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

It can be difficult to teach children how to spend and save responsibly, but it doesn’t have to be. A debit card can be a valuable educational tool, especially when the kid is in charge of their own spending with guardrails installed by parents.

Better still, you can get these tools at no cost. Many free debit cards represent the first pathway into financial responsibility because they start to give kids and teens control over their spending and provide them an early glimpse into what it’s like to manage money on their own.

But which of these products is best for you and your children?

Read on as we discuss some of the best free debit cards for kids and teens, highlighting their features, drawbacks, and other important information to help you choose one that will work best for your minor’s needs!

Best Free Debit Cards for Kids & Teens—Our Top Picks

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What Are the Best Free Debit Cards for Kids and Teens?

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Below, we’ve compiled a list of the best free debit cards for teens and kids that should work for your needs. Look carefully at each card; we’ll help you compare features so you can determine which one makes the most sense.

 

1. Fidelity^® Youth Account (Best Free Debit Card With Teen Investing)

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• Available: Sign up here
• Price: No account fees, no account minimum, no trading commissions
• Promotion: Teens get $50 on Fidelity® when they open an account; parents get $100 when they fund a new account

Is your teen interested in jumpstarting their financial future? Do you want them to build smart money habits along the way?

Of course you do! Learning early about saving, spending and investing can pay off big when you start on the right foot. And one tool that can help your teen get that jump is the Fidelity® Youth Account—a brokerage account owned by teens 13 to 17 that’s designed to help them start their investing journey. They can use their own brokerage account to start their investing journey by trading most U.S. stocks, exchange-traded funds (ETFs), and Fidelity mutual funds.

Your teen will also get a free debit card with no subscription fees, no account fees, no minimum balances, and no domestic ATM fees. And they can use this free debit card for teens⁴ to manage their cash and spend it whenever they need.

And as for building smart money habits? You and your teen can access Fidelity’s Dedicated Youth Learning Center, which is packed with materials developed specifically to help teens develop good financial habits.

We’ll note that Fidelity Youth Account isn’t a prepaid card nor a banking app, but it’s still strongly worth considering.

Controls Parents Want and Need

A parent or guardian must have or open a brokerage account with Fidelity® to open a Fidelity® Youth Account. For new Fidelity® customers, opening an account is easy, and there are no minimums and no account fees.

Parents and guardians have plenty of tools they can use to monitor their teen’s activity: They have online account access, can follow monthly statements and trade confirmations, and can view debit card transactions made in the account.

To make it even easier, you can set up alerts to notify you of trades, transactions, and cash management activity, keeping you firmly in the loop on actions your teen takes across the Fidelity® Youth Account’s suite of products.

If your teen has an interest in learning about investing and taking their first steps toward building their financial journey, you should consider opening a Fidelity® Youth Account. The account comes custom-built for their needs, which will help them become financially independent and start investing for their future.

Read more in our Fidelity Youth Account review.

Related: Best Banking Apps for Kids & Teens [Teen Banking]

2. Step Banking (Best for Building Credit)

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• Available: Sign up here
• Price: Free (No monthly fees)

The free Step Visa Card is a unique “hybrid” spending card that functions like a debit card, but also boasts some of the features of a Visa credit card—including the ability to build your child’s credit history.

Parents add money to this FDIC-insured account and can determine how their child can spend. A regular Step account allows a child to have both a physical spending card as well as a virtual card in the Step app, while a Parent Managed Account only allows the child to spend via a physical card. Either way, they can use their card anywhere Visa is accepted. Children can also use their cards to withdraw money from more than 30,000 ATMs for free.

And parents needn’t fear that their child will overdraft—they can’t spend any money they don’t have.

Further, the Step Card comes protected by Visa’s Fraud Protection and Zero Liability guarantee. That means if your teen’s card gets lost or stolen, or misplaced and fraudulent charges crop up, you can dispute the charges within a certain time frame to avoid liability for paying.

The Step Card also boasts a great savings tool for kids. With Savings Roundup, small purchases are rounded up to the nearest dollar figure; that extra money is put toward a savings goal. (Example: Your child buys a cup of coffee for $2.75; Step rounds up to $3.00 and puts 25 cents toward a goal.) 

Step even features an “invest” function that allows children age 13 and older to buy and sell Bitcoin for a small transaction fee. They can also earn Bitcoin (or cash) rewards when they opt into offers from companies like Hulu, Chick-Fil-A, CVS, and The New York Times. The app is not a pure crypto wallet, however—your kids currently can’t spend Bitcoin directly at vendors. 

One of the most unique and powerful features of the Step card is its ability to build your child’s credit history. With this optional feature, Step will report the past two years’ worth of information—transactions, payment history, and more—to the credit bureaus when your child turns 18. That can greatly improve their chances of starting adult life with a better credit score, which can help lower the cost of things like student loans and auto insurance.

