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February 3, 2021 9:10 AM Margarette Burnette
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Moms and dads who want to teach their kids about money have some trendy tools at their disposal: kid-focused mobile banking apps, many of which come with personalized debit cards. They teach kids how to save and spend (with mom or dad safely supervising account use) and make it easy to give an allowance. But these aren’t your parent’s bank accounts — you won’t need to visit a bank branch.
How mobile apps and debit cards for kids work
Youth banking apps are similar to their adult counterparts. Children and parents can access account information online, but children can also log in to their own sub-accounts, generally with limited features. Many come with debit cards, and parents can fund by transferring money from an existing bank account. The mobile apps also let grown-ups monitor, and even limit, purchases — say, by setting a spending max of $20 at restaurants.
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