Step vs. Axos First Checking [Which Teen Debit Card’s Best?]

Setting your child up for future financial success isn’t just about creating a college fund or custodial account (though those are great to do!). You need to teach them how to manage money, as well. And the sooner they learn how to handle money, the better.

Getting your child a financial card, such as Step’s secured credit card or Axos First Checking’s debit card is a great place to start. But which card is better?

Today, I’m going to compare Step and Axos First Checking to help you decide which account and accompanying card makes more sense for your child. For each account, I’ll include an overview, any costs, and noteworthy features. For anyone still not ready to pull the trigger on either one, I’ll also highlight a few other competitive kids’ cards on the market.

Step vs. Axos First Checking Comparison

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Step Overview

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• Available: Sign up here

The free Step Visa Card is a unique “hybrid” secured credit card that’s tailor-made for kids and teens. It has the safety of a debit card, but it functions like a Visa credit card—including the ability to build your child’s credit history.

Parents, who sponsor the card for their child, add money to this FDIC-insured account and can determine how their child can spend. A regular Step account allows a child to have both a physical spending card as well as a virtual card in the Step app, while a Parent Managed Account only allows the child to spend via a physical card. Either way, they can use their card anywhere Visa is accepted.

Children can also use their cards to withdraw money from more than 30,000 ATMs for free. And parents needn’t fear that their child will overdraft—they can’t spend any money they don’t have.

Further, the Step Card comes protected by Visa’s Fraud Protection and Zero Liability guarantee. That means if your teen’s card gets lost or stolen, or misplaced and fraudulent charges crop up, you can dispute the charges within a certain time frame to avoid liability for paying.

Step also has fantastic savings benefits. Kids earn a high annual percentage yield (APY) on their money and can boost savings even more with Savings Roundup.

Step even features an “invest” function that allows children age 13 and older to buy and sell Bitcoin for a small transaction fee. The app is not a pure crypto wallet, however—your kids currently can’t spend Bitcoin directly at vendors.

Step has no age requirement, but anyone under 18 will need a parent, guardian, or trusted adult to sign them up.

Related: 7 Best Trading Accounts for Minors [Stock Investing Under 18]

Step Plans + Costs

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Step is as free as free debit cards for teens get. There are no monthly fees, no subscription fees, and no account minimum fees. Members can use more than 30,000 fee-free ATMs. Step doesn’t even charge commissions on stock trades. Step primarily makes money through “interchange” fees paid by the merchant bank, rather than charging customers. So it’s very easy to use Step and never pay a dime.

Now, Step isn’t perfectly free—no card is. There are a few situations where you could incur small fees, though most of these are par for the course for (or less than) comparable products.

For instance, merchants charge $3.95 per cash deposit—Step covers that charge for your first two deposits, but after that, you’re on your own. Same goes for card replacements—Step offers up to two free card replacements for lost physical cards. After that, there is a $5 charge for each additional card replacement. (Fortunately, you can always use Step’s virtual card for free.)

Step also charges a small fee when withdrawing funds out of a linked debit card. It costs 35¢ for transfers less than $20 or 1.75% of the transfer amount for transfers of more than $20. And when buying cryptocurrencies, buy and sell prices include a 2% markup that helps cover Step’s costs.

Step also warns about a couple of other third-party fees:

• If your child chooses to use an out-of-network ATM, Step won’t charge any fees, but the ATM operator may charge a service fee.
• Step doesn’t charge commission fees for stocks, but the government does charge a pair of small fees—a FINRA transaction activity fee (TAF) and a Security and Exchange Commission (SEC) fees—that account for a marginal percentage of your sale. Each fee is calculated as total transaction amount * $22.90 / 1,000,000, rounded up to the nearest cent, so a $1,000 trade would come out to just 4¢ in total fees.

Just keep in mind that both of the above fees are typical of just about any financial institution that offers those services.

Again: Step is as free as it gets.

Related: How to Make Money as a Kid [25 Ways For Any Age]

Step Features

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Step Card

The Step Card is a Visa-branded card that can be used anywhere Visa is accepted, which is … well, at 44 million merchants in 200-plus countries and territories, that’s just about anywhere credit cards are accepted. It can also be used to withdraw money for free from 30,000-plus ATMs. (Note: Withdrawals are capped at $250 within a 24-hour period and $1,000 within a 30-day period.)

