Ultimately, the decision will depend on . We may receive compensation if you shop through links in our content. With no minimum balance requirement or overdraft fees plus free ATM withdrawals from 55,000 plus ATMs, its also relatively low-fee. If you want your kid to learn basic money management and how to invest, Acorns Early is for you. 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. The company enjoys a 4.6-star rating on both the Google Play Store and the Apple App Store and 5 stars on Facebook. With a Greenlight debit card, kids and parents share one account. With 1.5 million members,GoHenryis another popular debit card for kids ages six to 18 years old. Ready to teach your child money management? If you have kids between the ages of 8 and 14, FamZoo is likely the better option. - Get real-time notifications on all money transactions. Rooster PLUS, which is $18.99 per year, goes a step further by including a chore management system that encourages kids to earn money by doing their chores. Also, there are other reasons that ensure the safety of these debit cards for kids: Although you may find these popular cards for kids on other websites, they didnt make the cut because they dont provide comprehensive features or unique educational tools for children. The company is handled like a genuine small family business, not an overstretched corporation. BusyKid app is easy to use and allows you to do the following: Below is the screenshots of the BusyKid app interface. And for parents, the app provides a real . Additionally, your child can learn the power of compound interest by earning 0.10% APY on their balance. But is it safe? First Checking offers financial freedom with the security of a joint checking account. Basically, both Greenlight and GoHenry allow you to monitor and track your kids spending, transfer money to your kids and set limits on purchases. So, which is better, Greenlight or FamZoo? This monthly fee covers any number of family members. Your first month is free, and GoHenry costs $4.99 per month per child afterward. 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. Every Greenlight account is FDIC-insured up to $250,000. Greenlight vs. GoHenry vs. BusyKid vs. FamZoo: Best Debit Card for Kids? Overall, FamZoo has more in-depth controls than most debit cards for kids. Also, both Greenlight and BusyKid include debit cards for up to 5 kids in their subscription plans. 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. Personally, I would still go for Greenlight because it is more user friendly and saves me a lot of time and trouble. Another difference is that its very easy forfamily or friends to instantly send money to a childs BusyKid account. 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. Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Which one of these debit cards for kids is best for learning? Best for learning and building routines Many of the best debit cards for kids dont have age requirements, so you can open an account for your child as long as youre 18 or older. You. BusyKid offers prepaid debit cards for your kids, which they can use to spend their money. What Are The BEST Kids Debit Cards in 2022Getting your kids a debit card may sound strange to some. And, while these are two main reasons to try this debit card for kids, BusyKid offers much more. Best for . Finance, NASDAQ, Discover, and more. The account is held secure by 2-step authentication, regular account monitoring, anti-virus, and malware protection, and it automatically logs out users during inactive sessions. M1 Finance doesnt have a standalone debit card for kids. Youre also able to assign chores and reward them through the app. 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. These plans unlock perks like higher interest rates and investing, but you can stick with a basic plan for your kid to learn the basics of money management. Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. You can send money to your kids right away after they complete their chores for the day. Cardholders can also call 1-800-416-6373. FamZoo also has numerous parental controls, including payment notifications, card locking, and spending limits. You do not have to use our links, but you help support CreditDonkey if you do. 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. Some of the links on our website are sponsored, and we may earn money when you make a purchase or sign-up after clicking. college, first car, etc )with as little as $1 and take out your investments whenever youd like and use them however youd like. Your direct deposit has to clear both of these entities before you can access it. This checking account is for kids and teens ages 13 to 17. What is the best debit card for kids? Here is another amazing feature of Greenlight app. GoHenry lets kids choose from more than 45 fun debit card designs. ", "The customer service is amazing. We publish data-driven analysis to help you save money & make savvy decisions. With FamZoo, the parent is the "banker". 