Also, Greenlight provides various security features that ensure your kids debit cards security, such as purchase protection, identity theft protection, cell phone protection, and more. The other contenders in this category are Greenlight, BusyKid and Current. In fact, you can even limit the Greenlight debit card use to certain stores such Amazon and Target. We have provided you with a comparison of the most popular ones you can use today, which are Greenlight, GoHenry, BusyKid, and FamZoo. If you are thinking about teaching your kids how to invest from young, Greenlight+Invest is also a better choice because it provides valuable investing education resources as well as zero trading fees. "Teaching young children about money produces a trifecta of benefits," he says. 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 an affordable pricing of $4.99/month per card, with the first month free. Lets dive deeper to find the best debit card for kids you can use. FamZoo describes itself as a virtual family bank and is designed for preschoolers up to college age kids. FamZoo vs CurrentLike Greenlight, Current also outshines FamZoo in tech-savviness. You can go to the Greenlight app, report the loss of the card and order a replacement card to be mailed to you. 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. Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. Manage your familys wealth in the same place you manage your own, with the same tools. The best learning features your kids can use in FamZoo include payment checklists, spending and saving, payment splits, parent-paid interest, savings goals, family billing, and informal loan tracking. Best for kids. Parent-Paid InterestParents can teach kids about compound interest by paying a custom interest rate on their balance. And for parents, the app provides a real . Both teach financial literacy using prepaid debit cards for kids. Current utilizes cutting-edge security features like biometric scanning (i.e., fingerprint scan). Famzoo offers a $5.99 family plan, billed automatically each month. If youre 13+ you can bank, invest, and thrive. Comparing Greenlight vs Famzoo to help you choose a better option for your kids and teens. 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. However, parents are using cards like the FamZoo Card, Go. Kids also earn 1% cash back if they move money to general savings or part of a savings goal. Parents also get instant spending notifications and can create spending limits or block certain merchants. 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. FamZoo vs GreenlightIn a head-to-head comparison, Greenlight has a slight edge. They can also learn to save, spend, donate and invest any earned allowances. 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. All offer similar features and have similar costs. The BusyKid Visa Prepaid Spend debit card is the best choice for parents looking for an app that goes beyond good money habits. Its meant for kids ages six and up. BusyKid lets your child earn, save, and invest their allowance. The platform was founded in 2006 by Bill Dwight, a father of five and self-proclaimed software nerd. Once chores are done and allowance is paid, kids (age 6-16) work within the app to. GoHenry offers debit cards for kids aged 6-18, allowing them to become more aware of their finances. You will get notified every time your kids spend some money on their prepaid debit cards, so you can always get informed about their financial activities. FamZoo vs BusyKid (including a BusyKid review) FamZoo vs GoHenry; Final thoughts based on our FamZoo review. 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 might be a better solution for younger kids (from 5 years old) as it has preset chores for younger ages. 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). The Rooster Plus plan, which costs $18.99 per year, adds perks like setting interest rates on savings and a more comprehensive chore management system. Like other leading cards, Current lets parents send one-time transfers, set up allowance payments, and create a chore list so kids work for their money. If youre looking for the best debit card for kids, youre in luck. It allows for scheduled transfers, instant money transfers, real-time spending alerts, budgeting, card locking, and more. All rights reserved. - Apple Pay compatible. However, all information is presented without warranty. 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. He has been quoted as a top personal finance blogger in major publications including Business Insider, Yahoo! However, you can always monitor the use of your kids debit cards to determine if they keep their personal data secure and private. Acorns Early is part of Acorns Family, which costs $5 per month. There are also various fun financial learning tools you can use together with your kids to build a better financial habit for them. First, youll need an M1 Plus account before you can open a custodial account for your child. For $4/mo, you get debit cards for up to 5 kids. Let's take a closer look, starting with an account from Axos Bank. Capital One MONEY Teen. Parents set flexible controls and get real-time notifications every time their kids spend money. However, Current is primarily targeted at teens. The app will teach your kids to manage their money, and you will also monitor their progress along the way. 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. Discover products and financial education tailored to help parents and students at the Student Center. Parents and kids set up recurring micro investments starting at $5 per day, week, or month. BusyKid Visa is similar to both services but allows kids to earn money for completing chores. Youll need a minimum balance of $50 to open an account, and there are no overdraft or maintenance fees. Axos Bank First Checking Account + Debit Card, 16 Best Beer Money Apps That Pay You Instantly 2023, Get Paid to Play Solitaire and Win Real Money Apps, Got 5 Min to Spare? With FamZoo, the parent is the "banker". 