Debit cards represent the first pathway into financial responsibility because they start to give kids control over their spending and provide them an early glimpse into what it’s like to manage money on their own.
These cards also effectively function as a prepaid debit card because you can establish parental controls. Traditional banks or prepaid debit cards might not allow you to do this beyond keeping the account balance at a certain level.
Teach your kids to spend, save and earn — all from the Chase Mobile® app. Chase First BankingSM helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
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 debit card for kids and for how much.
First Checking by Axos Bank is the ultimate starter checking account for teens which also 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.
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.