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. BusyKid is the first and only chore and allowance platform where kids can earn, save, share, spend, and invest their allowance. BusyKid Prepaid Visa - BusyKid card is the perfect combination of a chore app and prepaid debit card that allows your kids to spend, share, save, and earn money, even invest the means you provide for the account. greenlightbonus.com gets a free month and $30 bonus cash to get you started. On top of that, you can also use your Greenlight app to invest for your kids futures (e.g. The account earns an annual percentage yield of 0.10% and has no minimum balance requirements or monthly maintenance fee. Here are the fees you need to pay for each debit card for kids: So, which one will you choose? From there, parents can open a prepaid FamZoo card for kids of any age as there is no minimum age limit. From ages 6-16 they have BusyKid, which costs just $4.00 a month for up to five children and includes up to five BusyKid Prepaid Visa Spend Cards. Related: Can a 12 Year Old Have a Debit Card? In under 3 minutes, open an easy investment account for kids, and unlock financial wellness system for your kids. Chore Payments and PenaltiesSet up chores, such as "Make the Bed" or "Clean Your Room," and make a payment when they're complete. If you want more insight and control over your kids spending, GoHenry has you covered and can help instill good financial habits. FamZoo is a virtual family bank offering prepaid debit cards for kids. When taking fees into consideration, GoHenry is the best way to go if you are looking for an affordable debit card for kids. You will then be able to manage their portfolio and build wealth for them. They can also learn about giving with the ability to donate to charity. On the surface, BusyKid looks like a simple app that lets parents pay their kids for completing chores or a weekly allowance. It has a daily transaction limit of $100 cash and $500 debit with no overdraft fees included. With the Copper Banking app, parents monitor how much their teen is spending, automate allowance payments, and easily send one-time payments. Here's what to expect: It's great to see a company that understands the fact that kids lose things constantly. We invented the first educational prepaid card product. 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. Greenlight allows you to set limit on specific categories and even specific in-store purchases. Which is better for you and your kids, Greenlight or GoHenry? For $4/month, your family will gain access to entire app including charities, chores and up to 5 BusyKid Visa Prepaid Spend Cards (one card per child). We publish data-driven analysis to help you save money & make savvy decisions. Review the pros and cons below for a quick takeaway. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. This means that the free version isnt meant for transferring funds youll need to do that another way. FamZoo vs BusyKid FamZoo is a good value family finance app with robust features. 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. This depends on how mature your kid is and when they start earning money. Over 800,000 Copper members use the mobile banking app and debit card. With FamZoo, you can teach your kids to take responsibility for their finances, and you can also help create budgets for your kids, create incentives for their money, and evaluate their progress on the app. BusyKid lets your child earn, save, and invest their allowance. Famzoo offers a $5.99 family plan, billed automatically each month. Personally, I also like Greenlight more because it gives me a better user experience and its super easy to use. 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. Both also help your kids track their spending, set savings goals and earn money from doing chores. With free instant money transfers, instant spending notifications, spending limits, and merchant blocking, using Current gives teens financial freedom and visibility, and security for parents. So, what is the difference between Greenlight and GoHenry? If you are worried about irresponsible spending, you can set the spending limit on each category such as grocery, ATM, gas stations and restaurant. Greenlight Debit Card for Kids: Best all-around kids' account. So, if you have two kids or more, it is much cheaper to go with Greenlight. Finally, your child can get up to $12 ATM fee reimbursements per month. Pricing wise, BusyKid charges a monthly fee of $3.99/month. . It should also be noted that because FamZoo uses a prepaid card model, it's impossible for kids to overdraw their account and incur overdraft or insufficient funds fees. Learn about FamZoo's features and fees in this review. With BusyKid, parents set the chores, kids complete them, and allowance is direct deposited each Friday. Instead, it helps you manage your kids allowances: how often they receive it, how much they spend or give, and how much they save. Also, I feel the Greenlight app interface design is much better and more user friendly than GoHenry app. But if you use a debit or credit card to fund the account, the price lands at $49.74 per year, spreading out to just $4.14 per month. 