Parents are required to facilitate account opening, making it a joint account. 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. The BusyKid app uses a chore-based system where your kids can earn real . Giving your kid a debit card is one of the best ways to teach them financial management. 1. It was founded in 2006 by Bill Dwight, a father who wanted a hands-on way to teach kids the concepts of personal finance and good spending habits. GoHenry is best if you only have one child that works to learn basic money management and wants a debit card for spending. This helps parents track how much money their kids have earned for completing chores or from their allowances. Can You Get Cash Back From a Visa Gift Card? But is it worth the monthly fee? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. Saving Incentives: Earn 1% savings reward with linked bank account, and 2% with the Greenlight Max plan, save the change roundup capability, and/or incentivize your child to save more by . Their data will remain safe as long as you teach your kids to keep their account and debit card information confidential. Read on for an in-depth look, including ratings, reviews, pros and cons. You can create chores from within the app and let your kids complete them, and you can also set their allowance on autopilot, whether per week or per month. Meanwhile, Greenlight is better for older kids and teens (from 8 years old) as it has more advanced features while also having a higher level of control by parents. So, what is the difference between Greenlight and FamZoo? This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 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. Here's a breakdown of the main differences: Greenlight can be used internationally in over 150 countries with no foreign transaction fees (BusyKid can be used internationally, but with fees) Its a prepaid debit card and app made for teens and managed by parents. 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. Chore Payments and PenaltiesSet up chores, such as "Make the Bed" or "Clean Your Room," and make a payment when they're complete. The only fee is a $1.50 ATM withdrawal fee. 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. If you want to set up BusyKid accounts for multiple children, you'll pay an additional $7.99 per child per year. A BusyKid family plan costs $19.99 per year and comes with one BusyKid prepaid Visa spend card. The more they complete the chores . With BusyKid, a portion of the money you pay your kid gets automatically put into savings every week. However, all information is presented without warranty. Here is what FamZoo can help you save time and teach your kids about finance: FamZoo prepaid cards are MasterCard reloadable card offering designed specifically for families. The features available in the BusyKid app are extensive: Chores & Allowance set by age For as little as $4/mo. 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. DoorDash Driver Review: How Much Money Can You Make? BusyKid is a kid-friendly prepaid debit card that pairs with the BusyKid mobile app which allows parents to pay kids directly for chores and other work. FamZoo is a virtual family banking app. Cards like Greenlight and goHenry have some of the best parental controls, so theyre great cards for parents who want more oversight. For teens, Current helps teach financial management by letting cardholders create a budget. And, Axos also has one of the best debit cards for teens with its Axos First Checking account. Compare FamZoo with BusyKid, side-by-side. The financial app from FamZoo can also give them the tools to help your kids build their own financial freedom when they reach adulthood. Jassby Virtual Debit Card: Best for rewards. Parents set flexible controls and get real-time notifications every time their kids spend money. Lastly, lets compare Greenlight with BusyKid. Price is right and features are great. FamZoo's website boasts rapid response times for email inquiries, even on weekends, and recommends that you check your spam folder if you don't receive a reply in 45 minutes or less. FamZoo BusyKid Prepaid Visa Spend Card Greenlight Review Summary Our Greenlight review will tell you exactly how the card works before signing up for it. Still need help deciding which kids debit card is better? Or, for last-minute expenses, instantly move money between accounts using the instant transfer feature. FamZoo is essentially a virtual bank where you, the parents, act as the bank manager with your kids as the customers. With a kid-friendly debit card, you help empower your kid to make their own financial decisions while still having a safety net thanks to parental controls. For $4/month, your family will gain access to entire app including charities, chores and up to 5 BusyKid Visa Prepaid Spend Cards (one card per child). Below, well compare some of the most popular debit cards for kids for those families having a tough time deciding. Like other leading cards, Current lets parents send one-time transfers, set up allowance payments, and create a chore list so kids work for their 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. 