Best Debit Cards for Kids and Teens for March 2024
- Best Overall: Greenlight Kids’ Debit Card
- Best for No Fees: Axos Bank First Checking Account Card
- Best for Spending Controls: BusyKid Visa Prepaid Spend Card
- Best for Customer Service: GoHenry Debit Card
- Best for Security Features: Jassby Virtual Debit Card
- Best for Financial Education: FamZoo Prepaid Debit Card
- Best for Parental Controls: Kachinga Prepaid Debit Card
- Best for Financial Planning: Current Debit Card for Teens
Best Overall : Greenlight Kids’ Debit Card
- Monthly Fee: $4.99 to $14.98/month (up to 5 kids)
- Reload Fee: N/A
- Minimum Age: None
The Greenlight Kids’ Debit Card is our top overall pick for teens, offering chore management, instant transfers, real-time notifications, spending controls by store, and more. Greenlight also covers up to five debit cards even with the lowest-cost monthly plan, making it a great option for households with multiple teens.
- Full parental control and monitoring of teen spending
- Up to 5% in savings
- Chore management and payments
- Can block spending for specific stores
- No minimum deposit requirement
- $1,500 daily spending limit
- Can only fund accounts via bank account, debit card, or direct deposit
Best for No Fees : Axos Bank First Checking Account Card
- Monthly Fee per Teen: $0
- Reload Fee: N/A
- Minimum Age: 13 years old
- No monthly maintenance fees, overdraft fees, or insufficient funds fees
- ATM reimbursements
- Joint checking account with teen
- 0.10% APY
- 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)
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 teens 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
- Monthly Fee per Teen: $4.00/month, billed annually (up to five kids)
- Reload Fee: $0
- Minimum Age: None
- Savings locks and account alerts
- User-friendly mobile app
- Fund cards through debit card, credit card, or checking account
- Fee on declined purchases after 4 attempts
- $5 cost for replacement card
- $1.50 ATM withdrawal fee
- No APY or savings bonus
Best for Customer Service : GoHenry Debit Card
- Monthly Fee per Teen: $4.99/month
- Reload Fee: $0
- Minimum Age: 6 years old
- Customer service available 7 days a week
- Financial education resources
- No fee to send money or make ATM withdrawals
- Higher cost than competitors ($4.99/month, per child)
- No rewards or investment options
- Minimum $5 opening deposit
- No APY or savings bonus
GoHenry is a U.K.-based company, founded in 2012, that 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 app and excellent support team make it a worthy consideration for parents of kids and teens. GoHenry costs 4.99 per month, per child, but you can also get a family plan at $9.98 per month for up to four children.Best for Security Features : Jassby Virtual Debit Card
- Monthly Fee per Teen: $5.95
- Reload Fee: N/A
- Minimum Age: None
- Apple Pay compatible
- PINs and biometric access authentication capabilities
- No minimum opening deposit
- WordStrment physical cards are $4.95
- No APY or savings bonus
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. phone number and an iOS or Android device, and have a U.S. bank account or credit card.
Best for Financial Education : FamZoo Prepaid Debit Card
- Monthly Fee per Teen: $2.50 to $5.99/month (up to four cards)
- Reload Fee: $0 to $4.95 (depending on reload method)
- Minimum Age: None
- Includes up to four cards (additional cards $3)
- Unique educational features
- Chore lists, savings goals, and loan tracking
- Apple and Google Pay
- Minimum initial deposit of $0.01
- 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
Best for Parental Controls : Kachinga Prepaid Debit Card
- Monthly Fee per Teen: $3.00/month, billed annually
- Reload Fee: N/A
- Minimum Age: None
- Real-time transaction monitoring
- Ability to lock child debit cards remotely
- Free trial available
- $36/year per child
- $2 ATM withdrawal fees
- Limited customer support
- No APY or savings bonus
Best for Financial Planning : Current Debit Card for Teens
- Monthly Fee per Teen: $0
- Reload Fee: N/A
- Minimum Age: 13 years old
Pros and Cons
- 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% APY
- Fee-free ATMs available
- Must be linked to a parent account
- Deposits may take up to 5 business days to transfer
The Bottom Line
Our top pick is Greenlight because 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 is especially useful for families with multiple teens.