Remember: The Step Card is technically a secured credit card. But in practice, the Step Card acts just like a prepaid debit card. Parents fund a kid’s account, and the kid can spend up to however much is in the account—but not a penny more.

Parents have several options for how to fund a Step Card, including directly through a linked bank account, a debit card, direct deposit from an employer, or payment apps like PayPal, Venmo, and Cash App. You can even deposit cash from 70,000-plus retail locations.

Lastly, the card is protected by Visa’s Fraud Protection and Zero Liability guarantee. You can dispute fraudulent charges within a certain time frame to avoid having to pay for those charges.

Credit Building

I said it in my Step review, and I’ll say it here: Step’s credit-building feature is by far and away the platform’s biggest draw.

Virtually all secured credit cards let you build credit. But Step stands out because it works differently, it has a laundry list of features most other cards don’t have, and it’s the only such card available for users under age 18.

That last point is what has made Step so popular among teens.

When a parent sponsors a card for their teen, they can opt to have Step report the past two years’ worth of information—transactions, payment history, and more—to the credit bureaus when their child turns 18. Credit scores are assigned once someone turns 18, and most teens will begin with a score of under 600. But based on a Step survey, 18-year-olds who used Step for at least seven months had an average credit score of 725.

That’s a massive difference that can mean easier access to (and lower financing rates on) everything from car insurance to apartment security deposits to student loans.

Also helpful? The card’s Smart Pay feature automatically pays off purchases every month from funds in the deposit account. That keeps kids from ever missing a payment.

Savings Goals

Lots of kids’ debit cards give different names to their de facto savings accounts: With Step, it’s called a Savings Goal. Kids can have multiple Savings Goals where they can save toward individual goals such as buying a bike or a laptop.

Users earn a competitive 5% annually—compounded and paid monthly—on up to $250,000 saved in their Savings Goals. Like with your average savings account, Step’s savings yield can change depending on movements in the Federal Funds Rate, but if that happens, Step will give you 30 days’ notice before it happens.

To qualify, the user must have a direct deposit of at least $500 per month, and the benefit extends for as long as the direct deposits continue. So even if your teen just holds down a summer job for three months and meets the qualifying direct deposit, they can still enjoy three months of high interest. (Other perks of making a qualifying direct deposit? Bonus points on dining, food delivery, charitable donations, specific merchants—and you can get paid up to two days early.)

Savings Roundup

Step also has a round-up feature: Savings Roundup. With this feature, small purchases are rounded up to the nearest dollar figure, and that extra money is put toward a Savings Goal.

Let’s say your child buys some candy for $2.75. Step will round that purchase up to $3.00 and put 25¢ toward a predetermined Savings Goal.

Investing

Step gives kids the opportunity to invest in more than 1,000 stocks and exchange-traded funds (ETFs), as well as cryptocurrency. Within Step, a child needs a stock account to invest in stocks and ETFs, then a separate crypto account to invest in cryptocurrency.

Parents must open and approve these accounts for their child. Also, kids can only invest in stocks or funds their parents have recommended for them.

Kids can invest with as little as $1 through Step thanks to fractional shares. Also, stock and ETF trading is commission-free, but Step does charge a 2% markup on crypto prices to help cover its costs.

Step’s selection of more than 1,000 stocks and ETFs is technically much smaller than the thousands of stocks and funds they could access through a traditional broker, but it’s more than enough for beginner investors—and in fact, even intermediate investors could easily build a portfolio out of Step’s holdings. The crypto offering is extremely limited, though, with only Bitcoin offered at present.

Related: Best Investing Apps for Teens Under 18 [Stock Apps]

Instant Transfers

Parents and other Step members can immediately send money to (and receive money from) one another with just a few taps. And while people rarely scoff at free money, you can include a note so the recipient isn’t scratching their head as to why you sent it.

Parental Controls

Most parents would prefer to dip their child’s toe into the money management pool rather than throw them in. Parental controls can help. Step allows you to monitor your child’s spending and freeze the card if you fear it’s lost or stolen (or fear your kid is being too irresponsible with it).

