. Kachinga offers a wide range of parental controls, including spending alerts, blocking spending at certain merchants, and the ability to lock a debit card from the mobile app.

The app helps children earn money by allowing parents to set up chore charts or recurring allowance. The earned money is loaded to the prepaid debit card, and kids can either spend, save, or give the funds on the card. The app also tracks spending over time and offers simple spending reports to help young people learn about money management.

Kachinga costs $36 per year per child, so it may get expensive for parents with multiple kids. There is a one-month free trial for the service included. There is also no ATM partner network, so ATM withdrawals will incur a $2 fee that is not reimbursed. There are no overdraft fees, inactivity fees, or reload fees on the card.

Kachinga's headquarters are in San Francisco, California. The company was founded in 2018.

Best for Financial Planning : Current Debit Card for Teens


Current logo
  • Monthly Fee per Teen: $0
  • Reload Fee: N/A
  • Minimum Age: 13 years old
Why We Chose It

Current is an innovative banking app with helpful financial planning features for teens such as setting savings goals, the ability to round-up purchases toward savings, and earning money by completing chores within the app. Current also gives teens the ability to request or send money to friends as well as give to charity.

Pros and Cons

Pros
  • No minimum deposit requirement

  • Savings Pods help teens learn to save for future expenses

  • Round-up feature to save spare change

  • Up to 4.00% Bonus on Savings Pods

  • Fee-free ATMs available

Cons
  • Must be linked to a parent account

  • Deposits may take up to 5 business days to transfer

Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equalling a minimum of $100. For more information, please refer to Current Boost Terms and Conditions.

Overview

Current offers a prepaid debit card and mobile banking app that focuses on teaching teens financial planning through unique in-app features. Teens can manage their money through the Current mobile app, and set aside funds on the debit card for spending, saving, and giving. Current also has a built-in chore tracker and recurring allowance options.

Current allows you to track spending which helps teens learn to manage their money, with the ability to set budget spending limits. Current also allows teens to “round-up” purchases to the nearest dollar and transfer the difference into savings pods, which allow you to split your balance into named savings goals. The Current mobile app also allows teens to set up recurring savings into the savings pods, effectively automating their savings for future financial goals. Current has a Personal Finance 101 section of its website, helping teens learn to plan, budget, and save more effectively.

Current comes with all the essential parental controls, including real-time spending notifications, the ability to lock debit cards, and also the ability to block spending for specific merchants, or even specific stores. Current does not charge a subscription fee for any accounts. However, you will need to have a parent account to sign up. There are no transaction fees, transfer fees, or overdraft fees, and Current partnered with Allpoint to give access to over 40,000 fee-free ATMs across the U.S.

Current was founded in 2015, and is based in New York City.

Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees.

Current is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Member FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

The Bottom Line

Our top pick as the best debit card for kids and teens is the Greenlight Kids' Debit Card because it excels in many areas. It allows parents to monitor and control spending options, lock cards, and set up real-time parental notifications. Greenlight also has a mobile app with the parental controls built in, so parents can monitor and control spending, as well as incentivize chores by adding money to their kids’ accounts directly. Greenlight is a great option for families of any size, but it's especially useful for families with multiple kids.

Why You Should Trust Us

Investopedia collected key data points from 25 companies to identify the most important factors for readers choosing a kids' debit card. We used this data to review each company for pricing, reputation, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best kids' debit cards since 2020.

Compare the Best Debit Cards and Banking Apps for Kids and Teens

Company Monthly Fee per Kid Minimum Age Minimum Deposit Requirement APY/Savings State/ATM Availability Mobile App Rating
Greenlight Kids’ Debit Card Best Overall $5.99 to $14.98/month (supports up to 5 kids) None No minimum deposit requirement Up to 5% savings 50 states; No ATMs 4.4 in Google Play; 4.8 in App Store
Axos Bank First Checking Account + Debit Card Best for No Fees $0  13 Minimum opening deposit of $50; no balance requirement after that 0.10% APY 50 states; 55,000+ Allpoint ATMs, plus Green Dot service locations 3.1 in Google Play; 4.7 in App Store
BusyKid Visa Prepaid Spend Card Best for Spending Controls $4/month, billed annually (up to 5 cards)  None Not disclosed None 50 states; Any Visa ATM 4.1 in Google Play; 3.4 in App Store
GoHenry Debit Card Best for Customer Service $5.00/month, per child; $9.98/month for up to 4 children 6 Minimum $5 opening deposit None 50 states; No ATM withdrawal fees 4.3 in Google Play; 4.4 in App Store
Jassby Virtual Debit Card Best for Security Features $5.95 None No minimum deposit requirement None 50 states; No ATM access 3.9 in Google Play; 4.4 in App Store
FamZoo Prepaid Debit Card Best for Financial Education $2.50 to $5.99/month (up to 4 cards) None Minimum opening deposit of $0.01 None 50 states; No ATM fees 4.7 in Google Play; 4.6 in App Store
Kachinga Prepaid Debit Card Best for Parental Controls $3/month, billed annually  None Not disclosed None 50 states; Mastercard and 300,000+ Accel/Exchange ATMs 3.5 in Google Play; 3.7 in App Store
Current Debit Card for Teens Best for Financial Planning $0 per child, with linked parent account  13 No minimum deposit requirement Up to 4.00% APY 50 states; over 55,000 Allpoint ATMs 4.6 in Google Play; 4.8 in App Store