And Step is absolutely free: No monthly fees, no subscription fees, no account minimum fees, no ATM fees within Step’s network of 30,000+ ATMs, and no interest rate.

Related: Best Teen Credit Cards for Building Credit

3. Revolut <18 (Best for Parent-Paid Bonuses)

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• Available: Sign up here
• Price: Free (no fees)

Revolut <18 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 <18 account for your children. You can add up to five Junior accounts per parent account.

To learn more about Revolut <18, consider visiting their site and opening an account for yourself and your child.

Related: Best Online Jobs for Teens to Make Money While at Home

4. Till Financial (Best for Spending Lessons)

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• Available: Sign up here
• Price: Free (no monthly fees)

Earning, saving, and investing money are important cornerstones for every child to learn before setting out into the world. But just as important is the fourth pillar: how to spend money wisely.

That’s where Till Financial wants to help.

The free debit card and banking platform for kids describes itself as a collaborative family financial tool that empowers children to become smarter spenders. They do this by designing their banking product to encourage “open and honest” discussions between parents and kids.

Further, they allow kids to establish savings targets based on goals. For example, if a teen wants to save up to buy a new laptop or iPad, they can set up an account to save toward this goal themselves, but also solicit help from family members to contribute the same (or more) funds. They can also track their progress along the way, which helps to encourage them to continue saving because the path to their goal feels more real.

Till Financial also wants to further their money education effort by helping kids to “learn by doing,” gaining confidence in their spending decisions along the way. They do this by giving them responsibility over their financial actions through the service, such as learning about the costs of recurring subscriptions like Netflix or Spotify.

Another thing that stands out about Till Financial are all the various ways children can receive money. These include:

• Quick gives: One-time instant transfers from parent wallets to kids’ wallets.
• Allowance: An automated recurring transfer from parents’ wallets to kids’ wallets.
• Tasks: You create a chore, a frequency and an associated payment for your child to complete. If your child marks the task as completed, you’ll be notified—if you confirm the task actually was completed, the funds will be transferred.
• Direct deposit: Does your child have a job with direct deposit? They can have their checks sent directly to their Till account.
• Contributions: You can send recurring contributions toward your child’s savings goal. This can be set as a percent match to each of your child’s contributions, an interest payment (percent match to total amount) or weekly contributions.
• Transfers: A child or adult can transfer money between their Save and Spend balances. (If the child initiates the transfer, it must be approved by an adult.)
• Other contributions: Grandparents, aunts, uncles, and other close friends can contribute to a child Till user’s goal.

If you’d like to sign up for a free account with Till Financial, you’ll be equipped with a bank account, digital and physical debit card, and goal-based savings features. The debit card can be used online or in person, and parents enjoy safety features like one-tap card freezes should their child lose their physical card.

Related: How Old Do You Need to Be to Buy Stocks?

5. Axos Bank First Checking (Best Free Debit Card for Teens at an Online-Only Bank)

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• Available: Sign up here
• Price: Free (no monthly fees)

First Checking by Axos Bank is the ultimate starter checking account for teens, and it 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. It works as a joint checking account between a parent or guardian and their teen, allowing for easy-to-set, customizable parental controls with a debit card dashboard.

Parents 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 free debit card for teens. But it also provides safeguards against teens getting carried away with the money held in their account, such as daily limits on cash transactions ($100) and debit transactions ($500).

Further, you can receive up to $12 in domestic ATM fee reimbursements per month, and you avoid any monthly maintenance, overdraft, and non-sufficient funds fees—essentially making the account free! Meanwhile, as of winter 2022, users can also earn a modest 0.10% APY on any balance—lower than the national average rate, but fair for a simple teen checking account and debit card product.

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

The product has a minimum age requirement of 13 and is recommended for ages 13 to 17. It will convert to an Axos Checking Account after the minor reaches the age of majority.

Read more in our Axos First Checking Account review.

 

6. Mazoola (Best for COPPA Compliance)

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• Available: Sign up here
• Price: Free (No monthly fees)

Mazoola helps parents teach their children financial literacy with the first and only (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 and help them keep some form of control over spending.

More importantly, with 1.25 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 Mazoola’s heightened security and privacy.

 

7. Chase First Banking (Best Free Debit Card for Kids and Teens)

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• Available: Sign up here
• Price: Free (no monthly fees)

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

Chase First Banking^SM 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 Banking^SM 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 Banking^SM 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 Banking^SM account to qualify.

• Chase Total Checking^SM 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 Banking^SM 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 Banking^SM account for your child.

Read more in our Chase First Banking review.

8. Nationwide Bank First Checking (Honorable Mention)

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• Available: Sign up here
• Price: Free (no monthly fees)

With a teen checking account product that’s highly comparable to Axos First Checking, and indeed provided by Axos, Nationwide’s First Checking also acts as an ultimate starter checking account with a debit card for teens.