Allowance + Recurring Payments

Parents can easily set up allowance payments for their kids. You can set up recurring payments for regular chores, or one-time payments to reward your kid for spot chores, a good credit card, or otherwise doing something worth celebrating.

Related: Best Allowance and Chore Apps for Kids

Smooth Transition to Financial Adulthood

Step isn’t just for kids—adults can use it as well! Once your child turns 18, they can keep the same credit card number and account. Step will handle getting them appointed as the legal owner of the account and make it an independent account. Everything stays the same from the cardholder’s end. They can continue to use the card and keep building their credit history.

You can sign up for Step here.

Related: 30 Best Side Hustles for Teens [In-Person + Online]

Axos First Checking Overview

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• Available: Sign up here

Axos First Checking is a free joint bank account for teens and adults offered by Axos Bank—an online-only bank with a focus on technology-driven finance.

First Checking offers teens and their parents (or other adult owners of the account) a free debit card, peer-to-peer transfers, direct deposit, bill pay, extensive security features, even interest payments.

The Axos First Checking account comes with a debit card—you can choose either Visa or Mastercard—that you can use to spend in store and online, as well as to withdraw cash. While Axos Bank doesn’t have its own ATM system, Axos offers fee-free access to 91,000 ATMs nationwide, and it reimburses up to $12 in third-party ATM fees every month.

If you’re worried that your (or your teen’s) card is lost or stolen? You can lock and unlock the card from your Axos account. And the card limits cash withdrawals to $100 daily and debit transactions to $500 daily.

Axos First Checking charges zero monthly maintenance fees, overdraft fees, and non-sufficient fund fees. It’s designed for teens between ages 13 and 17 (up to 18 years old in Alabama). And once your teen reaches adulthood, it’s easy to convert to another Axos checking account, giving the newly minted adult full control.

Related: Best Debit Cards for Teens

Axos First Checking Plans + Costs

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If you hate fees, you’ll love Axos First Checking, which charges zero monthly fees and avoids a host of other fees. First, a look at the features:

Axos charges no fees for overdrafts, non-sufficient funds, incoming wire transfers, first debit cards (and replacements), or money transfers. The account requires no minimum deposit, nor any minimum balance requirements. And not only do you get access to 91,000-plus fee-free ATMs, but Axos will reimburse you for up to $12 in domestic ATM fee charges every month—so you don’t really have to worry about third-party ATM fees, either.

Axos Bank will charge $5 for customers who prefer paper account statements, and they do have a 1% foreign currency conversion fee. Axos Bank doesn’t charge a fee for cash deposits, but retailers may charge up to $4.95.

Related: Best Prepaid Debit Cards for Kids and Teens [Reloadable]

Axos First Checking Features

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Below are some of Axos First Checking’s most notable features. Some of these features are geared towards the teens, while others exist to keep parents sane.

Axos First Checking Debit Card

The Axos First Checking account comes with a free Visa- or Mastercard-branded debit card. (You can choose which one during the application.) The card can be used in stores and online wherever the chosen brand is accepted, including internationally.

Perhaps the most noteworthy feature of Axos’s card is its ATM access. Axos Bank allows you to withdraw cash fee-free from 91,000-plus ATMs nationwide. And if you come across an ATM outside of Axos’ network, no problem—it will reimburse up to $12 in third-party operator fees every month. Point-of-sale transactions are limited to $500 per day, while ATM withdrawals are limited to $100 daily.

Card actions such as activating, deactivating, reactivating, ordering a replacement, and sending a travel notification can all be done online.

Security features include active fraud monitoring, two-step authentication, and 128-bit Secure Socket Layer (SSL) encryption.

Parental Controls

Parental controls in Axos First Checking are fairly rudimentary. Parents can monitor their teen’s spending through account alerts received as real-time push notifications, emails, or text messages. They can also track transfers made from the account and lock/unlock the debit card from the mobile app and dashboard.

Cash Deposits

If teens have a tip-based job or receive a lot of cash for celebrations and holidays, they might want to deposit that cash into their accounts. Fortunately, while Axos is an online-only bank, there are still ways to make cash deposits.

