Do you want to teach your children about money? If so, then a debit card for kids ages 8-18 is the perfect starting point. A debit card will give them an idea of how banks or credit unions work and what it means to spend money responsibly.
Debit cards for kids might include integrated chore management, contactless payments, daily transaction limits, allowance features, spending notifications, and allowance management.
In contrast, others have financial literacy quizzes and great parental controls. To help you find the right one for your child, we will discuss a list of the 16 best debit cards and checking accounts for kids.
These Are The Top Debit Cards For Kids
There are several reasons why parents should consider getting their kids debit cards for use at restaurants and other places. First, they are easier to carry around and keep track of when compared to cash. Second, they offer better protection against theft since the card has no physical money inside.
Here is our list of the best debit cards for kids:
1. Copper Debit Card
Copper is a banking app, and debit card for teens and their parents created to teach responsible money management. With the help of Copper’s financial literacy experts, gain bite-sized tips on how to maximize your money and prepare yourself for your financial future.
Once you and your kids have created your accounts, a virtual card will be made available to you within your Copper banking app. Then teens and parents can load money onto a virtual debit card. The account has no monthly fees and overdraft charges, although the ATM withdrawal limit is $1,000 daily.
Start your kids off right with the Copper Debit Card here.
2. Greenlight Debit Card
The Greenlight Debit Card is another excellent choice for children. It has a low monthly maintenance fee and no overdraft fees. In addition, it offers parental controls so you can manage your child’s spending, set flexible controls, instant transfers, block and unblock cards easily, set up contactless payments for chores, and get real-time notifications of your kid’s spending habits.
The kid’s debit card also comes with a wide range of educational features such as chore lists, establishing savings goals, real-time alerts, and more.
Greenlight max is a banking product that will provide you with best-in-class parental controls, purchase protection, investing tools, and advanced card security for an additional fee.
Some debit cards for kids, like Greenlight Max, offer extra security features like identity theft, cell phone and purchasing protection, and priority customer service.
This debit card is perfect for parents who want to give their children independence while maintaining control over their spending. If you’re looking for a debit card with parental controls, the Greenlight Debit Card is an excellent option. Greenlight’s banking services are provided by Community Federal Savings Bank.
Click here to check out the Greenlight Debit Card.
3. GoHenry
Go Henry offers a wide range of features, including chore tracking, financial education resources, saving goals, Real-time spend notifications and more. The GoHenry kids debit card is the best for interactive financial learning because kids and teens ages 6-18 can play games through the app’s Money missions section and earn virtual badges.
There are no upfront payments and no foreign transaction fees. GoHenry costs just $3.99 per child per month, and you can cancel at any time. The way to add funds to GoHenry is with an outside-connected debit card.
Sign your kids up with a GoHentry debit card here.
4. FamZoo Prepaid Debit Card
The FamZoo prepaid debit card is excellent for parents who want their children to learn money habits that match their values. Famzoo has an online presence with a full-function website. In addition, FamZoo offers financial education tools to teach kids ages 13 and older to set, track, and achieve financial savings goals.
FamZoo doesn’t pay interest, but you may set up “parent-paid interest” between you and your child.
The account has no monthly fees, no foreign transaction fees, no age restrictions, and overdraft charges, although the ATM withdrawal daily limit of $2,000 per day.
Further, you can use your Amex rewards points to pay for purchases made with the card. It is also worth noting that FamZoo prepaid debit card requires a minimum opening balance of $100.
Your kid can earn 0.25% APY if they opt-out of paper statements and receive at least one electronic deposit each month.
Click here to access the FamZoo Prepaid Debit Card website.
5. Chase First Banking
How do you know which one is right for your child with so many different debit cards to choose from? The best option is to start with a basic card with no monthly fees or overdraft charges. Chase First Banking fits the bill perfectly.
However, you must be an existing Chase checking customer to open the account. Parents maintain control over the account. Parents can also download the Chase mobile app with chores and allowance features to teach kids about money. Kids can complete chores to earn real money and track balances and transactions via the Chase mobile app.
The Chase First Banking Kids Debit Card has no monthly fees, no overdraft fees, and minimum balance requirements. In addition, it offers free access to over 16,000 ATMs nationwide and instant transfers to your teen’s card.
The only downside is that your kid cannot use this card outside of the United States. However, this shouldn’t be a problem for most children.
Check out the Chase First Banking Card here.
6. Bank Of America Teen Debit Card
The Bank of America kids debit card is an excellent choice for children who have more limited spending money. The monthly fee is only $4, and there are no overdraft fees. However, it does not offer the same parental controls as the Greenlight debit card.
