Best Debit Cards for Kids and Teens for April 2024

The Bottom Line

Our top pick is Greenlight because it allows parents to monitor and control spending options, lock cards, and set up real-time parental notifications. Greenlight also has a mobile app with the parental controls built in, so parents can monitor and control spending, as well as incentivize chores by adding money to their kids’ accounts directly. Greenlight is a great option for families of any size, but it is especially useful for families with multiple teens.

Compare the Best Debit Cards for Teens

Guide to Choosing the Best Debit Card for Teens

Ideally, your child will use their debit card for months or years. The top cards are all safe when used responsibly, but they have different fees and features. Consider the following to help determine which card works best for you and your teen.

Should Your Teen Use a Debit Card? 

If you are interested in ways to teach your child financial literacy and the ability to manage their own money, a teen debit card is a great onramp to get them started. Many of these debit cards are prepaid cards, and most come with some form of parental controls, including spending alerts, and the ability to block inappropriate merchants. 

You can think of these teen debit cards as giving your teen a real checking account with bumper lanes. Teens get the responsibility of handling their own finances without the risk of unfiltered access to a standard debit or credit card (there aren't any credit cards for kids because you need to be 18 to get a credit card in most cases, but in some cases it is possible to make kids under 18 authorized users on credit card accounts). And, although debit cards won't help build a positive credit history for your child, being responsible with a prepaid card is good training for using credit cards later on.

How to Compare Debit Cards for Teens

When looking for the right debit card for your teen, there are a few factors you may want to consider:

• Parental controls: While many teen-specific debit cards have spending controls, some offer more than others. Specifically, look for spending alerts, merchant blocking, and the ability to lock/unlock cards remotely.
• Cost: Many of the kid-focused debit cards come with a monthly or annual fee. These cards tend to offer more features, but also may cost more, depending on your needs. Also, be sure to research any associated fees, such as overdraft, reload, or ATM fees.
• Mobile app: Great teen debit cards will have a mobile app that pairs with the card, which is essential for monitoring and managing their money. Look for apps that offer a simple user experience and control over debit card funds.
• Limits: Be aware of spending and transaction limits on debit cards. Some offer lower limits than others, so make sure to understand what type of spending you expect your teen to do before signing up.

How to Teach Your Teen to Use a Debit Card Safely

Most teen debit cards are designed as mobile-first applications, with the ability to sign up online. If the teen is under 18 years of age, there typically needs to be a joint account holder (parent or guardian) who is at least 18 years old to sign up for an account. Once an account is created (typically via the company website or mobile app), a parent will need to link a checking account or debit card to fund the card.

Many apps offer chore tracking and recurring allowance payments as well as the ability to split earned money into categories, such as spending, saving, and giving. Teens can monitor their finances through the mobile app, which helps them learn financial literacy and responsibility as they are exposed to rewards, fees, expenses, and more. Depending on the card, you may also get benefits like purchase protection, which can cover eligible purchases against damage and theft.

How to Get a Kids' Debit Card

It's easy to apply for a kids' debit card, but you may have to complete a few more steps than you would with a typical debit card or bank card. Kids' debit cards can't be opened by minors; they must be opened by a parent or guardian over 18.

You can typically open a kids' debit card online, or sometimes through a companion mobile app.

1. Choose the right card: Find a reputable bank or credit union that offers kids' debit cards, or a prepaid card (check our picks above). Look for low fees, parental controls and monitoring, and age-appropriate educational resources.
2. Confirm age eligibility: Some age limits start around 8 or 10 years old, while other cards have no minimum age limits.
3. Set up a joint account: Depending on the card, you may have to open a joint bank account with your child. Your adult account typically allows you to send funds to the child account, oversee your child's account activity, and set limitations on spending, withdrawals, etc.
4. Provide documentation: Gather the necessary paperwork, which typically includes proof of identity and address for both the parent or guardian and the child. You'll usually be asked to confirm your name, address, date of birth, and SSN; you may be required to upload images of your ID and a recent utility bill, or a credit card or mortgage statement.
5. Set spending/withdrawal limits: Many kids' debit cards allow the adult account to set spending and withdrawal limits. These can help instill responsible spending habits and ensure that your child stays within a manageable budget.
6. Monitor the account together: Actively monitor the account activity with your child. Regularly review purchases, deposits, and withdrawals together. This can reinforce responsible spending habits and provides an opportunity for ongoing discussions about financial products and responsibility.