We feel both products deserve spots on this list for their features and free price point.

Like Axos’ First Checking, this Nationwide 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.

Nationwide’s account is otherwise equipped with the same features, functionality, and ability to earn a modest APY.

 

9. Capital One MONEY Teen Checking Account (Honorable Mention)

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• Available: Sign up here
• Price: Free (no monthly fees)

Capital One MONEY Teen Checking Account is a money management account with a debit card and a highly rated free mobile app for teens. It’s hassle-free and designed to give you peace of mind as your kids grow into independence.

Capital One MONEY offers everything a teen needs to be financially responsible. Parents, as the adult co-owner of the account, set up the account and use monitoring tools to oversee account activity. Teens can manage their money with their debit card, which can be used at more than 70,000 fee-free ATMs nationwide. And if parents are worried about the security of the card, parents can easily lock and unlock it.

The mobile app allows you to employ parental controls to stay on top of your child’s spending and take advantage of teachable money moments.

This checking account is suitable for any child 8 and older. Once your child turns 18, they can open a 360 Checking account and transfer their MONEY account balance there; if they don’t, the MONEY account will remain open.

 

10. Current (Best Card for Transitioning to Adulthood)

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• Available: Sign up here
• Price: Free (No monthly fees)

The Current banking app is designed with families in mind. It offers both adult and teen accounts, with the latter acting like prepaid debit cards that parents load for their children. The Current app allows you to track your teen’s spending in real-time, set limits on how much your children can spend, and even block specific merchants on its Visa-enabled debit cards. You also get the peace of mind that comes with knowing your children’s money is safe because it’s not cash—no temptations, just a tool parents can use to help teach teens financial responsibility.

Among Current’s features:

• Get paid up to two days early when you enroll in direct deposit through your Current account.
• No overdraft fees on overdrafts of between $25 and $200 when you enable the Overdrive feature.
• No minimum required balances, no fees on transfers to other Current accounts, and no hidden fees.
• Earn up to 15x points, which can be redeemed for cash, when you swipe with more than 14,000 participating merchants.
• Create Savings Pods, or Giving Pods, that allow you to save up for various goals. You can earn an annual percentage yield (APY) of up to 4% currently in Current Savings Pods.
• Round-Ups allow you to round up purchases to the nearest dollar amount and store the difference in Savings or Giving Pods.
• Buy and sell 27 different cryptocurrencies with zero trading fees.

Teens will love easy allowance deposits, a card they can use in stores or online, instant gas hold removals when buying gas, and access to more than 40,000 fee-free Allpoint ATMs nationwide. They’ll also have the opportunity to learn about financial responsibility and financial independence through Current’s Budgets feature, which allows them to track their spending and even receive alerts when they get too close to (or exceed) a predetermined limit.

Current doesn’t specifically state a minimum age requirement, but the company’s marketing suggests teens are the target audience. Still, you might be able to open an account for a younger child.

 

Other Kid’s Debit Card Options to Consider (Not Free)

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While free is always the right price, you might want more functionality for a higher cost. Below are some of the other debit cards for kids and teens you might consider trying out before committing to a free option above.

 

1. Greenlight (Best Paid Debit Card for Kids and Teens)

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• Available: Sign up here
• Price: Free 1-month trial. Core: $4.99/mo. Max: $9.98/mo. Infinity: $14.98/mo. (All plans include cards for up to 5 children)

The Greenlight debit card allows kids to begin spending, but provides parents with peace of mind by giving them control over where their kids can spend money. Parents also can choose to receive alerts that tell them when, and how much, money is spent on the Greenlight debit card.

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 you to have discussions with your child about why a purchase might be a good or bad idea.

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

Each monthly Greenlight subscription includes debit cards for up to five kids. Replacement cards cost $3.50 each but are free the first time. If you need to replace your card quickly, you can get express delivery for $24.99. The company also offers a personalized card, with your own photo or design, for $9.98 per year.

Greenlight boasts numerous other features, too. For instance, parents can open an investment account for kids to get their children investing in stocks and exchange-traded funds (ETFs) for the first time.

Greenlight also offers monthly savings rewards based on your tier: 1% per annum for Core members, 2% per annum for Max, and 5% per annum for Infinity. You may set up “Parent-Paid Interest” between you and your child. This allows you to foot the bill and pay interest on accounts for up to five kids.

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.

Greenlight has no minimum age requirements but recommends starting at age 6 or older.

Read more in our Greenlight Card review.

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

2. GoHenry (Best for Customer Service)

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• Available: Sign up here
• Price: 1 month free. Individual: $4.99/child/mo. Family: $9.98/mo. for up to 4 children

GoHenry is a financial solution for minors that includes an app, prepaid debit cards, and even financial lessons. Parents are given an online account that’s linked to, and allows them to oversee and manage, individual accounts for each of their children via both the GoHenry app and the online account portal.

