What to look for in a kids bank account with debit card – US
If you are wondering whether it’s time to find a kids bank account with debit card for your child and they are over the age of six years old, then the answer is yes! Having a vehicle in which your child can put money aside is a great motivator for success and the earlier you teach your child financial education, the better relationship they’ll have with money because they’ll be more knowledgeable about how to make money work for them.
Should I get my child a debit card? What are the benefits of having one?
By opening a kids bank account with debit card, you are not only teaching them about money but they’ll also learn to be disciplined with what they earn and spend.
If you’re in the US and you were wondering what the best bank account for kids and mobile apps are as well as a summary of the best debit cards for kids, then please stay till the end as this article is for you!
Click here for some tips on how to teach your kids about money at any age
What is a debit card for kids and what are the pros and cons of debit cards for kids?
So, what is a child bank account with debit card and why does your child need one right now?
A kids debit card can be used in exactly the same way as an ‘adult’ debit card, i.e. in shops, cashpoints and online, but the children’s version will include more limited daily withdrawals and full parental control over your child’s spending (one of the reasons debit cards for kids are safe). There will also be full security and privacy checks to ensure data is kept secure.
However, sometimes with a kids bank account with debit card, there may be limited fraud protection, as well as spending limits which depend on the account balance. There isn’t much scope to build your child’s credit because of basic functionality of the app, and there may be overdraft fees if your child can’t stay within their limit.
Also, if your child isn’t old enough to have a job yet, then one thing to do before getting a debit card for kids is to introduce them to earning money and then any allowance or pocket money can be paid into their kids’ current account and your child can then spend this money using the kids allowance card.
How can a child get a debit card?
You will find a kids bank account with debit card available in most banks as most are available for kids 13 years old plus, but child-focused debit cards can be available from as young as six years old. However, in the US, a child who is under 18 years old must have a parent or guardian who is over 18 to be on the account.
Mobile apps and children debit cards
Most bank accounts have a mobile app which offers a multitude of features for your child. Some benefits may include:
- Personalisation features
- A list of jobs, chores and obligations
- School, household, curricular, and extracurricular activities;
- Rewards and penalty points
Parents can set guidelines, limits and rewards and when the child fulfils them, they can earn money. Some mobile apps even offer the child to save, buy, invest and donate money like the BusyKid app.
These apps may also include an information directory to help you teach your child how to manage money and may even offer games which can help them learn through play.
Click here to learn more about how we chose the best savings accounts for kids
Which banks do children’s accounts? Best bank accounts and debit cards for kids
Banks offer different features, promos and savings, so let’s look at some of the best debit cards for kids:
Here are some of the best children’s bank account with debit cards so you can compare children’s bank accounts and decide which is the best for your child:
BusyKid Visa Prepaid Spend Card
The BusyKid Visa® Prepaid Spend Card allows your child to spend anywhere where Visa® is accepted. Other features include:
- A prepaid debit cards where you can add money instantly, including kids visa card
- Have access to thousands of ATMs
- Make the card virtual with Apple/Google Pay
- Parental supervision on every transaction made
- Set restrictions on purchases they consider inappropriate
- Kids can earn money through the app, which they can later invest, spend, or donate
The price is around $3.99 per month, or yearly for $39. The annual offer includes up to five free children’s cards.
BusyKid Best for families with multiple kids
BusyKid is an award-winner and is voted as having the best debit cards for kids with its accompanying mobile app.
Axos Bank
Axos Bank offers the free joint account holder access to its child accounts for no monthly fees, but the minimum age limit is 13–19 years.
There are daily limits at ATMs from $100 to $500 and parents can also set limitations on withdrawals.
Chase First BankingSM
Chase First Banking is exclusively for Chase checking account holders and offers parents the control over how much their kids spend. The account also provides an opportunity for kids to learn about saving, spending and earning money.
Chase First Banking Best for features with no fees
There are no monthly service fees so you can start your child off with their first junior debit card for free with their free kids bank account with debit card and you can manage both your personal accounts and Chase First Banking accounts in one place with the Chase Mobile® app.
Mazoola Virtual Debit Card
Mazoola is a debit card and a virtual wallet at the same time. It offers some novelties, such as pocket money that is automatically transferred from the parent’s account.
The application has tasks set by parents, as well as a system of rewards and penalty points when necessary. Privacy and protection of children is guaranteed.
Mazoola best free debit card for kids
Mazoola is the only COPPA-certified kids banking product which makes it a favourite amongst parents wanting to keep their children’s information private. The app and virtual debit card are free and you can set savings goals for your children. Mastercard contactless payments are accepted.
