Best Debit Cards for Kids, 2024
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Digital money is becoming more accessible to kids and younger and younger ages. It’s integrated with the games they play and apps they love. Aside from digital technology, sometimes your kids need access to funds when you’re not there — like at school or camp. And giving them cash can be risky. Plus, it’s not always accepted everywhere.
Debit cards for kids are a good way to teach them about money. By providing your kids with basic financial literacy throughout their childhood, you can better set them up for budgeting in adulthood. Debit cards for kids can offer access to both checking accounts and savings accounts, ATM withdrawals and may come with mobile apps for banking.
Here are some of the best debit cards for your child's or teenager's money management.
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Overview of best debit cards for kids
Debit card | Best For |
Greenlight | Savings and investing features |
BusyKids | Paying allowance |
Chase First Banking | No fees |
GoHenry | Spending controls |
Capital One MONEY | Interest-earning |
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- Up to 2.00% Annual Percentage Yield (APY)–over 10X the national average!
- No minimum balance, no monthly service fees, no overdraft
- Get your paycheck up to 2 days earlier
- Signing up takes 2 minutes
Best debit cards for kids
1. Greenlight Kids’ Debit Card
This is easily the most popular debit card option for kids and teens. The free debit card comes with a one-month trial and is great for families with multiple kids — the $4.99 per month charge covers up to five separate debit cards. It can be used for kids ages 8 through 22, making it a great card for kids from middle school to college.
It's also bursting with features. Greenlight debit cards let kids set their own savings goals, earn interest on money in their savings account, round up change for purchases to boost savings, learn more about stocks and investing, and offer custom card designs. As kids grow and start their own jobs, they can even set up a direct deposit right into their accounts.
Parents are also in control with this card with chore management apps that allow you to pay kids once chores are checked off, instant transfers, instant money-sending options, parental controls for ATMs, the ability to turn a card on or off, open investment accounts, and much more.
- Price: $4.99 per month (up to five cards for children and 2 for adults)
- Pros: No withdrawal fees, no overdraft fee,1% cashback, investing options
- Cons: Monthly charge
2. Busykid Visa Prepaid Spend Card
If you’re hoping to teach your kids the value of money by completing tasks like chores, you should consider the BusyKid Visa Prepaid Spend Card. This card allows your kids to earn a predetermined amount of money for each chore completed. Tired of messy floors and unmade beds? Simply set up allowance payments for these tasks and watch how quickly your kids’ rooms become spotless.
The card costs $4 per month, which will be charged annually, and you get access to up to five cards and over 55,000 ATMs. The company doesn't charge commissions to buy or sell stocks.
There are three primary buckets for cash to go — spend, save, or share, with the share category allowing kids to donate to charities. While you won’t earn interest on savings, you can also teach your kids about investing by approving fractional share purchases that your kids select.
As always, parents are in full control, able to set amounts for chores completed, and release funds only once tasks are done. You can also match your kids’ saving efforts.
- Price: $4 per month, charged yearly
- Pros: Charity donation option; saving and investing options
- Cons: Monthly charge; no interest-earning option
3. Chase First Banking
Chase First Banking is meant for kids between 6 and 17 years old. What’s great about this account is that there’s no monthly fee, though you must link your kids' account to one of your qualifying Chase accounts.
Kids can set their own savings goals, request more money from a parent, and earn money by completing tasks and chores. They can’t invest or donate to charities, however.
Parents can set spending limits on cards, receive real-time notifications each time their child uses the card or withdraws money, and even select merchants where their child cannot spend money or a list of approved merchants where they can. You can pay your child via recurring transfers, one-time transfers, or when they complete chores.
- Price: $0
- Pros: Ability to control a child's spending at certain merchants; spend, earn, and save categories
- Cons: No interest-earning option; no ability to invest or give to charities; $3 for out-of-service ATM withdrawals in the U.S.
4. GoHenry Debit Card
If financial literacy is your aim, the GoHenry Debit Card is loaded with financial education tools and ways to empower your child to use their money responsibly. This card costs $4.99 per month. It's designed for kids between 6 and 18 years old.
