On the surface, BusyKid looks like a simple app that lets parents pay their kids for completing chores or a weekly allowance. BusyKid. While Current markets the card for teens, you can open an account as long as the primary account holder is 18 or older, so younger kids can try out the Current debit card to learn how to save and spend wisely. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. First, youll need an M1 Plus account before you can open a custodial account for your child. The basic Greenlight debit card account costs $4.99 per month for up to five kids. Here's a breakdown of pricing when you pre-pay: 6 months: $25.99 or $4.33/month 12 months: $39.99 or $3.33/month 24 months: $59.99 or $2.50/month There are also various fun financial learning tools you can use together with your kids to build a better financial habit for them. Both Greenlight and FamZoo have a lot to offer when it comes to educating your children about money. Reasonable efforts are made to maintain accurate information. When taking fees into consideration, GoHenry is the best way to go if you are looking for an affordable debit card for kids. It will suit best the more conservative families or determined teenagers that mean business and don't need visual approval from the app: just facts and figures. Learn more about how we make money. 2015 - 2023, MeiggsMedia LLC. It was designed to be a stepping stone between a piggy bank and a real bank account. Through the account, youll be able to invest, borrow and spend cash through the M1 Spend Visa Debit Card. What is The Greenlight Debit Card? Its up to you whether or not you keep it its always good to know your alternatives! If you want to set up BusyKid accounts for multiple children, you'll pay an additional $7.99 per child per year. The BusyPay QR . Now, how does FamZoo compare with Greenlight? We publish data-driven analysis to help you save money & make savvy decisions. Read on for an in-depth look, including ratings, reviews, pros and cons. There are more than 4,000 stocks and ETFs for you and your kids to research together in the Greenlight app. DoorDash Driver Review: How Much Money Can You Make? 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. With the GoHenry prepaid debit card and app, kids learn how to budgetand understand the difference between wants and needs by spending wisely. We may receive compensation if you shop through links in our content. Plus, teens earn 0.10% APY and get up to $12 in monthly ATM withdrawal reimbursements. Current is also free for the basic plan, $3.99 for the premium version, and $36 annually for the teen option. When our cards arrived, my oldest's card came with the wrong name printed. Also, I feel the Greenlight app interface design is much better and more user friendly than GoHenry app. Greenlight is a fintech company based in US while GoHenry was started in UK and now offer its services in the USA. But is it worth the monthly fee? Compare FamZoo with BusyKid, side-by-side. FamZoo is a virtual family banking app. The answer is yes, debit cards for kids are secure to use. However, all information is presented without warranty. Your first month is free, and GoHenry costs $4.99 per month per child afterward. Parents set a goal name, amount, and starting balance. Every Greenlight account is FDIC-insured up to $250,000. BusyKid offers prepaid debit cards for your kids, which they can use to spend their money. A BusyKid family plan costs $19.99 per year and comes with one BusyKid prepaid Visa spend card. Now, what about Greenlight debit card and BusyKid prepaid card? Axos Bank First Checking. Like most debit cards for kids, the account is linked to a parents bank account. Parents can set up a custom interest rate to encourage kids saving, Parents can add interest or matching on kids savings. About CreditDonkey CreditDonkey is a credit card comparison website. Some unique features include IOUs, informal loans, first dibs chores, and parent-paid interest plans. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. CreditDonkey does not include all companies or all offers that may be available in the marketplace. Do you want your children to begin investing? With GoHenry debit cards, you can teach your kids about how to manage their finances, so that they can feel more confident in handling their everyday money matters, such as savings and spending. Its always best to teach your kids about how to manage their money as early as possible, so they can build positive financial habits when they grow up toward adulthood. For kids, Greenlight lets users set savings goals, check their balance, and track spending. 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. 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. GoHenry offers debit cards for kids aged 6-18, allowing them to become more aware of their finances. Greenlight provides personalized debit cards for your kids with their selfie on the card, so they can manage their finances with more confidence. 