Table of Contents
Greenlight vs. Jassby Comparison
Greenlight Overview
- Available: Sign up here
- Greenlight offers flexible parental controls for each child and real-time notifications of each transaction.
- Greenlight is the only debit card letting you choose the exact stores where kids can spend on the card.
- Parents can use this app to teach them how to invest with a brokerage account through Greenlight Max and Greenlight Infinity plans.
- Unlike many apps that simply provide features and controls, Greenlight is also designed to spark discussions with children about spending, investing, and more, fostering more education.
- Best-in-class parental controls (can prohibit specific stores)
- Can add brokerage account to invest in stocks
- Intuitive Parent + Kid apps
- Competitive cash back & interest rates
- Parent-Paid Interest
- High price points
- No cash reload options
- No parent / child lending
Greenlight Plans + Costs
Greenlight has three subscription tiers that unlock and/or upgrade various sets of features:
Plan | Monthly Fee | Features Offered Under Plan |
---|---|---|
Greenlight Core | $4.99 | - Greenlight debit cards for up to five kids - Educational app - Core financial tools - Granular parental controls (store-level and category-level) - Savings Reward: Earn 1% on savings - Ability to earn, save, spend, invest and give |
Greenlight Max | $9.98 | Everything under the Greenlight Core plan, plus: - Savings Reward: Earn 2% on savings - Investing platform (parents must approve all individual stock and ETF investments) - 1% cash back on purchases - Priority customer support - Identity theft protection (identity theft monitoring, alerting and restoration for the whole family) - Cell phone protection (coverage for damaged, lost or stolen phones for up to five kids) - Purchase protection (repair or replace Greenlight purchases that are stolen or damaged) - Greenlight Black Card (modern, bold and black card) |
Greenlight Infinity | $14.98 | Everything under the Greenlight Max plan, plus: - Savings Reward: Earn 5% on savings - Family location sharing (can toggle on/off) - SOS alerts (swipe to send an alert to emergency contacts, 911, or both) - Crash detection (alerts 911 when a crash is detected) |
Greenlight Features
Greenlight is an app and debit card that’s rich in bells and whistles. Read on as I go through some of its most noteworthy features. (Note: Features available on all plans unless otherwise noted.)
Greenlight Card
Every Greenlight account comes with Greenlight cards—a Mastercard-branded prepaid debit card—for up to five kids. In general, prepaid debit cards are an ideal solution for parents who want to start giving their kids some financial independence without completely opening the floodgates. With Greenlight, parents load the parent wallet via either a debit card or an ACH transfer from a checking account. (Neither loading method charges a fee.) Parents then load each child’s Greenlight card from the parent app, and their kids can only spend what’s on the card. This prevents common spending missteps such as getting hit with non-sufficient funds fees or overdraft charges. The Greenlight card can be used virtually anywhere Mastercard is accepted, in-store and online, in the U.S. and more than 150 other countries worldwide. (And no foreign transaction fees, either!) Greenlight debit card accounts are Federal Deposit Insurance Corporation (FDIC)-insured for up to $250,000 per individual through the card’s partner bank, Community Federal Savings Bank (CFSB). And because the Greenlight card is a Mastercard, you enjoy Mastercard’s Zero Liability Protection, which doesn’t hold cardholders responsible for any unauthorized transactions as long as they used reasonable care from protecting the card from loss or theft and promptly reported any fraud to Greenlight. Want to shake things up? Your kid can upgrade to a custom Greenlight card for a one-time fee of $9.99. And Greenlight offers one of the most customizable cards, allowing people to decorate their card with a picture of themselves, a pet, a graphic, and other types of fun images. Related: Best Money Apps for TeensParental Controls
I think parental controls are one of the most important features of a kids’ debit card, and Greenlight has them in spades. In fact, I think Greenlight is the industry leader in parental controls. Greenlight uses a permission-based spending rules system that allows parents to set rules that limit not just spending amounts, but types of spending categories and even specific stores. (In my personal testing of this product, I was able to limit spending at a local creamery where my family celebrates weekly “Ice Cream Fridays,” effectively making any store, big or small, within reach of the robust parental controls offered through the Greenlight product.) Greenlight also offers spending notifications, real-time money requests and approvals if children don’t have enough money for a purchase, and the ability to freeze a kid’s debit card if the card is lost or stolen or the parents want to temporarily disable it for some other reason.Chores + Allowance
Greenlight lets parents automate allowance, and even link it to chores. The parent picks a frequency (monthly, biweekly, even weekly) and amount for allowance. Then, they can set up rules determining how much is paid out, and when:- The allowance is paid out with no connection to chores.
