Accounts with cards for kids to learn?
Our kids get regular allowance and the old paper income/expenses tracker is getting pretty threadbare. We'd love to have a simple debit-style account with a card they could use to receive allowance, track balances and purchases, and get some good budgeting habits started. But they're young enough we don't need anything fancy and certainly don't need something with ongoing fees. Has anyone got a recommendation for a bank or service that would do the trick?
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I use the Fidelity Youth account with my older son. There are no fees. Fidelity will pay them to learn some finance topics. The debit card includes ATM fee reimbursement. And the child can purchase and hold securities in their own name (not a UTMA account). Its really a great product, and there is a parent view that lets you see what they spend and where they spent it.
I want to hear what others say! We use Greenlight and are really happy with it, and for now I'm willing to pay the fees because it's worth it to me to be able to manage it so easily, but if there are better options, or equally good but free options, I want to know. I've considered trying Chase because I've heard their kids accounts are similar to Greenlight, but you have to have a parent account, and I haven't put in the effort to really learn about it yet.
I opened a Chase checking account and got my 3 kids their debit cards. As locations went cashless it was necessary. Chase allowed my 8 year old to also get one, though she didn’t carry it around much. No fee, but parent must have a balance in the checking. I like it to deliver allowance, monitor spend and it’s a nice safety that they have a maximum in their linked spend account for debit. They also have it added on their Apple Pay with no issues.
I also moved money into a fidelity youth for the two oldest to learn value of investing. We just have not added the debit card to that. I can view the Fidelity but I can’t manage those accounts.
I recommend
My wife and I have been using Capital One's Money checking and kids savings accounts for years, and have been very happy with them. The checking account includes a debit card, and the accounts also allow you to set things up like savings goals. Statements are clear and easy to follow, and the accounts integrate well with the Capital One app too, or you can use a desktop browser.
No fees for the account, and it's been a good exercise for both kids to be aware of their money and how to accrue and spend it.
Capital One | Kids Savings Account | Open Online Today | Capital One
Capital One | MONEY Teen Checking Account with Debit Card | Capital One
My son has a Venmo teen debit card. We get to see his transactions, no fees, atm access, and it's easy for us to send him money through our Venmo account.
Sometimes, he will cover a grocery expense and send us a request for the exact amount, which is convenient for me.