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Kids and teens these days are more savvy with technology than we ever were as children, so it’s not surprising that they are using banking apps.

But how do you know if your child or teen is ready to handle their own banking? It can be hard to balance the teaching of responsibility with a desire for independence.

This article discusses banking apps for kids, teens and minors including some tips on what questions parents should ask themselves before letting their kids bank on their own.

Best Banking Apps for Kids & Teens—Top Picks

Best Free Bank Account & Debit Card for Teens
Best Premium Account & Debit Card for Minors
Starts at $4.99/month (for up to five kids)
Best Free Bank Account & Debit Card for Teens
Best Premium Account & Debit Card for Minors
Starts at $4.99/month (for up to five kids)

What Are the Best Banking Apps for Minors?

Have a look at the best banking apps to consider for kids and teens (minors interested in saving money and managing it with debit cards for kids and teens).

AppApple App Store Rating
+ Best For
copper banking logo
Copper Banking
☆ 4.9 / 5
Teen financial independence without fees
 greenlight logo
☆ 4.8 / 5
Customer rating and parental controls
$4.99/month for up to five kids
 gohenry logo
☆ 4.6 / 5
Accessible customer service support
1 month free. Individual: $4.99/child/mo. Family: $9.98/mo. for up to four children
current logo
☆ 4.8 / 5
Innovation and product features
famzoo logo
☆ 4.5 / 5
Financial literacy resources
$5.99/mo per child
stash logo rebrand
☆ 4.7 / 5
Everyday people looking to start managing their finances
$3/month - $9/month
☆ 4.4 / 5
COPPA Compliance
 axos bank logo
Axos First Checking
☆ 4.7 / 5
Teens ready to learn about money management
acorns logo
Acorns Early
☆ 4.8 / 5
Automated investing in the background into diversified investments
$3/month - $5/month
m1 finance logo
M1 Finance
☆ 4.3 / 5
Fee-free active trading and automated investing
$125/year on M1 Plus subscription for custodial account
chase logo
Chase First Banking
☆ 4.8 / 5
High customer satisfaction from a major bank without fees
Revolut Junior
☆ 4.7 / 5
Parent-Paid bonuses
*Apple App Store Rating as of December 5, 2022


1. Best for Combined Teen Independence and Cost: Copper Card

copper card sign up

  • Available: Sign up here
  • Price: Free (no fees)
  • App Store Rating: 4.9

Copper Banking’s mission is to help teens gain real-world experience by giving them access to their money in a way that traditional banks aren’t able to do.

The Copper app and debit card teaches teens how to make smart financial decisions by creating a platform where parents and teens can connect.

With the Copper app, you get easy snapshots of your accounts, and with the Copper Debit Card, it’s easy to shop in-store or online, including with Apple Pay or Google Pay.

Plus, users get exclusive access to engaging advice curated by a team of financial literacy experts who provide tips on how to take control of their financial future.

Copper was founded on the belief that teens should have equal access to financial education and should be empowered to learn by doing. Because you’re never too young to get your money right.

Copper Banking Features: 

  • Send/Request: Teens and parents can easily send and receive money all at the touch of a button.
  • Spend: Spend using Apple or Google Pay, or using the Copper Debit Card.
  • Monitor: Get a snapshot of all your teen’s spending in an easy-to-read dashboard.
  • Save: Gain quick snapshots of your teen’s savings and helpful tips on how to save even more. Set up savings buckets and save for the things that you want.
  • Learn: With the help of Copper’s team of financial literacy experts, gain bite-sized tips on how you can maximize your money and prepare yourself for your financial future.

Read more in our Copper Banking review.

Related: Best Credit Cards for Teenagers

2. Best Rated Overall: Greenlight Card

greenlight sign up

  • Available: Sign up here
  • Price: Free 1-month trial, $4.99/month after
  • App Store Rating: 4.8

Greenlight provides parents control over where their kids can spend money by limiting the stores where their cards work. Parents can get alerts when money is spent on the Greenlight debit card and for how much.

Greenlight works like a prepaid debit card, allowing you to transfer money onto the card for your child to pay for expenses at approved locations.

You can choose how much money to load onto the card and your child will be cleared to make approved purchases so long as a money balance backs up the card.

