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 teen is in charge of their own spending with guardrails installed by parents.
Minors can’t open their own bank account until they reach the age of majority in their state—often 18 years old. Parents can choose one possible path: opening a subaccount from their own bank account to provide their kids with a card to use.
At the heart of Chase First BankingSM sits one of the best debit cards for kids and teens that works anywhere Visa is accepted. While technically not a prepaid debit card, the Chase First BankingSM account doesn’t charge overdraft fees, making it like a prepaid debit card.
1. Best Free Kid and Teen Debit Card: Chase First Banking
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 prepaid debit card for teens and for how much.
goHenry is a banking app for minors that comes paired with prepaid debit cards for parents to oversee and manage their children’s account balance. You have an online account which comes linked to individual accounts for each of your children.