Members can log in to the app and use the ATM locator to find ATMs that accept cash deposits. Alternatively, through Axos’ partnership with Green Dot Network®, they can deposit cash at many popular retailers, including:

• ACE Cash Express
• CVS
• Dollar General
• Kroger
• Rite Aid
• Safeway
• Walgreens
• Walmart
• 7-Eleven

Members can instruct the cashier to add the provided cash directly to their debit cards. Usually, the amount has to be between $20 and $500, but some places allow up to $1,500. Axos Bank doesn’t charge a fee for the transaction, but retailers may charge up to $4.95.

Peer-to-Peer Transfers

Axos lets teens make peer-to-peer payments directly from their checking accounts online. Just an email or phone number is needed to send a secure payment. So whether they need to pay a friend back for cash, fast food, or a group activity, it’s quick and easy to settle up.

Earns Interest

Teens earn an interest rate of 0.10% on any money in their account—a nice bonus for doing nothing. While this is an admittedly small annual percentage yield (APY) compared to, say, a high-yield savings account or money market account, it’s still more than you’ll get on your typical checking account (which is nothing).

Direct Deposit + Mobile Deposit

Teens with jobs can easily get their paychecks directly deposited into their accounts. Axos Bank has no minimum direct deposit amount to avoid fees (which isn’t the case with every financial institution).

Do the teen’s grandparents love to write birthday checks? Not an issue. Axos allows free mobile deposits. You can use a mobile device or computer to send money from a check straight into a First Checking account any time of day.

Bill Pay

While parents should always be covering a kid’s essential expenses, it isn’t unheard of for teens to be responsible for some of their nonessential costs. For example, a teen with a job might be asked to pay for their cell phone plan.

With Axos’ free bill pay feature, parents can schedule payments from a primary account to ensure the teen doesn’t miss a cell phone payment. (Note: Only parents, not teens, can access this feature.)

Bill Pay is parent use only.

Easy Transition to Adulthood

Once a teenager reaches adulthood, the account can be converted into a different checking account, such as Essential Checking, Rewards Checking, or CashBack Checking. The parent or original adult on the account can then remove themselves as a joint account owner so the new adult is completely in control.

You can sign up for Axos First Checking here and read more in our Axos First Checking review.

Related: Best Teen Checking Accounts [Banks for Teens]

Step vs. Axos First Checking: Our Editors’ Choice Is …

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Step and Axos First Checking are both free accounts that help kids become financially responsible. However, when you start comparing the accounts feature for feature, Step clearly takes the lead.

Step lets kids invest in stocks, ETFs, and even Bitcoin. It offers a substantially higher APY than Axos First Checking and those who enable the Round-Ups feature can save even faster.

But what really puts Step ahead of Axos First Checking—and virtually all of its competitors for that matter— is that Step can help kids build a credit history. When your child eventually needs to take out loans, purchase insurance, and more, they’ll be grateful to already have credit established. Plus, Step has no minimum age, whereas you need to wait until your child is a teenager for them to open an Axos First Checking account.

None of this is to say Axos First Checking isn’t a good account. It can still teach your kids about spending and saving.

For teens who frequently want to reload their cards with cash, such as those with tip-based jobs, Axos could be an excellent fit. While Step offers the first two cash deposits for free, it costs $3.95 per reload after that. Meanwhile, Axos First Checking doesn’t charge anything for cash deposits (though retailers may charge a fee).

Overall, Step is our winner here, as it’s packed with premium features while still being completely free. If you’re interested in trying it out, you can sign up for Step here and learn more in our Step Review.

Related: 26 Best Online Jobs for Teens [Earn Money at Home, Age 13+]

Other Debit Cards for Kids to Consider

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If you’re still not convinced on Step or GoHenry, you might want to look at these other highly rated options:

Related: 13 Best Money Apps for Teens [Invest, Spend, Budget + Pay]

1. Fidelity Youth^™ Account (Best Free Debit Card With Teen Investing)

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• Available: Sign up here
• Price: No account fees, no account minimum, no trading commissions*
• Platforms: Web, mobile app (Apple iOS, Android)
• Promotion: Teens get $50¹ on Fidelity^® when they download the Fidelity Youth^™ app and activate their Youth Account; parents get $100 when they fund a new account

Is your teen interested in jumpstarting their financial future? Do you want them to build smart money habits along the way?