In addition, you can use your ATM or cashback rewards anywhere in the world if you’re an existing customer at Bank of America ATMs. Also, Greenlight’s Max plan provides purchase protection for an added $5 per month.
One downside to this account is that teens must carry out some banking activities independently without help from parents, which might make them feel overwhelmed or frustrated depending on how easily they grasp financial concepts.
Nevertheless, the Bank of America teen debit card is a good choice if you want a basic checking account with low fees and no overcharges. After your account is open, you should receive your physical card within 5-7 business days.
Click here for more info on the Bank of America Teen Debit Card.
7. Wells Fargo Teen Checking
The Wells Fargo teen checking account is fantastic for middle and high school students and parents who want to be joint account holders with their teens. Wells Fargo is a traditional bank that requires a minimum deposit, offers personalized cards, and instant transfers to your teen’s account, and comes with FDIC-insured accounts.
The Wells Fargo teen checking account is an excellent choice for children who want to build their credit or an emergency fund. A Wells Fargo joint checking account has no monthly or insufficient funds fees, although the ATM withdrawal limit is $1,000 daily.
One downside is that parents must cosign and be the primary account owner on the account until the child reaches 18. This might be a turnoff for some parents who don’t want to be responsible for their child’s spending. However, on the plus side, there are no extra fees to obtain an additional card.
In addition, parental controls allow you to block and unblock cards at any time via the Wells Fargo app, as well as control debit card funds. Remember, teens ages 13 – 17 must open an account at an actual bank branch and bring a state-issued ID or passport. Teens without ID need both a Social Security card and a birth certificate.
For more information, click here for Wells Fargo teen checking debit cards.
8. Current Debit Card For Teens
The Current debit card is an excellent choice for parents who want to teach their kids about financial skills and real money. It has no monthly or overdraft fees, although it has an ATM withdrawal limit of $200 per day. In addition, the account offers real-time spending analytics so you can keep track of your child’s spending habits.
Current also allows teens to request or send money to friends or family.
However, these cards cannot be used outside of North America. This might be a turnoff for some teens who travel frequently or whose family lives in another country. If your kid uses this card outside of the US, they’ll pay a 3% transaction fee and a $3 ATM fee on top of what the ATM owner charges.
However, this shouldn’t pose too much problem since most children won’t need more significant limits while traveling outside the U.S.
Click here to learn more about the Current debit card for teens.
9. Discover It For Students
The Discover it for students is an excellent choice to teach your child about responsible money management. There are no monthly fees, no credit score or credit check required to apply, and no overdraft charges, although the ATM withdrawal daily limit is $300. In addition, teens can earn cashback rewards on purchases they make with the card.
With this debit card, parents must have an existing relationship with Discover to qualify for a teen checking account. This card might be a turnoff for some parents who aren’t familiar with using credit cards responsibly or don’t have easy access to one.
The good news is that application approval takes only minutes, so you won’t need a long-term commitment.
This link will take you to the Discover It for Students card information page.
10. American Express Bluebird
The American Express Bluebird is an excellent choice for parents who want to give their children more independence when spending money. The account has no monthly fees and overdraft charges, although the ATM withdrawal daily limit is $500.
In addition, you can use your Amex rewards points to pay for purchases made with the card. Further, bluebird offers free early direct deposit for working teens that receive a regular paycheck from their employer.
Additionally, there’s a required minimum opening balance of $200. However, this account is a great way to teach your child responsible money management if you have the funds available.
For more information, check out the American Express Bluebird card here.
11. Capital One MONEY Teen Checking
The Capital One MONEY Teen Checking account offers kids a fee-free account. In addition, they get their own physical debit card and provide features for parents to stay connected with a top-rated mobile app. From here, your teen can use their free debit card to access cash at 70,000+ fee-free ATMs nationwide without maintaining a minimum balance or paying a monthly fee.
Parents can also link external accounts to their teen’s money accounts.
Teens can experience spending and learn how to save firsthand. They set financial goals and manage their money. In addition, the account has no monthly fees, and there are no overdraft charges, although the ATM withdrawal limit is $2,000 per day.
However, Capital One’s financial literacy resources aren’t as interactive as the educational tools for kids offered by other prepaid debit cards.
Find more info about the Capital One MONEY Teen Account here.
12. Bancorp Bank Teen Checking Account
The Bancorp Bank teen checking account is an excellent option for parents to give their children more independence when spending money. The account has no monthly maintenance fees, inactivity fees, and no overdraft charges, although the ATM withdrawal limit is $1,000 per day.