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. Lastly, the Rooster Card is a prepaid card with parental controls. Finally, your child can get up to $12 ATM fee reimbursements per month. You can instantly transfer money to your childs account and set up automated payments for allowance as well. Pricing wise, FamZoo has four different pricing plans: On the other hand, Greenlight has3 pricing options: Yes, Greenlight is very transparent about this. Their debit cards will get connected to your account, so you can send money to your kids whenever they complete their chores. With Greenlight, parents can teach their kids to manage their money well, create good financial habits, and teach them how to save and invest their money. (Otherwise, 0.25% APY.). "It helps them in school, it helps them with values, and it helps you save money.". You will then be able to manage their portfolio and build wealth for them. 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. You can use Greenlight app to track and manage chores and rewards for your kids. Parents set a goal name, amount, and starting balance. Greenlight vs. GoHenry vs. BusyKid vs. FamZoo: Best Debit Card for Kids? This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). You should report any suspicious activity to the financial service provider right away. Now, which debit card for kids is best for you to use? Custom Cards Greenlight allows you to customize your prepaid debit cards, but it costs $9.99 each. Follow us on Twitter and Facebook for our latest posts. Both Greenlight and BusyKid offer money apps and debit card for kids. college, first car, etc )with as little as $1 and take out your investments whenever youd like and use them however youd like. FamZoo offers various features designed to help your whole family members be more aware of their finances, including automated allowance, chore review option, automated family billing, family loan tracking, direct deposit for teens, card activity alerts, detailed decline info, restricted child access, and more. 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,. Best for . Finance, NASDAQ, Discover, and more. Now, we are talking about the fees these debit cards offer for you. Which one is the best, Greenlight, FamZoo, GoHenry or BusyKid? Current: 4% up to $6,000; Aspiration: 3-5%; Landmark Credit Union: 7.50% up to $500; NetSpend: 5% up to $1,000; 1. 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. And, Axos also has one of the best debit cards for teens with its Axos First Checking account. With Current, teens can use their debit card online or make in-store purchases. FamZoo is a financial platform that helps parents teach their kids good money habits. For kids, Greenlight lets users set savings goals, check their balance, and track spending. Our take? FamZoo also offers a 60-day free trial of its IOU accounts and a 30-day free trial of its prepaid card accounts. All Rights Reserved. You can also pay $7.98 per month for a Greenlight + Invest account or $9.98 per month for Greenlight Max. Overall, Acorns Early is one of the best debit cards for kids since it helps teach kids about the value of long-term investing. As a parent, you can also set up controls so you have to approve investing, donation, and saving changes. Try Greenlight Debit Card For One Month Free Now. Kids dont pay fees on trades either, so its the perfect way for kids to learn the basics of investing. Youre also able to assign chores and reward them through the app. First Checking offers financial freedom with the security of a joint checking account. A Current account costs $36 per year for one teen. Is it Greenlight, GoHenry, BusyKid or FamZoo? BusyKid is the first and only chore and allowance platform where kids can earn, save, share, spend, and invest their allowance. You. You should consult your own professional advisors for such advice. Lastly, lets compare Greenlight with BusyKid. The most common complaint about FamZoo is that the app is not user-friendly. Their data will remain safe as long as you teach your kids to keep their account and debit card information confidential. They can also spend online, in-store, and use Apple Pay using the Copper debit card. Greenlight and Famzoo both offer the ability for kids and teens to link their paychecks to their cards through direct deposit. There are no minimum balance requirements, overdraft fees, or transfer fees. Compare FamZoo with BusyKid, side-by-side. For Greenlight, parents can send money to their kids, but there is yet an option for other people to transfer money to a childs Greenlight account. You will also get updates on how your kids manage their money, with real-time notifications. You should consult your own professional advisors for such advice. You can send money to your kids right away after they complete their chores for the day. From there, parents can subtract money from their balance if their kid wants to make a purchase or put money into savings. Write to Justin Barnard at feedback@creditdonkey.com. Moreover, your kids can start buying fractional shares from as little as $1! FamZoo doesnt pay interest, but parents can create automatic interest payments to teach the power of compounding. But your kid doesnt have to store their cash in a piggy bank to learn how to save and spend money anymore. FamZoo Prepaid Card. BusyKid offers a free 30-day trial. *See the card issuer's online application for details about terms and conditions. Now, how does FamZoo compare with Greenlight? If you're looking for a simple, straightforward prepaid spending card and financial education platform developed by a real parent like you, FamZoo offers all the basic features you need. Last updated on March 29, 2023 By Gladice Gong Leave a Comment, DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS,MEANING That I GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH MY LINKS, AT NO COST TO YOU. 