Of course you do! Learning early about saving, spending and investing can pay off big when you start on the right foot. And one tool that can help your teen get that jump is the Fidelity Youth^™ Account—an account owned by teens 13 to 17 that’s designed to help them start their money journey. They can start investing by buying most U.S. stocks, exchange-traded funds (ETFs), and Fidelity mutual funds for as little as $1!⁴

Your teen will also get a free debit card with no subscription fees, no account fees³, no minimum balances, and no domestic ATM fees⁵. And they can use this free debit card for teens to manage their cash and spend it whenever they need.

And as for building smart money habits? You and your teen can access your account through the Fidelity Youth^™ app, which has a dedicated Learn tab packed with materials developed specifically to help teens develop good financial habits. Not only will Fidelity’s interactive lessons, videos, articles, tools, and calculators accelerate their learning—but for every level they complete, reward dollars will be deposited into their account to use however they want.

We’ll note that Fidelity Youth^™ Account isn’t a prepaid card nor a banking app, but it’s still strongly worth considering.

Controls parents want and need

A parent or guardian must have or open a brokerage account with Fidelity^® to open a Fidelity Youth^™ Account. For new Fidelity^® customers, opening an account is easy, and there are no minimums and no account fees.

Parents and guardians have plenty of tools they can use to monitor their teen’s activity: They have online account access, can follow monthly statements and trade confirmations, and can view debit card transactions made in the account.

To make it even easier, you can set up alerts to notify you of trades, transactions, and cash management activity, keeping you firmly in the loop on actions your teen takes across the Fidelity Youth^™ Account’s suite of products.

If your teen has an interest in learning about investing and taking their first steps toward building their financial journey, you should consider downloading the Fidelity Youth^™ app and opening a Fidelity Youth^™ Account. The account comes custom-built for their needs, which will help them become financially independent and start investing for their future.

Read more in our Fidelity Youth^™ Account review.

Related: Best Banking Apps for Kids & Teens [Teen Banking]

2. Greenlight (Best-Rated Debit Card for Teens)

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• Available: Sign up here
• Price: Free 1-month trial. Core: $4.99/mo. Max: $9.98/mo. Infinity: $14.98/mo. (All plans include cards for up to 5 children)

The Greenlight debit card allows kids to begin spending, but provides parents with peace of mind by giving them control over where their kids can spend money. Parents also can choose to receive alerts that tell them when, and how much, money is spent on the Greenlight debit card.

Greenlight works like a prepaid debit card, allowing you to transfer money onto the card for your child to pay for expenses at approved locations. You can choose how much money to load onto the card, and your child will be cleared to make approved purchases so long as a money balance backs up the card.

If your child asks for extra money to get added to the card, you can have them take a photo of the purchase they want to make and receive your approval. This gives you control and allows you to have discussions with your child about why a purchase might be a good or bad idea. And if your child has a job, they can add their own funds to the card as well.

The Greenlight debit card is a good choice for parents looking to teach their kids the importance of saving money and making prudent financial decisions. This financial product can be an effective learning tool for helping kids to understand why saving should be a priority and how to simplify paying an allowance or tracking chores. Greenlight has no minimum age requirements for this card, but recommends starting at age 6 or older.

Greenlight boasts numerous other features, too.

For instance, parents can open an investment account for kids to get their children investing in stocks and exchange-traded funds (ETFs) for the first time.

Greenlight offers monthly savings rewards based on your tier: 1% per annum for Core members, 2% per annum for Max, and 5% per annum for Infinity. You may set up “Parent-Paid Interest” between you and your child. This allows you to foot the bill and pay interest on accounts for up to five kids.

Any Greenlight subscription also lets users qualify for the cash-back Family Cash Card. Parents can add their teenagers as authorized users to this Mastercard help them learn how credit cards function and establish a credit history. This credit card offers the following cash-back rewards:

• 3% cash back when you spend at least $4,000 in a billing cycle
• 2% cash back when you spend at least $1,000 (but less than $4,000) in a billing cycle
• 1% cash back when you spend less than $1,000 in a billing cycle

There is no limit to the cash back that can be earned, and users can also auto-invest the cash-back rewards.