Each child will receive their own GoHenry debit card; you can choose from 45 different designs or create your own customized card for $4.99. Each card is governed by parental controls you can set for your children.

What’s nice about GoHenry is that kids can only spend whatever money is available on the card—and thus parents don’t need to worry about costly overdraft fees or their kids accruing debt.

When you open a GoHenry account, you should receive your children’s debit cards in the mail seven to eight business days later. Once you do, you can set up events such as automatic weekly allowance transfers into your children’s accounts, real-time spending alerts, and one-off or weekly spending limits. You can also keep your children’s spending in check by choosing the stores where your kids can shop, and even blocking/unblocking the card as needed.

With time, the controls provided by the app and the guidance you offer can help your kids develop good money habits around earning, saving, spending, and giving.

But GoHenry really sticks out as one of the best debit cards for kids for customer service. They offer everyday phone availability, email access, and social media engagement, ensuring users can solve their problems quickly and with little hassle.

GoHenry has no minimum age requirements but recommends starting at age 6 or older.

Related: GoHenry vs. Greenlight

3. Copper Card (Best Debit Card for Kid Independence)

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• Available: Sign up here
• Price: Variable pricing on Copper and Copper + Invest plans

Copper Banking was founded on the belief that kids and teens should have equal access to financial education and should be empowered to learn by doing. Now, the company is on a mission to help children gain real-world experience by giving them access to their money in a way that traditional banks can’t.

The Copper app and debit card teaches your child how to make smart financial decisions by creating a platform where parents and their kids 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 Banking Features:

• Send/Request: Kids 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.
• Withdraw: Access your money from more than 55,000 fee-free ATMs.
• Monitor: Get a snapshot of all your child’s spending in an easy-to-read dashboard.
• Save: Gain quick snapshots of your child’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.

The basic Copper account includes the above banking features. With Copper + Invest, your child also gets access to automatically curated smart portfolios built with their preferences in mind. Your child is given a questionnaire that helps Copper determine a portfolio based on their age, income, net worth, investment objective(s) and investment horizon. Copper then recommends one of three ETF portfolios—Moderately Aggressive, Aggressive, and Extra Aggressive—made up of thousands of stocks. Parents can review the portfolio to ensure it matches with not just your child’s preferences, but your family’s. (Portfolios can be changed later on by accessing the Support chat.)

Your child can begin investing for as little as $1, then add more contributions down the road. Copper will automatically rebalance the portfolio as needed to make sure it always keeps up with your child’s investment preferences.

Copper is available to kids 6 years and older.

Read more in our Copper Banking review.

 

4. BusyKid (Best Prepaid Visa Debit Card for Kids)

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• Available: Sign up here
• Price: $4/mo. billed annually. (Up to 5 cards)

If you’re looking for prepaid debit cards for kids that also teaches your children about money, lets you pay them allowance, and allows them to spend, consider the award-winning BusyKid app and the connected BusyKid Visa Spend Card.

BusyKid started as an easy-to-use, interactive chore app for kids, but has since added a prepaid debit card that allows your children to spend their money in stores and online. Your children can earn real money by completing chores and other tasks around the house, then use the app to learn valuable financial skills, such as budgeting, saving, and even giving back.

Parents can pay allowance on an ad hoc basis, or they can set up Auto-Allowance. When parents add to their children’s accounts, that money can be split between Save, Share, and Spend:

• Save: Parents can automatically allocate money toward a savings basket; however, parents can also match any money their children elect to save.
• Donate: Children can choose which charities they would like to give money to, and parents must approve before the cash is transferred.
• Spend: When they’re ready for independence, BusyKid has a Visa Spend Card so kids are never without cash in hand.

Also, with BusyKid, the parent isn’t the only person who can add money to child accounts. With a share of the QR code, grandparents, aunts, uncles, other family members, and even friends can add money—from birthday presents to paying for chores–for a $1 fee (plus any credit card or bank transaction costs).

Finally, BusyKid also allows children to invest their earnings through the app. Doing so requires setting up a separate Apex Clearing account. Children can choose to invest in hundreds of stocks and ETFs with as little as $10.

In addition to the $4 monthly subscription, BusyKid charges other fees, including 50 cents per declined transaction, $5 for a card reissue, and a $5 monthly fee for paper statements.

 

5. FamZoo (Best for Financial Education)

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• Available: Sign up here
• Price: Free trial. Then $5.99/mo., $25.99/6 mos., $39.99/12 mos. or $59.99/24 mos. (all per family)

FamZoo is another service for parents interested in opening prepaid debit cards to manage their children’s spending.

Parents can fund a FamZoo account through numerous routes, including bank transfers, Direct Deposit, even cash. Typically, parents will load their primary funding card, then they will transfer those funds onto their kids’ cards. But you do have the option of directly funding kids’ cards.