Greenlight Debit Card
The Greenlight debit card offers your child a secured debit card which includes features like:
- Ability for you to set up earnings and allowance via direct debit for chores completed
- Up to 2% interest on Savings
- Set savings goals together and reward good money habits
- Investing feature and ability to research stocks and ETFs
- 1% cashback on spending
Greenlight – Best all-around kids account
The Greenlight card is a great way to introduce kids to personal finance and money management by offering them the chance to spend or save. It helps kids understand the difference between wanting something and needing something and helps them become more knowledgeable about financial responsibility.
Copper Banking Debit Card
The Copper debit card and app offers teens 13+ the ability to set goals and learn to save money. They can track spending and send money in seconds.
Parents can monitor purchases in real time, set up allowances to pay your teen when they complete chores, and there are no hidden overdraft fees or credit checks.
FamZoo Prepaid Card
The FamZoo Prepaid Card is a free debit card for kids of all ages. Features include:
- Instant card-to-card transfers
- Max FDIC insurance
- IOU account option
- Discounted pricing options
- $15 referral bonus
- Direct deposit for teens
- Restricted child access
- iOS and android apps
- Access from any browser
- Card activity alerts
- Lock and unlock card
- Reimbursement requests
- Automated allowance payments
- Automated chore charts
- Missed payment tracking
- Allowance and chore splits
- Chore penalty option
- First dibs chore charts
- Parent paid interest
- Savings goal tracking
- Family loan tracking
- Automated family billing
- Expert help and advice
GoHenry Debit Card
With the GoHenry prepaid debit card and app, kids can learn how to budget the money and understand the difference between wants and needs by spending wisely. Parents can help guide their progress with real-time updates.
Kids can gain skills and learn about investing via the app and enjoy a card of their own to manage. The GoHenry app offers lessons for kids aged 12+.
Jassby Virtual Debit Card
The Jassby Virtual Debit Card is powered by its app and helps promote financial literacy for kids. Parents can manage chores, send allowances and offer rewards.
Lloyds Bank children’s account
The Lloyds Bank children’s account offers 11 – 17-year-olds a choice between a Lloyds Visa debit card with contactless functionality to use in shops or a Cashpoint® card where kids can only take money out of cash machines.
Other features include:
- Earn interest each month with a teen checking account
- Manage money via mobile banking, internet banking or telephone banking
- Opening a teen bank account is simple and kids can choose between a Classic account or a Student Account if they’re in full-time education.
- There is no arranged overdraft available in this account. If your child hasn’t got enough money, transactions shouldn’t go through.
- 11-12-year-olds can only apply at a branch with a parent or guardian
Alliant Credit Union teen checking account
This Alliant Credit Union Free Teen Checking Account helps teens learn about and practice financial management. The teen account has similar benefits to the regular Alliant Checking account and includes:
- Online and mobile banking
- ATM rebates
- High Rate Checking and Overdraft Protection
- Stricter access limits for debit card purchases and ATM withdrawals
- A parent/guardian must set up overdraft protection on a free teen checking account.
There is also a savings account option with an Alliant Credit Union Kids Savings Account to help your child save their money too.
Capital One MONEY teen checking account
The Capital One MONEY teen checking account offers a multitude of benefits, including:
- Online Banking Mobile – a banking app which is top rated
- Ability to transfer quick and easy money to your child
- No monthly service fees or minimum balance requirement
- Available for kids aged 8+
- Stay on top of your child’s spending
- Recently named as one of GOBankingRates’ Best Checking Accounts of 2020.
- Parents can link external accounts to MONEY.
- Kids can use their card to access their money at 70,000+ fee-free ATMs nationwide.
- Kids can also open a Capital One Kids Savings Account to save money (see below)
Wells Fargo Clear Access Banking
If you already have an account with Wells Fargo, you can set up a Wells Fargo child account. Clear Access Banking has lower balance minimums and automatically waives their monthly service fees for kids aged 13 to 24 years old. 13 to 16-year-olds must have an adult co-owner on the account.
Current visa debit card
The Current via debit card offers teens the chance to manage their finances with their parents backing through high security checks. Teens can learn to save, manage and spend their money safely from the start.
Step visa Card
Step offers teens a visa card and no-fee FDIC insured bank account through Evolve Bank & Trust. There are no monthly fees, overdraft, in-network ATM or late fees and there is no minimum balance required. Kids can send and receive money instantly, pay with Apple Pay or Google Pay and track their money easily with the Step App.
