Best Free Debit Cards for Kids & Teens

Allowing your children to use debit cards is a great way to teach them how to manage money as they approach adulthood. They can learn to make deposits and withdrawals, set aside money for savings, and plan their spending. What you don’t want is to have to pay fees.

Thankfully, several banks offer debit cards specifically for kids to use with their parents. In this article, I’ll share with you ten free debit cards and a few low-cost paid options that you may find are worth the cost.  

Table of Contents

1. 1. Axos First Checking
2. 2. Capital One MONEY Teen Checking
3. 3. Current Teen Banking
4. 4. Alliant Credit Union Teen Checking
5. 5. Fidelity Youth Account
6. Top Paid Debit Cards for Teens
1. Greenlight
2. GoHenry
3. FamZoo
7. Can a Teen get a Debit Card?
8. What to Look for in a Debit Card for Kids
9. How to Get a Debit Card for Teens
10. How to Teach a Kid to Use a Debit Card Responsibly
11. Summary

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.

Name	Best for	Learn more
Axos First Checking	Peer-to-peer transfer capabilities	Learn more
Capital One MONEY Teen Checking	Linking external accounts	Learn more
Current Teen Banking	Savings accounts and roundups	Learn more
Alliant Credit Union Teen Checking	Attractive interest rates	Learn more
Fidelity Youth Account	Pairing with investing	Learn more

Let’s take a closer look, starting with an account from Axos Bank.

1. Axos First Checking

Best for: Peer-to-peer transfer capabilities

• Ages: 13-17
• Monthly fee: $0
• Opening deposit: $50
• Minimum balance: $0
• Overdraft fee: $0
• Earns interest: Yes

Visit Axos

The Axos First Checking account is an online-only joint account for teens and parents. Parents can lock and unlock their teen’s debit card right from the app dashboard, view spending, and get real-time notifications.

There is a $100 daily ATM cash withdrawal limit and a $500 daily debit card limit. This account also has a peer-to-peer transfer feature and automated bill pay.

Axos will reimburse the account for up to $12 per statement cycle for any out-of-network ATM fees. However, in-network ATM usage is free. 

It also comes with biometric identification verification using facial recognition and fingerprint recognition. 

Visit Axos

2. Capital One MONEY Teen Checking

Best for: Linking external accounts

• Ages: 8-17
• Monthly fee: $0
• Opening deposit: $0
• Minimum balance: $0
• Overdraft fee: $0
• Earns interest: Yes

Visit Capital One

This account has a daily $500 limit on all combined ATM withdrawals, cash advances, signature-based and PIN purchases. 

As a parent, you can lower this daily amount by calling the Capital One customer service number. 

You can also set up text and email alerts to notify you of account activity. In addition, you can lock or unlock your teen’s debit card at any time. 

Teens can set money aside for spending or saving and set savings goals with the account as well. 

All transactions at in-network ATMs are free. Parents don’t have to have a Capital One account to get a Teen Money account with their children. You can fund the account by transferring from an outside bank account.

Visit Capital One

3. Current Teen Banking

Best for: Savings accounts and roundups

• Ages: 13-17
• Monthly fee: $0
• Opening deposit: $0
• Minimum balance: $0
• Overdraft fee: $0
• Earns interest: No

Visit Current

Current is a fintech that offers personal banking for adults and the ability for adults to add a teen account to their profile. As a parent, you have the ability to transfer money to your teen, block specific merchants, receive notifications, and even assign chores.

We consider Current one of the best checking accounts for teens. This account also offers savings pods, which are separate pools of money within your teen’s Current spending account.

Teens (or their parents) can transfer money into the savings pod at any time. In addition, you can use the account’s round-up feature, which analyzes all debit card purchases and rounds them up to the nearest dollar, transferring the excess into your teen’s savings pod. 

Note that for teens to have an account with Current, they will have to show a valid picture ID. That ID must come in the form of a currently valid state ID, driver’s license, passport, or permanent resident card.

Visit Current

4. Alliant Credit Union Teen Checking

Best for: Attractive interest rate

• Ages: 13-17
• Monthly fee: $0
• Opening deposit: $0
• Minimum balance: $0
• Overdraft fee: $0
• Earns interest: Yes

Visit Alliant

Alliant Credit Union’s Teen Checking account offers an interest rate that’s over double that of some of the other accounts we’ve mentioned here. 