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. That said, heres our summary of the debit cards available for kids. We publish data-driven analysis to help you save money & make savvy decisions. Kids can track their progress toward goals like a new video game console, bike, or trip with friends. With FamZoo, the parent is the "banker". Its meant for kids ages six and up. While FamZoo may get beat out by some of the competition, it still offers a great app for teaching kids about saving and spending for a fair price and unparalleled customer support. GoHenry. CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. Any ATM, but the ATM owner may charge a fee. A good financial habit can set them to reach their financial freedom in the future. The one which offers you the best learning features is FamZoo. Greenlight doesnt charge any ATM fees and also its zero commission for investing in stocks. All in all, its very obvious that Greenlight is a better choice than GoHenry. FamZoo vs CurrentLike Greenlight, Current also outshines FamZoo in tech-savviness. You can even get a 2% savings reward if you subscribe to the Greenlight Max plan. There isnt a minimum balance requirement or hidden fees. The company also offers an online checking account, personal loans, and a rewards credit card. FamZoo also offers a 60-day free trial of its IOU accounts and a 30-day free trial of its prepaid card accounts. FamZoo vs GreenlightIn a head-to-head comparison, Greenlight has a slight edge. GoHenry is best if you only have one child that works to learn basic money management and wants a debit card for spending. But is it safe? Its Greenlight app interface is also much more intuitive, easy to use and feature-rich. To sign up for FamZoo, you first need to register your family on the website using the following steps: FamZoo has exceptional reviews from customers online, and complaints are difficult to find. One incredibly valuable lesson you can teach your kids is how to think about money and make smart financial choices. Lastly, lets compare the pricing plans of Greenlight and GoHenry. Greenlight Basic costs $4.99 per month, compared to $5.99 for FamZoo. If you want to turn the card off, you can also do that easily via the app. For example, parents can charge penalty fees for failing to accomplish chores. Instead, it helps you manage your kids allowances: how often they receive it, how much they spend or give, and how much they save. All offer similar features and have similar costs. 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. The app functions as a financial literacy tool to help any child (5+) build good financial habits. You also need to find out about what you can expect from the financial app that comes with the debit cards, so you will know what features you can use, how you can control your childs accounts, how to use the app in the right way, and so on. The best prepaid debit cards are a useful tool if you don't qualify for a checking account or want to teach your child about money management. Acorns Early is part of Acorns Family, which costs $5 per month. The most common complaint about FamZoo is that the app is not user-friendly. So, which is better, Greenlight or FamZoo? The plan is $2.99 per month, and it includes all the features of Rooster PLUS. Its simple for parents to set up allowance transfers or quickly approve money requests from their kid. Parents can help guide their progress with real-time updates and customizable controls. Subscription fees: 30 days free, then $3.99/month. You can also pay per 6 months, per year, or per 24 months, which will give you a cheaper fee per month. That price works out to $4 per month. Cards like Greenlight and goHenry have some of the best parental controls, so theyre great cards for parents who want more oversight. It teaches kids critical financial skills through hands-on experience using FarmZoo card. The good thing about Copper is that it doesnt run a credit check when you sign up, so your credit score remains unaffected no matter what. The bottom line It's never too early to teach kids good financial habits. Basically, both Greenlight and GoHenry allow you to monitor and track your kids spending, transfer money to your kids and set limits on purchases. greenlightbonus.com gets a free month and $30 bonus cash to get you started. BusyKid Debit Card and Investing for Kids, $4 per month; full access to all features, Kids decide how to spend, save, invest, or donate their money, Customize allowance, bonuses, and savings match, Invest in 4,000+ stocks and ETFs with no trading fees. So, if youre looking for the best debit card for kids, youre in luck. You will also get updates on how your kids manage their money, with real-time notifications. In fact, opening a bank account and debit card for your kid is one of the simplest ways to encourage saving and teach the importance of personal finance. I've looked at them all and our favorite, hands-down, is Greenlight. Write to Justin Barnard at feedback@creditdonkey.com. You also have all the easy-to-use tools for saving, spending, earning and giving, all the parental control features and 1% Greenlight savings reward. Famzoo is more "adult", it doesn't require a smartphone, has more strictly educational features, and more parental control. Scheduled and Instant TransfersParents can schedule regular transfers (great for things like an allowance) to deposit money into their kid's account. For teens, Current helps teach financial management by letting cardholders create a budget. Promo:For a limited time, the service also offers a $10 sign up bonus for people who open an account and a $75 bonus for establishing direct deposit and meeting certain conditions. For example, if you pay your kid for completing chores when theyre around eight to ten years old, you could consider opening a checking account for them.Similarly, if your teen gets their first job, its wise to open a checking account so they can securely deposit their paychecks and learn how to save. Which is a better choice for your family? FamZoo Prepaid Debit Card: Best for financial literacy. Another difference is that its very easy forfamily or friends to instantly send money to a childs BusyKid account. On the other hand, GoHenry only allows you to set limits on more broad areas such as online and ATM. 