PNC kids account
The PNC kids account offers the following benefits:
- Interactive online banking experience
- Interest on balances starting at $1.00
- Unlimited deposits and up to 6 free withdrawals per monthly statement period
- Online and mobile access to manage your savings
- Auto Savings to help build your child’s account balance with automatic transfers from a PNC checking account
- FDIC insured to the maximum permitted by law
- No minimum deposit required
- No monthly service charge if the account holder is under 18, has an average monthly balance of $300 and has at least one Auto Savings transfer of $25 or more each monthly statement period
Bank of America minor checking account
The Bank of America Advantage SafeBalance Banking® checking account offers students a no monthly maintenance fee if you’re under 25 and enrolled in school or an educational or vocational program.
Options beyond debit cards for kids
Other options besides a kids bank account with debit card could be to set your child up with a savings account.
What are savings accounts for kids?
“Children’s Savings Accounts are a type of savings accounts in the United States, usually specifically designed for higher education savings. They are often available through state or local government programs or nonprofit organizations, in partnership with banks and credit unions.”
https://en.wikipedia.org/wiki/Children’s_Savings_Accounts
Here are some options:
PNC Bank S is for Savings Account
The PNC ‘S’ Is For Savings account is suitable for kids under 13 who need to learn the basics of spending and saving. The account can be opened with a $25 opening deposit, a banking card and no monthly fees as long as your child is under 18 years old.
Capital One Kids Savings Account
The Capital One Kids Savings Account has no fees or monthly maintenance fees, so what your child saves is what they get. You also get a high Annual Percentage yield (0.30%) to help their money grow.
Parents can send automated allowances and make regular deposits. You can also create multiple kids savings accounts for each of your child’s financial goals.
Use the Capital One Mobile app to help your child manage money online anytime and almost anywhere.
Best Overall – Capital Ones Kids Savings Account
The Capital One Kids Savings Account was voted the best savings accounts for kids in the US.
Best Investment Accounts for Kids Child Investment Plans
Forbes has come up with a list of the best child investment accounts in the US, which you can find here.
Fidelity Youth Account – Best for investing
The Fidelity Youth Account has been coined the best for kids related to investing as it will allow a teen to save, spend and invest in a single account. It also has no fees, minimum balances of debit card transaction fees, so it focuses on growing money.
Best checking accounts for kids under age 18
Money Crashers have come up with a list of the best checking accounts for teens under 18 here.
What is the best bank for high school students?
You can also find the best student checking accounts for kids under 18 in the list above.
Navy Federal Buxx – Best for military kids
Military kids can take out a Navy Federal Buxx account with a reloadable prepaid card and set spending limits to help manage their money. This account is available for kids aged 13-17 and is an ideal option for students aged between 14 and 24 years old. There are no minimum balance requirements or monthly service fees either.
Best for Young Children – USAlliance Financials MyLife Savings for Kids
The USAlliance MyLife Savings for Kids account has been dubbed the best account for children under the age of 13 because kids can earn a 2%, but only on balances below $500. They also get birthday gifts and there are no fees.
Best for Teens – Alliant Credit Unions Kids Savings Account
Alliant Credit Unions Kids Savings Account as been voted the best account for teens because of its high 1.70% interest with an average balance of $100 or more and there are no monthly fees if you elect to use eStatements. Also you only need a minimum opening balance of $5 to get started.
Best for Maximizing Interest – Spectrum Credit Unions MySavings Youth Account
Spectrum Credit Unions MySavings Youth Account helps their young account holders (21 years or younger) discover the power of compound interest by offering a dividend rate of 6.77% (7.00% APY) on balances up to $1,000. They also over their regular Primary Share Savings rate on balances above $1,000..
Best for Substantial Savers – Northpointe Banks Kids Savings Account
For those who prioritise saving, Northpointe has come up top with its basic but high interest rate offers. Kids can enjoy a much higher rate of interest on balances beyond $10,000 with no fees and there’s no membership as it’s a bank.
Teaching your child about money as early as possible will provide them with the tools to make better choices financially later. One of the best ways to do this is to set your child up with a kids bank account with debit card and give them responsibility of managing that account with a debit/prepaid card that offers spending, saving and investing. Let them make all the mistakes they need to make now so that when they’re adults, they’ll have more of an idea of how to make money work for them.
FAQ – Related child bank account and debit card questions
What are the documents you need to open a kids debit card?
“You and the minor must be both be present when you open the account.
You must both have a valid primary ID, such as a U.S. State Driver’s License, a U.S. State ID Card or a U.S. Passport.
The primary ID must have a photo and it cannot be altered or expired.”
