If you are a parent wanting to teach your kids about money, check out some kid-focused mobile banking apps that come with personalized debit cards. They teach kids how to save and spend and make it easy to give an allowance.
Be sure to continue reading this guide to learn more about banking apps for kids and teens.
Youth banking apps are similar to any other banking apps. Children and parents can see all of their children’s financials and lets children use their banking app generally with limited features. Many come with debit cards, and parents can fund by transferring money from an existing bank account. The mobile apps also let grown-ups monitor, and even limit purchases.
Many apps also let kids set aside savings, which can go a long way toward teaching them to build a good savings plan. Here’s four banking apps for kids and teen:
Capital One MONEY
Capital One MONEY lets children ages 8 and older set up an interest-earning checking account. It comes with a Mastercard debit card and lets kids set aside money for savings goals. In addition, join no monthly fees.
Requirements: Parents can fund this account by linking it to either an existing Capital One adult account or an external bank account.
Chase First Banking
The Chase First Banking account comes with a debit card and is available for children ages 6 and older. This account allows parents to set limits on their children’s’ spending. Kids can also set savings goals and track progress. The Visa debit card provides free access to 16,000 Chase ATMs.
Requirements: There is no monthly service fee, but a parent must be an existing Chase customer.
Greenlight
Greenlight accounts are federally insured through a banking partner. Kids get their own Mastercard debit card, which parents can fund. They can also set saving goals and limits on purchases. Parents can teach kids how to be financially responsible by reviewing the fees and rates on their mobile accounts and comparing them with those of some of the best online savings accounts.
Requirements: Greenlight plans range from about $5 to $10 a month, with features that include basic budgeting tools on the lower end and identify theft protection on the higher end. There is no minimum age requirement.
FamZoo
The Famzoo app comes with a prepaid debit card that lets parents monitor account activity and track balances. Parents can monitor the account and even has the option to create a virtual “IOU” account. With this alternative, the parent or child manually enters transactions for funds held elsewhere — such as cash in a piggy bank.
Requirements: A FamZoo subscription is $5.99 a month, with discounted plans if parents prepay. The price is the same whether the family chooses prepaid debit cards, IOU accounts or a mix of the two. Children under age 13 can receive a prepaid card in their parent’s name.
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Conclusion
In addition to the apps that were already listed, be sure to check out these apps too.
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Bankaroo. Good for helping younger kids experiment with virtual currency.
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Step. No-monthly-fee debit card for kids ages 13 and older.
These apps offer great services to help kids learn the value of money and savings.