There are plenty of safety features, too. And there’s no risk of having your bank account information stolen from FamZoo—because FamZoo never asks for it. Adults can monitor transactions, you can temporarily lock and unlock cards, and you can set up real-time alerts for card activity and remaining balances.

After a free trial, this app costs $5.99 per month, but the price goes down if prepaid in advance.

However, FamZoo rates as our top education choice because of its robust financial education library. Many of the functions have financial literacy in mind, too. For instance, payment checklists teach kids the value of a dollar by tying chores and odd jobs to rewards and penalties.

Spend, Save, and Give accounts separate funds into different purposes. And with “Parent-Paid Interest,” you can teach your kids the power of compound interest over time.

FamZoo has no minimum age requirements but recommends starting earlier rather than later.

Related: Greenlight vs. Famzoo

6. Stash (Best for Approaching Finances for the First Time)

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• Available: Sign up here
• Price: Growth: $3/month, Stash+: $9/month¹

Another app to grace this list twice is Stash, a leading all-in-one financial platform, offers a mobile-friendly banking account⁶. With no hidden banking fees, no minimum deposit or balance requirements, and fee-free ATM access⁷, Stash may be a strong choice for consumers who prefer to do their banking and investing all through the same platform².

Plus, you’ll earn Stock-Back Rewards^® at places like Walmart, Amazon and more when you make qualified purchases with your Stock-Back^® card⁸.

If you are a young adult, you may want to use Stash to invest money with regular automatic transfers or even “round up” purchases you make on a linked debit card so that the spare change goes to your personal portfolio.

Stash also offers financial education resources that can help you improve your financial literacy. It covers numerous topics like investing, managing and planning money.

The specifics on the Stash banking account:

• Minimum Deposit and Balance Requirements: There’s no minimum daily balance requirement, but you do need to open a Stash Invest account to use your Stash Online Banking account⁷.
• Yield: None, but you’ll earn Stock-Back^® rewards on every eligible purchase made with the Stock-Back^® card⁸.
• Rewards and Incentives: Earn Stock-Back^® rewards on every eligible debit card purchase. Earn 0.125% Stock-Back^® rewards on everyday purchases and up to 5% Stock-Back^® rewards on purchases with certain merchants that are eligible for Stock-Back^® bonuses⁹. Plus, you can get paid up to two days early when you direct deposit your pay into your Stash banking account¹⁰ and enjoy access to thousands of fee-free ATMs⁷.
• Possible Fees: Fees for use of out-of-network ATMs².

For additional details and disclosures, please see the fine print at the bottom of this article.

 

7. Acorns (Best for Long-Term Growth)

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• Available: Sign up here
• Price: Acorns Personal: $3/mo. Acorns Family: $5/mo.

Acorns has become one of the most popular financial apps for minors and young adults, but it also boasts a robust money management platform that offers more than just investing.

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

You can get this checking account and debit card with either of Acorns’ subscription options:

• Acorns Personal ($3/mo.): Includes an Acorns Invest investment account, as well as Acorns Later for tax-advantaged investment options such as Roth IRAs. Also includes Acorns Checking, a bank account with no account fees, the ability to withdraw from more than 55,000 ATMs nationwide.
• Acorns Family ($5/mo): Everything in Acorns Personal (Acorns Invest, Later and Checking), plus Acorns Early. This allows you to open a custodial investment account for your child so you can begin investing for them while they’re a minor.

Both products also contain features such as “Real-Time Round-Ups,” which allow you to automatically invest spare change when you round up purchases to the nearest dollar. (The service claims to help users invest an average of $30/month using this feature.) You can also install the Acorns Earn Chrome Extension to earn bonus investments by shopping online at more than 15,000 top brands.

For a limited time, the service also offers a $5 sign-up bonus for people who open an account and meet certain conditions.

Learn how to start investing money and banking with Acorns today, or learn more about the service with our Acorns review.

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

 

8. M1 Finance (Best for Financial Automation)

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• Available: Sign up here
• Price: Basic: Free. M1 Plus: $125/yr.

M1 Finance is an all-in-one super app that does it all. With M1 Finance, you can invest, borrow, and spend, as well as open an M1 Finance custodial account that allows your kids to use it as an investment app as well. It even allows custodial IRAs (within the paid M1 Plus tier), making it one of the best custodial accounts.

When you sign up with a Basic account with M1, you receive a basic, FDIC-insured M1 Spend checking account (via Lincoln Savings Bank) with an M1 Visa debit card. The account and card don’t offer much at the Basic level, however. Upgrading to M1 Plus unlocks perks including:

• 1% cash back (0% with Basic)
• 3.00% APY (0% with Basic)
• 4 ATM reimbursements per month (1 per month with Basic)
• 0% international fees (0.8% to 1.0% with Basic)

Read more about this app in our M1 Finance review.

