Now, we are talking about the fees these debit cards offer for you. 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. GoHenry lets kids choose from more than 45 fun debit card designs. Save my name, email, and website in this browser for the next time I comment. However, all information is presented without warranty. His goal was to "prepare kids for the financial jungle" and help teach good money management. Every Greenlight account is FDIC-insured up to $250,000. 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. For the basic Greenlight plan, the pricing is quite affordable. Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. He has been quoted as a top personal finance blogger in major publications including Business Insider, Yahoo! Personally, I also like Greenlight more because it gives me a better user experience and its super easy to use. Good value family finance app with robust features. With Greenlight, everything is done through its Greenlight App where kids and parents have their separate login. Users frequently complain that they had difficulty or were unable to resolve problems by contacting the company. Ultimately, Axos First Checking is the best debit card for kids and teens if you need less parental oversight and dont want monthly fees. 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 Debit Card and Investing for Kids, $4 per month; full access to all features, Kids decide how to spend, save, invest, or donate their money, Customize allowance, bonuses, and savings match, Invest in 4,000+ stocks and ETFs with no trading fees. FamZoo Prepaid Debit Card: Best for financial literacy. 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. Last updated on March 29, 2023 By Gladice Gong Leave a Comment, DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS,MEANING That I GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH MY LINKS, AT NO COST TO YOU. Greenlight might look slightly more expensive than BusyKid, but there are no other hidden fees such as ATM fees. All Rights Reserved. The debit card also comes with the Zero Liability Protection and $250,000 FDIC insurance. FamZoo. 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. Now, how does FamZoo compare with Greenlight? Saving Incentives: Earn 1% savings reward with linked bank account, and 2% with the Greenlight Max plan, save the change roundup capability, and/or incentivize your child to save more by . FamZoo provides prepaid debit cards for kids, teens, and parents, and it also includes a financial app that allows the whole family members to learn about how to manage their money better. 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. Pricing wise, FamZoo has four different pricing plans: On the other hand, Greenlight has3 pricing options: Yes, Greenlight is very transparent about this. Or, for last-minute expenses, instantly move money between accounts using the instant transfer feature. Greenlight Debit Card for Kids: Best all-around kids' account. Let's take a closer look, starting with an account from Axos Bank. 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. 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. With FamZoo, the parent is the "banker". Axos First Checking. Here is what FamZoo can help you save time and teach your kids about finance: FamZoo prepaid cards are MasterCard reloadable card offering designed specifically for families. Find out if the app is worth the cost. FamZoo offers a safe way to teach kids about spending, saving, and earning money. Famzoo offers a $5.99 family plan, billed automatically each month. You can save by prepaying and signing up for longer terms: $4.33 a month for a six-month obligation ($25.99) $3.33 a month for 12 months ($39.99) $2.50 a month for 24 months ($59.99) Features Greenlight There are no overdraft or minimum balance fees, and they can enjoy free withdrawals at Allpoint ATMs. BusyKid provides a chore app for kids that will help parents teach the value of money in their kids life. In the end, its up to you and your family to decide which debit card is ideal for your kids. Additionally, you can create family billing to charge kids a portion of family bills, like a Netflix subscription or their phone plan. 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. Your kids can use it (online and offline) anywhere Mastercard is accepted. 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. Like most debit cards for kids, the account is linked to a parents bank account. With FamZoo, parents can educate their kids about how to spend, save, invest, and manage their money, so they can build better financial habits. As their parents, you can also monitor all their financial activities from your app interface, so you can always follow their progress. Linked together and accessed online through FamZoo's award-winning Virtual Family Bank software, the cards are used collaboratively to share funds between family members and develop financial responsibility. Youre also able to assign chores and reward them through the app. Its simple for parents to set up allowance transfers or quickly approve money requests from their kid. From there, parents can open a prepaid FamZoo card for kids of any age as there is no minimum age limit. . But for $5.99/month, could parents find a better value elsewhere? BusyKid Visa Prepaid Spend Debit Card: Best for families with multiple 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. FamZoo has more educational features than any other prepaid card product. Write to Justin Barnard at feedback@creditdonkey.com. Read on for an in-depth look, including ratings, reviews, pros and cons. BusyKid Prepaid Visa - BusyKid card is the perfect combination of a chore app and prepaid debit card that allows your kids to spend, share, save, and earn money, even invest the means you provide for the account. While more simplistic and less technologically sophisticated than Current, FamZoo is more intuitive and easier to understand. But is it worth the monthly fee? Reasonable efforts are made to maintain accurate information. However, parents are using cards like the FamZoo Card, Go. 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. BusyKid is the ultimate debit card & app that helps teach kids how to manage money they earn by doing chores. I've looked at them all and our favorite, hands-down, is Greenlight. Comparing Greenlight vs Famzoo to help you choose a better option for your kids and teens. Wondering if FamZoo is right for your family? The company is handled like a genuine small family business, not an overstretched corporation. You should consult your own professional advisors for such advice. The more they complete the chores . Once the trial is over, you're billed annually at $48 if you connect your bank account. On top of that, you can also use your Greenlight app to invest for your kids futures (e.g. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. From there, parents can subtract money from their balance if their kid wants to make a purchase or put money into savings. BusyKid is a kid-friendly prepaid debit card that pairs with the BusyKid mobile app which allows parents to pay kids directly for chores and other work. FamZoo is a virtual family bank offering prepaid debit cards for kids. GoHenry and FamZoo are two popular debit cards specifically designed for kids and teens. PLEASE READ FULL DISCLOSURE HERE. Kids also earn 1% cash back if they move money to general savings or part of a savings goal. These are the debit cards for kids you can use today. Are you looking for a good money app and debit card for your kids? FamZoo is a virtual family banking app. 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 . Your Greenlight debit card is issued by Community Federal Savings Bank (which is a member of FDIC) and supported by Mastercard. 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. Kids then have the option to choose. Best Debit Card for kids Greenlight vs Famzoo vs Gohenry vs Current App TommyBryson 521K subscribers Join Subscribe 1.6K Share Save 76K views 3 years ago Which Debit Card is Best Gohenry,. Chore Payments and PenaltiesSet up chores, such as "Make the Bed" or "Clean Your Room," and make a payment when they're complete. The account earns an annual percentage yield of 0.10% and has no minimum balance requirements or monthly maintenance fee. If you are worried about irresponsible spending, you can set the spending limit on each category such as grocery, ATM, gas stations and restaurant. 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