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. You can use Greenlight app to track and manage chores and rewards for your kids. In under 3 minutes, open an easy investment account for kids, and unlock financial wellness system for your kids. Discover products and financial education tailored to help parents and students at the Student Center. Can You Get Cash Back From a Visa Gift Card? Follow us on Twitter and Facebook for our latest posts. It allows for scheduled transfers, instant money transfers, real-time spending alerts, budgeting, card locking, and more. 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. GoHenry has a flat fee of $3.99 per child account. Both teach financial literacy using prepaid debit cards for kids. The company also offers an online checking account, personal loans, and a rewards credit card. FamZoo is essentially a virtual bank where you, the parents, act as the bank manager with your kids as the customers. The prepaid card account allows kids to have a Mastercard to use how they want, with you controlling how much money goes on to the card. Find out if the app is worth the cost. They call it BusyKidJr and it's free for children ages 3-5. Is it Greenlight, GoHenry, BusyKid or FamZoo? While BusyKid is a debit card and chores apps for kids 5-17. The financial app from FamZoo can also give them the tools to help your kids build their own financial freedom when they reach adulthood. Does FamZoo Have Good Customer Service?Customer service is a bright spot for FamZoo. With FamZoo, the parent is the "banker". Overall, Acorns Early is one of the best debit cards for kids since it helps teach kids about the value of long-term investing. 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. For as little as $4/mo. This monthly fee covers any number of family members. As an added point for FamZoo, customer service is one of Current's issues. There are also various fun financial learning tools you can use together with your kids to build a better financial habit for them. FamZoo vs BusyKid FamZoo is a good value family finance app with robust features. GoHenry and FamZoo are two popular debit cards specifically designed for kids and teens. Find out in our detailed review for 2022. Read the in-depth reviews below. Read our comparison chart below. Greenlight doesnt charge any ATM fees and also its zero commission for investing in stocks. Now, how does FamZoo compare with Greenlight? 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. Axos is an online-only bank that provides services like checking accounts, high-interest savings accounts, and even personal loans. Its linked together and accessed online through FamZoos Virtual Family Bank software. For example, parents can charge penalty fees for failing to accomplish chores. Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. (703) 829-7168 | 1390 Chain Bridge Rd Suite A188 | McLean, VA 22101-3904, Best Business Savings Accounts for April 2023, 36 Free Game Apps to Win Real Money Without Leaving Your Home. Considering the overall value you will get from these debit cards for kids, which one should you choose? So, if you have two kids or more, it is much cheaper to go with Greenlight. He has been quoted as a top personal finance blogger in major publications including Business Insider, Yahoo! I would recommend these cards to anyone". Looking for a good checking account for teenagers? These are the debit cards for kids you can use today. 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. This checking account is for kids and teens ages 13 to 17. Its a prepaid debit card and app made for teens and managed by parents. Current: 4% up to $6,000; Aspiration: 3-5%; Landmark Credit Union: 7.50% up to $500; NetSpend: 5% up to $1,000; 1. Comparing Greenlight vs Famzoo to help you choose a better option for your kids and teens. FamZoo is a virtual family bank offering prepaid debit cards for kids. The parent card serves as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, interest payments and etc. Current is also free for the basic plan, $3.99 for the premium version, and $36 annually for the teen option. But is it worth the monthly fee? All offer similar features and have similar costs. With GoHenry, you and your kids can do a lot of things through its app and prepaid debit card such as: Below is the screenshot of parents and kids app dashboard. BusyKid. 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. With 1.5 million members,GoHenryis another popular debit card for kids ages six to 18 years old. Write to Justin Barnard at feedback@creditdonkey.com. FamZoo pricing is for families of up to four children. Both Greenlight app and BusyKid app allow your kids to save, earn, donate and invest. The basic Greenlight debit card account costs $4.99 per month for up to five kids. Giving your kid a debit card is one of the best ways to teach them financial management. So, as their parents, you will always monitor your kids financial activities with their debit cards, as their accounts will get connected with your accounts. But if you want a no-fee card thats similar to managing an adult checking account, Axos First Checking is the perfect choice. FamZoo is a seriously great way to teach kids about money that moves away from the more traditional cash-based methods. 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. GoHenry is best if you only have one child that works to learn basic money management and wants a debit card for spending. Axos First Checking. Additionally, BusyKid lets kids donate to various charities or invest in stocks with as little as $10. Personally, I also like Greenlight more because it gives me a better user experience and its super easy to use. The parental control side of the platform supports up to four kids. 