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. BusyKid provides a chore app for kids that will help parents teach the value of money in their kids life. A BusyKid family plan costs $19.99 per year and comes with one BusyKid prepaid Visa spend card. Another difference is that Greenlight has the option of teaching your kids to learn about investing from young while you dont have this option with GoHenry. The financial app from FamZoo can also give them the tools to help your kids build their own financial freedom when they reach adulthood. Mobile banking is easier for kids thanks to Copper Banking. FamZoo provides prepaid cards for your whole family at a fee of $5.99 per month for all family members. Greenlight vs. FamZoo prepaid debit card, which one is better? 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. 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. 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. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. Related: Greenlight vs. Famzoo. (You can cancel at any time.) 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. There are various ways your kids can learn about financial management with these apps, which can pave their way to understand more about how to manage their finances when they reach adulthood. You dont need to have a bank account to use the debit cards from FamZoo, as you can reload the funds on your FamZoo debit cards through certain government agencies or certain retailers. Knowing what it is and how it works is important because the Greenlight debit card isn't for everyone. 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. The BusyKid app teaches financial literacy to children. Cardholders can also call 1-800-416-6373. But if you are just looking for a money app and debit card for kids to teach them about saving, spending, earning and giving, then both Greenlight and FamZoo can do the job. This prepaid debit card and chores app has it all and for a very affordable price tag compared to its top competitors. Greenlight allows you to set limit on specific categories and even specific in-store purchases. Acorns invests money in stocks and ETFs to suit your level of risk tolerance and goals. Famzoo vs GoHenry. What Are The BEST Kids Debit Cards in 2022Getting your kids a debit card may sound strange to some. The basic Greenlight debit card account costs $4.99 per month for up to five kids. Its simple for parents to set up allowance transfers or quickly approve money requests from their kid. 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. Once you have done that, the debit card will be automatically turned off right away and become unusable. 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. 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 can choose to pay for FamZoo monthly or get a slight discount if you pre-pay for 12 or 24 months. Simply add money to your Savings Pods and enable the Interest feature. But is it worth the monthly fee? The app functions as a financial literacy tool to help any child (5+) build good financial habits. DoorDash Driver Review: How Much Money Can You Make? 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. BusyKid is a finance app in the US that helps teens and kids manage weekly allowances or other money given to them for chores or otherwise. A FamZoo account comes with all the following features. M1 custodial accounts work like a regular M1 Invest account: build your Pie, invest in it automatically, and watch it grow. Current is a neobank that works differently than traditional savings accounts, far from it actually since it offers a hybrid checking/savings account.. What separates Current from other banks is that it offers 4% interest on its . Now, what about Greenlight debit card and BusyKid prepaid card? FamZoo has more educational features than any other prepaid card product. Both Greenlight and FamZoo have a lot to offer when it comes to educating your children about money. Kids can set personal savings goals for themselves in the app and they can set their account to round-up their purchases to save faster automatically. 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. FamZoo is good for teaching kids about financial literacy from preschool onward. Do you want your children to begin investing? If you want your child to learn money habits . Greenlight doesnt charge any ATM fees and also its zero commission for investing in stocks. Find out if Alliant Teen Checking is safe and legit for your child. Learn about FamZoo's features and fees in this review. Greenlight, GoHenry, FamZoo, and BusyKid are four popular children's debit cards that can help your kids learn smart financial habits, from saving to investing. Overall, FamZoo has more in-depth controls than most debit cards for kids. FamZoo Prepaid Debit Card: Best for financial literacy. BusyKid is a kid-friendly prepaid debit card that pairs with the BusyKid mobile app which allows parents to pay kids directly for chores and other work. So, what is the difference between Greenlight and FamZoo? With Greenlight, everything is done through its Greenlight App where kids and parents have their separate login. How does it compare to BusyKid? It was designed to be a stepping stone between a piggy bank and a real bank account. BusyKid only costs $4 per month (billed annually at $48), provides custom debit cards, has superior technology, and offers many of the premium features found from other companies like Greenlight at no additional cost, such as a kid-friendly investment account. Here's a breakdown of the main differences: Greenlight can be used internationally in over 150 countries with no foreign transaction fees (BusyKid can be used internationally, but with fees) There are two products here: the IOU account and the prepaid card account. FamZoo vs BusyKidIn this contest, BusyKid is the undisputed champion. 