Debit card for tween

[Anonymous]

Revolut is 10x ahead of brick and mortar backs for teen accounts

Plus free tinder subscription and 2 percent cash back on debit cards

[Anonymous]

Another +1 for the Capital One Teen account. I have it linked to my kids savings account that actually earns some interest and they can move $ back and forth through the app. And I have a few Cap 1 accounts of my own if I need to fund theirs.

[Anonymous]

Did you ask your current bank? We use Bank of America and just got our kid a debit card and set up an account. One login instant transfer. They only see their account.

[Anonymous]

Every week I put $10 into my 11 year olds PayPal account and she has my old Apple Watch to use to buy things. She’s getting pretty smart about value and saving so so far so good.

[Anonymous]

Anonymous wrote:I pay for Greenlight. Its very easy and I like the investment options. Gave it to DD when she was 13. Its been really helpful.

Another vote for Greenlight. You can also track their location (not as good as Life360). Also there are no international transaction fees and sending money to your teen is instantaneous.

[Anonymous]

Anonymous wrote:Did you ask your current bank? We use Bank of America and just got our kid a debit card and set up an account. One login instant transfer. They only see their account.

The risk with the Debit card is that someone could take all the money out of the account. For us, we use Greenlight, and we usually keep about $20-$30 in each kids debit card, so if it is lost, that is all they will lose, plus it is very simple to just turn off the debit card in the event it is lost and get a replacement. I believe you can have the funds not unavailable for certain types of transactions, but I've never implemented that on their accounts.

[Anonymous]

Do kids use cash at all anymore? My 17 year old is off to college and I’m wondering if we need to switch to a checking account with an atm on campus, to avoid the fees, or stick with what they have because nobody uses cash anymore.

[Anonymous]

We use a Fidelity teen account. Just need to have a parent with a Fidelity brokerage account and the teen must have their own smartphone with working phone number. Free debit card and investing. We just have it in the general interest bearing account. No stocks yet. My only gripe is that I have to transfer funds into my parent brokerage account first and then transfer to the teen account. I can’t transfer from a bank directly to the teen account. Not sure why.

[Anonymous]

Greenlight and Capital One Money (for teens) are both great options!

[Anonymous]

My kids are set up with teen accounts at Chase. They have to be over 12 though. They have a youth account for younger ages but it is more limited. The teen account allows me to auto pay allowance, can be tied to Apple Pay and Zelle in addition to a debit card. It also allows for direct deposit if teen has a job. Both parent and kid can see the account and track spending on the app.

[Anonymous]

Anonymous wrote:Do kids use cash at all anymore? My 17 year old is off to college and I’m wondering if we need to switch to a checking account with an atm on campus, to avoid the fees, or stick with what they have because nobody uses cash anymore.

My college kid never uses cash or ATMs. In fact, whenever they get some cash from someone while they're at home, they give it to me so I can Venmo them that amount to their debit accounts.

[Anonymous]

Can any of these accounts be used for 9 year olds? My banks min age is 14.

[Anonymous]

Anonymous wrote:We use a Fidelity teen account. Just need to have a parent with a Fidelity brokerage account and the teen must have their own smartphone with working phone number. Free debit card and investing. We just have it in the general interest bearing account. No stocks yet. My only gripe is that I have to transfer funds into my parent brokerage account first and then transfer to the teen account. I can’t transfer from a bank directly to the teen account. Not sure why.

Fidelity wants you to put all your money there. They do have good options- you can open a cash management account at Fidelity and put your emergency savings there- earns 4.97% right now, state tax free if you choose the government money market investment option.

https://www.fidelity.com/spend-save/fidelity-cash-management-account/overview

I assume you could then do immediate transfers from the CMA to your teen's account.

[Anonymous]

Anonymous wrote:Can any of these accounts be used for 9 year olds? My banks min age is 14.

Yes, the Capital One Teen account is actually for ages 8 and up: https://www.capitalone.com/bank/checking-accounts/teen-checking-account/