The answer is yes, debit cards for kids are secure to use. But for $5.99/month, could parents find a better value elsewhere? If youre 13+ you can bank, invest, and thrive. So, it is the right platform to use if you want to give your kids a complete learning experience in their financial management. This helps parents track how much money their kids have earned for completing chores or from their allowances. If you want in-depth parental controls and education modules for your kid, Axos isnt for you. BusyKid Visa Prepaid Spend Debit Card: Best for families with multiple kids. However, parents are using cards like the FamZoo Card, Go. The prepaid card account allows kids to have a Mastercard to use how they want, with you controlling how much money goes on to the card. The primary difference is that Greenlight offers a better app and website interface than FamZoo. With GoHenry, you and your kids can do a lot of things through its app and prepaid debit card such as: Below is the screenshot of parents and kids app dashboard. Both apps have comparable pricing. Considering the overall value you will get from these debit cards for kids, which one should you choose? "It helps them in school, it helps them with values, and it helps you save money.". *See the card issuer's online application for details about terms and conditions. Find out if the app is worth the cost. Savings GoalsIncentivize kids to save with custom savings goals. On top of that, you can also use your Greenlight app to invest for your kids futures (e.g. . For teens, Current helps teach financial management by letting cardholders create a budget. Greenlight allows you to set limit on specific categories and even specific in-store purchases. M1 Finance doesnt have a standalone debit card for kids. FamZoo's main offering is a prepaid, reloadable MasterCard for kids. If you want your teen to learn basic financial literacy and to manage their money through an intuitive mobile app, Copper Banking is the right choice. Like the regular Acorns app, Acorns Early lets kids under 17 learn basic financial management and the value of consistent investing. If thats the case, a Greenlight + Invest account may be useful. 7. You will then be able to manage their portfolio and build wealth for them. So, you dont need to worry about the privacy and security of these debit cards. From there, parents can subtract money from their balance if their kid wants to make a purchase or put money into savings. We pioneered unique features like parent-paid compound interest, child loan tracking, reimbursement requests, family billing, and much more. Another great checking account for teens is Current. With BusyKid, your kids can earn money by completing the chores or tasks you set, such as finishing laundry, cleaning the house, and so on. This means that the free version isnt meant for transferring funds youll need to do that another way. Are you looking for a good money app and debit card for your kids? Though its philosophy is the same as the original platform, it was important that BusyKid provide a "real world hands-on" experience to the kids who use it. Reasonable efforts are made to maintain accurate information. Knowing what it is and how it works is important because the Greenlight debit card isn't for everyone. Furthermore, you can create save, spend, or give accounts and create savings goals for each account type. BusyKid app is easy to use and allows you to do the following: Below is the screenshots of the BusyKid app interface. It was designed to be a stepping stone between a piggy bank and a real bank account. In this guide, we will talk about 4 popular financial service providers that offer debit cards for kids today, which are Greenlight, GoHenry, BusyKid, and FamZoo. Instead of opening a traditional checking account for your kids, you can opt for an investment account with M1 Finance. The app helps parents manage finances for their kids as they earn or are given money. Instead, they'll be able to gain an understanding of how to manage their finances even when they can't directly . With BusyKid, parents set the chores, kids complete them, and allowance is direct deposited each Friday. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). FamZoo vs BusyKid (including a BusyKid review) FamZoo vs GoHenry; Final thoughts based on our FamZoo review. FamZoo is a financial platform that helps parents teach their kids good money habits. (You can cancel at any time.) They can also learn about giving with the ability to donate to charity. Now, which debit card for kids is best for you to use? BusyKid is the first and only chore and allowance platform where kids can earn, save, share, spend, and invest their allowance. So, what is the difference between Greenlight and FamZoo? He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. First Checking offers financial freedom with the security of a joint checking account. Its simple for parents to set up