If your child asks for extra money to get added to the card, you can have them take a photo of the purchase they want to make and receive your approval. This gives you control and allows kids to discuss why a purchase either is a good or bad idea.

If your child has a job, they can add their own funds to the card as well.

The Greenlight debit card is a good choice for parents looking to teach their kids the importance of saving money and making prudent financial decisions.

This financial product can be an effective learning tool for helping kids to understand why saving should be a priority and how to simplify paying an allowance or tracking chores.

It’s also a rapidly growing app many parents have come to use for raising financially-smart kids.

Read more in our Greenlight Card review.

Related: 13 Best Allowance and Chore Apps for Kids [Easier Family Life]

3. Best for Customer Service: GoHenry

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  • Available: Sign up here
  • Price: 1 month free. Individual: $4.99/child/mo. Family: $9.98/mo. for up to four children
  • App Store Rating: 4.6

GoHenry is a banking app for minors that comes paired with a debit card. You have an online account which comes linked to individual accounts for each of your children.

You can manage all of the money held in each account through the company’s app and online account portal.

Each child will receive their own GoHenry debit card which comes paired with parental controls you can set for your children.

What’s nice about GoHenry is the ability to spend only the money available on the card, meaning you don’t need to worry about costly overdraft fees or accrue debt.

You open a GoHenry account, receive your children’s debit cards in the mail 7-8 business days later, set up an automatic weekly allowance transfer into your children’s accounts and can set up one-off or weekly spending limits.

This will keep your children’s spending in check and you can block/unblock the card as needed as well as choose the stores where your kids can shop.

With time, the controls provided by the app and the guidance you offer can help your kids to earn, save, spend and give with good money habits.

Learn more by reading our GoHenry debit card review.

Related: GoHenry vs. Greenlight

4. Best FinTech Product for Transition into Adulthood: Current

current sign up

  • Available: Sign up here
  • Price: Free
  • App Store Rating: 4.7

Current is a banking app designed for all families. The Current app allows you to track your teen’s spending in real-time, set limits on how much they can spend, and even block specific merchants.

You also get the peace of mind that comes with knowing their money is safe because it’s not cash. Plus, the company doesn’t charge any fees or interest for student accounts so there are no surprises when bills arrive.

Current helps parents teach teens financial responsibility while giving them a way to learn without having cash around the house and all its temptations.

That means less worry for both parents and kids! With Current, your teenager will be able to do everything from paying friends back to buying groceries at the store–all safely with only her phone!

And teens will have the opportunity to learn financial responsibility and budgeting from an early age. This will allow them to grow their savings and move one step closer to financial independence.

Read more in our Current review.

Related: Best Teen Credit Cards for Building Credit

5. Best for Financial Education: FamZoo

famzoo sign up

  • Available: Sign up here
  • Price: Free trial, then $5.99/month
  • App Store Rating: 4.6

FamZoo is another prepaid debit card service parents can use to manage their children’s spending. It works by having parents release money into their child’s account and then having the card work with a loaded balance. Money can be loaded onto the cards at any time.

FamZoo acts like a regular checking account with a linked debit card except FamZoo makes sure the account can’t be charged overdraft fees, saving you money.

Adults are able to monitor the transactions being made. After a free trial, this app costs $5.99 per month, but the price goes down if prepaid in advance.

Related: Greenlight vs. Famzoo

6. Best for Approaching Finances for the First Time: Stash

stash sign up

  • Available: Sign up here
  • Price: Starts at $3/month
  • App Store Rating: 4.7

Stash is an all-in-one personal finance management platform. The app includes a mobile-friendly investing app for beginners and comes paired with a checking account and debit card.

Stash caters to people looking to begin managing their money and invest as you spend money and make recurring deposits into your account. You can also pair the subscription with a stock news app or site to learn more about the market.

You can grow your account balances over time by making regular deposits, utilizing its round ups feature, or “Stock-Backs,” on your purchases.

This essentially substitutes for the cash back features seen on some credit and debit cards, paying you in free stocks as opposed to cash back.