What are the best savings accounts for kids under age 18?
Other questions asked were:
- How can I open a savings account for my child?
Please see above.
What is the best debit card for students?
| Company | Age Requirement | Minimum Deposit |
|---|---|---|
| Chase Best Overall | 13 to 24 | $0 |
| CapitalOne Best for High School Students | 8 to 18 | $0 |
| U.S. Bank Best for College Students | 18+ for solo account, 14-17 jointly with parent | $25 |
| Ally Best Online Bank | 18+ | $0 |
Can you load a prepaid card with a debit card?
Other questions asked were:
- How much should I deposit in my kids debit card?
“Loading money onto a prepaid card is simple: either log in to your account and pay by debit or credit card, or pay in cash at a post office, some banks or shops that have a PayPoint service.”
https://www.nerdwallet.com/uk/credit-cards/prepaid-cards
Are there any credit debit cards that exist that you can limit to only spend on certain things?
“Yes, you can, and usually it’s as simple as making a phone call or visiting a branch. Your bank shouldn’t charge a fee to lower your card’s spending limit, but it’s wise to ask if there’s a fee for doing so beforehand. Also, make sure the bank understands that you want the lower limit to be a permanent change.”
https://www.thebalance.com/should-you-let-your-bank-limit-your-spending-4584819
What are Joint Bank Accounts?
“A joint account lets you manage any money you share with someone else. This is most likely to be your partner, but could also be a housemate – or anyone else. It’s convenient for shared costs, but there are always risks to giving other people control of a single account.”
https://www.moneyhelper.org.uk/en/everyday-money/banking/joint-accounts
What are Custodial Bank Accounts?
“A custodial account is generally created by a parent or grandparent for the benefit of a minor child or grandchild. When you put money into a custodial account, you make a gift to the minor beneficiary of the account, even though the minor does not control the account.”
https://www.jpmorgan.com/wealth-management/wealth-partners/insights/custodial-accounts
Can multiple accounts be linked to a debit card?
“Today, one debit card has the ability to manage numerous accounts at once: same card number, same PIN, even when account numbers are different.”
https://www.mybanktracker.com/checking/faq/multiple-accounts-linked-single-debit-card-272810
Should I give my child a debit card?
Other questions asked are:
- Can I get my child a debit card
- Can a child have a bank card?
- Is a debit card for teens a good idea?
- How can I get a kids debit card?
- How do I get a kids bank account for my 10 year old child?
- Can I open a debit account for my child?
- Which bank offers debit card for kids?
- Do kids bank accounts have debit cards?
- What is the right kids bank account with debit card for my child then?
- Can I get a debit card for my child free?
- Are there any debit cards for kids under 13?
- What are the best debit and prepaid cards for kids?
- Can a 12 year old get a debit card?
- Best bank account for 11 year old?
- Can my kid have a bank account?
- Can a minor request a debit card for his bank account to the manager?
Please see the article above for lots of great answers to these questions!
Can my child use my debit card?
“A kids’ debit card can be used in exactly the same ways as an ‘adult’ debit card – in shops (including contactless), at cash points and online. If your child is old enough to have a part-time job, their wages can be paid directly into their kids’ current account. They can then spend this money using their debit card.”
https://www.nerdwallet.com/uk/personal-finance/about-kids-debit-cards/
What are the best bank accounts for minor children joint vs custodial vs prepaid debit card?
This article compares different bank accounts for kids.
Which ones safer Checking accounts or prepaid cards for kids?
A prepaid debit card “… offers several advantages: Approval is not necessary. No matter how bad someone’s credit, they can load cash onto a card and use it wherever credit and debit cards carrying the same logo are accepted. Prepaid cards are more secure than carrying cash.”
https://www.fool.com/the-ascent/credit-cards/articles/the-mostly-bad-news-about-prepaid-cards/
Can a debit card impact my teens credit?
“Unfortunately, a debit card typically will not help you build your credit. Despite similar looks, it can help to think of debit cards more like cash than like credit cards. And because debit card activity isn’t traditionally reported to credit bureaus, it likely won’t help with your credit scores.”
https://www.capitalone.com/learn-grow/money-management/build-credit-with-debit-card/
Can a 12 year old get a credit card?
“If your child is under 18, they won’t be able to get a credit card. You can add a child to your own credit card as a second cardholder, but you may be charged extra fees for each extra cardholder. Plus, some banks still have age restrictions on added cardholders.”
https://www.gohenry.com/uk/blog/financial-education/can-a-teenager-get-a-credit-card
*Collaborative feature post*
