CNET staff -- not advertisers, partners or business interests -- determine how we review products and services. If you buy through our links, we may earn a commission.
My Gen Z teen got an after-school job last year, and she wanted an easy way to access her money and save for her summer trip with a school group. We chose a teen debit card that included automatic deposit for her paychecks, easy transfers and -- most important to me -- no fees.
I also wanted some safeguards, like setting spending limits and being notified about purchases. These features came in particularly handy during her trip to Europe. I received text alerts when she made purchases, and I could track her balance -- just in case she spent a bit more than intended on souvenirs. It was an easy way to teach her about budgeting without taking the fun out of her first big trip sans parents.
If you're considering a debit card for your child or teen, several options can help your child save their cash and build good money habits. We'll help you sort through the features to pick the card that's right for your kid.
Greenlight/CNET Photo Gallery 1/1 Greenlight/CNET Best overall Greenlight Debit Card for Kids One of the most popular debit card apps for children, the Greenlight Debit Card for Kids allows parents to restrict spending to specific stores, lets kids earn interest on growing balances and helps families set specific savings goals. The app is intuitive and easy to navigate. You can choose between four plans: Greenlight Core ($6), Greenlight Max ($10), Greenlight Infinity ($15) or Family Shield ($20). Your child can earn an annual percentage yield, or APY, between 2% and 6% on savings balances up to $5,000 per family, depending on the plan. The Greenlight Family Shield comes with account monitoring features and up to $1 million in identity theft coverage. We like that Greenlight lets parents pay kids for completing chores -- you can schedule automatic payments so you don't forget. The app allows kids to divide their funds between spending, saving, investing and giving. And parents will appreciate the free financial literacy game that is accessible after downloading the app. Minimum age: None
Monthly fee: $6 to $20 a month, for up to five children
Free trial: 1 month
ATM fee: None
Purchase fees: None
Rewards: 1% cash back for purchases (Max, Infinity and Family Shield plans), up to 6% per year on savings ... Show more Get it now See at Greenlight
... continue reading