Axos First Checking vs Jassby Comparison
Axos First Checking Overview
- Available: Sign up here
- Axos Bank First Checking is a joint checking account targeted for teenagers ages 13-17 and their parents.
- Account holders get a Visa or Mastercard debit card that can be used to spend online or in person, or to withdraw cash at any ATM. (Axos provides up to $12 in monthly domestic ATM fee reimbursements.)
- No monthly maintenance, overdraft, or non-sufficient fund fees.
- The debit card's security features include account alerts, card locking, and daily transaction alerts of $100 (cash) and $500 (debit).
- Currently, you can earn up to 0.10% APY on any balance.
- Free (no monthly maintenance fees)
- ATM fee reimbursements (up to $12 per month)
- Converts to adult checking account after minor reaches age of majority
- No paired investment account
- No robust financial literacy resources
Axos First Checking Plans + Costs
If you hate fees, you’ll love Axos First Checking, which charges zero monthly fees and avoids a host of other fees. First, a look at the features:
Plan | Monthly Fee | Features Offered Under Plan |
---|---|---|
Axos First Checking | N/A | - Axos Visa or Mastercard debit card - Peer-to-peer transfers - Direct deposit - Bill pay (parents only) - $12/mo. in ATM reimbursements - APY on checking - Cash deposits - Easy account transition once child reaches adulthood |
Axos First Checking Features
Below are some of Axos First Checking’s most notable features. Some of these features are geared towards the teens, while others exist to keep parents sane.
Axos First Checking Debit Card
The Axos First Checking account comes with a free Visa- or Mastercard-branded debit card. (You can choose which one during the application.) The card can be used in stores and online wherever the chosen brand is accepted, including internationally. Perhaps the most noteworthy feature of Axos’s card is its ATM access. Axos Bank allows you to withdraw cash fee-free from 91,000-plus ATMs nationwide. And if you come across an ATM outside of Axos’ network, no problem—it will reimburse up to $12 in third-party operator fees every month. Point-of-sale transactions are limited to $500 per day, while ATM withdrawals are limited to $100 daily. Card actions such as activating, deactivating, reactivating, ordering a replacement, and sending a travel notification can all be done online. Security features include active fraud monitoring, two-step authentication, and 128-bit Secure Socket Layer (SSL) encryption.Parental Controls
Parental controls in Axos First Checking are fairly rudimentary. Parents can monitor their teen’s spending through account alerts received as real-time push notifications, emails, or text messages. They can also track transfers made from the account and lock/unlock the debit card from the mobile app and dashboard.Cash Deposits
If teens have a tip-based job or receive a lot of cash for celebrations and holidays, they might want to deposit that cash into their accounts. Fortunately, while Axos is an online-only bank, there are still ways to make cash deposits. Members can log in to the app and use the ATM locator to find ATMs that accept cash deposits. Alternatively, through Axos’ partnership with Green Dot Network®, they can deposit cash at many popular retailers, including:- ACE Cash Express
- CVS
- Dollar General
- Kroger
- Rite Aid
- Safeway
- Walgreens
- Walmart
- 7-Eleven
Peer-to-Peer Transfers
Axos lets teens make peer-to-peer payments directly from their checking accounts online. Just an email or phone number is needed to send a secure payment. So whether they need to pay a friend back for cash, fast food, or a group activity, it’s quick and easy to settle up.Earns Interest
Teens earn an interest rate of 0.10% on any money in their account—a nice bonus for doing nothing. While this is an admittedly small annual percentage yield (APY) compared to, say, a high-yield savings account or money market account, it’s still more than you’ll get on your typical checking account (which is nothing).Direct Deposit + Mobile Deposit
Teens with jobs can easily get their paychecks directly deposited into their accounts. Axos Bank has no minimum direct deposit amount to avoid fees (which isn’t the case with every financial institution). Do the teen’s grandparents love to write birthday checks? Not an issue. Axos allows free mobile deposits. You can use a mobile device or computer to send money from a check straight into a First Checking account any time of day.Bill Pay
While parents should always be covering a kid’s essential expenses, it isn’t unheard of for teens to be responsible for some of their nonessential costs. For example, a teen with a job might be asked to pay for their cell phone plan. With Axos’ free bill pay feature, parents can schedule payments from a primary account to ensure the teen doesn’t miss a cell phone payment. (Note: Only parents, not teens, can access this feature.) Bill Pay is parent use only.Easy Transition to Adulthood
Once a teenager reaches adulthood, the account can be converted into a different checking account, such as Essential Checking, Rewards Checking, or CashBack Checking. The parent or original adult on the account can then remove themselves as a joint account owner so the new adult is completely in control. You can sign up for Axos First Checking here. Related: Best Teen Checking Accounts [Banks for Teens]Jassby Overview
- Available: Sign up here
- Jassby is a mobile wallet that families can use to manage chores, allowance, and virtual debit card spending.
- Digital and physical debit cards can be used anywhere Mastercard is accepted, in-store and online. Digital debit cards can be used through Apple Pay, Google Pay, or Samsung Pay.
- Parents can limit certain types of transactions, monitor spending, receive notifications, and lock and unlock Jassby cards.
- Offers a strong suite of features, including courses, videos, games, and more, that help kids learn valuable financial literacy skills. Progress is measured through a proprietary Jassby Financial Literacy score, and kids are rewarded with points as they learn.