In addition, you can use your rewards points to pay for purchases made with the card.
13. Commerce Bank Teen Checking Account
The Commerce Bank teen checking account makes banking easy for students by offering specially designed products to help students reach their financial goals, such as a visa debit card, online and mobile banking, and free unlimited atm transactions.
In addition, the account has no monthly fees, no foreign transaction fees, and there are no overdraft charges, and the ATM withdrawal limit is $1,000 per day.
Access the Commerce Bank debit card here.
14. PNC Bank Teen Checking Account
The PNC Bank teen checking account is a kid-friendly bank account to help teach your kids about saving, sharing, and offering allowance payments and spending. This account is an excellent option for parents who want their children to start building credit early.
In addition, the account has no monthly fees, overdraft protection, and unlimited ATM withdrawals.
Learn more about the PNC Bank here.
15. Mango Prepaid MasterCard
The Mango prepaid MasterCard is a prepaid card that’s excellent for teens who don’t have a checking account but who want the convenience of being able to spend with a teen debit card. In addition, this card is an excellent choice for parents who wish to give their children more independence when spending money.
The account has no monthly maintenance fees and overdraft charges, although the ATM withdrawal limit is $1,000 daily.
Are There Costs Associated With A Debit Card For Kids?
Typically, debit cards for kids come with some additional costs, including:
1. A Monthly Fee
A monthly fee is a charge you will have to pay to use the debit card. This can range from $0.99 per month to $12 per year. Check with your bank to see what fees they may charge.
2. A Low-balance Fee
If you do not keep a balance of at least $100 on your account, your bank may charge you additional fees. These can range from $0 -$20 per month and will be added to the monthly service fee that is already required. For example, Chase debit cards for kids come with a minimum monthly service fee of $0.99, but if your child’s balance falls below $100, they will be charged an additional $20 per month.
3. A Card Replacement Fee
If your child loses their debit card, you may have to pay a fee to replace it. Replacement cards range from $0 to $25, so ask your bank about this cost before signing up.
4. ATM Withdrawal Fees
If your child withdraws cash from an ATM, they may be charged a fee for ATM withdrawals. The cost can range from $0.50 to $12 per transaction, so knowing the withdrawal fees before using the card is essential.
5. Foreign Transaction Costs
These costs can range from $0.50 to $12 per purchase, so you should ask your bank what the fees are before using your debit card abroad. To avoid these charges, call ahead and see if there is a fee waiver for international purchases or withdrawals.
Be sure to ask your bank about these fees before you sign up for a debit card for your child. They can vary from institution to institution, and knowing what you are getting into is essential.
Teaching Your Teen To Use A Debit Card
Teaching your teenagers money management can be difficult, but they must learn how to handle cash responsibly and find financial balance. Debit cards are an excellent financial tool for teens to build up spending power and understand the value of money.
Debit cards may not be the best option if you want to teach them proper credit card etiquette with reasonable interest rates.
However, if you’re going to help them start building a credit history, or an emergency fund, a debit card can be a great way to do so.
Be sure to teach your teenager that it’s essential to track their account balance daily. This will help them understand how much money they have to spend and avoid overspending. Additionally, ensure that you stress the importance of not sharing their debit card information with anyone else, as this could lead to a wide range of fraudulent charges on their account.
Suppose your teen loses their debit card or is stolen, teach them what to do to protect their money. Also, show them where you keep your debit cards and any PINs so they know how to contact you in an emergency. Since many banks offer free checking accounts for teenagers, it would be wise to look into which bank offers the best interest rates.
What Should I Look For When Choosing A Debit Card?
When looking for a debit card option for kids or teens, you should keep several things in mind. The first is the minimum age requirement. You want to ensure that your child is old enough to use the card responsibly.
The next thing to consider is what type of account your child will be opening. There are three main types of accounts: checking, savings, and prepaid.
A checking account comes with a set amount of spending money each month and allows your child to withdraw real money from an ATM or bank branch. A savings account is for saving money but offers a higher interest rate than a checking account.
A prepaid debit card can be used as a regular debit card and lets them spend the money in stores with the swipe of a card but does not protect if the card is lost or stolen. Many checking accounts and teen debit cards contain information through financial literacy resources through videos, articles, tutorials, and apps.
What Is the Minimum Age To Receive A Debit Card?
There is no legal minimum age for receiving a debit card, although some general guidelines exist. For example, in the United States, most banks will not issue an ATM or prepaid debit card until your child is at least 15 years old. However, in most cases, a checking account with no monthly fees and limited withdrawal privileges can be opened as early as 13 years of age.
