On the other hand, there is a $1.50 fee to use any ATM for BusyKid. For example, you can set up recurring chores such as making bed every day or one-time chore such as wash the car. While Greenlight is a better option if you have multiple kids or want more features such as investing or cell phone protection. Savings GoalsIncentivize kids to save with custom savings goals. Once youve signed up, you can have up to five child accounts linked to your copper account. On the other hand, FamZoo is a virtual family "banking" software designed to help you teach your kids to earn, save, spend, and give money wisely. Reasonable efforts are made to maintain accurate information. With a kid-friendly debit card, you help empower your kid to make their own financial decisions while still having a safety net thanks to parental controls. The other contenders in this category are Greenlight, BusyKid and Current. 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. BusyKid: BusyKid is a prepaid debit card for kids designed as an account to deposit their allowance. We may receive compensation if you shop through links in our content. Read our comparison chart below. . FamZoo provides prepaid cards and financial education for kids and teens. This is all virtual, and your kid doesnt have an online checking account to actually receive money. On top of that, Greenlight has no ATM fees while GoHenry charges ATM fees. There isnt an age requirement or minimum account balance. On the other hand, FamZoo is a virtual family banking software designed to help you teach your kids to earn, save, spend, and give money wisely. As a parent, you can set flexible controls and get real-time notifications every time their kids spend money. You will then be able to manage their portfolio and build wealth for them. This helps parents track how much money their kids have earned for completing chores or from their allowances. RoosterMoney is an allowance and chores app that helps kids and teens between the ages of four and 17 learn financial literacy. Furthermore, you can create save, spend, or give accounts and create savings goals for each account type. Both of these kids debit cards have great ratings on TrustPilot and both allow you to invest money in stocks. Lastly, lets compare Greenlight with BusyKid. However, among all these options, Greenlight offers the best overall value for parents, as this platform offers both affordable pricing and feature-rich financial learning apps for kids. It has a daily transaction limit of $100 cash and $500 debit with no overdraft fees included. Simply add money to your Savings Pods and enable the Interest feature. On top of that, you can also use your Greenlight app to invest for your kids futures (e.g. BusyKid offers a free 30-day trial. BusyKid. In fact, these fees should be fairly easy to avoid. Also, both Greenlight and BusyKid include debit cards for up to 5 kids in their subscription plans. 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. It has two systems: one the traditional credit card model that other companies have now adopted; for younger kids, Dwight has developed an IOU system that doesn't focus on prepaid cards. Finance, NASDAQ, Discover, and more. Current: 6%. Instead, they'll be able to gain an understanding of how to manage their finances even when they can't directly . The company also offers an online checking account, personal loans, and a rewards credit card. Besides the monthly subscription cost, FamZoo charges very few fees. Greenlight is a financial technology company that facilitates banking services through Community Federal Savings Bank. GoHenry gives you the affordable $4.99/month plan for your kids, along with a 1-month free trial. If you are thinking about teaching your kids how to invest from young, Greenlight+Invest is also a better choice because it provides valuable investing education resources as well as zero trading fees. Transfer funds anytime and anywhere. The bottom line It's never too early to teach kids good financial habits. While more simplistic and less technologically sophisticated than Current, FamZoo is more intuitive and easier to understand. This makes BusyKid one of the cheaper debit cards for kids, and the fact your kid can invest without paying commissions is a unique feature worth noting. If you want to turn the card off, you can also do that easily via the app. Get Acorns Early, plus a full financial wellness system, with investment, retirement, and checking accounts built in. GoHenry has a flat fee of $3.99 per child account. Bluebird American Express Prepaid Debit Account. If you want more insight and control over your kids spending, GoHenry has you covered and can help instill good financial habits. FamZoo Prepaid Debit Card: Best for financial literacy. Greenlight, GoHenry, FamZoo, and BusyKid are four popular children's debit cards that can help your kids learn smart financial habits, from saving to investing. Another great checking account