![]() The earnings can be split between three categories, spending, saving, and giving. As kids perform the chore and check it off, money will be loaded onto their prepaid debit card. These controls allow parents to give their kids access to spending tools with the safeguards of parent oversight and control.īusyKid’s mobile app allows kids to earn money through chores or allowance, with a full chart with a preset amount for each activity. BusyKid also requires all outside money transfers or withdrawals to be parent-approved. Kids then have the option to choose whether to save, spend, invest, or donate the earned money within the app.īusyKid gives parents full control over spending activity with a real-time activity feed and the ability to lock transfers. 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 might want to set up a savings account for their teens instead.īusyKid 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. Parents can deactivate (or reactivate) their teen’s debit card directly from the banking dashboard, and set up automated alerts for any account activity.Īs a standard checking account, teens can direct deposit their paychecks into the account. Axos requires a parent or guardian to be a joint account owner with their teen, giving them equal control over the account. While the Axos Bank mobile app doesn’t have all the bells and whistles of other teen debit cards, it offers an inexpensive way to get your teen used to managing their money on their own. ![]() The best part is that it comes with no account maintenance fees, no overdraft fees, and ATM charges are reimbursed for up to $12 each month. This account is a standard checking account with online bill pay, peer-to-peer payments, and FDIC insurance. There are no “in-network” ATMs available, and ATM fees are not reimbursed.Īxos Bank offers its First Checking account for teens ages 13 to 17, as joint-owners of a checking account with a free debit card included. To be fair, this also cuts out fees from third-party services, which can save users money. Also, Greenlight does not allow accounts to be funded through PayPal or credit cards, instead requiring users to connect a bank account or debit card to fund the account. While this may seem high, it is lower than some other teen debit cards. Maximum daily spending is currently capped at $1,500 per day. ![]() ![]() Greenlight does come with some limitations, however. In the Greenlight Max account (which costs $14.98 per month), in addition to the debit card, mobile app, and investing platform, families receive real time location monitoring, crash detection, and an SOS system. For $9.98 per month, kids gain access to Greenlight’s investing platform (which is just a parent brokerage account that the kids can use to invest). Greenlight offers several levels of service, the most basic comes with debit cards and access to the mobile app with parental controls for $4.99 per month. Parents can monitor all child spending, can deactivate or activate debit cards, and even block specific store spending within the mobile app. ![]() For a low monthly fee, Greenlight offers up to five debit Mastercards for teens, all linked to a parent-controlled account. Greenlight offers a ton of value for teens and parents, offering a simple-to-use mobile experience to help teach kids how to manage money responsibly. ![]()
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