If you belong to Alliant Credit Union, you can open a joint account with your teen. Not a member? Simply open your account at Alliant when you open your teen’s account.

Two stipulations must be met for the account to earn interest:

• You must opt-in for paperless statements.
• The account must have one of the following recurring events each month: ATM deposit, Direct Deposit, or electronic deposit from another banking institution.

These requirements should be easy for most families to meet. There are $500 daily limits on PIN-based debit card purchases and ATM withdrawals. 

There is a $5,000 daily limit on signature-based purchases. Parents can monitor account transactions and get notifications. 

Visit Alliant

✨ Related: Best Bank Accounts for Kids: Checking and Savings Options

5. Fidelity Youth Account

Best for: Pairing with investing

• Ages: 13-17
• Monthly fee: $0
• Opening deposit: $0
• Minimum balance: $0
• Overdraft fee: $0
• Earns interest: Yes

Visit Fidelity

The Fidelity Youth Account is available to teens whose parents have a brokerage relationship with Fidelity. 

This teen-owned account is a brokerage account with a debit card. It is not a joint account with a parent or a custodial account. However, as the parent, you will be classified as an “interested party” and will have access to view transactions, get statements, and sign up to be alerted for activity. You can also close the account and/or cancel the debit card at any time. However, you can not initiate transactions or withdraw money.

In addition to using the Fidelity debit card to make ATM withdrawals or purchases, your teen will have the option to invest with funds from the account. Uninvested funds earn a competitive APY.

Funds can be accessed via debit card for spending. Inside the account, your teen can set up buckets designated for different purposes, such as “spending” or “investing.” Your teen can set the order in which the buckets are accessed for spending.

For example, they could set the spending bucket to be depleted first before dipping into the savings bucket. Transactions will be declined if there is not enough in the cash balance to cover a debit card transaction. Your teen will be reimbursed for any ATM charges they incur. Note that foreign ATM transactions may incur a fee.

You can fund your teen’s Youth account by transferring money from your Fidelity account. 

They can invest in fractional shares of most publicly traded stocks or get fractional shares of Fidelity mutual funds and other products. 

This account is a great option if you’re interested in teaching your teen how to invest.

Visit Fidelity

Top Paid Debit Cards for Teens

In addition to the free accounts featured above, paid options are available, too. Below are four popular kids’ debit card programs. After looking at what they offer, you may decide that a paid debit card account has features that better suit your family. 

Greenlight

Best for: Large families

• Cost: $5.99 and up monthly (includes up to five kids)
• Minimum opening deposit: $0
• Minimum balance: $0
• Overdraft fees: $0
• Earns interest: Yes

Visit Greenlight

Greenlight is a fintech company that helps kids to earn, spend and save money. You load money onto each child’s debit card, and then they can use the debit card to spend. You can set limits on spending and receive notifications.

There is also a whole host of safety features, including location tracking and driving reports.

Greenlight also allows you to set chores and pay an allowance when they are completed—all handled right inside the Greenlight app. It’s customizable, and you can manage it manually or automatically, including allowance payments.

There are three Greenlight subscription plan options. All plans have a free 30-day trial and come with a debit card for each child, chore assignment and management, allowance pay, and parental controls. 

Greenlight Core ($5.99/mo)	Greenlight Max ($9.98/mo)	Greenlight Infinity ($14.98/mo)
Free debit card – up to 5 kids	All of the Core features, plus:	All of the Core features, plus:
Chore management/allowance	2% cash back on debit purchases	1% cash back on debit purchases
Spend, save, give, and earn	Earn 3% on savings on first $5,000 saved	Earn 5% on savings on first $5,000 saved
Earn 2% on savings on first $5,000 saved	Investing for kids	Family location sharing
Fun money games		Driving and crash detection/SOS alerts
Educational app		Identity theft protection

Learn more in our full Greenlight Review.

Visit Greenlight

GoHenry

Best for: Two-parent app access

• Cost: $4.98 per child, or $9.98 for up to four kids
• Minimum opening deposit: $0
• Minimum balance: $0
• Overdraft fees: $0
• Earns interest: No

Visit GoHenry

GoHenry is unique in that the app was created to grow with your child. Younger children get a specific set of features. When your child grows into a teenager, the app grows with them, allowing for more independence. You can also add a second parent to the account, and other family members, such as aunts and uncles, can easily transfer money to the kids.