allowance transfers or quickly approve money requests from their kid. If youre searching for an app with more features and services, such as investment accounts, Greenlight is likely to be a better option since it provides additional services overall. Gladice Gong is a personal finance writer and stock trader with many years of experience working in the financial industry. M1 custodial accounts are part of M1 Family, which is free for your first year and then costs $125 annually. Every Greenlight account is FDIC-insured up to $250,000. Users also get a debit card and can choose to round-up and invest spare change when they spend. The BusyKid app uses a chore-based system where your kids can earn real . Try Greenlight Debit Card For One Month Free Now. FamZoo offers various features designed to help your whole family members be more aware of their finances, including automated allowance, chore review option, automated family billing, family loan tracking, direct deposit for teens, card activity alerts, detailed decline info, restricted child access, and more. That said, heres a list of some of the best debit cards available for kids. If you're looking for a simple, straightforward prepaid spending card and financial education platform developed by a real parent like you, FamZoo offers all the basic features you need. Now, what about Greenlight debit card and BusyKid prepaid card? With FamZoo, parents can educate their kids about how to spend, save, invest, and manage their money, so they can build better financial habits. GoHenry is best if you only have one child that works to learn basic money management and wants a debit card for spending. Parents can also set single and weekly spending limits, receive real-time spending alerts, and choose where the GoHenry card can and cant be used. The following bank accounts and debit cards have three things in common: they're designed for kids to use, they're free, and they come with a variety of features and benefits. The Nationwide First Checking account is primarily geared towards teenagers and helping them with money management. For $4/mo, you get debit cards for up to 5 kids. Current utilizes cutting-edge security features like biometric scanning (i.e., fingerprint scan). You can choose to pay for FamZoo monthly or get a slight discount if you pre-pay for 12 or 24 months. Simply add money to your Savings Pods and enable the Interest feature. On the other hand, there is a $1.50 fee to use any ATM for BusyKid. Best Business Bank Accounts for LLC 2023: Top 13 Reviewed, Percent Review 2023: Alternative Investing Simplified, 22 Best Real Estate Investing Apps for April 2023, Best Real Estate Crowdfunding for Non-Accredited Investors, 13 Best Ways to Invest $300 (and Double It! BusyKid is the ultimate debit card & app that helps teach kids how to manage money they earn by doing chores. As their parents, you can also monitor all their financial activities from your app interface, so you can always follow their progress. On top of that, Greenlight has no ATM fees while GoHenry charges ATM fees. The Axos First Checking account is specifically designed for teens between 13 and 17 years old. Below is a screenshot of the online dashboard. Manage your familys wealth in the same place you manage your own, with the same tools. Greenlight provides debit cards for kids and financial learning apps that cover basic money management education for kids, as well as a wealth of features for parents to help follow their kids progress. This makes BusyKid one of the least expensive options. Wondering if FamZoo is right for your family? Many of the best debit cards for kids dont have age requirements, so you can open an account for your child as long as youre 18 or older. The only fee is a $1.50 ATM withdrawal fee. These plans unlock perks like higher interest rates and investing, but you can stick with a basic plan for your kid to learn the basics of money management. The BusyKid app uses a chore-based system where your kids can earn real money for completing chores. FamZoo: Pricing information from published website as of 05/01/2022, BusyKid: Pricing information from published website as of 05/01/2022. The company enjoys a 4.6-star rating on both the Google Play Store and the Apple App Store and 5 stars on Facebook. But make sure youre picking a debit card that has the features you and your kid need. Your email address will not be published. When taking fees into consideration, GoHenry is the best way to go if you are looking for an affordable debit card for kids. Best for learning and building routines Additionally, your child can learn the power of compound interest by earning 0.10% APY on their balance. Meanwhile, Greenlight is better for older kids and teens (from 8 years old) as it has more advanced features while also having a higher level of control by parents. Additionally, you can create family billing to charge kids a portion of family bills, like a