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. Acorns invests money in stocks and ETFs to suit your level of risk tolerance and goals. It has a daily transaction limit of $100 cash and $500 debit with no overdraft fees included. Manage your familys wealth in the same place you manage your own, with the same tools. You may also be interested in comparing FamZoo or goHenry. Capital One MONEY Teen. GoHenry offers an affordable pricing of $4.99/month per card, with the first month free. FamZoo is a more affordable option than Greenlight, even more so if you pay semi-annually, yearly, or buy a two-year subscription. If kids have a job and use Greenlight or FamZoo, they can direct deposit their paychecks onto their cards. I've looked at them all and our favorite, hands-down, is Greenlight. But is it safe? Both offer parents a way to manage their child's money and teach them financial responsibility. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. It also comes with prepaid debit cards your kids can use to spend their money after completing your chores. Besides the monthly subscription cost, FamZoo charges very few fees. Your kids can use it (online and offline) anywhere Mastercard is accepted. With BusyKid, your kids can earn money by completing the chores or tasks you set, such as finishing laundry, cleaning the house, and so on. 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. Current utilizes cutting-edge security features like biometric scanning (i.e., fingerprint scan). You will also get updates on how your kids manage their money, with real-time notifications. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Save my name, email, and website in this browser for the next time I comment. Acorns Early is part of Acorns Family, which costs $5 per month. Famzoo is more "adult", it doesn't require a smartphone, has more strictly educational features, and more parental control. On the parental side, parents set flexible spending controls and receive real-time spending notifications. Another great checking account for teens is Current. With the free plan, RoosterMoney provides a virtual allowance and spending tracker. You simply share the QR code and the money rolls in. For example, you can set up recurring chores such as making bed every day or one-time chore such as wash the car. So, where can you use Greenlight Debit Cards? Over 800,000 Copper members use the mobile banking app and debit card. 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. With the Copper Banking app, parents monitor how much their teen is spending, automate allowance payments, and easily send one-time payments. That said, heres a list of some of the best debit cards available for kids. If you want more insight and control over your kids spending, GoHenry has you covered and can help instill good financial habits. M1 Finance is a leading online brokerage account that lets you invest on your own or through its robo-advisor service. So, what is the difference between Greenlight and GoHenry? While more simplistic and less technologically sophisticated than Current, FamZoo is more intuitive and easier to understand. If you want to turn the card off, you can also do that easily via the app. 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. Which one of these debit cards for kids is best for learning? At first, this may mean explaining to your child why you need to say "no" when they . There are plenty of companies that have kid-friendly debit cards or cards designed specifically for minors: When picking your kids first banking account and choosing the best debit card for kids, important factors to consider include: Think about the factors that are most relevant to your childs financial situation when making your pick. Parents also get instant spending notifications and can create spending limits or block certain merchants. Through the account, youll be able to invest, borrow and spend cash through the M1 Spend Visa Debit Card. 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. Both also help your kids track their spending, set savings goals and earn money from doing chores. Now, which debit card for kids is best for you to use? Here is another amazing feature of Greenlight app. This is all virtual, and your kid doesnt have an online checking account to actually receive money. 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. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. If you have the Greenlight + Invest or Max account, kids can even invest in real stocks. Get Acorns Early, plus a full financial wellness system, with investment, retirement, and checking accounts built in. BusyKid now also offers family members and friends an easy way to deposit money into your kids' accounts using a QR code called BusyPay. The first year is free so you have enough time to use the account before making a long-term commitment. They can also learn to save, spend, donate and invest any earned allowances. Additionally, your child can learn the power of compound interest by earning 0.10% APY on their balance. You can go to the Greenlight app, report the loss of the card and order a replacement card to be mailed to you. . The more they complete the chores . - Withdraw cash from over 55,000 ATMs and learn that it doesn't grow on trees. The debit card also comes with the Zero Liability Protection and $250,000 FDIC insurance. Its up to you whether or not you keep it its always good to know your alternatives! - Get real-time notifications on all money transactions. The one which offers you the best learning features is FamZoo. Its also a joint checking account, so parents can monitor spending and get real-time spending alerts. We may receive compensation if you shop through links in our content. BusyKid Visa Prepaid Spend Debit Card: Best for families with multiple 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 platform was founded in 2006 by Bill Dwight, a father of five and self-proclaimed software nerd. 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