Compare the Best Debit Cards for Teens
Company | Monthly Fee per Teen | Reload Fee | Minimum Age | Minimum Deposit Requirement | APY/Savings | States Available | Parental Control via Mobile App |
---|---|---|---|---|---|---|---|
Best Overall | $4.99 to $14.98/month (supports up to 5 kids) | N/A | None | No minimum deposit requirement | Up to 5% savings | 50 | Y |
Best for No Fees | $0 | N/A | 13 | Minimum opening deposit of $50; no balance requirement after that | 0.10% APY | 50 | Y |
Best for Spending Controls |
$4/month, billed annually (up to 5 cards) | $0 | None | Not disclosed | None | 50 | Y |
Best for Customer Service | $4.99/month, per child; $9.98/month for up to 4 children | $0 | 6 | Minimum $5 opening deposit | None | 50 | Y |
Best for Security Features | $5.95 | N/A | None | No minimum deposit requirement | None | 50 | Y |
Best for Financial Education | $2.50 to $5.99/month (up to 4 cards) | $0 to $4.95 (depending on reload method) | None | Minimum opening deposit of $0.01 | None | 50 | Y |
Best for Parental Controls | $3/month, billed annually | N/A | None | Not disclosed | None | 50 | Y |
Best for Financial Planning | $0 per child, with linked parent account | N/A | 13 | No minimum deposit requirement | Up to 4.00% APY | 50 | Y |
Guide to Choosing the Best Debit Card for 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 teen.
Should Your Teen Use a Debit Card?
If you are interested in ways to teach your child financial literacy and the ability to manage their own money, a teen 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 teen debit cards as giving your teen a real checking account with bumper lanes. Teens get the responsibility of handling their own finances without the risk of unfiltered access to a standard debit or credit card. 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.
How to Compare Debit Cards for Teens
When looking for the right debit card for your teen, there are a few factors you may want to consider:- Parental controls: While many teen-specific debit cards 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 teen 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 teen to do before signing up.
How to Teach Your Teen to Use a Debit Card Safely
Most teen debit cards are designed as mobile-first applications, with the ability to sign up online. If the teen is under 18 years of age, there typically needs to be a joint account holder (parent or guardian) who is at least 18 years old to sign up for an account. Once an account is created (typically via the company website or mobile app), a parent will need to link a checking account or debit card to fund the card.
Many apps offer chore tracking and recurring allowance payments as well as the ability to split earned money into categories, such as spending, saving, and giving. Teens can monitor their finances through the mobile app, which helps them learn financial literacy and responsibility as they are exposed to rewards, fees, expenses, and more. Depending on the card, you may also get benefits like purchase protection, which can cover eligible purchases against damage and theft.In the News
In the News: Despite the prevalence of payment apps and mobile banking, teens still use traditional banking tools. In fact, a recent 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.
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. 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.
- 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.
- Confirm age eligibility: Some age limits start around 8 or 10 years old, while other cards have no minimum age limits.
- 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.
- 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.
- 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.
- 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.
Learn more: 10 Tips to Teach Your Child to Save Money.
Pros and Cons of Debit Cards for 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 debit cards for teens 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.
Cons
- Age restrictions: With their low fees and added benefits, debit cards for teens 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 teens 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 teens, 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 survey found that 49% of teens opened a new bank account, and 20% of teens already started investing.
Alternatives to Debit Cards for Teens and Kids
Debit cards for teens 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 teens 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.
- 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
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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 teens 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.
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Which Debit Card Is Best for Minors?
The debit card that’s best for your teen depends on several factors, but our top picks include the , , , and . -
What Costs Are Associated With a Debit Card for Teens?
There are several costs for most teen debit cards, including:- Monthly or annual fees
- Reload fees (for prepaid cards)
- ATM fees
- Declined card fees
- WordStrment card fees
- Custom card fees
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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 teen 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.
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Can a Teen/Kid Get a Debit Card?
Yes, there are a handful of debit cards marketed to and with features designed for teens and kids. They 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 Is the Minimum Age to Receive a Debit Card for Kids and Teens?
While many debit cards are only available for teens 13 or older, many kid-focused debit cards are available to kids as young as six years old. No matter what the age requirement is for the child debit card, in the U.S., a child under age 18 must have a parent or guardian on the account who is at least 18 years old.
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Are There Free Debit Cards for Kids?
Yes, there are a few free debit cards for kids and teens. The 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 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 Teens
Although debit cards for teens are a newer concept, there are already several 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 teens and their parents. 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.
Learn More About Banking for Kids and Teens
- Best Savings Accounts for Kids and Teens
- Best Student Bank Accounts
- Best Checking Accounts for Teens
- Best Custodial Accounts
- Debit Card Definition, Fees, and How They Work
- How to Open a Kid's Bank Account
- Opening Your Child’s First Bank Account
- Getting Kids Their First Credit Card
- Financial Education Resources for Kids
- Teaching Financial Literacy
- Credit Tips for Teens
- Tips for Teaching Your Child to Save Money
- Questions Kids Ask About Money
- Finance Books for Kids
- How Prepaid Debit Cards Work
- Inside GoHenry: How the App Makes Money
- How to Make Money as a Teen
- Investing for Teens: What They Should Know
- Stock Market for Teens
- Talking to Teens About Financial Risk