I want to give my 9 year old a debit card. We give him his allowance in cash, but we'd like him to have an app-based way to view his spending. We're comparing Greenlight, Acorns Early, and Capital One Teen Checking.

Greenlight https://greenlight.com/plans

• -The most expensive option, costing between $6 and $20 per month.

• -The most fully featured option, with features that aren't available in the other services.

• -Kid's app that can view their spending, both individual purchases and categories.

• -Parent's app can set spending limits on both companies ($10 a week at MacDonalds) and categories ($10 a week on video games).

• -Interest bearing savings.

• -Location tracking.

• -A negative point: Only the two parents on the account can add money. Grandparents and friends (even those with their own Greenlight account) can't send money.

Acorns Early: https://www.acorns.com/early/

• -A less expensive option, at $5 per month for 1 kid.

• -Fewer features, with no option to limit spending on categories (only specific stores).

• -Kid's app with features similar to Greenlight.

• -Gift links allow people outside the family to deposit money in the account.

• -No safety features like location tracking.

• -No interest on savings.

Capital One: https://www.capitalone.com/bank/checking-accounts/teen-checking-account/

• -Cheapest option. It's complete free. Note that my wife and I use Capital One for our banking.

• -A real bank account, with account and routing numbers.

• -Because of point 2, grandparents and friends can send money via Zelle, Cash App, etc.

• -No spending controls. You can see what your kid is spending, but you can't limit it.

• -Limited budgeting and category reports. It uses the same Capital One app that adult accounts use.

We're leaning toward Greenlight. The higher monthly fee is not too much for us. We'll make good use of features like category limits and savings accounts. The main thing keeping us from getting it is third-party contributions. I'd like for grandparents and friends to be able to add money to a Greenlight account directly, not sending it through the parents' accounts.

Acorns Early is very tempting. Its features are very similar to Greenlight, and it's a lower monthly cost (if you have one kid). But we'd like to get interest-bearing savings so our kid sees how their money can grow.

Capital One is probably out. It's a standard checking account, without the extra features like financial education and spending limits. It's free, though.

What are your thoughts? If you had to pick one of these three, which would you get?

Hi. I got a teen checking account linked to my mom's account when I was 16.

I'm now 20 and thinking about seperating the accounts.

I was wondering if seperating the accounts will change like my account number/routing number? I have a job and I have direct deposit set up to my Capital one account.

I’m 16 and just open a bank account at capital one with a partnership with my dad. I want a private account only for me since it would be easier than dealing with a partnership.

The first things I realized is that there is so many restrictions. I don’t know if the online app updates when the card is delivered to you. But at the moment I’m still waiting for it to arrive.

Anyways, at the moment I can’t: send money, or connect it to my apple wallet which is hella annoying, and I heard from the lady that I won’t be able to add money or take money from the ATM unless my parents are there. Like wtf. I work everyday and I need to deposit my paycheck somehow. My parent can’t be going with me each time I get my paycheck. I login to my dad account that as the partnership with mines and there no settings that allows me to turn off all that bullshit.

I’ll updates this post if things changes when I get my card

I am considering debit/credit cards for my kids to teach them some financial lessons and hopefully build credit. I'm currently looking at Capital One Money Teen Checking Account, GreenLight, and Step.

I did some basic research on the options:

Capital One Money Teen Checking Account

• no monthly service or subscription fees

• 0.1% is less than their HYSA earning, so we wouldn't park significant funds there

• limited controls and spending tracking/notifications

• at 18 they can open another Capital One account

GreenLight

• more tracking of spending, and parental controls

• minimum $4.99/month fee

• cashback and savings rates dependant on subscription level

• doesn’t work with money transfer apps like Venmo, Apple Pay or PayPal

• builds credit by adding kids as AUs on the "family" card, which I wouldn't use for day/day spending

Step

• no fees

• atm reimbursements

• secured credit card, reporting 2 years of history to credit bureau if opted in at age 18

• works with money transfer apps

• no blocking/restricting spending categories

I'm leaning towards Step, anyone have experience or suggestions?

Hello

Is it possible to open a bank account for kids one 6yrs and one 13yrs ? so they can have access to allowance money by loggin in to their bank account ? any experience ?

I mean checking account but only with debit card that I can limit control

or is it only saving account ?

Thank you so much

My mom just opened a Capital One teen account for me, and I was wondering when my debit card will arrive. We set up online access for both accounts, but Capital One didn't send any information regarding my debit card. Do I just wait in the mail and expect it to show up in a few days or does it show up once my mom money transfer from BOA is complete?

I've heard that you can add your kids as authorized users to build their credit history. I plan to add my 6 year old to my Capital One credit card. However, Capital One only collect my kid's birthday but not SSN (since she's less than 18 years old). Will this be reported to her credit report without SSN?

I'm looking to give my daughter a debit card for her allowance money. I'd like to put it in a joint checking account but I'm concerned about overdrafts. In the event she tries to spend more than is in her account I'd want it to decline the purchase rather than letting her overdraw.