Each monthly Greenlight subscription includes debit cards for up to five kids. Replacement cards cost $3.50 each but are free the first time. If you need to replace your card quickly, you can get express delivery for $24.99. The company also offers a personalized debit card for kids, with your own photo or design, for $9.99.

Read more in our Greenlight card review.

Related: How to Invest as a Teenager [Start Investing as a Minor Under 18]

3. Copper Card (Best Debit Card for Kid Independence)

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• Available: Sign up here
• Price: 30 days free. Copper: $4.95/mo. Copper + Invest: $7.95/mo.

Copper Banking was founded on the belief that kids and teens should have equal access to financial education and should be empowered to learn by doing. Now, the company is on a mission to help children gain real-world experience by giving them access to their money in a way that traditional banks can’t.

The Copper app and debit card teaches your child how to make smart financial decisions by creating a platform where parents and their kids can connect. With the Copper app, you get easy snapshots of your accounts. And with the Copper Debit Card, it’s easy to shop in-store or online, including with Apple Pay or Google Pay.

Plus, users get exclusive access to engaging advice curated by a team of financial literacy experts who provide tips on how to take control of their financial future.

Copper features

When I reviewed the Copper banking product, I found the following features to be most important:

• Send/Request: Kids and parents can easily send and receive money all at the touch of a button.
• Spend: Spend using Apple or Google Pay, or using the Copper Debit Card.
• Withdraw: Access your money from more than 55,000 fee-free ATMs.
• Monitor: Get a snapshot of all your child’s spending in an easy-to-read dashboard.
• Save: Gain quick snapshots of your kid’s savings and helpful tips on how to save even more. Set up savings buckets and save for the things that you want.
• Learn: With the help of Copper’s team of financial literacy experts, gain bite-sized tips on how you can maximize your money and prepare yourself for your financial future.

The basic Copper account includes the above banking features. With Copper + Invest, your child also gets access to automatically curated smart portfolios built with their preferences in mind. (We like the guardrails they provide to get your child started with investing.) Your child is given a questionnaire that helps Copper determine a portfolio based on their age, income, net worth, investment objective(s) and investment horizon. Copper then recommends one of three ETF portfolios—Moderately Aggressive, Aggressive, and Extra Aggressive—made up of thousands of stocks. Parents can review the portfolio to ensure it matches with not just your child’s preferences, but your family’s. (Portfolios can be changed later on by accessing the Support chat.)

Much like many other apps I’ve reviewed on WealthUp, your child doesn’t need much money to begin their investing journey with Copper. They can begin investing for as little as $1, then add more contributions down the road. Copper will automatically rebalance the portfolio as needed to make sure it always keeps up with your child’s investment preferences.

Copper is available to kids 6 years and older.

Read more in our Copper Banking review.

Related: How to Invest as a Teenager [Start Investing as a Minor Under 18]

4. Revolut <18 (Best for Parent-Paid Bonuses)

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• Available: Sign up here
• Price: No monthly fees

Revolut <18 is a prepaid debit card for kids designed to teach them money skills for life. Aimed at building healthy money habits from an early age, the unique, customizable card empowers parents to have full insight into their kids’ card activity through providing instant spending alerts and parental controls.

You can choose to freeze the card, set controls on how they use the cards online and with contactless payments through your Revolut app. Further, you can set spending limits on how much your child can use with the prepaid card.

Parents use the card and accompanying app to teach kids about earning, budgeting, saving and even investing money (depending on the plan chosen). You can also use the card to manage chores and allowance, set savings goals as a family and help your children manage their money.

And if your child did something deserving of a reward? You can send parent-paid bonuses when they complete specific tasks. Simply add money to their digitized piggy bank through the app. You can send and receive money in seconds through Revolut’s Payments feature, which allows instant transfers between account holders and also global transfers at transparent rates.

Of note: You must have a personal Revolut account before you can open a Revolut <18 account for your children. You can add up to five Revolut <18 accounts per parent account.

To learn more about Revolut <18, consider visiting their site and opening an account for yourself and your child.