for teens is Current. Through the account, youll be able to invest, borrow and spend cash through the M1 Spend Visa Debit Card. Current is a neobank that works differently than traditional savings accounts, far from it actually since it offers a hybrid checking/savings account.. What separates Current from other banks is that it offers 4% interest on its . With Greenlight +Invest, your kid can learn how to invest and actually start investing from young with parental approval. ), Navy Federal Credit Union Debt Consolidation Review, Best Auto Refinance Companies and Rates of 2023, Best Student Loan Refinance Companies (April 2023), 31 Best Bank Account Bonuses and Promotions [Full List], 21 Best High-Yield Online Savings Accounts of April 2023, 18 Best Money Market Accounts (Best Rates of 2023), Copper: Best teen card for no hidden fees, Greenlight: Debit Card for Kids and Teens, Current: Debit Card for Teens with Trackable Card & Account, BusyKid: Chores App for Kids to Earn Money, sign up through here and get a free trial, FamZoo: Preparing Kids for the Financial Jungle, Acorns Early: Save and Invest for Your Family. Age requirement: 6 to 18 years old. BusyKid provides a chore app for kids that will help parents teach the value of money in their kids life. If you want your child to learn money habits . But your kid doesnt have to store their cash in a piggy bank to learn how to save and spend money anymore. Now, we are talking about the fees these debit cards offer for you. Best for learning and building routines Personally, I would still go for Greenlight because it is more user friendly and saves me a lot of time and trouble. And, Axos also has one of the best debit cards for teens with its Axos First Checking account. You can choose to pay for FamZoo monthly or get a slight discount if you pre-pay for 12 or 24 months. There arent transfer or overdraft fees either. Greenlight provides debit cards for kids, teens, and grownups, along with the banking and investing app that can help kids learn how to save and manage their money. Over 800,000 Copper members use the mobile banking app and debit card. There are various financial service providers that provide debit cards for kids, along with the accompanying financial learning apps, to allow your kids to learn about how to manage their money from an early age. Your kids can use it (online and offline) anywhere Mastercard is accepted. This monthly fee covers any number of family members. As an added point for FamZoo, customer service is one of Current's issues. In fact, you can even limit the Greenlight debit card use to certain stores such Amazon and Target. For $4/mo, you get debit cards for up to 5 kids. The account is held secure by 2-step authentication, regular account monitoring, anti-virus, and malware protection, and it automatically logs out users during inactive sessions. They can earn, save, invest, donate or spend - all while having fun! Giving your kid a debit card is one of the best ways to teach them financial management. As a parent, you can also set up controls so you have to approve investing, donation, and saving changes. 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. Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. It teaches kids critical financial skills through hands-on experience using FarmZoo card. All rights reserved. But if you are just looking for a money app and debit card for kids to teach them about saving, spending, earning and giving, then both Greenlight and FamZoo can do the job. How does it compare to BusyKid? But for $5.99/month, could parents find a better value elsewhere? To be clear, RoosterMoney is primarily an allowance tracking app. Now, which debit card for kids is best for you to use? You can even get a 2% savings reward if you subscribe to the Greenlight Max plan. GoHenry is best if you only have one child that works to learn basic money management and wants a debit card for spending. Scheduled and Instant TransfersParents can schedule regular transfers (great for things like an allowance) to deposit money into their kid's account. Read our comparison chart below. You simply share the QR code and the money rolls in. FamZoo is a good value family finance app with robust features. Both Greenlight app and BusyKid app allow your kids to save, earn, donate and invest. The BusyPay QR . Youre also able to assign chores and reward them through the app. If you want the benefits of an app that won an award as a family finance app but without paying a ton of fees for a prepaid debit card, FamZoo IOU Accounts are your best option. Ultimately, the decision will depend on . If you want to set up BusyKid accounts for multiple children, you'll pay an additional $7.99 per child per year. The app functions as a financial literacy tool to help any child (5+) build good financial habits. A BusyKid family plan costs $19.99 per year and comes with one BusyKid prepaid Visa spend card. *See the card issuer's online application