Getting a debit card for your child means that they can have some spending money without you always having to give them cash. 

But beyond the everyday financial logistics that a debit card can help solve, you can also use this tool to teach your child the ins and outs of responsible money management.

The great part is that many debit cards designed for children allow you, the parent, access to set limits on how much and where your child can spend. Let’s explore the best debit cards for kids and parents on the market right now.

Debit cards can be a useful tool for parents that want to teach their children about money. Not only can it be a teaching tool, but it also provides an easier way for your child to spend money when they need to. Here are the top debit cards for parents and kids to consider. 

Greenlight Debit Card

The Greenlight card is one of the best debit cards for kids and parents. As a prepaid card, parents have extensive controls to design the right experience for their child.

Instant transfers from parent to child accounts are a standout feature. You won’t have to pay a fee for them, which is rare in the realm of instant transfers.

Greenlight encourages your child to prioritize saving by offering a 1% yield on their savings or 2% with Greenlight Max. And you can make saving even more enticing by adding parent-paid interest to their savings. Within the app, there are countless financial literacy lessons to help your child establish smart money habits.

FamZoo Prepaid Debit

FamZoo offers an IOU and a prepaid card account. The IOU system is designed to track the money your child earns within the household simply. For example, you might reward them with cash to complete a particular chore and keep track with the IOU for later payment.

But the prepaid card account is what your child can use to make regular purchases. As the parent, you can load money onto the card with transfers or direct deposits from your checking account.

Depending on your family’s needs, you can customize the experience. A few customizations include a regular allowance, money for completing chores, or billing children for their share of a particular bill.

FamZoo offers a one-month free trial to see if the service is a good fit for you. After that, you can pay $5.99 per month, $39.99 per year, or $59.99 for two years.

Chase First Banking

If you're a Chase checking customer, you can open a Chase First Banking account for your child. The account can be entirely managed from an app to help your child get comfortable with a mobile banking experience.

Parents will have control over where kids are allowed to shop, both in-person and online. Through the app, you can set up a regular allowance. Additionally, you can assign one-off chores with rewards.

As your child uses the app, they can send a request for money. You’ll have the option to approve or deny that request. Throughout the experience, Chase promotes saving with a savings goals tool that helps kids visualize their progress. And perhaps the best part is that Chase First Banking is free of monthly fees. 

Step

Good credit can help your child’s long-term financial future. But it can be difficult for a child to start building credit. That’s where Step Banking comes in. Teens can use the combination of a credit card and debit card to build their credit history.

The process starts when you load funds onto your child’s account. At that point, they can use a linked Step credit card to make purchases. When the end of the billing period rolls around, the Step account will automatically pay the credit balance.

With each balance automatically paid in full, your child can build credit seamlessly. And, as a bonus, Step comes without any monthly fees to hold you back.

BusyKid Spend Card

BusyKid is focused on motivating your child to complete chores with a financial incentive. Within the app, you can set up a chore chart with allowance options. The goal is to help your child work through the to-do list for a reward.

When your child earns money, they have the option to start an investment portfolio right away. Plus, your child will learn about budgeting and money management. And the app is connected to the BusyKid Visa Prepaid Spend card so your child can make purchases with their earnings.

It costs just $19.99 per year to use the BusyKid app with one Spend card. You can add additional spend cards for $7.99 per year.

GoHenry

GoHenry offers a debit card connected with a money management app. You’ll have the option to create a weekly allowance via direct deposit.

Additionally, you can create options for your kids to earn extra money for completing specific chores. Parents can set up spending limits and choose where their children are allowed to spend money.

A fun perk of GoHenry is that your child can customize the debit card to reflect their interests. Using GoHenry costs $3.99 per month after a month-long free trial.

Axos Bank First Checking + Debit

Axos First Checking is a starter account for kids and teens that comes with a debit card. As the parent, you’ll have full access and control of the joint account. You will have an easy-to-use dashboard to manage your child’s spending.

The checking account offers 0.10% APY to bolster your child’s savings. There's no monthly fees and the card comes with $12 of domestic ATM fee reimbursements per month.

Current

Current offers a way for parents to track the spending of multiple children easily. Although a child of any age can use the app, it's designed with teenagers in mind.

Kids using Current will receive a Visa debit card that parents can monitor. Beyond monitoring, you can limit spending and block merchants as needed. Within the app, parents can create chore lists and set up transfers as needed.

One reason that Current made our list of the best debit cards for kids and parents is that it offers free instant transfers. That means you can send your teen money the second they need it without overpaying.

Within the app, teens can automate their savings by rounding up their purchases and saving the difference. Plus, teens can seamlessly donate to charity through the app.

Final Thoughts

A debit card can help your child learn the ropes of money management. With the ability to set up guardrails, you can teach your child about money before they head out independently.

Looking more resources that can help you give your kids a financial head start? You might want to check out our guides to investing in high school, 529 plans, and starter checking accounts.