Parents need to understand that these accounts come with many stipulations. Finally, you can open a teen savings account for teens ages 12-17. This type of bank account comes with a required opening deposit but does not offer any spending money directly.
How Can I Get A Kids Debit Card?
There are a few different ways to get a kids’ debit card. First, you can apply for a prepaid debit card, which is a physical card that is financed with money that you already have. This is an excellent option for parents who want to give their children more independence when spending money.
Another option is to open a checking account for your child, which will allow them to start building credit early. Finally, some banks offer special teen checking accounts with no monthly fees and ATM withdrawal limits.
Whichever option you choose, read the terms and conditions carefully so you know what to expect.
How Do I Deposit Checks Made Out To My Kids?
When your child receives checks made out to them, you will need to deposit them into their bank account. You can do this at a physical bank branch or via online banking.
What Are The Risks Related To Debit Cards For Kids?
There are many risks associated with debit cards for kids, such as scamming and overspending. It can be challenging to control your child’s spending when they have access to their money through a card or online banking.
Additionally, if you do not keep track of transactions, set spending limits, and monitor how much is spent, your child could quickly run out of money.
ATM Reimbursement
Another risk associated with debit cards is that they can easily be stolen or lost. If this happens, your child may not access their funds immediately, which could cause stress and inconvenience. Choosing a debit card with fraud protection and ATM reimbursements is essential, so you’re covered if your child’s card is lost or stolen.
No matter the age limit 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.
How Do I Create A PIN For My Kids’ Debit Cards?
To create a personal identification number (PIN) with your children’s debit cards, log in to online banking and follow the steps below:
Select “Add Personal Identification Number” from the menu on your account page.
Fill in your child’s debit card number and select “Add.”
Enter the PIN you want to use for that account, then click “Submit.” Of course, you can always change it later.
How Do I Link My Kids’ Accounts Together?
If you have more than one child who needs a bank account, there are ways to link their accounts together. As a result, this will help you to allow them to access their money quickly and make transactions as a team.
Log in to online banking and select “Link Accounts” from the menu on your account page.
Enter the account numbers of each child you want to link, then click “Submit.”
Select the type of account you want to link, whether the funding source is a checking account or savings account
To create an automatic transfer for the linked accounts, select “Link Accounts” from the menu on your child’s account page and choose one of their other accounts to transfer money into each month automatically.
How Do I Deposit Checks Made Out To My Kids?
When your child receives checks made out to them, you will need to deposit them into their bank account. You can do this at a physical bank branch or via online banking.
Can Debit Cards For Kids Collect Data?
Yes, debit cards for kids can collect data. For example, most debit cards have a tracking app that lets parents see where their child spends money and how much they spend overall. This information can help teach your child about responsible money management.
Additionally, some debit cards offer rewards programs that give your child points or cash back for every purchase they make. These rewards can also help teach your child about the value of saving money.
What Should I Do If My Teen Goes Over Their Withdrawal Limit?
If your teen goes over their withdrawal limit on their checking account, there are several things you can do. For example, you could have them transfer money from their savings account to cover the overdraft, get them a second card if they go over, or ask them to check with you before making a purchase.
Although some debit cards let you lock your child’s card from the app to prevent unauthorized transactions as well as fraudulent transactions, it would also be helpful to set spending alerts with the app’s parental controls feature.
Help Your Child Start Saving And Setting Their Own Savings Goals
Children start to develop a sense of money and financial responsibility around 5 or 6. This is when they should be introduced to saving their earnings, but it can be challenging for parents to know where to begin. Chase Mobile has created an app that makes teaching kids about saving goals easy.
The Chase Mobile app is a great savings tool that makes it an easy service for parents to help kids develop good saving habits early. With this app, you can create a goal for your child and track their progress. You can also make mobile deposits into their account directly from your phone.
This is a great way to keep your kids motivated and allow them to see their savings grow over time.
You can also use the app to set up allowance tracking for your child, so they can learn how to manage money daily. The Chase Mobile App has all the financial literacy tools you need in one place.
Check it out today if you want help teaching your children about money and having good financial habits. If you don’t currently bank with Chase, you can open an account like Chase Total Checking to get started.
Conclusion
Financial literacy is an important life skill that all children should learn. Finding the best debit card makes it easy for parents to help build a financially successful generation and teach kids about simple banking and money to develop good saving habits early.
Additionally, debit cards for kids let you create a goal for your child and track their progress with the available apps for kids.
You can also make a direct deposit into their account straight from your phone. This is a great way to keep your kids motivated and allow them to see their savings grow over time.
