A Round-Up of FinTech Banking Options for Teens and Kids
collage of teen banking apps

A Round-Up of FinTech Banking Options for Teens and Kids

One of the important lessons we learn in our lives is how to manage our money. Yet, financial education is often lacking from the curriculum taught to students in school. Furthermore, while learning the basics from books and lessons can be helpful, it’s the “real world” experience that can really drive these principles home. That’s why, in recent years, a number of financial technology companies (or “FinTechs”) have created platforms that not only grant kids and teens resources to learn about money but also provide parents with tools to give their children some hands-on experience.

With that in mind, let’s take a look at a few of these kid and teen-centric digital banking options, including what they have to offer, how much they cost, and more.

Child and Teen Banking Apps, Tools, and Platforms

customized GoHenry debit card

GoHenry

One of the most popular banking platforms meant to help kids and teens (ages 6 to 18) learn about money is GoHenry. Among the many features the app offers is the ability for parents to create chore lists, with kids getting paid once they complete the tasks. Additinoally, children can earn allowance, set savings goals, donate to charity, and more. Kids also get their own debit card that not only can be customized from dozens of designs but also bears their name in place of “Henry” — like “GoAdam” or “GoJulie.” Finally, they can learn even more about personal finance with in-app videos and quizzes called Money Missions.

Currently, GoHenry comes at a cost of $3.99 per child per month. However, they do offer a 30 day free trial. Also notable, since GoHenry isn’t a bank, they partner with Community Federal Savings Bank to hold deposits, making all funds FDIC insured.

Greenlight

Another growing option is Greenlight. While this platform also offers kids their own debit card, the service includes a number of other features and perks. For example, Greenlight offers a number of flexible allowance options, enabling parents to choose how often payments occur, whether kids receive a flat-rate or chore-dependent payment, and more. Elsewhere, the service includes financial literacy lessons for users of various ages. Plus, depending on which plans parents choose, kids can earn up to 2% on their savings and up to 1% back on their spending, with cash back automatically deposited into their savings account.

At this time, Greenlight offers three subscription plans: Greenlight, Greenlight + Invest, and Greenlight Max. These plans cost $4.99 a month, $7.98 a month, and $9.98 a month respectively. However, these fees include debit cards for up to five children. Meanwhile, in addition to savings features, upper tiers of Greenlight’s service also include investing options, allowing users to purchase fractional shares of individual company stocks or ETFs with as little as $1. Incidentally, Greenlight also partners with Community Federal Savings Bank to provide FDIC insurance.

Till

For parents seeking a fee-free option, Till may be the answer. With a Till debit card, kids will be able to spend their own money while also getting insights into their spending (along with their parents). On that note, parents can manage their own wallet, and similar to other platforms, they can choose to give money to their kids when they complete what Till calls Tasks.

As mentioned, Till is currently free for both adults and kids to use. In turn, it may not have quite as many features as some of the others we’ve discussed so far — but could be perfect for those kids and teens who want some financial freedom and are hands-on learners. By the way, Till partners with Coastal Community Bank for its banking services.

Current debit card and app

Current Teen Banking

Moving from dedicated kid and teen banking platforms to FinTech with a specialty wing, the popular app Current happens to offer its Current Teen Banking service as well. With a Teen account, kids will be able to try out such features as round-ups — meaning that their purchases will be rounded up to the nearest dollar and the spare change is placed into a Savings Pod. Current Teen debit cards also allow for fee-free access to more than 40,000 Allpoint ATMs. As for parents, they’ll be able to block purchases from certain merchants, assign chores to complete, set up automatic allowance payments, and more.

While Current Teen Banking was previously offered as part of Current’s Premium account, recently, the FinTech dropped the subscription fee for this service. Now, parents and teens can use Current with no monthly fee. Also, just like Current itself, Current Teen Banking accounts partner with Choice Financial Group, Member FDIC.

Revolut Junior

Lastly, let’s talk about Revolut Junior. This is a kid-centric offshoot of the app Revolut, which itself offers a number of unique features including the ability to hold and spend foreign currencies. In any case, Revolut Junior offers kids colorful debit cards, gives them access to budgeting tools, and also includes support for Tasks and Goals. In fact, with Group Vaults, kids and parents can save up for certain goals together.

With a standard Revolut account, parents can create Revolut Junior accounts for up to five children. That said, Reovlut does also offer Premium and Metal plans for $9.99 a month and $16.99 a month respectively. While these upgrades may be beneficial for some parents, it doesn’t seem as though they’ll have much impact on the Junior offerings. Regardless, Revolut partners with Metropolitan Commercial Bank for its card issuance, while Vaults deposits are held with Sutton Bank.


There’s no doubt that kids and teens can learn a lot about money by being able to manage their own spending and savings — with a little supervision and help from their parents. Thus, any of these five FinTech banking options could go a long way in getting your children to become both more financially literate and independent. Of course, parents will need to make some decisions as there are pros and cons to these various options, including some fees to consider. Still, with free trials available for many, it’s definitely worth taking a closer look at these platforms for yourself and seeing what might work best for your family.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

Chase Marriott Bonvoy Card

Chase Updates Marriott Bonvoy Bold Co-Branded Credit Card

Chase and Marriott Bonvoy have revealed updates to one of their co-branded offerings — alongside a best-ever welcome bonus for the card. About the updated card: The no-annual-fee Marriott Bonvoy Bold credit card has received a fresh update. First, the card will gain a variety of new rewards categories. Bonvoy Bold cardholders can now earn 2x points at grocery stores, 2x on rideshare services, 2x on select food delivery, 2x...
Repair Scrabble tiles with a model home and tools

Lessons From a First-Time Home Buyer: A Warning on "Interest-Free" Home Repair Financing

The unfortunate fact about being a homeowner is that, at some point, you're going to have to pay to repair/replace some expensive items in your house. And while you should try to be as prepared for that as possible, in reality, there are times when an unexpected repair may mean needing to request financing. That way, you can pay off the purchase over time rather than shelling it all out...
"Image displaying the CNBC and Statista logos, featuring a globe highlighting financial data and statistics."

CNBC Names Top 250 FinTech Companies for 2024

The popular financial network CNBC has released its latest list highlighting the top 250 FinTech companies in the world. About the list: To compile this list, CNBC partnered with Statista. Although the companies were nominated by themselves via an application — which included sharing 2023 revenues, year-on-year sales growth rate, and total employee count — Statista conducted analysis on each and considered their key performance indicators (KPIs). Specifically, overarching KPIs...

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...