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.
Best for Approaching Finances for the First Time: Stash
Stash may be a strong choice for consumers who prefer to do their banking and investing all through the same platform.
Best for Financial Automation: M1 Finance
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.
Best Free Debit Card for Teens Runner Up: Jassby Virtual Debit Card
Jassby is a free mobile wallet app families can use to manage chores, allowance payments and money spent on debit cards.
Honorable Mention: Nationwide Bank First Checking
Nationwide’s First Checking also acts as an ultimate starter checking account with debit card for teens.