- A percentage of the allowance will be paid out depending on what percentage of their chores they completed. (In other words, they can get part of their allowance if they do part of the chores.)
- The allowance will only be paid out if all chores are completed.
Savings Reward
Earned interest on savings accounts is a great way to motivate children to save more. While Greenlight technically doesn’t offer interest, it offers something awfully close: the Savings Reward. Your child receives a monthly savings boost—1% for Core plans, 2% for Max, and 5% for Infinity—based on the average daily savings balance in their Greenlight account, on up to $5,000 of savings. (So, kids can earn a maximum of $50, $100, or $250 annually depending on the plan.)Parent-Paid Interest
Parents can also help their kids save faster by turning on Parent-Paid Interest. With Parent-Paid Interest, a parent sets an annual interest rate between 1% to 100%, then every month, the applicable amount (based on the average daily balance of a kid’s Total Savings, which is whatever’s saved in both General Savings and Savings Goals) is paid from the parent’s wallet to the child’s General Savings area.Round Ups
Greenlight offers yet another way to help their kids save even faster: Round Ups. Round-up apps all generally work the same: Whenever you spend, the purchase amount is rounded up to the nearest dollar (or some other preset dollar level or percentage), and the “spare change” is set aside in savings. Some round-up apps are more flexible and customizable than others; Greenlight’s Round Ups feature is pretty straightforward, rounding up purchases to the nearest dollar.Investing (Varies by Plan)
Greenlight offers commission-free investing across all its plans, though there’s a significant step up from the Core plan to the Max and Infinity plans. With the Core plan, parents have access to Investing for Parents Lite, which allows parents to invest via a handful of exchange-traded funds (ETFs). The Max and Infinity plans open up the full Investing for Parents, as well as Investing for Kids. Both provide access to more than 4,000 stocks and ETFs, and thanks to fractional shares, children and parents can invest with as little as $1. When kids invest, parents must approve every trade placed. Not sure what you should invest in? Take Greenlight’s personalized quiz, and Greenlight will recommend a fund for you.Level Up
Kids can learn more money management techniques through the financial literacy game Level Up. This interactive game teaches both young children and teens budgeting, investing, and other money skills with a curriculum and educational challenges that go beyond the K-12 national standards for personal finance education.Family Cash Card
All Greenlight subscription tiers allow users to qualify for the cash-back Family Cash Mastercard. Parents can add their kids as authorized users to help them learn how credit cards function and establish a credit history. Building a credit history early on can make it easier for children to qualify for their own unsecured credit cards or other loans when they’re older. You get a competitive 3% back when you spend at least $4,000 per billing cycle. Spending of more than $1,000 but below $4,000 earns 2% cash back, and spending of below $1,000 earns 1%. There is no limit to the cash-back rewards you can earn. Users can also auto-invest their cash-back rewards. You can sign up for Greenlight here. Related: Best Credit Cards for KidsJassby 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: Should You Open a Child Bank Account With a Debit Card?
Greenlight vs. Jassby: Our Editors’ Choice Is …
Once you compare Greenlight and Jassby side-by-side, it becomes clear that Greenlight offers everything Jassby does—and more. Both accounts make it easy for parents to send money to their kids and they stand out from other debit card competitors with their focus on building kids’ financial literacy skills through games and courses. But Greenlight offers additional features you don’t want to miss. Users earn interest on their savings, get ATM access, roundups, and those with the Max or Infinity plan can even invest. Plus, you can get up to five cards per subscription, which can save families money. While Jassby is a solid option, Greenlight is one of the best kids’ debit cards available today and the clear winner. If you’d like to start a trial to see how the card fares for yourself, you can get started with your free Greenlight trial here.
Primary Rating:
4.8
|
Primary Rating:
3.7
|
Other Debit Cards for Kids to Consider
If you’re still not convinced on Greenlight or Copper, you might want to look at these other highly rated options:
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. |
- How to Build Credit at 17 [Start Building Credit Early]
- 4 Best Ways to Save Money for Kids [Children’s Savings Plans]
- Should You Open a Child Bank Account with a Debit Card?