I'd like to give my kids a small allowance but freedom to spend as they wish (ideally can be added to a smart phone) - up to a certain limit. Can anyone recommend a good debit card where I can set monthly limits on their spending ?
Recommendations for children’s debit cards
Debit Cards for Teens
Best debit card for teenager (US)
Debit card for 10 year old? Best free options?
Which debit cards for kids are free?
Are debit cards for kids a good idea?
Debit cards can be a valuable tool for teaching kids about finance through hands-on experience. If you want your kid or teen to understand the importance of saving money and spending responsibly, opening their own debit card can be a wise decision. Most kids and teen debit card accounts offer financial literacy tools in-app, as well as chore and allowance features and the ability to set savings goals.
Plus, with most kids’ debit cards, parents have complete control and can set up spending limits, monitor balances, receive notifications and even lock cards entirely.
Is there a debit card for kids with no fees?
Neither Current nor Revolut <18 debit cards carry subscription fees. However, cards may carry other standard banking fees, such as foreign transaction fees or transfer fees.
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My children are growing up and it’s about time that they learn how to be responsible with their money. I’m researching getting them their own “debit” (for lack of a better word) cards that I can easily load with money they earn and that can be used like an actual debit card, and ideally I’d be able to check their balances and such in an app.
Does anything like that exist?
Hey gang, not sure if this is the best sub for this topic but I'm looking for an alternative option to my current set up with Chase. I have a Chase Premiere Checking account, and two kids checking accounts for my teens. My kids can access their individual accounts via Chase app on their phones, I can easily transfer money to/from those accounts, and they each have a debit card for their purchases.
Since I keep a balance below $15K in that main checking account, I gotta pay a $25/mo fee, which seems obscene to me. I don't want $15k of my liquid sitting in that account collecting minimal interest, so I'm looking to move elsewhere.
I know Venmo has teen accounts, Greenlight Financial I keep hearing about as well. I'll be looking into those. Having a physical debit card is not a deal breaker, but I do feel better knowing they having something on them in case their phone dies or gets lost.
Would love to hear what you guys use for your teens! I'm particularly looking for something that doesn't cost much to use while keeping a fairly low balance, and something app friendly and allows for easy transfers.