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.
Best for Long-Term Growth: Acorns
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.
Best Free Debit Card for Teens: Axos Bank First Checking
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.