Top debit card for kids!!
Are you worried about your children’s pocket money? Like where it goes, how much money they spend, and how do they spend it? Do you wish there should be a bank for children either, just like how we have?
So, in this post, you will know everything about kids debit cards, savings accounts, spending limits, and money management.
Why debit cards for kids and teenagers?
The habit of debit cards will help your child develop an adult mindset in managing money. With debit cards, children learn the fundamentals of money, and they will learn to differentiate between wants and needs.
A few banks will set a daily limit to withdraw the money if you want the extra money out.
How do Debit cards help kids and teenagers?
Debit cards help them out in many ways; their money is safe, it is not stolen or lost, they can use it accordingly, and one more important thing is they learn the importance of money, money fundamentals, how much money to spend, and how to manage money.
They get the adult mindset in money management and develop skills to gain financial responsibility and develop spending habits.
Are debit cards safe for children and teenagers?
Yes, there will be problems since it is a technology and especially kids are allowed into it. Some companies are willing to sell their customer data, but how do you choose a suitable company for your kid? Read further to know more about the topic.
Everything online or offline requires a lot of your information. To open a bank account for your kid, you have to provide a maximum of your information such as a mobile phone number, your address, your location, and sometimes, if you get access to online banking, they also ask you for GPS to monetize your account, by chance if you make any transactions.
While that is different, bank debit cards work on a security pin which is an essential factor why many cards fail; either they might have exposed their card details or the security PIN.
Finally, it is said that debit cards are safe for your kids and teenage kids to use for a few reasons, only if chosen the right brand.
# Consumer Protection
Prepaid debit cards issued by FDIC-insured banks can protect your money up to $250,000; it indicates that you will not lose money even if the bank fails.
# Locking Capability
Most of the debit cards come with a parental locking/managing feature so that you can maintain money in the account through a mobile app from your comfort zone if the card is lost.
# Child-specific laws
The Children’s online privacy protection act takes privacy a further step for kids under 13 years who use banking facilities by requiring issuers to clearly state all information they are collecting and get parental consent beforehand.
But please, make sure that your child’s info is not sold to third parties.
# Card Security
Prepaid cards are equipped with EMI chip technology, requiring a password number/PIN or facial recognition to access the account.
Is it legal for a 12-year-old to have a debit card?
Debit cards were only issued for 13 and above-year-old children, but many kid-focused card companies started to issue kids debit cards for 6 years old kids with a motto to teach financial literacy.
Thus, the minimum age to get a debit card is 6 years in the US. And the minor accounts should be linked with either parents or guardians version who are above 18 years.
Debit cards for kids and teens: Everything you should know
The best 18 debit cards for teens and kids
- Gohenry Debit card – best for personalized cards
- Greenlight Debit card for kids – best for all-around kids account
- Copper Banking teen Debit card – best for teenagers
- Current teen banking – best for savings round ups
- Chase first banking – no fee required
- Busykid visa prepaid spend Debit card- best for families with multiple kids
- Jassby virtual Debit card – best for rewards
- Current Debit cards for teens – best for financial planning
- Axos bank first checking account + Debit card – best for no fees
- Kachinga prepaid Debit card – best for parental controls
- Till financial – best for low fees
- Alliant credit union teen checking – best for earning interests
- Step banking – best for building credit
- Cashola – best for financial quizes
- Navy federal visa buxx – best for military kids
- Mazoola virtual debit card – best free debit card for kids
- Capital one money – best for ATM access
- Famzoo prepaid Debit card – best for traveling abroad
Let us now get in details for the top 7 debits cards for kids:
1. GoHenry Debit Card: (prepaid debit cards)
Age requirement: 6-18 years
Maintenance fees: $3.99 monthly fees
Card purchase fees: 0
Annual or Monthly fee: $47.88 per year (offers not included)
ATM withdrawals fees: $1.50 monthly fee
Card network: Mastercard
GoHenry debit card is a free debit card and the best card for kids from age 6 to 18 because it lets your kids choose their required model of the card from the given models. This debit card turns financial literacy into an interactive game your kid can enjoy.