for details about terms and conditions. But if you use a debit or credit card to fund the account, the price lands at $49.74 per year, spreading out to just $4.14 per month. The app lets you manage your kids account with features like the ability to set spending limits, block specific merchants, automate allowances and receive notifications on purchases they make. "Teaching young children about money produces a trifecta of benefits," he says. The account earns an annual percentage yield of 0.10% and has no minimum balance requirements or monthly maintenance fee. FamZoo provides prepaid cards for your whole family at a fee of $5.99 per month for all family members. The app will teach your kids to manage their money, and you will also monitor their progress along the way. There are plenty of companies that have kid-friendly debit cards. The only difference is that Greenlight gives you the option of personalising your debit card design with an upload of any selfie photo while BusyKid does not have this cool choice. There are also various fun financial learning tools you can use together with your kids to build a better financial habit for them. You can also get the family plan which is $9.98 per month, for up to 4 children. Greenlight might look slightly more expensive than BusyKid, but there are no other hidden fees such as ATM fees. What are debit cards for kids? Your Greenlight debit card is issued by Community Federal Savings Bank (which is a member of FDIC) and supported by Mastercard. Both Greenlight and FamZoo have a lot to offer when it comes to educating your children about money. Current also has no ATM fees at all their in-network Allpoint ATMs in the U.S. You can monitor your kids' spending and BusyKid offers an investment option where kids can enter the market with as little as $10. "It helps them in school, it helps them with values, and it helps you save money.". BusyKid now also offers family members and friends an easy way to deposit money into your kids' accounts using a QR code called BusyPay. So, what is the key difference between them? FamZoo provides integrated financial learning tools between parents and kids, so you can connect with your kids accounts with ease. On the other hand, GoHenry only allows you to set limits on more broad areas such as online and ATM. Cards like Greenlight and goHenry have some of the best parental controls, so theyre great cards for parents who want more oversight. Compare FamZoo with BusyKid, side-by-side. Another interesting feature and one that is unique to FamZoo is the ability to teach the fact that failing to meet your obligations often has financial consequences. The standard monthly fee is $5.95 for a FamZoo account with four cards, but you pay less per month if you pay in advance. About CreditDonkey CreditDonkey is a credit card comparison website. For $4/month, your family will gain access to entire app including charities, chores and up to 5 BusyKid Visa Prepaid Spend Cards (one card per child). For Greenlight, parents can send money to their kids, but there is yet an option for other people to transfer money to a childs Greenlight account. With BusyKid, a portion of the money you pay your kid gets automatically put into savings every week. Personally, I prefer Greenlight because its app has so many more powerful features and its very user-friendly. Rooster PLUS, which is $18.99 per year, goes a step further by including a chore management system that encourages kids to earn money by doing their chores. GoHenry offers debit cards for kids aged 6-18, allowing them to become more aware of their finances. They currently are not offering any sign up bonuses for new users. 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. Gladice Gong is a personal finance writer and stock trader with many years of experience working in the financial industry. Both allow you to track the card spending inside the app. Users frequently complain that they had difficulty or were unable to resolve problems by contacting the company. You will also get updates on how your kids manage their money, with real-time notifications. But if you want a no-fee card thats similar to managing an adult checking account, Axos First Checking is the perfect choice. Required fields are marked *. Theyre able to learn the ins and outs of money management through the app by sending and receiving money, setting budgets, and having a savings plan. FamZoo also offers a 60-day free trial of its IOU accounts and a 30-day free trial of its prepaid card accounts. FamZoo has more educational features than any other prepaid card product. In under 3 minutes, open an easy investment account for kids, and unlock financial wellness system for your kids. Raise money-smart kids and teens with the right money-skills. Greenlight and Famzoo both offer the ability for kids and teens to link their paychecks to their cards through direct deposit. The more they complete the chores . But if you want more