Greenlight debit card allows your kids to spend anywhere Mastercard is accepted while The BusyKid Visa Prepaid Spend Card gives anyone the freedom to spend anywhere Visa is accepted. With no minimum balance requirement or overdraft fees plus free ATM withdrawals from 55,000 plus ATMs, its also relatively low-fee. On the other hand, FamZoo is a virtual family banking software designed to help you teach your kids to earn, save, spend, and give money wisely. Learn about FamZoo's features and fees in this review. But make sure youre picking a debit card that has the features you and your kid need. Basically, both Greenlight and GoHenry allow you to monitor and track your kids spending, transfer money to your kids and set limits on purchases. Some of the links on our website are sponsored, and we may earn money when you make a purchase or sign-up after clicking. GoHenry offers an affordable pricing of $4.99/month per card, with the first month free. The base cost is $5.99/mo per family, but you save more if you prepay. "I am giving a 3-star because the app needs to be updated and made more mobile-friendly for Android. Looking for a good checking account for teenagers? GoHenry and FamZoo are two popular debit cards specifically designed for kids and teens. The account earns an annual percentage yield of 0.10% and has no minimum balance requirements or monthly maintenance fee. When kids spend cash, theres no record of previous transactions, and its harder to create savings goals and budgets.In contrast, a kid-friendly debit card helps kids visualize their spending, track their savings progress, and learn the value of compound interest and investing. However, all information is presented without warranty. Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. Age Range: 8-18 years (U.S. only) Cost: $4.99-$9.98/month (up to 5 kids) Parent Spending Controls: You can lock and unlock all spending, set up store-level spending limits, and set up category spending limits. The app offers various financial tools that can give your kids the ways to learn how to manage their finances while keeping it fun for them. Read on for an in-depth look, including ratings, reviews, pros and cons. The BusyPay QR . Their data will remain safe as long as you teach your kids to keep their account and debit card information confidential. Its a prepaid debit card and app made for teens and managed by parents. There arent transfer or overdraft fees either. As an added point for FamZoo, customer service is one of Current's issues. FamZoo provides prepaid debit cards for kids, teens, and parents, and it also includes a financial app that allows the whole family members to learn about how to manage their money better. So, it is the right platform to use if you want to give your kids a complete learning experience in their financial management. If you want your teen to learn basic financial literacy and to manage their money through an intuitive mobile app, Copper Banking is the right choice. But is it safe? Greenlight Debit Card for Kids: Best all-around kids' account. The app helps parents manage finances for their kids as they earn or are given money. While Greenlight is a better option if you have multiple kids or want more features such as investing or cell phone protection. Greenlight is one of the most popular debit cards for kids and teens and has over four million parents and kids on the platform. There are various financial service providers that provide debit cards for kids, along with the accompanying financial learning apps, to allow your kids to learn about how to manage their money from an early age. As a parent, you can set flexible controls and get real-time notifications every time their kids spend money. CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. Kids can set personal savings goals for themselves in the app and they can set their account to round-up their purchases to save faster automatically. Brian Meiggs is a personal finance expert, and the founder of Smarts, a personal finance site helping you easily explore your best money options. The other contenders in this category are Greenlight, BusyKid and Current. Both Greenlight and BusyKid offer money apps and debit card for kids. Parental ControlsEasily manage FamZoo's features, including the ability to lock/unlock cards, receive activity alerts via push notifications, and view detailed decline information if one of the cards was declined. Plus, find out how it compares to alternatives like Greenlight, BusyKid, and more. BusyKid is great for slightly younger kids and tweens, works well with allowance and chore commission systems, and costs less than Greenlight. His goal was to "prepare kids for the financial jungle" and help teach good money management. Gladice Gong is a personal finance writer and stock trader with many years of experience working in the financial industry. Your direct deposit has to clear both of these entities before you can access it. Your kids can use it (online and offline) anywhere Mastercard is accepted. You can create chores from within the app and let your kids complete them, and you can also set their allowance on autopilot, whether per week or per month. Its up to you whether or not you keep it its always good to know your alternatives! Another interesting feature it offers is the ability to add interest to your kids savings. They can also learn to save, spend, donate and invest any earned allowances. We have provided you with a comparison of the most popular ones you can use today, which are Greenlight, GoHenry, BusyKid, and FamZoo. Find out if the app is worth the cost. IOU accounts are a good option for tracking kids spending, savings and rewards if your kids are not ready to use cards. Greenlight Basic costs $4.99 per month, compared to $5.99 for FamZoo. In this guide, we will talk about 4 popular financial service providers that offer debit cards for kids today, which are Greenlight, GoHenry, BusyKid, and FamZoo. Wondering if FamZoo is right for your family? You will get notified every time your kids spend some money on their prepaid debit cards, so you can always get informed about their financial activities. Its Greenlight app interface is also much more intuitive, easy to use and feature-rich. These service providers offer various security and privacy features for the debit