 

What Is a Debit Card for Kids and Teens?

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Children generally can’t open their own bank account until they reach the age of majority in their state—often 18 years old. Thus, parents often look for other paths, such as opening a sub-account from their own bank account so they can provide their children with a card to use.

In that event, your child likely will need to be at least 13 years old before receiving a card.

Unfortunately, these accounts might not come with the custom spending controls, parental oversight, or feature-filled mobile apps provided by many new debit cards for kids. These new apps provide numerous controls over your children’s spending, including spending notifications, limiting where your child can use the card, and even allowing you to quickly lock and unlock the card. And in many cases, you simply fund your child’s debit card, so it effectively functions as a prepaid debit card.

Traditional banks or prepaid debit cards might not allow you to do this beyond keeping the account balance at a certain level.

Can I Get a Debit Card for Kids Under 13?

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Though rules vary by financial institution, some banks don’t allow minors to have debit cards under their own name before the age of 16. Others choose to offer them to kids who are 13 or younger.

But even if you can get one from your current bank, you might not want to just hand your child any ol’ debit card. You might want more insight and control over their spending so you can introduce and reinforce good spending habits.

One such option includes having a joint prepaid debit card with your child, allowing you both to manage the money and agree on what the card can be used for. These cards give children some of the control they seek over their own cash but still allow parents to monitor spending and offer useful guidance when necessary. (Traditional banks don’t often have these controls available to you, making this a difficult task without the tools necessary to oversee account management.)

Most of the cards listed above, however, act like individual prepaid debit cards for your children. You load the cards with money, and they can only spend what is available on the card.

What to Do Before Getting a Free Debit Card for Kids

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Take these things into consideration before opening a debit card for your child:

• Monthly fees. The best debit cards for kids should not have fees associated with their online portals to review the child’s spending or educational tools that manage money.
• Major card networks. One of the best cards for your child to use is one backed by a major credit card network. Companies like Amex, Mastercard, Visa, or Discover. This means your child can use the card as a debit or credit when needed.
• Parental Controls. An online account that not only lets you see where cash flows and when it changes hands, but also lets you monitor your child’s spending habits is a smart investment for both security purposes and to teach them strong money management skills.
• Prepaid card. To start, you may want to consider a prepaid debit card. You can also tie a new card to your existing accounts as another authorized user. The new card will access those accounts as your child spends.
• Credit scores. There are various ways to load money onto a debit card for kids. For example, you could purchase a convertible credit card for kids and put the money that they want into it; however, make sure you pay off your balance every month in order to avoid interest charges. Not paying off your monthly balance might be bad for your own credit score.

Which Features Should You Look For in a Free Kids Debit Card?

1. Direct Deposit

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One of the best features that may be available on free debit cards for kids is direct deposit.

Direct deposit is an automated transfer of money, typically from an employer to a person’s bank account. This is an excellent feature you want your kids to have, because your child’s paycheck will go directly into their account. That beats being handed an envelope from work that’s later handed over to Mom and Dad to manage.

A few debit cards for teens even allow free early direct deposit if they open a premium checking account. This allows teens to get paid up to two days faster than with regular direct deposit.

Yes, it’s important to instill a sense of delayed gratification in your children to build up their money management skills. But most of us can agree that you shouldn’t have to wait for your hard-earned money to hit your bank account—kids included.

2. Transfer Money Instantly

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The instant money transfer capability is really beneficial for parents with young children.

Maybe your kids are too young to have a job. Or maybe your kids are too busy to go with you to the bank. Either way, it’s up to you, as a parent or guardian, to occasionally give them some spending money each week from your own pocket.

Instant money transfers allow parents to, say, pay allowance to kids or compensate children for their weekly or monthly chores. And this feature eliminates the need to make a trip into an actual bank, which saves a trip for adults and kids pressed for time.

And believe it or not, parents can use the instant transfer capability to teach children financial literacy and the connection between work and money. A quick transfer will help children associate their earnings with their work—much better than seeing money as something they can always receive without doing anything for it.

Many debit cards for kids, then, offer a quick “reload” option so parents can keep on top of their kids’ accounts, even when pressed for time.

3. Mobile App

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In today’s modern world, everything is increasingly online—and that includes banking and finance.

Is it more complicated for parents? Sure. But it’s not without its upsides. Many parents and guardians find that banking mobile apps make it much easier to keep track of their children’s spending. In fact, you could argue that, nowadays, the mobile app is one of the most important banking features.

Think about all the parental controls you can find on some debit cards’ mobile apps: spending limits, controls on where kids can use their cards, restricting card use at certain times of the day, spending notifications, even the ability to lock down the card. Moreover, mobile apps often include things like lessons, quizzes, and videos teaching kids about financial responsibility at an early age.

Kids certainly have to love the convenience, too.