Kids can learn financial responsibility through fun and interactive financial quizzes and set up their own small or large savings goals. They can save, spend, or even donate to the Boys and Girls Club of America as they develop their money habits. GoHenry does not allow you to invest or earn interest on savings.
Parents can set spending limits per week through spending controls, set up chores and allowance prices, and fully control their kids’ finances.
- Price: $4.99 per month
- Pros: Financial literacy quizzes; spend, earn, and donate categories
- Cons: Monthly cost; no interest-earning option; no ability to invest; only one charity to donate to
5. Capital One Money
The Capital One MONEY for Teens account is slightly confusing — it’s marketed for teens but designed for kids ages 8 and up. There are no monthly service fees or minimum account requirements, and, unlike the Chase account, you do not need to be a Capital One member to enroll your child in this account.
Kids get access to a mobile app and debit card and earn up to 0.10% APY in interest for balances in savings. While it’s not chore-focused like other cards, kids can still earn money by reaching savings goals. Parents can auto-send money into their child’s account if chores are completed rather than task by task.
Parents can lock this card as needed, have a separate login from their child’s account, reward or match met savings goals, and track kids’ spending.
- Price: $0
- Pros: No monthly cost, set savings goals, earn up to 0.10% APY in interest
- Cons: No investment or donate options
Save Money and Simplify Money Management with Chime®
- Up to 2.00% Annual Percentage Yield (APY)–over 10X the national average!
- No minimum balance, no monthly service fees, no overdraft
- Get your paycheck up to 2 days earlier
- Signing up takes 2 minutes
Summary of best debit cards for kids
Debit Card | Monthly Cost | ATM fees | Minimum Age | Interest | Investing options |
Greenlight | $4.99 | $0 | 8 | Up to 1% cash back | Yes |
BusyKid | $4, charged annually | Not eligible | 5 | Not eligible | Yes |
Chase | $0; must be a Chase banking account holder | $3, out of network | 6 | Not eligible | No |
GoHenry | $4.99 per month | $1.50 | 6 | Not eligible | No |
Capital One | $0 | $0 | 8 | Up to 0.10% APY | No |
Other options to consider
While these five options are our top picks, depending on your specific needs, you might also consider Akimbo Prepaid Mastercards, the FamZoo Prepaid Debit Card, the Axos Bankcard, or the Current Visa Debit Card. The above recommendations were selected based on ease of use, low fees, and tools and features available for kids and parents.
It’s also worth talking to your primary bank or credit union to find out if kids’ plans are available and comparing the features and costs to our top picks on this list.
FAQs
When should a child get a debit card?
There is no one-size-fits-all answer for this. Debit cards can be safer than cash, particularly with spending limits and pre-chosen merchant options in place. If your kids earn an allowance, need access to money, or are interested in learning more about investing, a debit card account can be a good idea. That said, it’s always up to the parent to decide when their kids are at the right age to be trusted with a debit card.
What’s better for kids, a prepaid debit card or regular debit card?
Both have their pros and cons. While prepaid cards can prevent kids from spending over certain limits, many debit cards also allow parents to set spending thresholds. Prepaid cards can also be costly if you have to reload the card often and may not offer the same benefits of debit cards linked to checking or savings accounts. Of course, you know your child best and it’s important to choose the type of card you think is best for them. Prepaid cards can be great for one-time expenses or spending on field trips, while debit cards can be better as financial learning tools.
Do kids debit card accounts earn interest?
Prepaid cards and debit cards focused on earning an allowance for chore completion often do not earn interest.
Save Money and Simplify Money Management with Chime®
- Up to 2.00% Annual Percentage Yield (APY)–over 10X the national average!
- No minimum balance, no monthly service fees, no overdraft
- Get your paycheck up to 2 days earlier
- Signing up takes 2 minutes
The bottom line
Teaching children about personal finance should begin when they are young. Rather than going off to college and being enticed to open credit cards and risk falling into a pattern of debt, giving your child their own debit card and teaching them how they work (you need to earn money to have money) is an important life lesson. You can give them more control as they get older and make mistakes while you are there to catch them. By 18, they'll be well on their way to solid financial health.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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