Netflix subscription or their phone plan. On the other hand, GoHenry only allows you to set limits on more broad areas such as online and ATM. But if you want a no-fee card thats similar to managing an adult checking account, Axos First Checking is the perfect choice. Greenlight Basic costs $4.99 per month, compared to $5.99 for FamZoo. You simply share the QR code and the money rolls in. FamZoo's website boasts rapid response times for email inquiries, even on weekends, and recommends that you check your spam folder if you don't receive a reply in 45 minutes or less. You will also get updates on how your kids manage their money, with real-time notifications. Its up to you whether or not you keep it its always good to know your alternatives! You can create chores from within the app and let your kids complete them, and you can also set their allowance on autopilot, whether per week or per month. Pricing wise, BusyKid charges a monthly fee of $3.99/month. Theres an unfortunate lack of financial education in schools. BusyKid only costs $4 per month (billed annually at $48), provides custom debit cards, has superior technology, and offers many of the premium features found from other companies like Greenlight at no additional cost, such as a kid-friendly investment account. As a parent, you can also set up controls so you have to approve investing, donation, and saving changes. Best 5% Interest Savings Accounts. We publish data-driven analysis to help you save money & make savvy decisions. Overall, our GoHenry review found it to be a slightly cheaper alternative to Greenlight which also has in-depth parental controls. Does FamZoo Have Good Customer Service?Customer service is a bright spot for FamZoo. (703) 829-7168 | 1390 Chain Bridge Rd Suite A188 | McLean, VA 22101-3904, Best Business Savings Accounts for April 2023, 36 Free Game Apps to Win Real Money Without Leaving Your Home. Below, well compare some of the most popular debit cards for kids for those families having a tough time deciding. Is it Greenlight, GoHenry, BusyKid or FamZoo? Do you want your children to begin investing? You also save up to 58% for prepaying for 24 months, so FamZoo can become more affordable check out the pricing here. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Greenlight and Famzoo both offer the ability for kids and teens to link their paychecks to their cards through direct deposit. We have provided you with a comparison of the most popular ones you can use today, which are Greenlight, GoHenry, BusyKid, and FamZoo. When kids spend cash, theres no record of previous transactions, and its harder to create savings goals and budgets.In contrast, a kid-friendly debit card helps kids visualize their spending, track their savings progress, and learn the value of compound interest and investing. Between Greenlight, GoHenry, FamZoo, and BusyKid, they offer the same type of financial learning tools for your kids. The good thing about debit cards for kids is that the parents will always get involved in the financial learning process of their kids. BusyKid costs $3.99 per month or $38.99 per year, which includes up to 5 BusyKid Prepaid Visa Spend Cards and no fees on stock transactions. For example, parents can charge penalty fees for failing to accomplish chores. If you have the Greenlight + Invest or Max account, kids can even invest in real stocks. Greenlight is one of the most popular debit cards for kids and teens and has over four million parents and kids on the platform. Ultimately, the decision will depend on . Let's look at the top three. Which one of these debit cards for kids is best for learning? The best learning features your kids can use in FamZoo include payment checklists, spending and saving, payment splits, parent-paid interest, savings goals, family billing, and informal loan tracking. - Withdraw cash from over 55,000 ATMs and learn that it doesn't grow on trees. Greenlight doesnt charge any ATM fees and also its zero commission for investing in stocks. However, you can add multiple kids at no extra cost, so Acorns Early is potentially cheaper than debit cards like Greenlight or goHenry if you have several kids. Plus, teens earn 0.10% APY and get up to $12 in monthly ATM withdrawal reimbursements. Once the trial is over, you're billed annually at $48 if you connect your bank account. Kids can set personal savings goals for themselves in the app and they can set their account to round-up their purchases to save faster automatically. If kids have a job and use Greenlight or FamZoo, they can direct deposit their paychecks onto their cards. For example, if you pay your kid for completing chores when theyre around eight to ten years old, you could consider opening a checking account for them.Similarly, if your teen gets their first job, its wise to open a checking account so they can securely deposit their paychecks and learn how to save. 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