Guide to Choosing the Best Debit Card and Banking App for Kids and Teens

Ideally, your child will use their debit card for months or years. The top cards are all safe when used responsibly, but they have different fees and features. Consider the following to help determine which card works best for you and your kid.

What Is a Debit Card for Kids and Teens?

Debit cards for kids are accounts that allow parents to supervise their children as they learn to manage money. These debit cards may be linked to your bank account or another funding source.

Debit cards for kids allow children to practice the basics of money management without the risk of high overdraft fees or getting into credit card debt. You may set up payments for chores, monitor spending, set spending limits, transfer money, and more from the convenience of a mobile app.

How to Compare Debit Cards and Apps for Kids and Teens

When looking for the right debit card for your child, there are a few factors you may want to consider:

  • Parental controls: While many debit cards for kids have spending controls, some offer more than others. Specifically, look for spending alerts, merchant blocking, and the ability to lock/unlock cards remotely.
  • Cost: Many of the kid-focused debit cards come with a monthly or annual fee. These cards tend to offer more features, but also may cost more, depending on your needs. Also, be sure to research any associated fees, such as overdraft, reload, or ATM fees.
  • Mobile app: Great kids' debit cards will have a mobile app that pairs with the card, which is essential for monitoring and managing their money. Look for apps that offer a simple user experience and control over debit card funds.
  • Limits: Be aware of spending and transaction limits on debit cards. Some offer lower limits than others, so make sure to understand what type of spending you expect your child to do before signing up.

How to Get a Kids' Debit Card

It's easy to apply for a kids' debit card, but you may have to complete a few more steps than you would with a typical debit card or bank card. Kids' debit cards can't be opened by minors; they must be opened by a parent or guardian over 18.

You can typically open a kids' debit card online, or sometimes through a companion mobile app.

  1. Choose the right card: Find a reputable bank or credit union that offers kids' debit cards, or a prepaid card (check our picks above). Look for low fees, parental controls and monitoring, and age-appropriate educational resources.
  2. Confirm age eligibility: Some age limits start around 8 or 10 years old, some debit cards for teens require at least age 13, and other cards have no minimum age limits.
  3. Set up a joint account: Depending on the card, you may have to open a joint bank account with your child. Your adult account typically allows you to send funds to the child account, oversee your child's account activity, and set limitations on spending, withdrawals, etc.
  4. Provide documentation: Gather the necessary paperwork, which typically includes proof of identity and address for both the parent or guardian and the child. You'll usually be asked to confirm your name, address, date of birth, and SSN; you may be required to upload images of your ID and a recent utility bill, or a credit card or mortgage statement.
  5. Set spending/withdrawal limits: Many kids' debit cards allow the adult account to set spending and withdrawal limits. These can help instill responsible spending habits and ensure that your child stays within a manageable budget.
  6. Monitor the account together: Actively monitor the account activity with your child. Regularly review purchases, deposits, and withdrawals together. This can reinforce responsible spending habits and provides an opportunity for ongoing discussions about financial products and responsibility.

In the News

Despite the prevalence of payment apps and mobile banking, teens still use traditional banking tools. In fact, a 2022 study found that 59% of teens use debit cards. A debit card with low fees and educational resources can give teens a safe way to learn essential banking and budgeting skills—and minimize the need for their parents' financial assistance when they're adults.

Pros and Cons of Debit Cards and Banking Apps for Kids and Teens

Pros

  • Chore tracking and payments: One of the key perks of debit cards designed for children and teens is the ability to add chore lists. With certain cards, parents can create a list of tasks and tie them to allowance payments, helping children learn about the value of money by allowing them to earn cash by working.
  • Educational resources: The leading kids' debit cards offer educational resources and tools, such as videos, calculators, and games. These tools teach users how to create a budget, track their spending, and manage their money. 
  • Parental safeguards: Unlike standard debit cards, the best debit cards for kids feature parental controls. Parents can block purchases from certain sites and set limits on debit card usage to prevent excess spending. 
  • Debit cards tied to checking accounts can receive paycheck direct deposits: If your child's debit card is connected to a checking account, it may be eligible to receive convenient direct deposits from a summer job. This helps you avoid the hassle of cashing paychecks.