Teens can open their own checking account (with the help of a parent), earn money to deposit into the account, then can access the funds to make purchases—all from a mobile app. Kids can always see their funds in their account with the push of just a few buttons, and they can easily keep track of their spending.

4. No Overdraft Fees

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Since overdraft fees are typically the most expensive fee associated with a bank account, an excellent feature to look for when choosing prepaid cards or debit cards linked to a bank account is no overdraft fees.

Most prepaid debit cards can avoid overdraft fees by declining any charges when the bank account carries an insufficient balance. (For instance, if your child is trying to buy Robux and the account doesn’t have enough money, the card declines the transaction on the spot.) The BusyKid Visa Spend Card and Greenlight card, for instance, don’t have issues with overdraft fees because you can’t spend money not already loaded onto the card.

However, cards have other ways for parents and kids to avoid overdrafts—and thus overdraft fees. For instance, parents may be able to monitor and even control their children’s spending directly from the app, keeping them from spending a predetermined amount in any time period or location.

You can even avoid overdraft fees with some traditional banks, which might choose to decline charges on the debit card if they exceed the account balance.

5. Low Monthly Fees

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One downside of many debit cards for kids—not all, but many—is monthly account subscription fees paid to open and maintain the account.

These fees exist for a reason: It’s how banks make money.

Banks typically make money by taking the deposits held on account and lending them to borrowers. They charge an interest rate to the borrower at a higher rate than they borrow from the depositor. This difference, called the net interest margin, accounts for the lion’s share of bank earnings.

However, kids and teens will typically have low account balances, providing little financial upside for the bank. Hence commonplace monthly (or annual) fees for kids’ debit cards and checking accounts. Some banks also try to generate additional income from things such as account minimum balance violation fees, overdraft fees, and other fees.

That’s not to say you should avoid any debit cards for teens that charge monthly fees. But it does mean that you should consider what value-added services you’re getting, and whether they’re above and beyond what you can get from accounts that charge no fees whatsoever.

Parental controls, robust mobile experiences, and card rewards are among the things that can provide parents with a more attractive value proposition and justify those fees.

Related: How Acorns Makes Money

6. Parental Controls

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Parental controls are among the most pivotal features you’ll need in a debit card for teens and/or kids.

If your card offers controls, they should be easy to set up, customizable, and suited to any parent’s needs. Parents should be able to choose what notifications they want, set spending limits, determine which merchants kids can visit, and even lock and unlock kids’ cards.

Parental controls aren’t always about limiting, however. They might also include automated allowance payments, setting chores to complete, spending notifications (online and off), and being able to see spending reports.

These parental controls are one of the biggest differences that set apart debit cards for kids and teens, and regular products offered by a traditional bank.

7. Money Management Features

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You’ll laugh at hearing this, but spending money as a kid can actually be a little stressful. So believe it or not, money management features can be especially attractive when deciding on a kids’ debit card.

Think about it. Maybe you have an allowance. Maybe Mom gives you 10 bucks here and there. That’s not a lot of money—and it’s probably not enough to buy all of the little things you want to buy right now, not to mention the big things you want to save up for.

Money management tools obviously won’t create more money, but they can help your children begin to understand the concepts of budgeting so they can spend their money more wisely and get more out of it.

Some of the best debit cards and bank accounts offer things like special pods/categories/what have you for spending, saving, gifting, and other teenage money goals, both short- and long-term alike.

In fact, some youth money apps also allow your children to invest in stocks for kids!

8. Establish Savings Goals

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One really important money management feature that many parents want for their children is savings goals.

In general, kids can benefit enormously from the virtues of saving. Saving from an early age can enforce the idea of delayed gratification—the idea that accomplishments can be just as (if not more) satisfying when they’re worked for and earned over time.

Also, saving can help instill responsibility in your child. It’s a building block to understanding what it means to budget, diversify their financial resources, and even invest for better returns.

The best accounts, then, help teach your kids and teens how to save money by setting up savings goals—though they’ll often call them by a number of different terms, be they “goals,” “categories,” “pods,” etc.

Having savings goals that appear right alongside their spending money will show them how money is parceled out. So they’ll learn that they can still spend some money in the here and now, but they can’t go out of control without risking their longer-term priorities.

Is There a Debit Card for Kids With No Fees?

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Yes! As we’ve covered above, you can find not just one, but several kid debit cards, free or paid.

One of the best debit cards for kids and teens without a monthly service fee comes from Current. The free prepaid debit card empowers kids to learn about earning, saving and spending their money through teaching teens about the basics of banking and budgeting. The app offers the ability for teens to budget and set goals while giving parents monitoring oversight of purchases made in real-time.

Together, these features provide productive tools for parents and teens to engage in ongoing financial conversations, providing both groups with greater confidence in money decisions made now and in the future.

And it’s easy to see why this matters: The company’s mission of bolstering financial literacy in teens can equip them to make smarter money choices down the road.