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. Instead, they'll be able to gain an understanding of how to manage their finances even when they can't directly . Wondering if FamZoo is right for your family? Kids then have the option to choose. 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. Now, what about Greenlight debit card and BusyKid prepaid card? Manage your familys wealth in the same place you manage your own, with the same tools. Looking for a good checking account for teenagers? Age requirement: 6 to 18 years old. 2023 MeiggsMedia LLC. 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. Get Acorns Early, plus a full financial wellness system, with investment, retirement, and checking accounts built in. Greenlight vs. FamZoo prepaid debit card, which one is better? Both teach financial literacy using prepaid debit cards for kids. The BusyPay QR . It was founded in 2006 by Bill Dwight, a father who wanted a hands-on way to teach kids the concepts of personal finance and good spending habits. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); (703) 829-7168 | 1390 Chain Bridge Rd Suite A188 | McLean, VA 22101-3904 As their parents, its always a good thing for you to provide the best financial education for your kids with the use of debit cards for kids. Kids can track their progress toward goals like a new video game console, bike, or trip with friends. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. FamZoo also offers a 60-day free trial of its IOU accounts and a 30-day free trial of its prepaid card accounts. The basic Greenlight debit card account costs $4.99 per month for up to five kids. FamZoo is a virtual family bank offering prepaid debit cards for kids. The company also offers an online checking account, personal loans, and a rewards credit card. You can go to the Greenlight app, report the loss of the card and order a replacement card to be mailed to you. 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. Pros & Cons Pros Affordable annual fee Kids have the option to spend, save, or invest Suggests chores based on age Cons Overview Plus, there is also 1% saving reward for your kids. Its simple for parents to set up allowance transfers or quickly approve money requests from their kid. The BusyKid Visa Spend Card gives your kids the freedom to spend anywhere Visa is accepted, and parents see every transaction made. So, what is the key difference between them? The app helps parents manage finances for their kids as they earn or are given money. Brian Meiggs is a personal finance expert, and the founder of Smarts, a personal finance site helping you easily explore your best money options. - Withdraw cash from over 55,000 ATMs and learn that it doesn't grow on trees. 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. GoHenry offers debit cards for kids aged 6-18, allowing them to become more aware of their finances. . Parents set flexible controls and get real-time notifications every time their kids spend money. 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. With a debit card in hand, your child's sense of independence will grow, and they'll be better prepared to navigate social situations like shopping or eating out with friends. You can see the pricing page here. GoHenry and FamZoo are two popular debit cards specifically designed for kids and teens. Both allow you to track the card spending inside the app. Home > Bank Reviews & Deals > Kids Debit Card > FamZoo > FamZoo Review. Let's take a closer look, starting with an account from Axos Bank. Reasonable efforts are made to maintain accurate information. Read our comparison chart below. So, you dont need to worry about the privacy and security of these debit cards. Greenlight vs GoHenry vs BusyKid vs FamZoo Review | Kids Debit Cards. Best Debit Card for kids Greenlight vs Famzoo vs Gohenry vs Current App TommyBryson 521K subscribers Join Subscribe 1.6K Share Save 76K views 3 years ago Which Debit Card is Best Gohenry,. 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. Its meant for kids ages six and up. CreditDonkey is a credit card comparison and reviews website. Raise money-smart kids and teens with the right money-skills. (Otherwise, 0.25% APY.). Does FamZoo Have Good Customer Service?Customer service is a bright spot for FamZoo. Simply set an interest rate and pay frequency (every week, month, etc.). The app gives teens the knowledge and power to save, invest and manage their finances. All the companies we provide in this guide are legit companies that will keep all your data, along with your kids data, confidential, secure, and private. However, they do offer discounted fees if you pay in advance, as low as $2.50 per month if you pay 24 months in advance. Here is one negative review: There are two ways to contact customer support for FamZoo. 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. 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