Debit Card for kids
Debit cards for kids are an excellent resource for teaching financial literacy, fiscal responsibility, and sound money management. By providing kids with an opportunity to manage their own financial affairs, parents can oversee their children’s budgeting abilities and assist where needed.
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A growing demand for debit cards for kids has resulted in greater financial literacy among the younger generation. Independent research confirms that children begin to understand the basics of money management from a young age, and use these skills throughout their adult life.
Debit cards for kids are an excellent financial resource for helping children to manage their pocket money, checks, cash gifts, and part-time earnings. There are many benefits to using debit cards for kids, since parents have direct oversight over the activities of their children’s financial affairs.
Since everything is managed through online bank accounts, under the guidance of parental authority, it’s easy to set budgets, monitor cash flow, and set rules for debits/credits. Nowadays, apps for iPhone, iPad, and Android devices make it easy to get up and running with debit cards.
Debit cards for kids also provide options for parents to motivate kids to perform their chores, track expenditure and allowances, and assign rewards for good financial behaviour. From the child’s perspective, it’s fun to be in charge of their own finances. Kids can build an account balance, and carefully manage expenses and incomes to achieve desired objectives.
We have identified 4 top-tier debit cards for kids, including the following:
Starling Bank launched its Starling Kite account exclusively for children. This popular debit card for kids is ideal for helping children to manage their financial affairs much easier. It promotes responsible spending and saving, all with in-depth parental oversight capabilities. The Starling Bank Kite is designed expressly for children aged between 6 – 16. It offers money management lessons, allowing for real-time notifications for expenditures. Plus, parents can easily open a Kite account for their children, and instantly send cash to them. All account holders get to enjoy access to the Starling Bank Kite account 24/7, all with a single monthly subscription fee, and no charges for adding money or withdrawing money from ATMs. Read a full review.
HyperJar is a trendy ‘money app & card for kids and young adults’. HyperJar makes savings easier for kids, with a free to download and install money management app for iOS and Android devices. It fuses the best financial guidance from parents with financial independence afforded to kids too. With HyperJar, there are no fees or charges when you use HyperJar to pay in other currencies. Plus, there are no fees to load money into the HyperJar account, or transfer money out. With HyperJar, kids don’t pay any subscription fees either. HyperJar is fully integrated with Google Pay and Apple Pay, and available to kids aged 13, or older. Parents can set up Money Jars with notes, to help guide kids with better financial sense.
Gohenry Accounts are used by 1.5 million+ customers across the United Kingdom. This debit card for kids was rated the Best Children’s Financial Provider by the British Bank Awards in 2021. Designed for kids, courtesy of Visa, Gohenry is widely regarded as one of the best in the business. This powerful financial app brings myriad resources to the fore, with full parental control over all financial activity. The Gohenry kids debit card is a pre-paid card, with no risk of overspending, or credit card debt. Parents can easily add money to the kids debit cards and manage how those funds are spent overseas, in-store, at ATMs, or High Street stores.
Rooster Money serves as an all-encompassing financial management tool for kids. With RoosterMoney, kids get to learn how to be fiscally responsible with a powerful money management app. The RoosterMoney debit card for kids also features a Star Chart for rewarding good habits. The virtual money tracker easily keeps tabs on spending and allowances, and no deposits are needed. Plus, the Chore Manager adds value for RoosterMoney clients with many additional features. For example, RoosterMoney allows for easy management of financial matters for parents, with top features including chore trackers, and virtual money trackers.