This card offers a 30-day free trial offer and overdraft protection, which will automatically detect your child’s purchases and declines their purchase if they exceed the daily limit.
2. Greenlight Debit Card for Kids (kids prepaid debit cards and debit card for teens)
Minimum age requirements: any age
card replacement fee: $3.50
ATM withdrawals limit: approximately $500/month
Greenlight Debit cards are prepaid cards. They allow your kids to invest in their best investment. With Greenlight Debit cards and the app, parents can set flexible controls and get instant notifications whenever their kids spend money.
This card stands out by providing a higher facility in holding the amount and the transfer limit, which is increased. They charge monthly fees of around $4.99 and their ATM withdrawal limits per day are #105/day.
3. Copper Banking teen debit card (prepaid debit cards for teens)
Maintenance fee: 0
ATM fees: 0
Minimum age requirements: 13+
Prepaid debit card: yes
Copper is a prepaid debit card (savings account) and a free debit card. This copper debit card is handy for teenagers because it gives them more financial independence than other kids’ debit cards.
The best part about this is that they provide you with financial education tools like financial quizzes for the entire family to grow financially.
But they pay interest around 0.001% on average per year, which is equal to nothing.
4. Chase First Banking (checking accounts for kids and teen debit cards)
ATM withdrawals fee: 0
Foreign Transaction fee: 3%
Chase First Banking stands out as it is only one of the checking accounts for kids with the basic banking features, and kids as young as 6 years can get the chase first banking account.
Most checking accounts require a person to be 13-17 years old, and as Greenlight powers it, you will get some of the basic features from the Greenlight, and it doesn’t require any minimum balance.
And also, it is one of the free checking accounts out there for kids. Chase banking also offers a joint checking account so that you get a connected debit card, as well as your checking account for its customers.
You can get access to a digital checking account through chase’s mobile app.
5. Busykids (prepaid debit cards)
Annual or Monthly fee: $3.99/month
Card replacement fee: $5
Transfer fees: $3
Age: 5-16 years old
Card network: Visa
Busy Kids come in handy for a family with multiple kids, and it is the best for customer care services since it offers a faster response for any issue raised by a customer. Busy Kids also offer chore assignments and automated allowance payments like many other kids’ debit cards.
Like other debit cards, Busy Kids allow limited parental controls over their child’s account, and the kids have an option to save their money with parent-paid interest.
However, they still need your permission to transfer money to their spending card, and you can also see their spending money sheet.
You can maintain up to five kids linked up their savings account to your bank account. This is also a credit unions bank.
6. Axos Bank
Cost per teen: $0
Reload fee: N/A
Axos Bank is one of the best for your teens as it offers them their first checking accounts with no fees of any kind. With the checking account, they provide a free debit card included.
Their checking accounts have standard features, including online bill payments, peer-to-peer payments, and FDIC insurance.
The Bank requires one parent or guardian to be the joint account owner for their teen. Teens can make direct deposits into the account and can have some interest as well, although it’s as low as 1%.
7. Jassby Virtual Debit Card
Cost per Teen: $0
Reload Fee: N/A
States Available: 50
Jassby is an online banking facility that offers virtual debit cards for your kids and teens. These cards are compatible with Google Pay and Apple Pay for in-store purchases. The best part is that your kids won’t have to worry about losing their debit cards since its virtual.
Along with the debit card, Jassby offers a user-friendly mobile application that will allow you to assign chores to your teens, monitor your kid’s transactions, and set up recurring allowance payments.
Most debit cards don’t ask for any minimum deposit except to charge fees for maintenance, replacement, and others. You make sure that your kid doesn’t face a situation to pay overdraft fees; it is unnecessary.
Every bank has a mobile app where you can check account balances. There are bank accounts that accept free early direct deposits also.
To access the online bill pay option, one must use the platforms such as Google pay or apple pay to make peer-to-peer payments.
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