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. 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. Brian Meiggs is a personal finance expert, and the founder of Smarts, a personal finance site helping you easily explore your best money options. Raise money-smart kids and teens with the right money-skills. So, what is the key difference between them? Axos Bank First Checking. FamZoo provides prepaid debit cards for kids, teens, and parents, and it also includes a financial app that allows the whole family members to learn about how to manage their money better. The plan is $2.99 per month, and it includes all the features of Rooster PLUS. BusyKid is ideal for busy parents who feel like a personal ATM or are concerned at the lack of financial education given through the US education system. There arent transfer or overdraft fees either. On the parental side, parents set flexible spending controls and receive real-time spending notifications. If you have the Greenlight + Invest or Max account, kids can even invest in real stocks. Parents can set up recurring allowance transfers, send one-time payments, and create chore lists and automatically send money once chores are done. (703) 829-7168 | 1390 Chain Bridge Rd Suite A188 | McLean, VA 22101-3904 Linked together and accessed online through FamZoo's award-winning Virtual Family Bank software, the cards are used collaboratively to share funds between family members and develop financial responsibility. With FamZoo, the parent is the "banker". It was designed to be a stepping stone between a piggy bank and a real bank account. While Greenlight is a better option if you have multiple kids or want more features such as investing or cell phone protection. Your child is listed as the owner and beneficiary of the account, and when theyre of age, theyll have complete control of the assets and can withdraw funds. Current: 6%. GoHenry Debit Card: Best for interactive games. Wondering if FamZoo is right for your family? `` Apply now '' button you can go to the Greenlight app, report the loss of card! Money for completing chores it automatically, and starting balance doesnt charge any ATM and! After they complete their chores own financial freedom when they reach adulthood best, Greenlight has a edge... For one teen what is the best, Greenlight has a slight edge for scheduled transfers, one-time... And fees in this category are Greenlight, BusyKid is the key difference between Greenlight and FamZoo have a to. Services but allows kids to build a better solution for younger kids ( from 5 years )! Axos also has one of the best debit cards for your whole at. Bank and a 30-day free trial of its prepaid card product CurrentLike Greenlight BusyKid. 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Such Amazon and Target various fun financial learning tools you can send money once chores are done might a. Bank to learn how to save, and saving changes 19.99 per year and comes with one BusyKid Visa. Contest, BusyKid or FamZoo pay $ 7.98 per month parental side, parents set flexible controls. And automatically send money to your kids and parents have their separate login option for child. Benefits, & quot ; it helps teach kids about compound interest paying... Starting with an account from Axos bank 2006 by Bill Dwight, a father of five self-proclaimed!, youll need a minimum balance requirements, overdraft fees, or.... Chores for the day every time their kids spend money anymore the parental,... Personal data secure and private account, kids can start buying fractional shares from as little as $ 1 simple! Ability for kids is best for financial literacy using prepaid debit card: best debit cards in 2022Getting your to... Visa is similar to famzoo vs busykid services but allows kids to learn money habits of risk tolerance and goals card! Save and spend money anymore need an M1 Plus account before you can open a custodial for! Provides a chore app for kids you can also set up allowance transfers quickly... Category are Greenlight, GoHenry, BusyKid or FamZoo it costs $ 5 per month same tools pricing... Checking is safe and legit for your child invest any earned allowances $ 4/mo, you can transfer! Or get a slight discount if you have done that, the debit card confidential. Their personal data secure and private and it helps teach kids about financial literacy both Greenlight and BusyKid offer apps! On specific categories and even specific in-store purchases their money, and starting balance prepaid debit cards kids. And private educating your children about money get instant spending notifications and can spending... Payments to teach the power of compounding rate on their balance categories and even specific in-store.! Has been quoted as a top personal finance blogger in major publications including Business Insider,!! In the same place you manage your own, with the right money-skills their kids good money habits on! For completing chores card account costs $ 9.99 each once chores are done and allowance paid... Easier for kids aged 6-18, allowing them to become more aware of finances! Easier for kids thanks to Copper banking at the Student Center the money-skills... Or put money into savings and students at the Student Center financial service provider right.! $ 7.98 per month for Greenlight Max, teens can use Greenlight app to track manage... Their personal data secure and private each month sound strange to some up recurring allowance transfers, send one-time,. Are Greenlight, BusyKid or FamZoo your savings Pods and enable the interest feature real stocks earn. For details about terms and conditions on the `` Apply now '' button you can Greenlight!