- Earn Jassby Rewards points through simple actions such as logging into your account and receiving an allowance, or by completing Jassby University courses. Points can be redeemed for cash, deposited into your Jassby Spending account.
- Chore management
- Rewards
- Apple Pay, Google Pay, and Samsung Pay
- Excellent lineup of financial literacy tools
- Can't be used to withdraw cash
- Relatively expensive
Jassby Plans + Costs
Jassby has just one paid subscription tier.
Plan | Monthly Fee | Features Offered Under Plan |
---|---|---|
Jassby | $5.95/mo. | - Jassby card for up to six family members - Parental controls - Financial literacy materials - Giving/donating capabilities - Rewards program |
Jassby Features
These are some of the most prominent features of Jassby. The account aims to be easy to use for both kids and adults.
Jassby Card
The Jassby card you receive upon opening your account is digital-only—you can receive a physical Mastercard debit card for free, but you must request it. Both forms are accepted anywhere Mastercard is accepted. The digital card can be used online, and it can also be added to Apple Pay, Google Pay, and Samsung Pay for use in stores and other in-person locations. The physical card can be used both online and at in-store locations. One Jassby account allows you to have up to six cards. And unlike many accounts that provide one parent card and all remaining cards for kids, you can spread Jassby’s six cards across multiple children and multiple adults.Parental Controls
Jassby has several parental controls worth mentioning. Jassby automatically restricts kid spending for anything categorized as dating services, liquor stores, lottery/gambling, and money transfers. Parents can also manually restrict certain spending categories, including clothing stores, digital goods, restaurants, and retail stores. Parents can monitor transactions, receive spending notifications, and quickly lock and unlock the card from the app. Jassby doesn’t offer dollar-amount controls. But because kids can only spend what’s in the account, parents can limit spending simply by managing how much money is in their children’s accounts.Financial Literacy
Jassby University is the app’s robust financial literacy feature. Lessons include topics on saving, budgeting, and more. This all feeds a proprietary Jassby Financial Literacy score that reflects their progress, and kids are rewarded with points as they learn.Rewards
Speaking of points, Jassby Rewards are a great motivator. Kids can earn points by doing basic financial actions such as logging into their accounts every week, making transactions, and receiving allowance. Plus, as I just mentioned, they can also earn points by learning about money. Jassby’s points system allows a kid to redeem 100 points for $1, which is put into their Jassby Spending account.Giving Back
Through Jassby, kids can see how donating small amounts of money to a charity can make a difference, helping parents teach their children the importance of giving back. (Note: When kids go to the Charity section of the app, they will be sent to an external link listing charities—so don’t be surprised when it seems like you’re exiting.) You can sign up for Jassby here. Related: Best Credit Cards for Kids [Kid-Friendly Credit Cards]Axos First Checking vs. Jassby: Our Editors’ Choice Is …
I think it’s fair to say that Jassby has a slight edge over Axos First Checking, but it’s not an easy decision. Axos First Checking, which markets itself specifically to teens, is more useful for that age group—especially teens with jobs—as it has direct deposit, mobile deposit, and (parental) bill pay. Jassby does not. Axos also has one of the most generous ATM policies, whereas Jassby can’t be used at ATMs at all. Jassby is the better choice for preteens and younger children, however. It has a more robust set of parental controls compared to Axos, which has one of the flimsier array of parental-control options. Jassby has allowance and chore functions; Axos does not. And Jassby’s financial literacy tools are among the best in the industry—perfect for inexperienced youngsters trying to get the hang of money concepts. If you’re interested in Jassby, visit its site through our link to sign up. I’ll be blunt, though: Both Axos First Checking and Jassby have a number of weaknesses compared to other cards in the space. Axos isn’t the strongest free option, and other paid debit cards for kids surpass Jassby in functionality. If neither Axos First Checking nor Jassby is checking all of your boxes, I have highlighted a number of alternatives below.
Primary Rating:
3.7
|
Primary Rating:
3.6
|
$5.95/mo. (monthly fee waived for first month).
|
Free (no monthly fees).
|
Other Debit Cards for Kids to Consider
Here are a number of other highly competitive options if you’re looking for a debit card for your child or teen.
App | Apple App Store Rating + Best For | Fees | Promotions |
---|---|---|---|
Greenlight | ☆ 4.8 / 5 Customer rating and parental controls | 1 month free. Core: $4.99/mo. Max: $9.98/mo. Infinity: $14.98/mo. (Each plan supports up to 5 children.) | Free 1-month trial |
Copper Banking | ☆ 4.9 / 5 Teen financial independence | Copper $4.95/mo., Copper + Invest: $7.95/mo. | 30-days free |
GoHenry | ☆ 4.6 / 5 Accessible customer service support | 1 month free. Individual: $4.99/mo. Family (supports up to 4 children): $9.98/mo. | 1 month free |
Revolut <18 | ☆ 4.7 / 5 Parent-paid bonuses | No monthly fees | None |
Axos First Checking | ☆ 4.7 / 5 Teens ready to learn about money management | Free (no monthly fees) | None |
*Apple App Store Rating as of April 1, 2024. |
- Best Investing Apps for Teens Under 18 [Stock Trading Apps for Teens]
- Best Stock Trading Apps for Beginners to Get Started
- 26 Best Online Jobs for Teens [Earn Money at Home, Age 13+]
- 7 Best Paid Surveys for Kids and Teens [Online Surveys]