Related: Best Credit Cards for Kids [Start Building Credit Early]

5. Current (Great No-Monthly-Fee Teen Card)

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• Available: Sign up here
• Price: Free (No monthly fees)

The Current mobile banking app is designed with families in mind. It offers both adult and teen accounts, with the latter acting like prepaid debit cards that parents load for their children.

Current allows you to track your teen’s spending in real-time, set limits on how much your children can spend, and even block specific merchants on its Visa-enabled debit cards. You also get the peace of mind that comes with knowing your children’s money is safe because it’s not cash—no temptations, just a tool parents can use to help teach teens financial responsibility and sound money management skills.

Among Current’s features:

• No minimum required balances, no fees on transfers to other Current accounts, and no hidden fees.
• Create Savings Pods, or Giving Pods, that allow you to save up for various goals.
• Round-Ups allow you to round up purchases to the nearest dollar amount and store the difference in Savings or Giving Pods.
• Buy and sell more than 30 different cryptocurrencies with zero trading fees.

Teens will love easy allowance deposits, a card they can use in stores or online, instant gas hold removals when buying gas, and access to more than 40,000 fee-free Allpoint ATMs nationwide. They’ll also have the opportunity to learn about financial responsibility and financial independence through Current’s Budgets feature, which allows them to track their spending and even receive alerts when they get too close to (or exceed) a predetermined limit.

Current doesn’t specifically state a minimum age requirement, but the company’s marketing suggests teens are the target audience. Still, you might be able to open an account for a younger child.

Related: Best Investments for Beginners

What Is a Debit Card for Kids?

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Children generally can’t open their own bank account until they reach the age of majority in their state—often 18 years old. Thus, parents often look for other paths, such as opening a sub-account from their own bank account so they can provide their children with a card to use. In that event, your child likely will need to be at least 13 years old before receiving a card.

Unfortunately, these accounts might not come with the custom spending controls, parental oversight, or feature-filled mobile apps provided by many new debit cards for kids. These new apps provide numerous controls over your children’s spending, including spending notifications, limiting where your child can use the card, and even allowing you to quickly lock and unlock the card. And in many cases, you simply fund your child’s debit card, so it effectively functions as a prepaid debit card.

Traditional banks or prepaid debit cards might not allow you to do this beyond keeping the account balance at a certain level.

Related:

• Best Credit Cards for Teens [Build Credit]
• 4 Best Ways to Save Money for Kids [Children’s Savings Plans]
• Should You Open a Child Bank Account with a Debit Card?

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Terms and Conditions for Fidelity Youth™ Account

The Fidelity Youth™ Account can only be opened by a parent/guardian. Account eligibility limited to teens aged 13-17.

* $0.00 commission applies to online U.S. equity trades and exchange-traded funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. See Fidelity.com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Institutional® are subject to different commission schedules.

¹ Limited Time Offer. Terms Apply. Before opening a Fidelity Youth™ Account, you should carefully read the account agreement and ensure that you fully understand your responsibilities to monitor and supervise your teen’s activity in the account.

² The Fidelity Youth™ app is free to download. Fees associated with your account positions or transacting in your account apply.

³ Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See Fidelity.com/commissions for further details.

⁴ Fractional share quantities can be entered out to 3 decimal places (.001) as long as the value of the order is at least $0.01. Dollar-based trades can be entered out to 2 decimal places (e.g. $250.00).

⁵ Your Youth Account will automatically be reimbursed for all ATM fees charged by other institutions while using the Fidelity® Debit Card at any ATM displaying the Visa®, Plus®, or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited. Please note, for foreign transactions, there may be a 1% fee included in the amount charged to your account. The Fidelity® Debit Card is issued by PNC Bank, N.A., and the debit card program is administered by BNY Mellon Investment Servicing Trust Company. These entities are not affiliated with each other, and Fidelity is not affiliated with PNC Bank or BNY Mellon. Visa is a registered trademark of Visa International Service Association, and is used by PNC Bank pursuant to a license from Visa U.S.A. Inc.

⁶ Venmo is a service of PayPal, Inc. Fidelity Investments and PayPal are independent entities and are not legally affiliated. Use a Venmo or PayPal account may be subject to their terms and conditions, including age requirements.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

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