Related: 20+ Best Money Apps for Teens & Young Adults

7. Best for COPPA Compliance: Mazoola

mazoola sign up

Mazoola is helping parents teach their children financial literacy with the FIRST and ONLY COPPA (Children’s Online Privacy Protection Act)-compliant mobile wallet for kids.

Mazoola has several features, from transaction monitoring and setting spend limits on specific retailers to managing chores and automatically depositing allowances for chores completed, that allow parents to teach their kids about money without losing control.

More importantly, with over 1 million children victimized by ID theft last year, Mazoola is the ONLY platform that is certified to handle your children’s information in a secure way.
Some of Mazoola’s Key Features:

  • COPPA Compliant: Missoula is the ONLY mobile wallet certified compliant with Children’s Online Privacy Protection Act
  • Send/Request Money: Teens and parents can easily send and receive money.
  • Spending Limits: Set spending limits at specific retailers and even block purchases at specific merchants. You can even set daily account spending limits.
  • Goal Setting for Financial Literacy: Help your teen learn to save by setting long-term and short-term goals and automatically set aside money from each deposit to reach those goals.
  • Real-Time Safety: Get real-time alerts and monitoring on transactions.
  • Teach Responsibility with Chore Chart: Enter and track chores and automatically deposit allowances upon chore completion.
  • Peer-to-Peer Transactions: From paying each other back for a meal to donating to a class fund teens can send money to each other with all the convenience of Venmo, but with the security and privacy that only Mazoola can offer.


8. Best Free Banking App for Teens: Axos Bank First Checking

axos bank first teen checking sign up

  • Available: Sign up here
  • Price: Free
  • App Store Rating: 4.7

First Checking by Axos Bank is the ultimate starter checking account for teens which also comes with a debit card. The world of banking can be a little scary, but not with the simplicity and power of Axos’ First Checking Account.

The account works as a joint account between a parent or guardian and their teen, allowing for easy-to-set, customizable parental controls with a debit card dashboard.

Parent and teens can manage almost every part of the banking experience through a convenient mobile app or through the online desktop portal. Perfect for modern families who always find themselves on the go.

The First Checking account from Axos Bank gives teens their first taste of financial independence by giving them their own checking account (which pays interest!) and debit card that has daily cash withdrawals limits of $100 and purchase limits of $500.

This provides safeguards against teens getting carried away with the money held in their account.

Further, you can have up to $12 of domestic ATM fee reimbursements per month, avoid any monthly maintenance, overdraft or non-sufficient funds fees—essentially making the account free!

The account carries the highest level of security through biometric authentication techniques like fingerprint readers, voiceprints and facial recognition (pending smartphone feature availability).

Read more in our Axos First Checking Account review.

Related: Best Free Debit Cards for Kids & Teens [Earn, Save & Spend]

9. Acorns


  • Available: Sign up here
  • Price: Acorns Personal: $3/month & Acorns Family: $5/month
  • App Store Rating: 4.7

Acorns has become one of the most popular financial apps for minors and young adults by offering a robust money management platform.

The full suite of offerings includes the ability to establish custodial accounts for minors to invest, regular and retirement investment accounts for adults and a bank account with linked debit card.

If you sign up for the Acorns Spend product, it creates a bank account that carries FDIC Insurance protection for up to $250,000.

Further, it uses the Acorns “Round Ups” feature which rounds up purchases to the nearest dollar, investing the difference between the transaction amount and the whole dollar. The service claims to help users invest an average of $30/month using this feature.

While not a free stock trading app, Acorns does give you the following subscription options:

  1. Acorns Personal ($3/mo):
    • Acorns Invest: Invests spare change through the popular “Round-Ups” feature, earns bonus investments and provides access to financial literacy articles
    • Acorns Later: Tax-advantaged investment options like IRAs
    • Acorns Spend: Acts as your bank account, offering free withdrawals at over 55,000 ATMs nationwide and no account fees and the ability to earn up to 10% bonus investments
  2. Acorns Family ($5/mo):

For a limited time, the service also offers a $5 sign up bonus in money toward free stocks for people who open an account. Learn how to start investing money and bank.

Learn more in our Acorns review.