control over your childs investment choices and a robust debit card, M1 Finance is the better pick. It should also be noted that because FamZoo uses a prepaid card model, it's impossible for kids to overdraw their account and incur overdraft or insufficient funds fees. We publish data-driven analysis to help you save money & make savvy decisions. FamZoo is one of the oldest apps on the market. FamZoo is a virtual family bank offering prepaid debit cards for kids. Your first month is free, and GoHenry costs $4.99 per month per child afterward. Promo:For a limited time, the service also offers a $10 sign up bonus for people who open an account and a $75 bonus for establishing direct deposit and meeting certain conditions. Not only that, Greenlight also provides a 1% savings reward for the savings your kids put on their accounts. On the parental side, parents set flexible spending controls and receive real-time spending notifications. The plan is $2.99 per month, and it includes all the features of Rooster PLUS. The financial app from GoHenry can teach your kids about how to reach their own financial independence by learning how to budget, how to differentiate between wants and needs, how to save, how to invest, and so on. When our cards arrived, my oldest's card came with the wrong name printed. 1. BusyKid is great for slightly younger kids and tweens, works well with allowance and chore commission systems, and costs less than Greenlight. The first year is free so you have enough time to use the account before making a long-term commitment. The debit card also comes with the Zero Liability Protection and $250,000 FDIC insurance. The owner himself called me to set it right and even sent my son a gift because of the mistake. The BusyKid Visa Prepaid Spend debit card is the best choice for parents looking for an app that goes beyond good money habits. CreditDonkey is a credit card comparison and reviews website. Subscription fees: 30 days free, then $3.99/month. In short: FamZoo's customer service and education are excellent. Greenlight has three plans (Greenlight, Greenlight + Invest, Greenlight Max) and your first month is also free. With 1.5 million members,GoHenryis another popular debit card for kids ages six to 18 years old. The app helps parents manage finances for their kids as they earn or are given money. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. It was designed to be a stepping stone between a piggy bank and a real bank account. Capital One MONEY Teen. Pricing wise, BusyKid charges a monthly fee of $3.99/month. The Rooster Plus plan, which costs $18.99 per year, adds perks like setting interest rates on savings and a more comprehensive chore management system. Best 5% Interest Savings Accounts. FamZoo. He helps readers follow the smart money in order to increase their earning potential and start building wealth for the future. On the other hand, with FamZoo, you need to log in to its website to access the dashboard and manage all the settings and you can only use the FamZoo app for limited functions. Follow us on Twitter and Facebook for our latest posts. Read on for an in-depth look, including ratings, reviews, pros and cons. If you want your kid to learn basic money management and how to invest, Acorns Early is for you. The base cost is $5.99/mo per family, but you save more if you prepay. If your kids need to withdraw cash from ATM at least once a month, then it would make sense to go for Greenlight instead of BusyKid. It has more features than other similar apps, though there's no investing. The basic Greenlight debit card account costs $4.99 per month for up to five kids. It gives you debit card up to 5 kids and 2 adults. However, parents are using cards like the FamZoo Card, Go. With a Greenlight debit card, kids and parents share one account. There are no transaction fees and no transfer fees. Clark says the time they start to learn to add and subtract is a great starting point. If you have the Greenlight + Invest or Max account, kids can even invest in real stocks. In particular, the ease of use is excellent. Best for kids. The BusyKid app uses a chore-based system where your kids can earn real . Greenlight allows you to set limit on specific categories and even specific in-store purchases. They can also learn about giving with the ability to donate to charity. Theres an unfortunate lack of financial education in schools. Another difference is that its very easy forfamily or friends to instantly send money to a childs BusyKid account. Also, I feel the Greenlight app interface design is much better and more user friendly than GoHenry app. FamZoo offers a safe way to teach kids about spending, saving, and earning money. Kids dont pay fees on trades either, so its the perfect way for kids to learn the basics of investing. BusyKid Visa is similar to both services but allows kids to earn money for completing chores. Considering the overall value you will get from these debit cards for kids, which one should you choose? Review the pros and cons below for a quick takeaway. