Banking » Kids’ debit cards that teach saving and investing skills

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Kids’ debit cards that teach saving and investing skills

Kids' debit cards offer a way for parents to control and monitor spending, develop savings and budgeting skills.

Kids’ debit cards offer a way for parents to control and monitor spending.

But more importantly, debit cards for kids can be a powerful learning tool to develop savings and budgeting skills that build a strong financial foundation for the future.

When children learn to manage their own finances, they gain a sense of accomplishment and control over their lives.

Kids's Debit Cards with Parental Controls

1. GoHenry

Key Features

Set up an automatic weekly allowance
Set one-off and weekly spending limits
Choose where the card can be used (in-store, online or at the ATM)
Educational app
Receive real-time spend notifications
FDIC insured up to $250,000
Monthly cost per child $4.99

Gohenry debit card teaches saving money. Kids can set up their own savings targets and Gohenry will work out how much your kids need to save each week to reach the goal. This amount will then be automatically transferred from their spending account each week.

Parental controls. Parents can set their kids’ allowance and apply rules on how they can spend that money. Kids can see their balance and the spending limits. Parents get instant notifications whenever kids use their debit cards.

Add tasks for kids. Parents can link adding cash with tasks so that it’s only paid into their account when they’ve completed chores or some other task like homework.

2. mph Bank First Account

Key Features

Designed for students 10 to 26 years old.
$25 minimum deposit.
No monthly maintenance fees.
Set up unlimited 3.00% Savings Goals.
Parents can determine debit card limits for children under 18.

Parent controls. mph.bank allows parents to determine debit card, mobile deposit limits, funds transfer, and Zelle peer-to-peer payments for students.

18 and older young adults. Students can determine debit card, mobile deposit limits, funds transfer, and Zelle peer-to-peer payments when they turn 18.

Notifications. Parents get real-time transaction alerts for peace of mind.

3. Axos Bank Teen Checking

Key Features

Designed for students 13 to 17 years old.
$50 minimum deposit.
No monthly maintenance fees.
Built-in parental controls.
Account holders earn 0.10% APY on their balances.
Get up to $12 domestic ATM fee reimbursements per month.
Enable biometric login for extra security.

Parental controls. Sync your accounts to one dashboard to lock and unlock your teen’s debit card and set up account alerts.

Set debit card transaction limits. Set daily transaction limits of $100 in cash and $500 with debit cards to help parents keep control of their teens’ spending. Parents can also view spending.

The importance of teaching kids money management

Kids learn best by experience. Early exposure to saving, delayed gratification, spending and investing helps children develop healthy habits and attitudes towards money.

Money management skills are transferable to other areas of life, helping children become responsible and independent individuals.

By understanding the value of money and the difference between needs and wants, children learn to make informed choices about their spending, setting them up for success in the long run.