Many teenagers and children want to open a bank account and get their own debit card, but they may not be sure what the age requirements are.
In short, it depends on the bank or financial service you use. People under the age of 6 can actually get their debit cards at some local banks with no age restrictions at all.
In today’s post, we’ll cover a little bit about the age at which you can accept debit cards, and show you some of the banks and financial services companies that will hand out cards to younger customers.
Benefits of Giving Debit Cards to Children and Teenagers
If you have a debit card, there are several reasons:
- They don’t have to worry about losing money.
- Cards make buying things much more convenient.
- It makes it easier for parents to give money to their children.
- Cards can help teach minors about finance.
The last one is important. There are many studies showing that providing children with early financial education may work in the future.
Sadly in school we don’t learn enough about finances. No one talks about the importance of a budget or how to start saving.
This means that many of us will have to learn as adults, which can be accompanied by mistakes such as overspending and not saving. That is why it is so important for parents to teach their children about money and banking from an early age. Financial life without a bank account is much more difficult. It makes paying bills, paying for purchases, improving credit and many other things much easier. It is much more difficult to receive and transfer money without a bank account.
Giving children and teenagers their own debit cards can be a great way to do this.
How old do I have to be to get a debit card?
If you are under 18, you can get a debit card in some places if you are under 13. The problem is that usually one parent must become a co-owner by the time the child turns 18, and it is the parent who must request the card if using a financial services company (more details below).
We’ll talk more about age restrictions below.
There are two main ways minors can get a debit card.
One: Through a checking account – under 6 years old
Banks do not allow anyone under the age of 18 to open a bank account on their own. However, in many cases parents can open a family account that includes a joint checking or debit card for their children.
Depending on your bank, the youngest age to accept a debit card is 6 years old. Other banks set a higher minimum age, such as 13, 14, 15, 16 or 17.
Here are the banks where minors can get their own debit cards:
1. Capital One MONEY Teen Checking Account
- Minimum age requirements: 8 years old
Capital One offers free bank accounts for teens and children with debit cards. There are no monthly service fees or balance requirements. Parents can lock or unlock the card according to their choice, and receive notifications as well.
This is a signup account, but parents and children have their own mobile app login for MONEY. This gives parents visibility and control while their kids manage their money.
2. Chase First Banking
- Minimum age requirements: 6 years old
The Chase First Banking account is a bank account designed for people between the ages of 6 and 17. Chase OK is available to customers and is designed to help teens and children develop good money habits.
Parents must have a qualifying Chase checking account before adding a Chase First Banking account.
It is important to note that only the parent or guardian who opened the account can fund, view, or manage the account. But the kids get their own debit cards.
Parents get a lot of control over their accounts. For example, you can do something like:
- Manage where and how much your child can spend.
- Set up account notifications to track your child’s purchases.
- Approve or deny your child’s money request.
- Limit the amount your child can withdraw from ATMs.
There is also no monthly service charge for this account!
3. Alliant Credit Union Youth Current Account
- Minimum age requirements: 13 years old
The Alliant Credit Union Teen checking account is an account that can be used by people between the ages of 13 and 17. This is a joint account. Therefore, parents who are Alliant members must be co-owners of the account.
No minimum balance is required and no monthly service fee is charged. It comes with a contactless Visa debit card for parents and a card for children. There are also apps you can use to manage your money.
You can also set limits for cash ATM withdrawals, such as a daily card debit limit of $100, spending of $300, etc. Additionally, parent co-owners have full account access and can set up transaction alerts to monitor teens spending.
Parents are advised to check with their bank to see if there is a joint account option that offers a debit card that they and their children can use.
2: Via prepaid debit card service – some have no minimum age limit.
If you don’t want to follow the traditional banking route – perhaps your bank doesn’t offer debit cards for teens and you don’t want to switch – you can try a prepaid debit card service.
The advantage of prepaid cards for parents is that they can put money on the card and don’t have to worry about overdrawing their account.
Here are some places that offer debit cards to children and teenagers.
4. Green Light
- Minimum age requirements: No minimum or maximum age limit
Greenlight offers debit cards for kids. You can even set a savings goal with it. Parents can get a Greenlight debit card for their kids that can be used almost anywhere MasterCard is accepted.
Now, this cost ranges from $4.99 to $9.98 per month depending on the plan you choose. It provides real-time transaction notifications and gives parents flexible ATM and other spending control. Parents can also turn debit cards on or off directly from the app.
- Minimum age requirements: No minimum age limit
FamZoo offers prepaid cards to children and teenagers. There are also many educational tools to help kids learn about savings, investing and finance in general.
Parents have more control over how much their kids spend by automatically tracking purchases. There is a free card load option, and prices start at 63 cents per card per month.
- Minimum age requirements: 6 years old
GoHenry is a kids debit card and finance app. Designed for people between the ages of 6 and 18.
Parents can set rules that determine where and how much their children can spend. You can also receive real-time notifications giving you instant updates on your child’s spending. If your card is lost, stolen or damaged, you can immediately block or unblock it.
The great thing about GoHenry is that you can try it for free for a month.
After that, it’s $3.99 per child per month.
Giving your child or teen their own debit card can be a great way for parents to teach them about finances. And it can be much more convenient.
For example, when your child goes out to eat pizza with friends, it is much more convenient and safer to give them a debit card to use than to give them cash. Also, if parents want to pay their children for chores or babysitting, they can give them money to put on a debit card.
We hope this post has answered the question of how old you must be to receive a debit card. You can always check with your bank what options are available to minors who want to get their own debit card.
Try this option to get a debit card for kids or teens.