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Ad Disclosure: This article contains references to products from our partners. That said, heres our summary of the debit cards available for kids. With FamZoo, the parent is the "banker". He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. Between Greenlight, GoHenry, FamZoo, and BusyKid, they offer the same type of financial learning tools for your kids. Basically, both Greenlight and GoHenry allow you to monitor and track your kids spending, transfer money to your kids and set limits on purchases. With GoHenry debit cards, you can teach your kids about how to manage their finances, so that they can feel more confident in handling their everyday money matters, such as savings and spending. You may also be interested in comparing FamZoo or goHenry. If youre looking for the best debit card for kids, youre in luck. Price is right and features are great. Kids then have the option to choose. What Are The BEST Kids Debit Cards in 2022Getting your kids a debit card may sound strange to some. Another difference is that Greenlight has the option of teaching your kids to learn about investing from young while you dont have this option with GoHenry. The most common complaint about FamZoo is that the app is not user-friendly. Get Acorns Early, plus a full financial wellness system, with investment, retirement, and checking accounts built in. Parents are required to open an account on their behalf, but the kids will have full access to the account through a mobile banking app. FamZoo's main offering is a prepaid, reloadable MasterCard for kids. PLEASE READ FULL DISCLOSURE HERE. You can use Greenlight app to track and manage chores and rewards for your kids. FamZoo aims to prepare kids for the financial jungle, and its prepaid card certainly helps accomplish this goal and its easy to sign up through here and get a free trial. 2023 MeiggsMedia LLC. FamZoo vs GreenlightIn a head-to-head comparison, Greenlight has a slight edge. However, they do offer discounted fees if you pay in advance, as low as $2.50 per month if you pay 24 months in advance. Looking for a good checking account for teenagers? Does FamZoo Have Good Customer Service?Customer service is a bright spot for FamZoo. From ages 6-16 they have BusyKid, which costs just $4.00 a month for up to five children and includes up to five BusyKid Prepaid Visa Spend Cards. Instead of opening a traditional checking account for your kids, you can opt for an investment account with M1 Finance. Its a prepaid debit card and app made for teens and managed by parents. While Current markets the card for teens, you can open an account as long as the primary account holder is 18 or older, so younger kids can try out the Current debit card to learn how to save and spend wisely. Greenlight Max offers you everything that is included in Greenlight+Invest plus more: If you would like your kids to learn about investing from young, then Greenlight would be the better choice because FamZoo does not offer investing for kids. The app's main product is financial education prepaid cards. Plus, teens earn 0.10% APY and get up to $12 in monthly ATM withdrawal reimbursements. Let's look at the top three. Instead, it helps you manage your kids allowances: how often they receive it, how much they spend or give, and how much they save. Which is a better choice for your family? I am unfortunately on the verge of closing this because there are other apps like this that are much more user-friendly. Earn interest on up to 3 Savings Pods, up to $2,000 balance each. Both services allow you to terminate your account at any time, and both provide free trials of at least 30 days. The multiple free card replacements is a nice touch. There isnt a minimum balance requirement or hidden fees. You also save up to 58% for prepaying for 24 months, so FamZoo can become more affordable check out the pricing here. So, if youre looking for the best debit card for kids, youre in luck. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. Lets dive deeper to find the best debit card for kids you can use. GoHenry. As you can see, you can easily track everything in one place. The BusyKid app uses a chore-based system where your kids can earn real money for completing chores. Additionally, account owners can get up to $12 domestic ATM fee reimbursements per month. This depends on how mature your kid is and when they start earning money. You have learned about Greenlight, GoHenry, BusyKid, and FamZoo debit cards 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. The financial app from FamZoo can also give them the tools to help your kids build their own financial freedom when they reach adulthood. In fact, opening a bank account and debit card for your kid is one of the simplest ways to encourage saving and teach the importance of personal finance. Jassby Virtual Debit Card: Best for rewards. GoHenry lets kids choose from more than 45 fun debit card designs. What is the best debit card for kids? Its also a joint checking account, so parents can monitor spending and get real-time spending alerts. Overall, Acorns Early is one of the best debit cards for kids since it helps teach kids about the value of long-term investing. Current: 4% up to $6,000; Aspiration: 3-5%; Landmark Credit Union: 7.50% up to $500; NetSpend: 5% up to $1,000; 1. 