Teen Venmo account and/or Greenlight

[Anonymous]

Only my credit card to build credit. DC spends so little using card or cash. No reason for checking account yet.
DC will be 18 in a year. The credit card payment can come out of my account for all I care. Kid is cheap. Spends maybe $50 a month, but I'm sure expenses increase when in college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We use the capital one teen money account. Comes w a debit card.

This is what we use. My ds has had his since He was 12. he is 17 now.

His account looks like another account in my app, but with the teen app only has access to their account. You can transfer money to them. You can turn off their card.

He actually just started using the app a couple of years ago. But he has it so that it texts him when transactions go through - mainly so he can keep track of the credits (see reimbursements comment below)

He can deposit a check, set up, Apple Pay, etc…. Such a learning experience for a 16-year-old.

I love that I can see what he buys and can transfer money to his account.
when my son buys items (like gas) he can put in his app to request reimbursement, and when I go into my app, I can just tap accept or deny, and it auto transfers the funds back to him.

It has a savings element, Where he can see that he has, for example $100 in his account where $20 is set aside as savings. This is totally controlled by him.

And when your kid turns 18, you can convert it to a regular checking account for them

+1 We opened accounts for our 12 and 14 year olds last year. Very easy, good app, no fees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We use the capital one teen money account. Comes w a debit card.

This is what we use. My ds has had his since He was 12. he is 17 now.

His account looks like another account in my app, but with the teen app only has access to their account. You can transfer money to them. You can turn off their card.

He actually just started using the app a couple of years ago. But he has it so that it texts him when transactions go through - mainly so he can keep track of the credits (see reimbursements comment below)

He can deposit a check, set up, Apple Pay, etc…. Such a learning experience for a 16-year-old.

I love that I can see what he buys and can transfer money to his account.
when my son buys items (like gas) he can put in his app to request reimbursement, and when I go into my app, I can just tap accept or deny, and it auto transfers the funds back to him.

It has a savings element, Where he can see that he has, for example $100 in his account where $20 is set aside as savings. This is totally controlled by him.

And when your kid turns 18, you can convert it to a regular checking account for them

+1 We opened accounts for our 12 and 14 year olds last year. Very easy, good app, no fees.

+1. The teen capital one account is great.

[Anonymous]

My 15 year old has a Capital One Savings Account so we can deposit checks but mainly uses a Teen Venmo. It makes it much easier for people to pay them for babysitting, pet sitting etc.

[Anonymous]

Anonymous wrote:Greenlight works for us. It automatically deposits their allowance and they can use their card anywhere they can use a debit card. My kids use it for gas, grocery, restaurants, etc. It is super easy to deposit money/transfer out. You can chose how money is divided up (spend/save/gift) if that is important to you.

We got it when DS was 11y and he is 17y now. He has a regular saving account where his summer job money is deposited (that will be his college spending money.)

Another vote for Greenlight here. DS had his card and account since he was 11 too (14.5 now). I really like the auto deposit allowance option as well as pay for certain tasks option. I belive having a card and clear view of his money made DS value the money more. He has a healthy savings account at this point for someone who doesnt work

[Anonymous]

We also gave DD a debit card with USAA last year. It helps her keep track of what she’s putting in spendings and what she is putting in savings. All her babysitting money is given to her in cash which she gives to us and then we put that money into her USAA account. She uses her debit card for everything from Starbucks to Sephora to target. Anything that we feel is reimbursable like meals, we will just transfer money into her account.

[Anonymous]

OP here. For those who use Capital One, do parents need to have their own account too? We do not, so that is not a choice I had considered. We do have USAA, so I may look into that option as well. I did set up Apple Cash for now.

[Anonymous]

I use a Venmo Teen Account for my kids. Venmo just started this option recently, so I am not surprised that not as many people are using it. I really like it. I use Venmo myself and I liked that I could add my kids to a platform/app that I was already familiar with. The teens can use the app and/or a debit card that is linked to their account. I get alerts for any spending from the account. And I like that I control the amount of money they have access to.

[Anonymous]

I got the Greenlight card before realizing CapOne has the free teen card. I think the minimum age is 14.

[Anonymous]

12 yo. We use Greenlight and it's been a great learning tool for investing! Leave debit card at home because it gets lost. I send Apple pay to them when they're out and about and need something.

[Anonymous]

Anonymous wrote:12 yo. We use Greenlight and it's been a great learning tool for investing! Leave debit card at home because it gets lost. I send Apple pay to them when they're out and about and need something.

What do you mean you send Apple Pay to them?

[Anonymous]

For those with Greenlight, is it a family account? Their website says something about helping your child build up credit.

[Anonymous]

13 yo DD uses a Greenlight card that she has had since she was 11, I believe. It's set up so that she automatically gets her allowance every Sunday and 10% of it goes into savings while the remainder goes into her main checking account. Trying to help her set up a habit of always saving at least 10%.

[Anonymous]

Frankly I am surprised so many people use Greenlight when Apple Cash is free. No need for a bank account until you need direct deposit and frankly Apple will likely get that by then too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We use apple pay.

My kid linked his green light to Apple Pay.

This plus they have a Fidelity Teen Account.