Perks of M1 Family include: You also get several credit card and borrowing perks, but for parents who want to educate their kids, the custodial account is the main draw. GoHenry gives you the affordable $4.99/month plan for your kids, along with a 1-month free trial. That said, heres a list of some of the best debit cards available for kids. Personally, I would still go for Greenlight because it is more user friendly and saves me a lot of time and trouble. His goal was to "prepare kids for the financial jungle" and help teach good money management. 2015 - 2023, MeiggsMedia LLC. Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. BusyKid Debit Card and Investing for Kids, $4 per month; full access to all features, Kids decide how to spend, save, invest, or donate their money, Customize allowance, bonuses, and savings match, Invest in 4,000+ stocks and ETFs with no trading fees. BusyKid provides a chore app for kids that will help parents teach the value of money in their kids life. FamZoo aims to prepare kids for the financial jungle, and its prepaid card certainly helps accomplish this goal and its easy to sign up through here and get a free trial. If you want to set up BusyKid accounts for multiple children, you'll pay an additional $7.99 per child per year. But you can give your kid cash and keep track of everything within the RoosterMoney app. Looking for a good checking account for teenagers? BusyKid now also offers family members and friends an easy way to deposit money into your kids' accounts using a QR code called BusyPay. If you want the benefits of an app that won an award as a family finance app but without paying a ton of fees for a prepaid debit card, FamZoo IOU Accounts are your best option. So, which is better, Greenlight or FamZoo? On the other hand, there is a $1.50 fee to use any ATM for BusyKid. Parents can set up recurring allowance transfers, send one-time payments, and create chore lists and automatically send money once chores are done. To be clear, RoosterMoney is primarily an allowance tracking app. Theyre able to learn the ins and outs of money management through the app by sending and receiving money, setting budgets, and having a savings plan. 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. BusyKid. 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. The following bank accounts and debit cards have three things in common: they're designed for kids to use, they're free, and they come with a variety of features and benefits. Ultimately, the decision will depend on . All Rights Reserved. We publish data-driven analysis to help you save money & make savvy decisions. The standard monthly fee is $5.95 for a FamZoo account with four cards, but you pay less per month if you pay in advance. In fact, these fees should be fairly easy to avoid. Additionally, you can create family billing to charge kids a portion of family bills, like a Netflix subscription or their phone plan. Greenlight allows you to set limit on specific categories and even specific in-store purchases. Pricing wise, BusyKid charges a monthly fee of $3.99/month. A lack of parental controls is a downside, but the focus with Acorns is certainly investment education. With Current, teens can use their debit card online or make in-store purchases. The account earns an annual percentage yield of 0.10% and has no minimum balance requirements or monthly maintenance fee. You should consult your own professional advisors for such advice. Every Greenlight account is FDIC-insured up to $250,000. Current: 6%. Home > Bank Reviews & Deals > Kids Debit Card > FamZoo > FamZoo Review. On the other hand, with FamZoo, you need to log in to its website to access the dashboard and manage all the settings and you can only use the FamZoo app for limited functions. Age requirement: 6 to 18 years old. There are four ways for your kids to manage their money with BusyKid, which include Earn, Save, Spend, and Donate. From there, parents can open a prepaid FamZoo card for kids of any age as there is no minimum age limit. The most common complaint about FamZoo is that the app is not user-friendly. M1 custodial accounts work like a regular M1 Invest account: build your Pie, invest in it automatically, and watch it grow. Another interesting feature it offers is the ability to add interest to your kids savings. Teens also get a Copper debit card alongside the app. Though its philosophy is the same as the original platform, it was important that BusyKid provide a "real world hands-on" experience to the kids who use it. This checking account is for kids and teens ages 13 to 17. 7 Best 5% Interest Savings Accounts in 2023, Extra Debit Card Review (2023): The Credit Building Debit Card, Bank Promotions without Direct Deposit Requirements [Full List], Finding Your Wells Fargo Bank Routing Number, Perks like free ATM withdrawals or earning interest, Security features like EMV chips or multi-factor authentication. The debit card also comes with the Zero Liability Protection and $250,000 FDIC insurance. Current Visa Debit Card. The company also has an extensive list of FAQs on their website that cover a huge range of questions you might have about using your account. If thats the case, a Greenlight + Invest account may be useful. FamZoo provides prepaid cards and financial education for kids and teens. Your kids can use money missions on the GoHenry app to help them build better financial habits, while staying motivated when they do so. Both Greenlight and FamZoo have a lot to offer when it comes to educating your children about money. On the parental side, parents set flexible spending controls and receive real-time spending notifications. You can get in touch with the customer service department of Greenlight, GoHenry, BusyKid, or FamZoo, depending on which service you are using. Greenlight might look slightly more