Cons

  • Age restrictions: With their low fees and added benefits, kids' debit cards can be appealing. But they are usually limited to certain ages, such as those under the age of 18. Once the child reaches the maximum age, they may have to transfer their money to another account or even to another bank. 
  • Limited deposit or withdrawal options: With some financial institutions that offer debit cards specifically for kids and teens, you can only make deposits or withdrawals in certain ways. For example, the bank may only accept mobile deposits or electronic transfers, and may not permit ATM withdrawals. For young people looking to deposit cash they received for their birthday or take out money before heading out with friends, that issue can be a significant drawback. 
  • Monthly fee may apply: Because of the added tools and features available with debit cards designed for kids, the issuer may charge a monthly fee. The fee can be relatively high, ranging from $4 to $15 per month in many cases.  

Teens are more interested in personal finance than you may think. A 2022 Fidelity survey found that 49% of teens opened a new bank account, and 20% of teens already started investing. Teaching kids about money and setting them up with their own financial accounts at an early age could pay off in more ways than one—a 2022 LendingTree survey found that 1 in 4 parents argued with their under-18 child about money in the previous month, and over a third of those arguments involved using a credit card without permission. Those problems might be mitigated by educating children and setting up an organized family budget.

Should Your Child Use a Debit Card? 

If you're interested in ways to teach your child financial literacy and the ability to manage their own money, a kids' debit card is a great onramp to get them started. Many of these debit cards are prepaid cards, and most come with some form of parental controls, including spending alerts, and the ability to block inappropriate merchants. 

You can think of these debit cards as giving your child a real checking account with bumper lanes. Kids get the responsibility of handling their own finances without the risk of unfiltered access to a standard debit or credit card (there aren't any credit cards for kids because you need to be 18 to get a credit card in most cases, but in some cases it is possible to make kids under 18 authorized users on credit card accounts). And, although debit cards won't help build a positive credit history for your child, being responsible with a prepaid card is good training for using credit cards later on.

Alternatives to Debit Cards for Kids and Teens

Debit cards for kids provide some useful tools and added features. But for older teens or kids saving for long-term goals, those features may not be necessary. Since they may not use the tools or resources provided, the debit card may not be worth the monthly fee. Instead, these alternatives may be a better fit.

  • Free checking accounts: Free checking accounts allow individuals to get access to a debit card and check-writing privileges without having to worry about monthly maintenance or account fees. Teens 18 and up can open a free checking account on their own, but younger kids can open one if a parent or legal guardian is willing to act as a joint account holder. 
  • Savings accounts for kids: Many major banks offer savings accounts designed specifically for teenagers and children. Savings accounts for kids have low minimum deposit and minimum balance requirements—often as low as $0—and some pay competitive interest rates. 
  • Credit card authorized user: Some credit cards allow you to designate your child as an authorized user. Not only does this give them a chance to learn how to use their first credit card, it allows your child to start building credit. If you so choose, you can set them as an authorized user to build credit without actually giving them a card to use.
  • 529 plans: For families that want to save for a child's future, a 529 college savings plan can be an excellent option. A 529 is a tax-advantaged account that allows families to invest money, and the contributions grow on a tax-deferred basis. Once the child is ready for college, they can take tax-free withdrawals from the account to cover qualifying education expenses.
  • UGMA/UTMA accounts: Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts are types of custodial accounts that can be opened on behalf of a child. The custodian—the person that opens an account—can contribute money and invest the funds in the account. Once the child reaches the age of majority for their state, the funds are transferred to the child. 
  • Coverdell: Like 529 college savings plans, Coverdell Education Savings Accounts are common tools families use to save for postsecondary education. However, Coverdell accounts can also be used to pay for qualifying elementary and secondary school expenses. Coverdell contributions are not tax-deductible, and there are income limits restricting who can contribute to a Coverdell account. 

The annual percentage yield (APY) of savings accounts varies greatly between banks, so shop around to find the best account that offers low fees and higher yields. Our list of the best high-yield savings accounts is a good starting point.

Frequently Asked Questions

  • What Is the Best Debit Card for a Child?

    The debit card that’s best for your child or a minor depends on several factors, including maintenance fees (some are free, others are inexpensive), parental controls, activity alerts, and other features like the ability to set savings goals. Check for minimum age requirements, too; some have no such requirement, but others do. Our top picks include the Greenlight Kids’ Debit Card, Axos Bank First Checking Account Card, BusyKid Visa Prepaid Spend Card, and GoHenry Debit Card.

  • What Is the Best Debit Card for High School Students?

