Lastly, we like that Greenlight lets kids divide their funds between spending, saving, investing and giving.įor more information, see our full review of the Greenlight debit card for kids. You can also schedule when your kid or teen is paid automatically so you don’t forget. We like that Greenlight lets parents pay kids for completing chores. And the Greenlight Infinity comes with more safety features, such as crash detection and SOS alerts. Your kid can earn an annual percentage yield between 1.00% and 5.00%, depending on the plan. Each one is more expensive than the last but also includes better features centered on supporting your child’s financial literacy. You can choose between three plans - Greenlight Core, Greenlight Max or Greenlight Infinity. The app is also intuitive and easy to navigate.
One of the most popular debit card apps for kids, Greenlight allows parents to designate allowance to specific stores, pay interest on growing balances to illustrate compound interest and set specific earning goals. Monthly fee: $5-$15 per month, up to five children
$5 for one child $10 for up to four children Comparing card fees and age restrictions Card
You’ll need to set up parental protections to limit how the cards can be used and keep an eye out for data-sharing policies to limit a company’s access to your child’s personal information. And, your kids could even earn perks such as rewards for completing educational courses or chores around the house.īut debit cards for kids and teens aren’t entirely without risk. These debit cards may even include security features like identity theft and shopping protections. Consider teaching them financial literacy early to give them a head start on their financial lives.Ī good way to do so is by setting them up with a debit card designed for kids and teens that can help them learn good money-management habits.Īlong with supporting their financial education, debit cards for kids and teens can be a safer way for your kids to spend money as they will no longer need to carry cash.
Talking to your children about personal finance can help them develop a better understanding of money - and how to spend and save - from an early age.
0 kommentar(er)
