Kids cant go into overdraft and there arent any fees or minimum balance requirements. Parents set a goal name, amount, and starting balance. BusyKid is the first and only chore and allowance platform where kids can earn, save, share, spend, and invest their allowance. Some unique features include IOUs, informal loans, first dibs chores, and parent-paid interest plans. As you can see, you can easily track everything in one place. It was designed to be a stepping stone between a piggy bank and a real bank account. With the GoHenry prepaid debit card and app, kids learn how to budgetand understand the difference between wants and needs by spending wisely. Greenlight debit card allows your kids to spend anywhere Mastercard is accepted while The BusyKid Visa Prepaid Spend Card gives anyone the freedom to spend anywhere Visa is accepted. The Axos First Checking account is specifically designed for teens between 13 and 17 years old. Chore Payments and PenaltiesSet up chores, such as "Make the Bed" or "Clean Your Room," and make a payment when they're complete. Current: 4% up to $6,000; Aspiration: 3-5%; Landmark Credit Union: 7.50% up to $500; NetSpend: 5% up to $1,000; 1. Comparing Greenlight vs Famzoo to help you choose a better option for your kids and teens. I would recommend these cards to anyone". BusyKid only costs $4 per month (billed annually at $48), provides custom debit cards, has superior technology, and offers many of the premium features found from other companies like Greenlight at no additional cost, such as a kid-friendly investment account. For the basic Greenlight plan, the pricing is quite affordable. FamZoo vs BusyKid (including a BusyKid review) FamZoo vs GoHenry; Final thoughts based on our FamZoo review. But if you use a debit or credit card to fund the account, the price lands at $49.74 per year, spreading out to just $4.14 per month. BusyKid is great for slightly younger kids and tweens, works well with allowance and chore commission systems, and costs less than Greenlight. Axos Bank First Checking. 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. Plus, teens earn 0.10% APY and get up to $12 in monthly ATM withdrawal reimbursements. Between Greenlight, GoHenry, BusyKid, and FamZoo, all services offer the affordable subscription plan per month, and they also offer apps you can use to help teach your kids about how to handle their finances. FamZoo is one of only a few prepaid debit cards designed specifically for families with children. You can save by prepaying and signing up for longer terms: $4.33 a month for a six-month obligation ($25.99) $3.33 a month for 12 months ($39.99) $2.50 a month for 24 months ($59.99) Features Greenlight Age requirement: 6 to 18 years old. There are more than 4,000 stocks and ETFs for you and your kids to research together in the Greenlight app. Here is one negative review: There are two ways to contact customer support for FamZoo. Ready to teach your child money management? Greenlight Debit Card for Kids: Best all-around kids' account. You do not have to use our links, but you help support CreditDonkey if you do. Find out if the app is worth the cost. In terms of debit card customisation, Greenlight allows your kids to upload any selfie for the card design while GoHenry does not have this. Find out how it stacks up in this review. When kids spend cash, theres no record of previous transactions, and its harder to create savings goals and budgets.In contrast, a kid-friendly debit card helps kids visualize their spending, track their savings progress, and learn the value of compound interest and investing. FarmZoo is a financial education app for teens, kids and parents. FamZoo is a seriously great way to teach kids about money that moves away from the more traditional cash-based methods. Please read our disclaimer for more info. With no minimum balance requirement or overdraft fees plus free ATM withdrawals from 55,000 plus ATMs, its also relatively low-fee. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. . Read our article comparing Famzoo vs Greenlight. However, all information is presented without warranty. There is no need to worry about this because you are covered by Mastercards Zero Liability Protection and your kids debit cards are FDIC-insured up to $250,000. Best 5% Interest Savings Accounts. Parents set flexible controls and get real-time notifications every time their kids spend money. The account earns an annual percentage yield of 0.10% and has no minimum balance requirements or monthly maintenance fee. I am unfortunately on the verge of closing this because there are other apps like this that are much more user-friendly. 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. The account costs $36 per teen per year, which is $3 per month. Now, which debit card for kids is best for you to use? FamZoo Prepaid Card. Lastly, lets compare Greenlight with BusyKid. How does it compare to BusyKid? You will then be able to manage their portfolio and build wealth for them. In particular, the ease of use is excellent. A Current account costs $36 per year for one teen. FamZoo vs BusyKid FamZoo is a good value family finance app with robust features. GoHenry. Your child can make payments, get account alerts, automate bill payments and manage their debit card. FamZoo vs BusyKidIn this contest, BusyKid is the undisputed champion. You can get in touch with the customer service department of Greenlight, GoHenry, BusyKid, or FamZoo, depending on which service you are using. Capital One MONEY Teen. 