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. So, what is the difference between Greenlight and GoHenry? Its Greenlight app interface is also much more intuitive, easy to use and feature-rich. Youll need a minimum balance of $50 to open an account, and there are no overdraft or maintenance fees. Debit cards for kids are debit cards designed for kids under 18 years old. Do you want your children to begin investing? Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. FamZoo: Pricing information from published website as of 05/01/2022, BusyKid: Pricing information from published website as of 05/01/2022. Read the in-depth reviews below. Comparing Greenlight vs Famzoo to help you choose a better option for your kids and teens. FamZoo vs BusyKidIn this contest, BusyKid is the undisputed champion. Like the regular Acorns app, Acorns Early lets kids under 17 learn basic financial management and the value of consistent investing. FamZoo vs CurrentLike Greenlight, Current also outshines FamZoo in tech-savviness. Famzoo is more "adult", it doesn't require a smartphone, has more strictly educational features, and more parental control. Greenlight vs. FamZoo prepaid debit card, which one is better? FamZoo pricing is for families of up to four children. Overall, our GoHenry review found it to be a slightly cheaper alternative to Greenlight which also has in-depth parental controls. On the other hand, there is a $1.50 fee to use any ATM for BusyKid. You can also pay $7.98 per month for a Greenlight + Invest account or $9.98 per month for Greenlight Max. The good thing about debit cards for kids is that the parents will always get involved in the financial learning process of their kids. The most common complaint about FamZoo is that the app is not user-friendly. FamZoo Prepaid Card. Both apps have comparable pricing. "Teaching young children about money produces a trifecta of benefits," he says. With the GoHenry prepaid debit card and app, kids learn how to budgetand understand the difference between wants and needs by spending wisely. Instant/Scheduled money transfer to your kids, Automate and track requests for money with a text-message based approval process, Automate and track reimbursement of family expenses with a text-message based approval process, Set savings goals, make savings projections, and track progress, Schedule chores and odd jobs tied to rewards or penalties, Schedule automated debits to charge kids for their share of recurring family expenses, Track the repayment of money loaned to kids with a parent-defined loan interest rate, Set savings goals and plan together for future purchases, Set tasks and kids get paid when its done, Get updates whenever your child uses their card, and an alert if its ever declined, Easily monitor spending, track purchases and get notified when kids use their card, With Giftlinks, family & friends can send money straight to your childs GoHenry card, Teens with jobs can get their paychecks straight to their GoHenry account using Direct Deposit, Easy to send & receive payments between GoHenry accounts in the app, Set Auto-Allowance for your child to be paid every Friday or twice a month (1st & 15th) with no chores required, Parents control how much allowance goes into the Save, Share and Spend areas, Parent approval for any money moving outside the system for cash, donations or shopping on a BusyKid Spend Card, Kids can donate to various charities through the app with parental approval, Kids can invest their savings in stocks via the app with parental approval, Get access to an instant detailed history of all chores, paydays and transactions, Help your child grow savings faster by matching what is saved each week, Funds inside the BusyKid app are FDIC insured, You are protected withVisa Zero Liability Policy. Instead, it helps you manage your kids allowances: how often they receive it, how much they spend or give, and how much they save. We have provided you with a comparison of the most popular ones you can use today, which are Greenlight, GoHenry, BusyKid, and FamZoo. Now, how does FamZoo compare with Greenlight? *See the card issuer's online application for details about terms and conditions. In fact, you can even limit the Greenlight debit card use to certain stores such Amazon and Target. Plus, find out how it compares to alternatives like Greenlight, BusyKid, and more. Greenlight vs. GoHenry vs. BusyKid vs. FamZoo: Best Debit Card for Kids? Instead of opening a traditional checking account for your kids, you can opt for an investment account with M1 Finance. There are four ways for your kids to manage their money with BusyKid, which include Earn, Save, Spend, and Donate. BusyKid is the ultimate debit card & app that helps teach kids how to manage money they earn by doing chores. 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