Learn more: 10 Tips to Teach Your Child to Save Money.

Pros and Cons of Debit Cards for Teens

Pros

• Chore tracking and payments: One of the key perks of debit cards designed for children and teens is the ability to add chore lists. With certain cards, parents can create a list of tasks and tie them to allowance payments, helping children learn about the value of money by allowing them to earn cash by working.
• Educational resources: The leading debit cards for teens offer educational resources and tools, such as videos, calculators, and games. These tools teach users how to create a budget, track their spending, and manage their money. 
• Parental safeguards: Unlike standard debit cards, the best debit cards for kids feature parental controls. Parents can block purchases from certain sites and set limits on debit card usage to prevent excess spending. 

Cons

• Age restrictions: With their low fees and added benefits, debit cards for teens can be appealing. But they are usually limited to certain ages, such as those under the age of 18. Once the child reaches the maximum age, they may have to transfer their money to another account or even to another bank. 
• Limited deposit or withdrawal options: With some financial institutions that offer debit cards specifically for kids and teens, you can only make deposits or withdrawals in certain ways. For example, the bank may only accept mobile deposits or electronic transfers, and may not permit ATM withdrawals. For teens looking to deposit cash they received for their birthday or take out money before heading out with friends, that issue can be a significant drawback. 
• Monthly fee may apply: Because of the added tools and features available with debit cards designed for teens, the issuer may charge a monthly fee. The fee can be relatively high, ranging from $4 to $15 per month in many cases.  
  

Alternatives to Debit Cards for Teens and Kids

Debit cards for teens provide some useful tools and added features. But for older teens or kids saving for long-term goals, those features may not be necessary. Since they may not use the tools or resources provided, the debit card may not be worth the monthly fee. Instead, these alternatives may be a better fit.

• Free checking accounts: Free checking accounts allow individuals to get access to a debit card and check-writing privileges without having to worry about monthly maintenance or account fees. Teens 18 and up can open a free checking account on their own, but younger teens can open one if a parent or legal guardian is willing to act as a joint account holder. 
• Savings accounts for kids: Many major banks offer savings accounts designed specifically for teenagers and children. Savings accounts for kids have low minimum deposit and minimum balance requirements—often as low as $0—and some pay competitive interest rates. 
• 529 plans: For families that want to save for a child's future, a 529 college savings plan can be an excellent option. A 529 is a tax-advantaged account that allows families to invest money, and the contributions grow on a tax-deferred basis. Once the child is ready for college, they can take tax-free withdrawals from the account to cover qualifying education expenses.
• UGMA/UTMA accounts: Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts are types of custodial accounts that can be opened on behalf of a child. The custodian—the person that opens an account—can contribute money and invest the funds in the account. Once the child reaches the age of majority for their state, the funds are transferred to the child. 
• Coverdell: Like 529 college savings plans, Coverdell Education Savings Accounts are common tools families use to save for postsecondary education. However, Coverdell accounts can also be used to pay for qualifying elementary and secondary school expenses. Coverdell contributions are not tax-deductible, and there are income limits restricting who can contribute to a Coverdell account. 

How We Picked the Best Debit Cards for Teens

Although debit cards for teens are a newer concept, there are already several competing companies on the market. This can make it difficult for busy parents to decide, particularly when so many products offer a similar set of features. Some products also offer less pricing transparency, especially when it comes to extra fees, making it difficult to make a true apples-to-apples comparison.

We started with 25 of the top kids' debit cards. We compared 34 criteria for each company, including its history, reputation, features, and how the product works. We also looked at pricing and fees, including any that can be waived. We reviewed parental controls, education, security, and any other standout features to select the best options. 

Although we did consider some larger, national banks, our research indicated that the smaller, niche banks provided better services tailored to the specific needs of teens and their parents.

Why You Should Trust Us

Investopedia collected key data points from 25 companies to identify the most important factors for readers choosing a kids' debit card. We used this data to review each company for pricing, reputation, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best kids' debit cards since 2020.

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