expensive than BusyKid, but there are no other hidden fees such as ATM fees. The main difference between goHenry and Greenlight is this: both goHenry and Greenlight can teach your youngster the fundamentals of money management. Also, there are other reasons that ensure the safety of these debit cards for kids: Although you may find these popular cards for kids on other websites, they didnt make the cut because they dont provide comprehensive features or unique educational tools for children. Parents also get instant spending notifications and can create spending limits or block certain merchants. Both of these kids debit cards have great ratings on TrustPilot and both allow you to invest money in stocks. This card can be used at ATMs and with Google Pay and ApplePay. It was designed to be a stepping stone between a piggy bank and a real bank account. You dont have to spend a fortune, or anything at all, for your kid to have access to their own debit card. Read on for an in-depth look, including ratings, reviews, pros and cons. As their parents, its always a good thing for you to provide the best financial education for your kids with the use of debit cards for kids. You will then be able to manage their portfolio and build wealth for them. Personally, I prefer Greenlight because its app has so many more powerful features and its very user-friendly. Current is also free for the basic plan, $3.99 for the premium version, and $36 annually for the teen option. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. Alternative Financial Service BusyKid BusyKid Reviews 1,480 Average 3.6 VERIFIED COMPANY busykid.com Visit this website Write a review 3.6 total 1-star 17% Filter : Most relevant CU customer 1 review US 3 days ago Verified Very restrictive and charges fees Very restrictive and charges fees. They can also learn about giving with the ability to donate to charity. But if you want more control over your childs investment choices and a robust debit card, M1 Finance is the better pick. On the surface, BusyKid looks like a simple app that lets parents pay their kids for completing chores or a weekly allowance. The multiple free card replacements is a nice touch. All rights reserved. GoHenry offers debit cards for kids aged 6-18, allowing them to become more aware of their finances. 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. Get Acorns Early, plus a full financial wellness system, with investment, retirement, and checking accounts built in. Overall, FamZoo has more in-depth controls than most debit cards for kids. Best Business Bank Accounts for LLC 2023: Top 13 Reviewed, Percent Review 2023: Alternative Investing Simplified, 22 Best Real Estate Investing Apps for April 2023, Best Real Estate Crowdfunding for Non-Accredited Investors, 13 Best Ways to Invest $300 (and Double It! 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. However, parents are using cards like the FamZoo Card, Go. BusyKid is the first and only chore and allowance platform where kids can earn, save, share, spend, and invest their allowance. A good financial habit can set them to reach their financial freedom in the future. Savings GoalsIncentivize kids to save with custom savings goals. There arent transfer or overdraft fees either. BusyKid is an easy-to-use, interactive kid chore app with a debit card that will help them learn and practice important real-life lessons from the palm of their hands. 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. Furthermore, you can create save, spend, or give accounts and create savings goals for each account type. I would recommend these cards to anyone". However, FamZoo is the less expensive alternative if you pay in advance for 1 or 2 years. However, Current is primarily targeted at teens. Once you have done that, the debit card will be automatically turned off right away and become unusable. However, among all these options, Greenlight offers the best overall value for parents, as this platform offers both affordable pricing and feature-rich financial learning apps for kids. Parents can also set single and weekly spending limits, receive real-time spending alerts, and choose where the GoHenry card can and cant be used. I've looked at them all and our favorite, hands-down, is Greenlight. A FamZoo account comes with all the following features. The features available in the BusyKid app are extensive: Chores & Allowance set by age 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. This is all virtual, and your kid doesnt have an online checking account to actually receive money. The best prepaid debit cards are a useful tool if you don't qualify for a checking account or want to teach your child about money management. Raise money-smart kids and teens with the right money-skills. Lastly, the Rooster Card is a prepaid card with parental controls. In terms of debit card customisation, Greenlight allows your kids to upload any selfie for the card design while GoHenry does not have this. The other contenders in this category are Greenlight, BusyKid and Current. Parental ControlsEasily manage FamZoo's features, including the ability to lock/unlock cards, receive activity alerts via push notifications, and view detailed decline information if one of the cards was declined. However, all information is presented without warranty. Through the account, youll be able to invest, borrow and spend cash through the M1 Spend Visa Debit Card. Parent-Paid InterestParents can teach kids about compound interest by paying a custom interest rate on their balance. Parents control the account while kids can see their balance, track progress toward goals, and more. Lastly, lets compare the pricing plans of Greenlight and GoHenry. Additionally, account owners can get up to $12 domestic ATM fee reimbursements per month. 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