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Terms and Conditions for Fidelity® Youth Account:

The Fidelity® Youth Account can only be opened by a parent/guardian. Account eligibility limited to teens aged 13-17.

¹ Limited Time Offer. Terms Apply. This offer is valid for new or existing Fidelity Brokerage Services LLC (“Fidelity’) customers who open through the following link https://www.fidelity.com/go/starter-pack and fund a new, eligible Fidelity account with a minimum of $50 on or after 07/20/2022 and have not otherwise previously taken advantage of Fidelity’s $50 for $100 cash offer. Offer is limited to one bonus award per individual.

² Limited Time Offer. Terms Apply. Before opening a Fidelity® Youth Account, you should carefully read the account agreement and ensure that you fully understand your responsibilities to monitor and supervise your teen’s activity in the account.

³ Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See Fidelity.com/commissions for further details.

⁴ Your Youth Account will automatically be reimbursed for all ATM fees charged by other institutions while using the Fidelity® Debit Card at any ATM displaying the Visa®, Plus®, or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited. Please note, for foreign transactions, there may be a 1% fee included in the amount charged to your account.

⁵ Venmo is a service of PayPal, Inc. Fidelity Investments and PayPal are independent entities and are not legally affiliated. Use a Venmo or PayPal account may be subject to their terms and conditions, including age requirements. 

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

Chase Bank fine print

* Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,

OR a balance at the beginning of each day of $1,500 or more in this account,

OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances

Stash fine print

* Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser. Promotion is subject to Terms and Conditions: (https://lp.stash.com/promo-offer-tc/). To be eligible to participate in this Promotion and receive the bonus, you must complete the following steps: (i) click through the link above, (ii) successfully open a Stash Invest Account (otherwise known as your personal portfolio) in good standing, (iii) link a funding account (e.g. an external bank account) to your new Stash Invest Account, AND (iv) initiate and complete a deposit of at least five dollars ($5.00) into your Stash Invest Account.

¹ The Stash Monthly Wrap Fee starts at $1/ month. You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the Custodian. Please see the Advisory Agreement ( for details. Other fees apply to the bank account. Please see the Deposit Account Agreement.

² Stash offers access to investment and banking accounts under each subscription plan. Each type of account is subject to different regulations and limitations. See the Advisory Agreement and the Deposit Account Agreement for more information. 

³ The adult (or Custodian) who opens the account can manage the money and investments until the minor reaches the “age of majority.” That age is usually 18 or 21, depending on the Custodian’s state. The money in a custodial account is the property of the minor. Money in a custodial account can be used by the parent or legal guardian, but only to do things that benefit the child.

⁴ This material is not intended as investment advice and is not meant to suggest that any securities are suitable investments for any particular investor. Investment advice is only provided to Stash customers. All investments are subject to risk and may lose value. All product and company names are trademarks ™ or registered ® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

⁵ Stash does not monitor whether a customer is eligible for a particular type of IRA, or a tax deduction, or if a reduced contribution limit applies to a customer. These are based on a customer’s individual circumstances. You should consult with a tax advisor.

⁶ Stash banking account opening is subject to identity verification by Green Dot Bank. Bank Account Services provided by and Stash Visa Debit Card (Stock-Back® Card) issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. In order for a user to be eligible for a Stash banking account, they must also have opened a taxable brokerage account on Stash. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.

⁷ Other fees apply to the bank account. Please see the Deposit Account Agreement (https://cdn.stashinvest.com/disclosures/Green+Dot+Bank+Deposit+Account+Agreement.pdf) for details. If applicable, your Stash banking account is a funding account for purposes of the Advisory Agreement. Your Stash subscription fee may be deducted from your Stash banking account balance. Fee-free ATM access applied to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the ATM owner or bank may charge.

⁸ Stash Stock-Back® Rewards is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A., or any of their respective affiliates, and none of the foregoing has any responsibility to fulfill any stock rewards earned through this program. What doesn’t count: Cash withdrawals, money orders, prepaid cards, and P2P payment. See full terms and conditions (https://lp.stashinvest.com/stash-stock-back-rewards-terms-and-conditions/). Stock-Back Rewards that are issued to a participating customer’s personal brokerage account via the Stash Stock-Back Program, are not FDIC Insured, Not Bank Guaranteed and May Lose Value. This material is not intended as investment advice and is not meant to suggest that any securities are suitable investments for any particular investor. Investment advice is only provided to Stash customers. All investments are subject to risk and may lose value. All product and company names are trademarks ™ or registered ® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

⁹ Bonuses are subject to Terms and Conditions (https://lp.stashinvest.com/stock-back-boost-promo-terms-and-conditions/).

¹⁰ Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period.

Fractional shares start at $0.05 for investments that cost $1,000+ per share.

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Disclaimer: Step is a trademark of Step Mobile, Inc.