FamZoo vs GreenlightIn a head-to-head comparison, Greenlight has a slight edge. FamZoo Prepaid Card. FamZoo Prepaid Debit Card: Best for financial literacy. This makes BusyKid one of the cheaper debit cards for kids, and the fact your kid can invest without paying commissions is a unique feature worth noting. What is the best debit card for kids? Both offer parents a way to manage their child's money and teach them financial responsibility. 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. Good value family finance app with robust features. Now, what about Greenlight debit card and BusyKid prepaid card? So, it is the right platform to use if you want to give your kids a complete learning experience in their financial management. If you want your teen to learn basic financial literacy and to manage their money through an intuitive mobile app, Copper Banking is the right choice. The most common complaint about FamZoo is that the app is not user-friendly. With BusyKid, parents set the chores, kids complete them, and allowance is direct deposited each Friday. You do not have to use our links, but you help support CreditDonkey if you do. DoorDash Driver Review: How Much Money Can You Make? CreditDonkey is a credit card comparison and reviews website. Both Greenlight and BusyKid offer money apps and debit card for kids. Parents can help guide their progress with real-time updates and customizable controls. On the surface, BusyKid looks like a simple app that lets parents pay their kids for completing chores or a weekly allowance. But is it worth the monthly fee? You have learned about Greenlight, GoHenry, BusyKid, and FamZoo debit cards for kids. And, while these are two main reasons to try this debit card for kids, BusyKid offers much more. Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. So, what is the key difference between them? Parents can set up recurring allowance transfers, send one-time payments, and create chore lists and automatically send money once chores are done. Its a prepaid debit card and app made for teens and managed by parents. Parents control the account while kids can see their balance, track progress toward goals, and more. This helps teach your kid how to budget and allocate money for different purposes. As such, it is a good debit card for kids since kids can create savings goals and track their progress towards them. All Rights Reserved. Theres also daily transaction limits to prevent overspending. Like most debit cards for kids, the account is linked to a parents bank account. BusyKid Visa Prepaid Spend Debit Card: Best for families with multiple kids. 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. You may also be interested in comparing FamZoo or goHenry. 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. Your kids can use money missions on the GoHenry app to help them build better financial habits, while staying motivated when they do so. The company is handled like a genuine small family business, not an overstretched corporation. These service providers offer various security and privacy features for the debit cards for kids they release. 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. Lets dive deeper to find the best debit card for kids you can use. How does it compare to BusyKid? FamZoo provides prepaid cards for your whole family at a fee of $5.99 per month for all family members. Now, which debit card for kids is best for you to use? Nationwide First Checking Top Paid Debit Cards for Teens Greenlight GoHenry FamZoo Busykid Summary There are three variants; a typed, drawn or uploaded signature. Brian Meiggs is a personal finance expert, and the founder of Smarts, a personal finance site helping you easily explore your best money options. BusyKid is a finance app in the US that helps teens and kids manage weekly allowances or other money given to them for chores or otherwise. The parent card serves as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, interest payments and etc. Besides the monthly subscription cost, FamZoo charges very few fees. Follow us on Twitter and Facebook for our latest posts. It has a daily transaction limit of $100 cash and $500 debit with no overdraft fees included. You can also pay per 6 months, per year, or per 24 months, which will give you a cheaper fee per month. But if you want a no-fee card thats similar to managing an adult checking account, Axos First Checking is the perfect choice. BusyKid now also offers family members and friends an easy way to deposit money into your kids' accounts using a QR code called BusyPay. - Withdraw cash from over 55,000 ATMs and learn that it doesn't grow on trees. Additionally, BusyKid lets kids donate to various charities or invest in stocks with as little as $10. With BusyKid, a portion of the money you pay your kid gets automatically put into savings every week. If you want your kid to learn basic money management and how to invest, Acorns Early is for you. Giving your kid a debit card is one of the best ways to teach them financial management. While FamZoo may get beat out by some of the competition, it still offers a great app