The card comes with the ability to pay for completed chores on demand or to set a payment schedule. Kids can also request an immediate transfer from their parents.

You can set spending limits, get real-time activity notifications, and block or unblock the card from the parent app. The child can set savings goals, and the interest earned on the savings account is “parent-paid,” meaning you can set the interest rate, and any interest paid comes out of your account. It is not paid by GoHenry.

Kids can also send or receive money from friends who have GoHenry. They can also be donated to the Boys and Girls Clubs of America. 

Your child can earn money by referring friends to the app as well. Another great feature of this app is its age-specific learning center, where you will find articles and games for your kids.

Check out our GoHenry review for more information.

Visit GoHenry

FamZoo

Best for: Family loans

• Cost: $5.99 per month; prepay discounts available
• Minimum opening deposit: $0
• Minimum balance: $0
• Overdraft fees: $0
• Earns interest: No

Visit FamZoo

FamZoo comes with a debit card that your kids can use to learn to earn, spend, save, and give money. Your child doesn’t need to have a smartphone to use the app; it can be accessed from any device or even text message.

You can set up chores and allowances, set spending limits, and receive notifications. There is even a feature that allows parents to give kids loans. The app allows you to add interest and track payments. You can choose between a 6, 12, and 24-month payment option. 

Your child can create a budget and choose how to manage the money they earn. Interest on the savings balance is parent-paid. 

For more information, check out our FamZoo review.

Visit FamZoo

Can a Teen get a Debit Card?

Yes, a teenager can get a debit card, however, they will need an adult as a joint owner on the account until they reach 18 years old.

Most banks have accounts with special features for teens, such as no monthly fee and no minimum balance requirements.

What to Look for in a Debit Card for Kids

You’ll want an account with few fees and easy access. The exact features to look for will depend on the age of the child. Kid debit cards, such as Greenlight, give parental access to the account and allow for spending controls and easy payment for chores.

If your child is older, you may want a more traditional checking account. A kid’s bank account allows your child to practice having a checking account and then easily transfer to an adult checking when the child turns 18.

How to Get a Debit Card for Teens

Anyone under 18 years old must have an adult on any account with them. The teen and the adult can open the account together, either with the adult as a co-owner or a custodian. Once the teen turns 18, they can have the other adult removed from the account and become the sole owner.

If your teen isn’t ready for a traditional checking account, paid services such as Greenlight allow you to load money onto a prepaid debit card and have a lot of control and access to the account. You can set spending limits, pay for chores, and get notifications regarding activity on the card. This is a good fit for younger teens who need some freedom but aren’t ready to be out on their own quite yet.

For paperwork, you’ll both need ID, a social security number, and the opening deposit. Depending on the bank, you may need additional information.

How to Teach a Kid to Use a Debit Card Responsibly

Teaching kids smart money management skills starts early. By the time your child has a debit card, hopefully, they have learned how to spend money using cash. You’ll want to emphasize the importance of spending, saving, and giving.

And let them make mistakes! It’s hard to watch your child spend money on something you know they won’t like, but it’s an important lesson for them. Better to learn these lessons on a $5 toy than on a $30,000 car.

If you are using a prepaid debit card for kids, such as Greenlight or Famzoo, you’ll have a lot more control and access to how your child is using the card. Pay attention to how they are using it. Are they spending all the money as soon as they get it? Or do they hesitate to spend even one dollar without excessive contemplation? Gently guide your child to save for bigger purchases while also having some fun now.

Also, go over the mechanics of using a debit card. Make sure they know how to check the balance and show them how the balance goes down when purchases are made. Encourage them to think about how long the money should last and any opportunities to spend money they may have coming up before their next deposit.

As they graduate to a traditional checking account, you’ll want to start discussing fees and minimum balance requirements. Show them how to write a check and use bill pay, and perhaps set them up with budgeting software that can import the transactions into a budget.

Summary

The best free debit cards for kids and teens don’t just offer free debit cards. Additionally, they offer other features that will help you teach your child to manage money well. 

The ability to learn how to budget money to save and allow parents to monitor activity are essential features. Of course, the cost is a factor as well.

Search for the free debit card for your child that fits in with most or all of your family needs.

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