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If you're looking for a practical way to teach your kids money management skills and encourage financial independence, consider getting them a debit card.
Of course, your child may not be ready for their own checking account and the freedom to spend as they please. The good news: Several banks offer debit cards designed for kids and teens — allowing them to manage their own spending, saving, and goal-setting — but with plenty of safeguards that keep parents in control.
Here's a look at some of the best debit card options for kids available today.
The Greenlight Debit Card for Kids comes with a host of helpful features for kids and their parents.
For example, parents can send their kids money in real time, set spending controls, get real-time notifications on their child's account activity, and turn their child's card on or off via the Greenlight mobile app. Parents can also block certain spending categories, approve money sent from friends and family, and automate payments for completed chores and regular allowances.
As an added benefit, account holders earn cash back on every purchase, which is deposited straight into their savings.
The Greenlight Debit Card for Kids account is issued by Community Federal Savings Bank, and funds are FDIC-insured up to $250,000. It comes with fraud protection under Mastercard's Zero Liability Policy, and customer support is available 24/7.
There is no minimum deposit required to open this account, though there is a monthly fee of $5.99 to $19.98, depending on the subscription tier.
Chase First Banking is a debit card designed for kids ages 6-12, though teens up to age 17 are eligible for this account. Kids can make purchases at stores and online, track their own balances and transactions, set savings goals, and withdraw money from ATMs.
This account allows parents to designate where and how much their child can spend their funds, set ATM withdrawal limits, assign chores and pay out allowances, and monitor account activity.
This debit card is available exclusively for Chase checking customers; it must be opened by a parent and linked to a qualifying Chase checking account. There is no monthly service fee or minimum opening deposit required.
Capital One's MONEY Teen Checking account and debit card is available to kids as young as six. Once you've opened a MONEY Teen Checking account for your child, you can link it to your personal checking account at Capital One or another bank.
Parents can then add money to their child's account, monitor spending, lock and unlock the debit card, and track their kid's money goals. Teens can set their own financial goals, manage their finances in the mobile app, track their spending and saving progress, and more. Plus, the account earns 0.10% APY on all balances.
There are no minimum balance requirements or monthly fees for this account. And once your child turns 18, they have the option to open a 360 Checking account and transfer their balance from their MONEY Teen Checking account. However, if they choose not to, the MONEY Teen Checking account will stay open and remain fee-free.