for teaching kids about saving and spending for a fair price and unparalleled customer support. You will also get updates on how your kids manage their money, with real-time notifications. Its always best to teach your kids about how to manage their money as early as possible, so they can build positive financial habits when they grow up toward adulthood. Lastly, there is also FamZoo App to give you an easy access to accounts, transactions, money requests, reimbursements, and checklists. greenlightbonus.com gets a free month and $30 bonus cash to get you started. GoHenry. He has been quoted as a top personal finance blogger in major publications including Yahoo! Youll need a minimum balance of $50 to open an account, and there are no overdraft or maintenance fees. Axos Bank First Checking Account + Debit Card, 16 Best Beer Money Apps That Pay You Instantly 2023, Get Paid to Play Solitaire and Win Real Money Apps, Got 5 Min to Spare? With the GoHenry debit card, parents transfer money into their kids accounts, so everything functions like a prepaid debit card. Now, we are talking about the fees these debit cards offer for you. While more simplistic and less technologically sophisticated than Current, FamZoo is more intuitive and easier to understand. Greenlight is a fintech company based in US while GoHenry was started in UK and now offer its services in the USA. The features available in the BusyKid app are extensive: Chores & Allowance set by age Famzoo offers a $5.99 family plan, billed automatically each month. In fact, you can even limit the Greenlight debit card use to certain stores such Amazon and Target. Your kids can use it (online and offline) anywhere Mastercard is accepted. Current Visa Debit Card. Your Greenlight debit card is issued by Community Federal Savings Bank (which is a member of FDIC) and supported by Mastercard. Another great checking account for teens is Current. The better you know money, the better you grow money. With the Greenlight debit card and app, kids earn money through chores, set savings goals, spend wisely and invest. Rooster PLUS, which is $18.99 per year, goes a step further by including a chore management system that encourages kids to earn money by doing their chores. Greenlight provides debit cards for kids and financial learning apps that cover basic money management education for kids, as well as a wealth of features for parents to help follow their kids progress. With BusyKid, your kids can earn money by completing the chores or tasks you set, such as finishing laundry, cleaning the house, and so on. Now, how does FamZoo compare with Greenlight? Its also a joint checking account, so parents can monitor spending and get real-time spending alerts. The debit card also comes with the Zero Liability Protection and $250,000 FDIC insurance. 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. The company enjoys a 4.6-star rating on both the Google Play Store and the Apple App Store and 5 stars on Facebook. With a debit card in hand, your child's sense of independence will grow, and they'll be better prepared to navigate social situations like shopping or eating out with friends. Not only that, Greenlight also provides a 1% savings reward for the savings your kids put on their accounts. They can also spend online, in-store, and use Apple Pay using the Copper debit card. This monthly fee covers any number of family members. Let's take a closer look, starting with an account from Axos Bank. After opening account, your kids can sign in separately to monitor their own spending, while you control through a shared online dashboard. Pricing wise, BusyKid charges a monthly fee of $3.99/month. If youre searching for an app with more features and services, such as investment accounts, Greenlight is likely to be a better option since it provides additional services overall. Current: 6%. Bluebird American Express Prepaid Debit Account. Mobile banking is easier for kids thanks to Copper Banking. The one which offers you the best learning features is FamZoo. The app functions as a financial literacy tool to help any child (5+) build good financial habits. Kids cant go into overdraft and there arent any fees or minimum balance requirements. It also comes with the financial learning app with various tools your kids can use to help manage their money better. Theres an unfortunate lack of financial education in schools. college, first car, etc )with as little as $1 and take out your investments whenever youd like and use them however youd like. Which is better for you and your kids, Greenlight or GoHenry? But your kid doesnt have to store their cash in a piggy bank to learn how to save and spend money anymore. In fact, these fees should be fairly easy to avoid. Overall, FamZoo has more in-depth controls than most debit cards for kids. BusyKid lets your child earn, save, and invest their allowance. Transfer funds anytime and anywhere. GoHenry lets kids choose from more than 45 fun debit card designs. Clark says the time they start to learn to add and subtract is a great starting point. 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