Related: Best Acorns Alternatives: Micro-Investing Apps to Use

10. M1 Finance

m1 finance sign up

  • Available: Sign up here
  • Price: Free trades, M1 Plus costs $125/year
  • App Store Rating: 4.7

M1 Finance is an all-in-one super app that does it all. The app allows you to invest, borrow and spend but also open a M1 Finance custodial account to allow your kids to use it as an investment app as well.

The service requires you to sign up for M1 Plus to do this, however. Be sure to watch out for when the company puts this on promotion, making it free for you to try.

If you hold money in the app’s free checking account, it comes with FDIC insurance coverage and is part of the entire safe M1 Finance financial app experience.

Read more about this app in our M1 Finance review.


11. Best Free Debit Card for Kids and Teens: Chase First Banking

chase first banking sign up

  • Available: Sign up here
  • Price: Free (no fees)
  • App Store Rating: 4.8

Ready to teach your little ones about money, but not quite sure if you have the time, patience and expertise?

Chase First BankingSM offers simple banking for both of you in one location: the Chase Mobile® App—for free. Manage all accounts with this mobile app and encounter no fees as well as find yourself able to withdraw money on 16,000 Chase ATMs around the country.

At the heart of Chase First BankingSM sits one of the best free debit cards for kids and teens that works anywhere Visa is accepted.

Need insight and oversight into your child’s spending and saving? You can set spend alerts and limits as well as specific locations all in your Chase Mobile® app.

Teach your kids to spend, save and earn — all from the Chase Mobile® app. Chase First BankingSM helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.

To get started, you’ll first need to be a Chase customer with a qualifying Chase checking account.

Consider opening a Chase Total Checking SM or Chase Secure BankingSM account to qualify.

  • Chase Total CheckingSM also grants access to 16,000 Chase ATMs and more than 4,700 branches as well as a $200 sign up bonus when you set up direct deposit within 90 days of coupon enrollment. You can pay $0 in monthly fees, subject to meeting certain conditions*.
  • Chase Secure BankingSM offers the same Chase ATMs and branch locations as well as a $100 sign up bonus when you make stated qualifying activities and meet certain conditions.

Once you open a qualifying Chase Checking account, you may apply for a Chase First BankingSM account for your child.

Read more in our Chase First Banking review.

12. Best for Parent-Paid Bonuses: Revolut Junior

revolut junior sign up

  • Available: Sign up here
  • Price: Free (no fees)
  • App Store Rating: 4.7

The Revolut Junior Card is a prepaid debit card for kids designed to teach them money skills for life. Aimed at building healthy money habits from an early age, the unique, customizable card empowers parents to have full insight into their kids’ card activity through providing instant spending alerts and parental controls.

You can choose to freeze the card, set controls on how they use the cards online and with contactless payments through your Revolut app. Further, you can set spending limits on how much your child can use with the prepaid card.

Parents use the card and accompanying app to teach kids about earning, budgeting, saving and even investing money (depending on the plan chosen). You can also use the card to manage chores and allowance, set savings goals as a family and help your children manage their money.

And if your child did something deserving of a reward? You can send parent-paid bonuses when they complete specific tasks. Simply add money to their digitized piggy bank through the app. You can send and receive money in seconds through Revolut’s Payments feature, which allows instant transfers between account holders and also global transfers at transparent rates.

Of note, you must have a personal Revolut account before you can open a Revolut Junior account for your children. You can add up to five Junior accounts per parent account.

To learn more about the Revolut Junior card, consider visiting their site and opening an account for yourself and your child.

What Are Banking Apps for Kids and Teens?

investing younger

Many kid-focused banking apps come with debit cards that are personalized for you.

Mobile banking apps for minors make it easy to manage money and teach kids the value of spending and saving. However, these are not your traditional bank accounts.

Rather than visiting a branch, account holders can manage their money right from their phone. Many of the apps are kid-friendly and easy-to-use with parents or guardians.

How Do Teen Banking Apps Work?

father daughter smartphone investing medium

These money apps for kids work similarly to the ones parents use themselves. Both children and parents have online account access but these apps allow children to log into their own sub-accounts, like an authorized user on a credit card.

These sub-accounts carry fewer features than the adult version because you can set specific limits on how funds get spent, managed and saved.

