If you have the Greenlight + Invest or Max account, kids can even invest in real stocks. If you want your child to learn money habits . You dont have to spend a fortune, or anything at all, for your kid to have access to their own debit card. Its best for you to set clear boundaries with your kids about the purpose of giving them the debit cards for kids. Here is what FamZoo can help you save time and teach your kids about finance: FamZoo prepaid cards are MasterCard reloadable card offering designed specifically for families. Jassby Virtual Debit Card: Best for rewards. The features available in the BusyKid app are extensive: Chores & Allowance set by age 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. BusyKid is great for slightly younger kids and tweens, works well with allowance and chore commission systems, and costs less than Greenlight. These financial learning tools can help your kids understand more about the value of money in their life and to help them manage their money better. Linked together and accessed online through FamZoo's award-winning Virtual Family Bank software, the cards are used collaboratively to share funds between family members and develop financial responsibility. Cardholders can also call 1-800-416-6373. I've looked at them all and our favorite, hands-down, is Greenlight. Greenlight vs. GoHenry vs. BusyKid vs. FamZoo: Best Debit Card for Kids? While more simplistic and less technologically sophisticated than Current, FamZoo is more intuitive and easier to understand. It means you will get the best value out of your investment in this debit card for kids. Learn more about how we make money. If kids have a job and use Greenlight or FamZoo, they can direct deposit their paychecks onto their cards. Still need help deciding which kids debit card is better? They can also spend online, in-store, and use Apple Pay using the Copper debit card. The first year is free so you have enough time to use the account before making a long-term commitment. Current utilizes cutting-edge security features like biometric scanning (i.e., fingerprint scan). Best for kids. All of the family-oritented debit cards reviewed in this article have parental controls, including the Greenlight - Debit Card For Kids, BusyKid Visa Prepaid Spend Debit Card, and FamZoo Prepaid Mastercard. Axos Bank First Checking. ", "The customer service is amazing. 2023 MeiggsMedia LLC. Also, Greenlight provides various security features that ensure your kids debit cards security, such as purchase protection, identity theft protection, cell phone protection, and more. Learn about FamZoo's features and fees in this review. BusyKid is also less expensive than Greenlight. You can monitor your kids' spending and BusyKid offers an investment option where kids can enter the market with as little as $10. He has been quoted as a top personal finance blogger in major publications including Yahoo! On the other hand, GoHenry only allows you to set limits on more broad areas such as online and ATM. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. FamZoo is a virtual family bank offering prepaid debit cards for kids. M1 custodial accounts are part of M1 Family, which is free for your first year and then costs $125 annually. But is it worth the monthly fee? Some of the links on our website are sponsored, and we may earn money when you make a purchase or sign-up after clicking. Any ATM, but the ATM owner may charge a fee. The BusyKid Visa Spend Card gives your kids the freedom to spend anywhere Visa is accepted, and parents see every transaction made. Greenlight vs GoHenry vs BusyKid vs FamZoo Review | Kids Debit Cards. You should consult your own professional advisors for such advice. This helps teach your kid how to budget and allocate money for different purposes. The company also has an extensive list of FAQs on their website that cover a huge range of questions you might have about using your account. Best for learning and building routines I cover the intersection of making money and savvy spending, Current Savings with Interest - Up to 4% APY, Capital One Money Teen Checking Account Review, $25.99 for 6 months (averages out to $4.33/month), $39.99 for 12 months (averages out to $3.33/month), $59.99 for 24 months (averages out to $2.50/month), $3.00 additional card fee (first 4 cards are free), $3.00 card replacement fee (first 2 replacement cards are free), $4.95 cash reload fee (depending on reload agent), 4.00% APY on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. Required fields are marked *. A FamZoo account comes with all the following features. What is the best debit card for kids? 2015 - 2023, MeiggsMedia LLC. You do not have to use our links, but you help support CreditDonkey if you do. The one which offers you the best learning features is FamZoo. FamZoo is good for teaching kids about financial literacy from preschool onward. You should consult your own professional advisors for such advice. Both Greenlight app and BusyKid app allow your kids to save, earn, donate and invest. The only difference is that Greenlight gives you the option of personalising your debit card design with an upload of any selfie photo while BusyKid does not have this cool choice. Do you want your children to begin investing? With FamZoo, parents can educate their kids about how to spend, save, invest, and manage their money, so they can build better financial habits. Here's what to expect: It's great to see a company that understands the fact that kids lose things constantly. If you want in-depth parental controls and education modules for your kid, Axos isnt for you. Axos is built for safety and security, as the account has great security features such as fingerprint readers, voiceprints and facial recognition through smartphones. Scheduled and Instant TransfersParents can schedule regular transfers (great for things like an allowance) to deposit money into their kid's account. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. BusyKid now also offers family members and friends an easy way to deposit money into your kids' accounts using a QR code called BusyPay. I am unfortunately on the verge of closing this because there are other apps like this that are much more user-friendly. You can send money to your kids right away after they complete their chores for the day. 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. BusyKid might be a better solution for younger kids (from 5 years old) as it has preset chores for younger ages. Giving your kid a debit card is one of the best ways to teach them financial management. You can manage your kids funds in eitherIOU accounts, orprepaid card accounts(subject to eligibility), or a combination of the two. They can earn, save, invest, donate or spend - all while having fun! Get Acorns Early, plus a full financial wellness system, with investment, retirement, and checking accounts built in. But your kid doesnt have to store their cash in a piggy bank to learn how to save and spend money anymore. Parents can set up recurring allowance transfers, send one-time payments, and create chore lists and automatically send money once chores are done. FamZoo. How does it compare to BusyKid? FamZoo BusyKid Prepaid Visa Spend Card Greenlight Review Summary Our Greenlight review will tell you exactly how the card works before signing up for it. FamZoo vs BusyKid (including a BusyKid review) FamZoo vs GoHenry; Final thoughts based on our FamZoo review. Both Greenlight and BusyKid offer money apps and debit card for kids. In order for you and your family to participate in the FamZoo Services, a parent or authorized person (the " Family Account Owner ") must create an account for the family (a " Family Account ") by registering on the Site and paying any applicable fees. The app lets you manage your kids account with features like the ability to set spending limits, block specific merchants, automate allowances and receive notifications on purchases they make. Greenlight is one of the most popular debit cards for kids and teens and has over four million parents and kids on the platform. This checking account is for kids and teens ages 13 to 17. Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. So, what is the difference between Greenlight and FamZoo? Overall, Copper Banking is one of the most affordable debit cards for teens, and the user-friendly mobile app and financial literacy tips are also perks. Parents set flexible controls and get real-time notifications every time their kids spend money. BusyKid Visa is similar to both services but allows kids to earn money for completing chores. Current also has no ATM fees at all their in-network Allpoint ATMs in the U.S. FarmZoo is a financial education app for teens, kids and parents. Some unique features include IOUs, informal loans, first dibs chores, and parent-paid interest plans. With FamZoo, the parent is the "banker". Your kids can use the prepaid debit cards in various merchants, both online and offline. With a kid-friendly debit card, you help empower your kid to make their own financial decisions while still having a safety net thanks to parental controls. First, youll need an M1 Plus account before you can open a custodial account for your child. You simply share the QR code and the money rolls in. It gives you debit card up to 5 kids and 2 adults. FamZoo: Pricing information from published website as of 05/01/2022, BusyKid: Pricing information from published website as of 05/01/2022. The parent card serves as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, interest payments and etc. You can also pay $7.98 per month for a Greenlight + Invest account or $9.98 per month for Greenlight Max. Let's look at the top three. Famzoo is more "adult", it doesn't require a smartphone, has more strictly educational features, and more parental control. CreditDonkey is a credit card comparison and reviews website. This card can be used at ATMs and with Google Pay and ApplePay. Both allow you to track the card spending inside the app. Also, both Greenlight and BusyKid include debit cards for up to 5 kids in their subscription plans. BusyKid is an easy-to-use, interactive kid chore app with a debit card that will help them learn and practice important real-life lessons from the palm of their hands. The Nationwide First Checking account is primarily geared towards teenagers and helping them with money management. The app functions as a financial literacy tool to help any child (5+) build good financial habits. GoHenry lets kids choose from more than 45 fun debit card designs. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. The easiest way is to email the company by filling out the inquiry form found here. Teens also create savings goals and can save automatically by rounding up spare change after making a purchase. You can get in touch with the customer service department of Greenlight, GoHenry, BusyKid, or FamZoo, depending on which service you are using. You should report any suspicious activity to the financial service provider right away. Overall, Acorns Early is one of the best debit cards for kids since it helps teach kids about the value of long-term investing. 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