I'm looking at these products from Chase and Capital One but they don't go into much detail about parental controls and how they handle overdrafts.

https://www.capitalone.com/bank/checking-accounts/teen-checking-account/

https://personal.chase.com/personal/first-banking/

What have your experiences been using Chase First or Capital One MONEY? Is there another no-fee account you'd recommend?

My daughter just turned 13. She’s had a Capital One teen Money account for a couple years now. Same with her older brother. I like how easy the app is for them to use. Her brother had no issues adding his debit to his Apple Wallet a couple years ago. We had to call Capital One to verify, but it went smoothly. We didn’t do my daughter’s card because A) she didn’t have a phone then and B) she wasn’t 13 yet, and Apple won’t allow it until 13.

We just tried today. It won’t work. We called Capital One and they say they no longer do verifications over the phone for Apple Pay. They sent us to Apple. We called Apple and they ran a diagnostic on her phone. Everything is fine. They sent us back to Capital One. Capital One repeated they can no longer do it and sent us back to Apple. What is going on? I’ve been dealing with this for 2 hrs now.

In the meantime, I did add her as a participant to my Apple Card. She can still tap to pay with her phone using that account. I needed her to have a way to do that, as she’ll be taking the public busses to school this year. They use tap to pay on the busses. She’s getting a Metrocard from the school, and sure, she can carry her physical debit card with her, but I’m worried about her leaving her wallet home. Her brother did that all the time at her age lol. So, she has a way to pay via phone now, but this is annoying. If she ever needs to send cash to someone, she can’t unless she tells me to send her Apple Cash first. Her wallet doesn’t have a debit card to pull from.

I’m tempted to switch her to my credit union. Problem is their app leaves much to be desired.

What are we doing for kids who need to carry a card for payment? We like visa prepaid gift cards but are ready to graduate to a reloadable card of some sort, that also has limits and good protection in case of loss. So many places are cashless that my kid definitely needs a card when they travel without me, but I also don't really want it linked directly to my finances in case of loss/theft/general kid irresponsibility. Ideally, if I can set transaction threshold notification but not necessarily a limit (or a spending limit then a smaller notification limit), that would be a huge plus.

Is just setting up their own checking account the best option or is there something better? I see various ads, so wondering if anyone has opinions.

Looking at Greenlight or Accorn Wanting to set up a debit card for my boys. 8 and 14. Looking for good value and easy to use. Pros and cons of both please. I need it for 2 kids. I've asked around about pricing and everyone pays a different price for each one. I can't decide it between either one of them because I like both features. I like the chore options on both. And I like that they have their own app.

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Our family has been very happy customers of Capital One. Their app is awesome, transfers are fast, and their partnership with CVS and Walgreens have been great for our kids.

Now though that Capital One is switching over their debit cards to the Discover network, it throws everything up in the air. Our kids use their debit cards quite a bit, and can't be restricted by the Discover network.

Any suggestions on where to move our business, especially the kids? The kids are college age and we live in different states, so we need good/fast transfer options. Zelle is required. I'm very picky with apps, which is why I'm staying away from BoA. I love fintech, but it needs to be something more established. Any ideas?

I have two teenagers and opened up a Capital One account for both of them. They have debit cards and I can add money to the accounts as needed. I did this to create a real budget for clothing for them - they are only allowed to use these cards to buy clothes. (Might be a weird idea - but when I saw what we spent on clothes one year, I thought it was insane and out of control. So, I took the amount we spent, divided it by two - and do monthly deposits to this account to equal half of what we spent the one year. Working out well and no longer have out of control spending).

My question: I would like to get another account open for both teens for their personal money. One will probably start working part time soon and think a checking account would be nice to have. I don't want their personal money going into the "clothing cards" - otherwise, it will be too much work for me to verify they are only buying clothes.

Any recommendations? I really like Capital One, but not sure I can get a second account opened. I'm looking for something with no fees.

Hello. I was just trying to open a Capital One debit card for my 11-year-old. It asked for her Social Security number. Of course I should’ve expected this, but it gives me pause. I’m worried about fraud. And it’s too early for me to be worrying about this. Am I wrong to be concerned?

I am trying to teach my kids about money. They’re basically at the point where they will start to get allowance.

Is there a “credit card” product that I can add funds to their account that acts as the source of their credit line? Like I put in $500, each kid of three kids has $100 credit line. The system puts $20/week into their account, I refill my account monthly from my bank real account.

Ideally to start, I could just have their accounts decline transactions over their credit limit but would love it if we could progress to a point to where it works like a regular credit including due dates, fees, and interest, all backed by my secured funds and free from any risk to their (or my) credit scores.

Hi folks - I opened these Capital One Kid's savings accounts for each of my kids when they were born; I wasn't too savvy then, and unfortunately only now become a bit more educated. I'm considering opening regular savings accounts in my name, to take advantage of the better apy. Is there any policies against this? I can't find anything, i wouldn't think so, but maybe some of you have experience.

I've been teaching them about money these last couple of years and while, sure , it may be fun for them to watch their own account and money grow, I think it would be even more fun to watch it grow at a better rate.

For hands on experience, I bring them over to Fidelity, which they find more exciting (if that) because the companies in the funds they have are frequently in the news.

TIA