These banking apps come with prepaid debit cards for teens that have parents control and allow you to fund money through transfers from existing checking accounts. Grown-ups can monitor, limit and pick specific locations where cards can get used.

These apps for kids also help with letting your kids save money in what has become their virtual piggy bank.

Do I Have an Account at an Actual Bank?

These platforms work with or are actual banks, just not in the traditional sense of having established real estate to enter when needing to use a bank’s services.

Several of these online-only institutions function just like real banks save the physical location you traditionally visited in the past. Some exceptions occur, with financial institutions like Chase and Fidelity both being banks with a physical presence.

Regardless of the physical vs. digital-only nature of these banks, kids can store their savings in these accounts and take advantage of a number of unique features.

Parents can use these tools to review money decisions weekly or monthly to develop a sense of the importance of budgeting and managing funds.

How Do I Deposit Money on Banking Apps for Teens?

parents investing money with child medium

Banking apps for teens allow a parent or guardian to send money from their own account as one of the features for funding an account.

Likewise, teens can also direct deposit paychecks from their jobs, deposit checks virtually from birthdays, holidays or other celebrations, or even add their allowance earned from chores.

Are Money Apps for Kids Safe?

money held on deposit

Kids need to begin first by understanding the value of money and how it can be used to save for important spending decisions or spent on everyday necessities. For kids to get the full value for their money, they will also need to manage it and invest.

Doing so properly will help kids to develop financial literacy skills, have less fear of financial topics and set them on a better financial path. The previous apps are some of the best investing and money management apps for kids and teenagers.

These apps require a parent or guardian to open the account if the owner is a minor, but will transition to the account owner’s name after turning the age of majority (18 or 21 in some states for financial items).

These banking apps for minors come with cybersecurity controls, multi-factor authentication and banking integration through Plaid, a leading cybersecurity provider in the financial industry.

The money kept in these bank accounts carry standard FDIC insurance coverage. This type of insurance protects your deposits held in the account up to $250,000 in value in the event of a bank failure.

These apps offer a safe and secure experience for kids, teens and minors. However, as with any bank account, you should be aware of scams that can target children in general to take their money or add them on social media networks without the child’s knowledge.

Parents need to teach their children about safe money handling processes and how to be mindful of phishing scams or attempts by others to steal their money.

Are Kids and Parents Able to View These Accounts?

parent sitting with kids laptop medium

Kids and parents can view these bank accounts and have access to the funds within them. These apps allow parents to establish certain controls over the money by limiting where kids can shop, withdraw money or invest money in stocks.

Parents usually have the power to sign on with kids’ accounts, it is important for parents and children to come up with a shared agreement when they plan to review and manage the money held in the bank account

These specific banking apps do the job of providing the ability for parents to monitor and control their children’s spending activity as well as build good money habits.

How Does a Virtual Bank Work?

A virtual bank does not have any physical locations to hold your money. Instead, you only use your bank online.

These virtual accounts come with all the features you would find in a standard banking account, like:

  • bill payments and deposits
  • mobile app for managing your money on-the-go
  • saving money
  • using a linked debit card
  • carrying FDIC insurance coverage
  • having other financial products at your disposal should you have needs
  • access to ATM machines (with fee reimbursement)
  • ability to deposit checks from your phone

The only difference is that there are no tellers or branch locations to deal with when using a virtual, or online only bank.

Do Banking Apps for Minors Teach the Value of Money?

teenager parent managing money smartphone medium

Banking is a first step toward financial independence because it establishes an account with your money inside of your control.

Some banking apps offer tasks that teach kids about money. These included financial literacy resources can help kids understand money concepts and how teenage money management can be important.

However, understanding the value of money often comes from hands-on experience.

Therefore, it is important for adults to teach children how to budget their spending responsibly so they can become financially independent as soon as possible.

Some apps also offer an opportunity for kids and parents to interact with fun games and events with their money.

Other apps like Greenlight promote learning how to invest together as a kids investing app product in addition to the primary banking and debit card product.

Do These Money Apps Help with Money Management?

These apps aim to teach kids how to be good with managing their money but also require interaction from parents. This ensures the apps provide guardrails but parents teach their kids how to manage their money wisely and what things matter most in life.

These apps give parents the tools to teach money management and a mostly controlled environment.