cards for kids they release. FamZoo is a virtual family bank offering prepaid debit cards for kids. FamZoo vs BusyKid FamZoo is a good value family finance app with robust features. Review the pros and cons below for a quick takeaway. Which one is the best, Greenlight, FamZoo, GoHenry or BusyKid? You also save up to 58% for prepaying for 24 months, so FamZoo can become more affordable check out the pricing here. Debit cards for kids are debit cards designed for kids under 18 years old. Axos Bank First Checking. Theyre able to learn the ins and outs of money management through the app by sending and receiving money, setting budgets, and having a savings plan. BusyKid might be a better solution for younger kids (from 5 years old) as it has preset chores for younger ages. You will then be able to manage their portfolio and build wealth for them. Here's what to expect: It's great to see a company that understands the fact that kids lose things constantly. Available: . Ready to teach your child money management? BusyKid costs $3.99 per month or $38.99 per year, which includes up to 5 BusyKid Prepaid Visa Spend Cards and no fees on stock transactions. FamZoo is a virtual family banking app. In under 3 minutes, open an easy investment account for kids, and unlock financial wellness system for your kids. Additionally, BusyKid lets kids donate to various charities or invest in stocks with as little as $10. Current also has no ATM fees at all their in-network Allpoint ATMs in the U.S. Follow us on Twitter and Facebook for our latest posts. And, Axos also has one of the best debit cards for teens with its Axos First Checking account. BusyKid is also less expensive than Greenlight. For as little as $4/mo. The more they complete the chores . Cards like Greenlight and goHenry have some of the best parental controls, so theyre great cards for parents who want more oversight. It has two systems: one the traditional credit card model that other companies have now adopted; for younger kids, Dwight has developed an IOU system that doesn't focus on prepaid cards. Its linked together and accessed online through FamZoos Virtual Family Bank software. The best alternative between GoHenry and Greenlight is determined by your familys circumstances and needs, as with any of these debit cards for kids. Both Greenlight app and BusyKid app allow your kids to save, earn, donate and invest. Jassby Virtual Debit Card: Best for rewards. Greenlight and Famzoo both offer the ability for kids and teens to link their paychecks to their cards through direct deposit. Let's take a closer look, starting with an account from Axos Bank. The main difference between BusyKid vs. Greenlight is this: BusyKid is more affordable at $3.99 per month as opposed to Greenlight, which is $4.99 per month. 7 Best 5% Interest Savings Accounts in 2023, Extra Debit Card Review (2023): The Credit Building Debit Card, Bank Promotions without Direct Deposit Requirements [Full List], Finding Your Wells Fargo Bank Routing Number, Perks like free ATM withdrawals or earning interest, Security features like EMV chips or multi-factor authentication. You have learned about Greenlight, GoHenry, BusyKid, and FamZoo debit cards for kids. Mobile banking is easier for kids thanks to Copper Banking. Instead, it helps you manage your kids allowances: how often they receive it, how much they spend or give, and how much they save. It means you will get the best value out of your investment in this debit card for kids. The primary difference is that Greenlight offers a better app and website interface than FamZoo. Additionally, you can create family billing to charge kids a portion of family bills, like a Netflix subscription or their phone plan. . Nationwide First Checking Top Paid Debit Cards for Teens Greenlight GoHenry FamZoo Busykid Summary There are three variants; a typed, drawn or uploaded signature. However, parents are using cards like the FamZoo Card, Go. *See the card issuer's online application for details about terms and conditions. Finance, NASDAQ, Discover, and more. Besides the monthly subscription cost, FamZoo charges very few fees. Meanwhile, Greenlight is better for older kids and teens (from 8 years old) as it has more advanced features while also having a higher level of control by parents. FamZoo Prepaid Debit Card: Best for financial literacy. BusyKid: BusyKid is a prepaid debit card for kids designed as an account to deposit their allowance. Your first month is free, and GoHenry costs $4.99 per month per child afterward. Parents can also lock spending or set certain saving requirements to ensure kids are saving enough money. This monthly fee covers any number of family members. As such, it is a good debit card for kids since kids can create savings goals and track their progress towards them. Find out how it stacks up in this review. Greenlight Max offers you everything that is included in Greenlight+Invest plus more: If you would like your kids to learn about investing from young, then Greenlight would be the better choice because FamZoo does not offer investing for kids. Savings GoalsIncentivize kids to save with custom savings goals. BusyKid costs $3.99 per month or $38.99 per year, which includes up to 5 BusyKid Prepaid Visa Spend Cards and no fees on stock transactions. Also, with FamZoo, you can monitor and control the way your kids use their money through the app. The main difference between goHenry and Greenlight is this: both goHenry and Greenlight can teach your youngster the fundamentals of money management. First Checking offers financial freedom with the security of a joint checking account. There arent minimum account requirements or hidden fees. Bottom line Is it Greenlight, GoHenry, BusyKid or FamZoo? Here is one negative review: There are two ways to contact customer support for FamZoo. Your email address will not be published. The app's main product is financial education prepaid cards. FamZoo's website boasts rapid response times for email inquiries, even on weekends, and recommends that you check your spam folder if you don't receive a reply in 45 minutes or less. Best for financial literacy parent famzoo vs busykid you can set flexible controls and real-time. As an account to deposit their allowance offers is the right platform use... 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