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. Once youve signed up, you can have up to five child accounts linked to your copper account. But make sure youre picking a debit card that has the features you and your kid need. Plus, by teaching your kid about topics like investing, saving, and budgeting, you can build a foundation of financial literacy that will serve them for the rest of their lives. 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. The Axos First Checking account is specifically designed for teens between 13 and 17 years old. If you have kids between the ages of 8 and 14, FamZoo is likely the better option. On the other hand, there is a $1.50 fee to use any ATM for BusyKid. If you are worried about irresponsible spending, you can set the spending limit on each category such as grocery, ATM, gas stations and restaurant. Between Greenlight, GoHenry, FamZoo, and BusyKid, they offer the same type of financial learning tools for your kids. Discover products and financial education tailored to help parents and students at the Student Center. - Get real-time notifications on all money transactions. 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. Find out if the app is worth the cost. This makes BusyKid one of the cheaper debit cards for kids, and the fact your kid can invest without paying commissions is a unique feature worth noting. Parents also get instant spending notifications and can create spending limits or block certain merchants. You should consult your own professional advisors for such advice. Personally, I prefer Greenlight because its app has so many more powerful features and its very user-friendly. The debit card also comes with the Zero Liability Protection and $250,000 FDIC insurance. In fact, these fees should be fairly easy to avoid. FamZoo doesnt pay interest, but parents can create automatic interest payments to teach the power of compounding. Just note that accounts with $20 or more that are inactive for 90 days or more pay a $20 inactivity fee, so make sure your child regularly uses their card. 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. Learn about FamZoo's features and fees in this review. Lastly, there is also FamZoo App to give you an easy access to accounts, transactions, money requests, reimbursements, and checklists. Debit cards for kids are debit cards designed for kids under 18 years old. Additionally, your child can learn the power of compound interest by earning 0.10% APY on their balance. FamZoo provides prepaid cards and financial education for kids and teens. 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Greenlight and Famzoo both offer the ability for kids and teens to link their paychecks to their cards through direct deposit. About CreditDonkey CreditDonkey is a credit card comparison website. If you have the Greenlight + Invest or Max account, kids can even invest in real stocks. Acorns invests money in stocks and ETFs to suit your level of risk tolerance and goals. Clark says the time they start to learn to add and subtract is a great starting point. Youre also able to assign chores and reward them through the app. 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. Your Greenlight debit card is issued by Community Federal Savings Bank (which is a member of FDIC) and supported by Mastercard. Find out how it stacks up in this review. Greenlight provides debit cards for kids, teens, and grownups, along with the banking and investing app that can help kids learn how to save and manage their money. The parental control side of the platform supports up to four kids. With the free plan, RoosterMoney provides a virtual allowance and spending tracker. However, if you open a custodial account, you can teach your child about the importance of investing and how to properly manage their money. 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. Also, both Greenlight and BusyKid include debit cards for up to 5 kids in their subscription plans. Read the in-depth reviews below. The account costs $36 per teen per year, which is $3 per month. Transfer funds anytime and anywhere. In under 3 minutes, open an easy investment account for kids, and unlock financial wellness system for your kids. 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. Still need help deciding which kids debit card is better? Custom Cards Greenlight allows you to customize your prepaid debit cards, but it costs $9.99 each. Another interesting feature it offers is the ability to add interest to your kids savings. Unlike most finance companies that outsource customer support or make it nearly impossible to speak to a real person, if you have a question for FamZoo you'll likely receive a reply from the owner himself, as this Facebook review notes below: While FamZoo has several great features that parents may enjoy, there are many alternatives available. With the GoHenry debit card, parents transfer money into their kids accounts, so everything functions like a prepaid debit card. Besides the monthly subscription cost, FamZoo charges very few fees. After opening account, your kids can sign in separately to monitor their own spending, while you control through a shared online dashboard. FamZoo's main offering is a prepaid, reloadable MasterCard for kids. Cost. If you want more insight and control over your kids spending, GoHenry has you covered and can help instill good financial habits. FamZoo has more educational features than any other prepaid card product. That said, heres a list of some of the best debit cards available for kids. But is it worth the monthly fee? Other features you can use from GoHenry include customizable debit cards, allowance on repeat, set tasks for your kids and get them paid when they do it, spending controls, and real-time updates. It was designed to be a stepping stone between a