    If the high school student is under age 18, they'll typically be eligible for any of the debit cards on our best list above. Some good options for highschoolers (that aren't geared toward younger kids as much) are the Axos Bank First Checking Account + Debit Card, the Jassby Virtual Debit Card, and the Current Debit Card for Teens. If the student is 18 or older, they're eligible for a wider range of debit cards; see our choices for the best free checking accounts (which come with debit cards) for some excellent options.

  • Which Is Better, Greenlight or GoHenry?

    Greenlight and GoHenry are both among our top picks for kids' debit cards and banking apps, although Greenlight is our best overall pick. GoHenry is our top pick for customer service.

    Each debit card has great features for both kids and parents, including chore tracking, instant transfers, spending controls, and real-time notifications. Their prices are comparable. Greenlight has no minimum age, while GoHenry's minimum age is 6 years old.

  • Are Debit Cards for Kids Safe?

    Yes, a debit card with the proper parental controls in place can be one of the best ways to expose your child to financial management without the risks or worries of a credit card. Kids can only spend as much money is loaded on the card or deposited into the associated account, and parental controls are often included to limit activity in various ways. Just check to be sure the bank provides FDIC insurance.

  • Can I Get My 13-Year-Old a Debit Card?

    There are a handful of debit cards marketed to and with features designed for teens and kids; there are even debit cards for kids under 13 years old. Some of our top picks, including the Greenlight Kids' Debit Card and BusyKid Visa, have no minimum age requirement. These cards usually function like your average debit card, but they come with extra parental controls to limit certain activities, like spending or withdrawing money. They often come with monitoring tools as well to give parents an overview of how the card is being used.

  • What Banks Can a 12-Year-Old Get a Debit Card From?

    Some banks allow accounts and debit cards for children under 13 as part of a joint account with a parent or guardian. Capital One, for example, allows kids over 8 years old to open an account and get a debit card; Chase allows kids from 6 to 17; and Connexus Credit Union allows kids from 10 to 17.

  • Is There a Debit Card for Kids With No Fees?

    There are a few debit cards for kids and teens with no monthly fees and few other fees, but there are often fees for certain activities, like out-of-network ATM withdrawals, cash loads at retailers, and replacement cards. The Axos Bank First Checking Account Card is our top pick for no fees, as it has no initial fee, monthly fee, overdraft fee, or insufficient funds fee. It also provides up to $12 in ATM fee reimbursement per month. The Current Debit Card for Teens is another good pick if you're looking for the least expensive debit cards for kids and teens.

  • Debit Cards We Reviewed

    We researched and reviewed 25 companies to find the best kids debit cards you see on the list above. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend. Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision:

    Alliant Credit Union Free Teen Checking, American Express Serve Prepaid Debit Cards, Axos Bank First Checking Account Debit Card, BusyKid Visa Prepaid Spend Card, Capital One MONEY Teen Checking, Chase First Banking, Copper Debit Card, Current Debit Card for Teens, Family Money by Verizon, FamZoo Prepaid Debit Card, Fidelity Youth Account, Goalsetter: Family Banking, GoHenry Debit Card, Golden 1 Credit Union, Greenlight Kids’ Debit Card, Jassby Virtual Debit Card, Kachinga Prepaid Debit Card + Chore App, Mango Prepaid Debit Card, Mazoola Virtual Debit Card, Step Banking for Teens, Till Financial, USAA Youth Spending Account, Visa Buxx Card, Wingocard Prepaid Visa Card, Wells Fargo Clear Access Banking.

How We Picked the Best Debit Cards for Kids and Teens

Although debit cards for kids and teens are a newer concept, there are already quite a few competing companies on the market. This can make it difficult for busy parents to decide, particularly when so many products offer a similar set of features. Some products also offer less pricing transparency, especially when it comes to extra fees, making it difficult to make a true apples-to-apples comparison.

We started with 25 of the top kids' debit cards. We compared 34 criteria for each company, including its history, reputation, features, and how the product works. We also looked at pricing and fees, including any that can be waived. We reviewed parental controls, education, security, and any other standout features to select the best options. 

Although we did consider some larger, national banks, our research indicated that the smaller, niche banks provided better services tailored to the specific needs of children and their parents.

Learn More About Banking for Kids and Teens

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Best Debit Cards and Banking Apps for Kids and Teens for October 2024

Investopedia / Zoe Hansen

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  2. Axos Bank. “History of Axos Bank.”

  3. BusyKid. “Frequently Asked Questions,” Select Is BusyKid Legit?.

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  6. LinkedIn. "Kachinga."

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  9. Fidelity. "2022 Teens and Money Survey." 

  10. LendingTree. "46% of Parents Say Their Child Used Their Credit or Debit Card Without Permission, Racking Up $500+."

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  12. FINRA. "FINRA Reminds Member Firms of Their Responsibilities for Supervising UTMA and UGMA Accounts." 

  13. IRS. "Topic No. 310, Coverdell Education Savings Accounts."