The best debit card for kids is one that teaches them responsibility and allows you to have (a good amount of) control. We all want our kids to learn to manage money well and a debit card that’s made specifically for kids is the best option. In this genre of debit cards, there are two types: a prepaid option or one attached to a checking account. It’s typical for the prepaid options to come with a monthly fee but you’ll gain access to more features like chores and allowance. The age requirements for these are generally lower as well.
The other option, attached to a checking account, generally requires kids to be older, usually 13+. It’s a great deal if you’ve got an older kid because they, more often than not, don’t charge a monthly fee. It would not be the best option if you want some of the money-managing games and other features that can come with these youth cards. Let us help you find the best debit card for kids.
Find the Best Debit Card for Kids Below!
If you already bank with Chase, the Chase First debit card is hands-down the best option for your family. There is no annual fee and the card is available to children who are 6-17. This account is powered by Greenlight which means you will have access to some of the features without paying Greenlight’s fee. Is the best card for teaching money literacy without a fee.
If you’re looking for the best debit card for kids and you don’t mind paying a fee, Greenlight is absolutely at the top of their game. There is no age requirement so you can start your kids’ banking journey at any age. Greenlight is beloved by parents because it offers some of the most controls. One of the best ones is that it lets you set spending limits for specific retailers.
Greenlight also stands out because its maximum card balance and transfer limit are higher than other similar cards. There is a $4.99 monthly fee but you are getting access to a ton of features and your children will learn more from the app’s games and quizzes. Further, it’s one of the few cards that offer a savings boost of 1-2%.
The best debit card for kids who are teens comes from Copper. Its banking that’s specifically tailored to teenagers and cardholders must be over 13. If your teen is responsible this could be the best card because it offers the most financial freedom. While there is no allowance feature, your teen will have access to quizzes and literature to help them begin to make smart financial choices. All of this comes with no monthly fee. Copper’s entire philosophy is to help not just your kids but your entire family grow financially.
GoHenry is the best debit card for kids who are sponges who soak up information. It, more than most on this list, has more on offer in the form of games, quizzes, and tools to help set a kid up for financial success. GoHenry is available to kids 6+ and they can do “money missions” in the card’s app to earn badges and learn so much about managing money. GoHenry has a 30-day free trial and after that, you’ll pay $3.99/month.
Current is the best debit card for kids who you want to teach the value of savings. The program includes an automatic round-up setting that will allow your kid to reach their savings goals faster. They can even organize their savings into different goals. Another fun perk allows kids to negotiate compensation for chores completed. Although this card is marketed for teens there is no age requirement. However, it’s not free. The card will cost $36/year.
The Capital One Money account is the best debit card for kids who need ATM access. This account earns interest (.10%), lacks fees, and is open to children 8+. Unlike other banks that require parents to have personal checking accounts with the same bank before they can open a kids’ account, Capital One is open for any kid regardless of who their parent banks with. Despite this being the best debit card for kids who need cash, thanks to its accessibility, it lacks some of the educational tools that others provide.
The best debit card for kids that helps them build their credit comes from Step. That’s right, Step combines the features of a debit and credit card with a unique Smart Pay system that lets your kid establish a positive credit history but prevents them from making purchases that exceed a balance. The Step card is protected by a zero-liability policy from Visa so they won’t get fined for charges they did not authorize. There are no fees and no age requirement.
The best debit card for kids that kind of forces them to learn about money is Goalsetter Cashola. Other programs have quizzes and games, yes, but Cashola has features that incentivize your teen to complete one quiz each week. Parents have the opportunity to turn on a feature that automatically locks their kid’s card if they miss their quiz of the week. Other incentives include an option to pay your kid $1 for each question they answer correctly. There are no fees and the age requirement is 13+.
The best debit card for kids if you’re in the military is the Navy Federal Buxx program. Only those that have a family member in the military or work for the Department of Defense are eligible for this card. Unlike most prepaid debit cards, there is no monthly fee. Further, it includes parental controls you can use to monitor your kid’s spending habits and limit the amount of cash they can access. The card requires an age of 13+ and it’s truly a better choice for teens who deserve more financial freedom.
Jassby is a virtual debit card and app and it’s not going to be the right fit for those needing to make physical transactions. It stands out for its rewards and intuitive money-management system housed in its app. Jassby boasts a financial literacy score that rewards your child the more they use their account to save money. Your child will earn discounts on products they can redeem through its in-app marketplace. The virtual store includes more than 20,000 products from retailers including Nintendo, Apple, and Starbucks. There is no age requirement and no monthly fee.
There you go! We hope you found some useful information and the best debit card for kids that will work for your family. There’s a lot to take into consideration as each child’s situation is different. We encourage you to compare the above cards as they really are some of the most popular and highly rated.
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