How Can Parents Manage How Kids Spend Money?

mother teaching daughter investing smartphone medium

Many of these apps come with spending controls tied to the debit cards. This means limiting where your kids can spend money, how they spend money, how much they spend as well as real-time alerts as your kids make a purchase.

This level of control can give you peace of mind knowing that your child spends money in a way you’ve mutually agreed is best for them.

Do These Apps Help with Monthly Chores and Allowance Payments?

kids counting money medium

Some of these apps do come paired with an ability to pay for monthly chores and allowance payments.

In fact, some of them first started as a chores and allowance app but transitioned into a full banking app for minors as they saw a need for it from parents.

Some offer a direct feature while others offer the ability to make automated money transfers in amounts predetermined by parents and kids for chores they’ve done and allowance they’ve earned.

How Can These Money Apps for Kids Help with Savings?

Banking apps for kids can assist them in learning the value of money. This means teaching kids to save money.

They can be set up with targets for saving and the app will show them how much they have saved, what their target is, and when they’ve hit it.

Some apps teach children about budgeting by having a spending limit that parents approve before each purchase or an allowance amount based on age.

Some of these banking apps also provide financial literacy resources to teach kids about money.

Some apps allow teens to save for certain expenses like summer camp, a prom dress or college tuition.

These apps can allow the teen to set up teenager money goals with milestones and it will let them know when they’ve hit the goal in an easy-to-read pie chart layout that breaks down where their saved funds go.

Done consistently and through repetition, these apps can help kids with things to save up for as well as how to manage their funds for the long-term.

What Apps Can Kids Use to Make Money?

kids sitting at computer medium

When you’ve got money apps to handle your money, you naturally wonder how you can earn cash to keep track of in your virtual piggy bank.

Kids can use a number of apps and platforms to make money and add to their savings.

Kids can:

  • sign up for eBay accounts and flip items they find at garage sales
  • take surveys online through apps like SwagBucks
  • complete tasks and sell their services through a platform like Fiverr
  • create arts and crafts to sell through Etsy

Can Kids Also Invest with These Apps?

Many of these apps also come paired with the ability to invest money. They allow you to open a custodial account and begin teaching your kids how to invest.

The better investing apps on this list carry over their banking limitation controls to investing by only allowing minors to invest in certain types of investments like index funds.

Acorns and Greenlight only offer these investment options to limit teenage investing to areas with demonstrable impact at promoting long-term wealth.

In other words, not individual stock trading in companies like GameStop or cryptocurrency like Dogecoin.

Certainly ways you can make money in the market, these types of investments require more investor sophistication and know how.

Index funds represent a simple, diversified investment product suitable for teenagers to start investing or kids to begin learning about the market.

In short, index funds represent approachable stock trading risks kids can begin to understand before jumping into more complicated investment strategies later in life.

Can a Kid Have Cash App?

Per the rules of Cash App, minors cannot have their own Cash App account. If a minor would like to use Cash App, it would need to be through their parents’ account, though this is not recommended.

This violates the terms of service for the account and will not allow you to use the virtual bank app in alignment with their rules.

What is the Best Allowance App for Kids?

One great allowance app to consider for paying kids on a chore chart or other family tasks is through Greenlight.

The allowance app aims to teach kids about money and provides a free virtual tracker and can include a money card as your children age and want to manage their own money.

About the Author

Riley Adams is a licensed CPA who works at Google as a Senior Financial Analyst overseeing advertising incentive programs for the company’s largest advertising partners and agencies. Previously, he worked as a utility regulatory strategy analyst at Entergy Corporation for six years in New Orleans.

His work has appeared in major publications like Kiplinger, MarketWatch, MSN, TurboTax and CNBC’s Acorns. Riley currently holds areas of expertise in investing, taxes, real estate, cryptocurrencies and personal finance where he has been cited as an authoritative source in outlets like CNBC, Time, NBC News, APM’s Marketplace, HuffPost, Business Insider, Slate, NerdWallet, The Balance and Fast Company.

Riley holds a Masters of Science in Applied Economics and Demography from Pennsylvania State University, Bachelor of Arts in Economics and a Bachelor of Science in Business Administration and Finance from Centenary College of Louisiana.