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. In the end, its up to you and your family to decide which debit card is ideal for your kids. Ultimately, the decision will depend on . FamZoo vs GreenlightIn a head-to-head comparison, Greenlight has a slight edge. This is all virtual, and your kid doesnt have an online checking account to actually receive money. The good thing about debit cards for kids is that the parents will always get involved in the financial learning process of their kids. This depends on how mature your kid is and when they start earning money. Also, with FamZoo, you can monitor and control the way your kids use their money through the app. The app helps parents manage finances for their kids as they earn or are given money. FamZoo. DoorDash Driver Review: How Much Money Can You Make? So, as their parents, you will always monitor your kids financial activities with their debit cards, as their accounts will get connected with your accounts. Save my name, email, and website in this browser for the next time I comment. BusyKid provides a chore app for kids that will help parents teach the value of money in their kids life. It is designed to save busy families time when managing money and teach kids critical financial skills through hands-on experience. Here's what to expect: It's great to see a company that understands the fact that kids lose things constantly. 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. "It helps them in school, it helps them with values, and it helps you save money.". From there, parents can open a prepaid FamZoo card for kids of any age as there is no minimum age limit. CreditDonkey does not include all companies or all offers that may be available in the marketplace. However, FamZoo is the less expensive alternative if you pay in advance for 1 or 2 years. The Rooster Plus plan, which costs $18.99 per year, adds perks like setting interest rates on savings and a more comprehensive chore management system. FamZoo Prepaid Debit Card: Best for financial literacy. It provides conveniences for parents to help their kids understand more about money while keeping in control of their account access. Kids can set personal savings goals for themselves in the app and they can set their account to round-up their purchases to save faster automatically. GoHenry and FamZoo are two popular debit cards specifically designed for kids and teens. You can manage your kids' funds in either IOU accounts, or prepaid card accounts (subject to eligibility), or a combination of the two. Your kids can use it (online and offline) anywhere Mastercard is accepted. Not only that, Greenlight also provides a 1% savings reward for the savings your kids put on their accounts. FamZoo is a financial platform that helps parents teach their kids good money habits. BusyKid's price, mobile app, and ease of use are noteworthy. We may receive compensation if you shop through links in our content. (You can cancel at any time.) Famzoo vs GoHenry. But you can give your kid cash and keep track of everything within the RoosterMoney app. Its best for you to set clear boundaries with your kids about the purpose of giving them the debit cards for kids. This checking account is for kids and teens ages 13 to 17. The only difference is that Greenlight gives you the option of personalising your debit card design with an upload of any selfie photo while BusyKid does not have this cool choice. - Get up to 5 BusyKid Debit Cards with multiple designs per family. Read our comparison chart below. So, what is the key difference between them? Both also help your kids track their spending, set savings goals and earn money from doing chores. 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. As such, it is a good debit card for kids since kids can create savings goals and track their progress towards them. Available: . 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? FamZoo also has numerous parental controls, including payment notifications, card locking, and spending limits. BusyKid costs $3.99 per month or $38.99 per year, which includes up to 5 BusyKid Prepaid Visa Spend Cards and no fees on stock transactions. Youre also able to assign chores and reward them through the app. Find out if Alliant Teen Checking is safe and legit for your child. For example, if you pay your kid for completing chores when theyre around eight to ten years old, you could consider opening a checking account for them.Similarly, if your teen gets their first job, its wise to open a checking account so they can securely deposit their paychecks and learn how to save. Knowing what it is and how it works is important because the Greenlight debit card isn't for everyone. Which one is the best, Greenlight, FamZoo, GoHenry or BusyKid? Let's look at the top three. Review the pros and cons below for a quick takeaway. But is it worth the monthly fee? 2023 MeiggsMedia LLC. 1. When our cards arrived, my oldest's card came with the wrong name printed. Just note that accounts with $20 or more that are inactive for 90 days or more pay a $20 inactivity fee, so make sure your child regularly uses their card. Current: 6%. Over 800,000 Copper members use the mobile banking app and debit card. I cover the intersection of making money and savvy spending, Current Savings with Interest - Up to 4% APY, Capital One Money Teen Checking Account Review, $25.99 for 6 months (averages out to $4.33/month), $39.99 for 12 months (averages out to $3.33/month), $59.99 for 24 months (averages out to $2.50/month), $3.00 additional card fee (first 4 cards are free), $3.00 card replacement fee (first 2 replacement cards are free), $4.95 cash reload fee (depending on reload agent), 4.00% APY on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. With Greenlight, everything is done through its Greenlight App where kids and parents have their separate login. Features include IOUs, informal loans, first dibs chores, and ease use. Manage finances for their kids good money habits and debit card a 1 % savings reward for the savings kids. Ideal for your child can make payments, get account alerts, automate bill payments manage... 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