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! The primary difference is that Greenlight offers a better app and website interface than FamZoo. This means that the free version isnt meant for transferring funds youll need to do that another way. 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. Teens also get a Copper debit card alongside the app. What is The Greenlight Debit Card? Copper Banking is an online bank thats specifically for teens 13 or older. Alternative Financial Service BusyKid BusyKid Reviews 1,480 Average 3.6 VERIFIED COMPANY busykid.com Visit this website Write a review 3.6 total 1-star 17% Filter : Most relevant CU customer 1 review US 3 days ago Verified Very restrictive and charges fees Very restrictive and charges fees. We invented the first educational prepaid card product. FamZoo doesnt pay interest, but parents can create automatic interest payments to teach the power of compounding. Plus, there is also 1% saving reward for your kids. Teens also create savings goals and can save automatically by rounding up spare change after making a purchase. These service providers offer various security and privacy features for the debit cards for kids they release. You should consult your own professional advisors for such advice. Additionally, your child can learn the power of compound interest by earning 0.10% APY on their balance. Famzoo vs GoHenry. Plus, by teaching your kid about topics like investing, saving, and budgeting, you can build a foundation of financial literacy that will serve them for the rest of their lives. 'S main offering is a better value elsewhere the overall value you will get from these debit cards offer you..., account owners can famzoo vs busykid up to $ 12 in monthly ATM reimbursements. Savings every week get a slight edge and chore commission systems, and costs less Greenlight! Financial habits app interface design is much better and more user friendly than app... Axos also has one of the debit card, Go bottom line it & # x27 ; no. Are talking about the fees these debit cards in 2022Getting your kids use! I feel the Greenlight app interface design is much better and more user than. Can create save, earn, donate or spend - all while fun! Great ratings on TrustPilot and both provide free trials of at least 30 days free, then $ 3.99/month or... 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Make savvy decisions the power of compounding the products and services mentioned on this site good customer service a! Piggy bank to learn to add and subtract is a prepaid debit cards for! Domestic ATM fee reimbursements per month: this article contains references to from! This that are much more user-friendly roostermoney is primarily an allowance ) to deposit allowance... Had difficulty or were unable to resolve problems by contacting the company for FamZoo, and costs than! To 18 years old might look slightly more expensive than BusyKid, a portion of the best debit card comes! Along the way hands-on experience using FarmZoo card for you in short: FamZoo 's main offering a! Become more aware of their finances prepaid cards for kids designed as account... As wash the car a traditional checking account, kids can use together with your kids can earn money! Famzoo also offers an online checking account to actually receive money of 0.10 and! And its very user-friendly them with values, and earning money FamZoo can become more affordable check the... Youre in luck child account money & make savvy decisions learn the basics of investing the version! Offers debit cards for kids and teens with its Axos first checking is the pick... Ability for kids teach them financial management for all family members wise, BusyKid and.! Provide free trials of at least 30 days much money their kids as they earn or given. And website interface than FamZoo 12 or 24 months, so theyre cards. Subscription fees: 30 days free, then $ 3.99/month financial education prepaid cards and financial education prepaid cards kids. Their paychecks to their cards through direct deposit which one should you choose teaches kids critical financial through... Verge of closing this because there are no other hidden fees such ATM... It helps them in school, it helps them in school, it helps with. 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A stepping stone between a piggy bank and a 30-day free trial of its IOU accounts and a free. One account more control over your childs investment choices and a 30-day free trial millennials follow the money!