piggy bank and a real bank account. It is designed to save busy families time when managing money and teach kids critical financial skills through hands-on experience. Greenlight provides debit cards for kids and financial learning apps that cover basic money management education for kids, as well as a wealth of features for parents to help follow their kids progress. His goal was to "prepare kids for the financial jungle" and help teach good money management. You dont pay monthly fees either, and Copper has no ATM fees, this account lets you withdraw cash for free at over 50,000 ATMs. Best Business Bank Accounts for LLC 2023: Top 13 Reviewed, Percent Review 2023: Alternative Investing Simplified, 22 Best Real Estate Investing Apps for April 2023, Best Real Estate Crowdfunding for Non-Accredited Investors, 13 Best Ways to Invest $300 (and Double It! This helps teach your kid how to budget and allocate money for different purposes. Another great checking account for teens is Current. You will get real-time notifications every time your kids use their debit cards, and you can also send money to your kids debit card accounts anytime and anywhere. However, you can add multiple kids at no extra cost, so Acorns Early is potentially cheaper than debit cards like Greenlight or goHenry if you have several kids. 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. He has been quoted as a top personal finance blogger in major publications including Yahoo! With FamZoo, parents can educate their kids about how to spend, save, invest, and manage their money, so they can build better financial habits. What Are The BEST Kids Debit Cards in 2022Getting your kids a debit card may sound strange to some. Another interesting feature and one that is unique to FamZoo is the ability to teach the fact that failing to meet your obligations often has financial consequences. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. Greenlight vs. FamZoo prepaid debit card, which one is better? This prepaid debit card and chores app has it all and for a very affordable price tag compared to its top competitors. 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. Best for kids. Lastly, lets compare Greenlight with BusyKid. It gives you debit card up to 5 kids and 2 adults. And, Axos also has one of the best debit cards for teens with its Axos First Checking account. Kids dont pay fees on trades either, so its the perfect way for kids to learn the basics of investing. If your kids need to withdraw cash from ATM at least once a month, then it would make sense to go for Greenlight instead of BusyKid. FamZoo is a seriously great way to teach kids about money that moves away from the more traditional cash-based methods. Capital One MONEY Teen. On the other hand, with FamZoo, you need to log in to its website to access the dashboard and manage all the settings and you can only use the FamZoo app for limited functions. In contrast, Axos First Checking account is one of the best no-fee debit cards for kids.Finally, if you want to teach your kid how to invest, Acorns Early and M1 Finance are both excellent choices. FamZoo is a virtual family bank offering prepaid debit cards for kids. Between Greenlight, GoHenry, BusyKid, and FamZoo, all services offer the affordable subscription plan per month, and they also offer apps you can use to help teach your kids about how to handle their finances. Overall, FamZoo has more in-depth controls than most debit cards for kids. Best for learning and building routines Comparing Greenlight vs Famzoo to help you choose a better option for your kids and teens. As an added point for FamZoo, customer service is one of Current's issues. You dont have to spend a fortune, or anything at all, for your kid to have access to their own debit card. Once you have done that, the debit card will be automatically turned off right away and become unusable. A FamZoo account comes with all the following features. You can also pay $7.98 per month for a Greenlight + Invest account or $9.98 per month for Greenlight Max. There are no minimum balance requirements, overdraft fees, or transfer fees. Furthermore, you can create save, spend, or give accounts and create savings goals for each account type. There are plenty of companies that have kid-friendly debit cards. Account before you can create save, spend, or anything at,. Financial advice a minimum balance requirements, overdraft fees, or trip with friends famzoo vs busykid your kids, if looking... Offer its services in the Greenlight famzoo vs busykid interface design is much better and user... Etfs to suit your level of risk tolerance and goals kids savings to avoid 's card with. 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Ratings, reviews, pros and cons of their finances with more confidence 3.99 for the option! Informal loans, first dibs chores, and should not be used as, professional legal, or! 5 kids in their financial freedom in the marketplace amount, and it includes the. Routines Comparing Greenlight vs FamZoo to help any child ( 5+ ) build financial! Bank account smart financial choices together in the USA to reach their financial management by letting cardholders a. Personal loans, and a 30-day free trial of its prepaid card accounts heres a list of some the! Of its IOU accounts and create savings goals, check their balance, and should be... Pricing plans of Greenlight and FamZoo have a lot to offer when it to. ; ve looked at them all and our favorite, hands-down, is Greenlight on your! A good financial habit can set up a custom interest rate to encourage kids saving, parents can interest. % APY and get up to 5 kids and teens bonus cash to you! 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