Can I Use Cash App If Im Under 18
Kids and teens these days are more savvy with technology than we ever were as children, so it's not surprising that they are using banking apps.
But how do you know if your child or teen is ready to handle their own banking? It can be hard to balance the teaching of responsibility with a desire for independence.
This blog post discusses banking apps for kids, teens and minors including some tips on what questions parents should ask themselves before letting their kids bank on their own.
What are Banking Apps for Kids and Teens?
Many kid-focused banking apps come with debit cards that are personalized for you. Mobile banking apps for minors make it easy to manage money and teach kids the value of spending and saving. However, these are not your traditional bank accounts.
Rather than visiting a branch, account holders can manage their money right from their phone. Many of the apps are kid-friendly and easy-to-use with parents or guardians.
How Do Banking Apps Work?
These money apps for kids work similarly to the ones parents use themselves. Both children and parents have online account access but these apps allow children to log into their own sub-accounts, like an authorized user on a credit card.
These sub-accounts carry fewer features than the adult version because you can set specific limits on how funds get spent, managed and saved.
These banking apps come with prepaid debit cards for teens that have parents control and allow you to fund money through transfers from existing checking accounts. Grown-ups can monitor, limit and pick specific locations where cards can get used.
These apps for kids also help with letting your kids save money in what has become their virtual piggy bank.
Do I Have an Account at an Actual Bank?
These platforms are actual banks, just not in the traditional sense of having established real estate to enter when needing to use a bank's services. These online-only institutions function just like actual banks save the physical location you traditionally visited in the past.
Kids can store their savings in these accounts and take advantage of a number of unique features. Parents can use these tools to review money decisions weekly or monthly to develop a sense of the importance of budgeting and managing funds.
How Do I Deposit Money on Banking Apps for Teens?
Banking apps for teens allow a parent or guardian to send money from their own account as one of the features for funding an account.
Likewise, teens can also direct deposit paychecks from their jobs, deposit checks virtually from birthdays, holidays or other celebrations, or even add their allowance earned from chores.
What are the Best Banking Apps for Minors?
Have a look at the best banking apps to consider for kids and teens (minors interested in saving money and managing it with debit cards for kids and teens).
1. Best Free Banking App for Teens: Axos Bank First Checking
- Available: Sign up here
- Price: Free
- App Store Rating: 4.7
First Checking by Axos Bank is the ultimate starter checking account for teens which also comes with a debit card. The world of banking can be a little scary, but not with the simplicity and power of Axos' First Checking Account.
The account works as a joint account between a parent or guardian and their teen, allowing for easy-to-set, customizable parental controls with a debit card dashboard.
Parent and teens can manage almost every part of the banking experience through a convenient mobile app or through the online desktop portal. Perfect for modern families who always find themselves on the go.
The First Checking account from Axos Bank gives teens their first taste of financial independence by giving them their own checking account (which pays interest!) and debit card that has daily cash withdrawals limits of $100 and purchase limits of $500.
This provides safeguards against teens getting carried away with the money held in their account.
Further, you can have up to $12 of domestic ATM fee reimbursements per month, avoid any monthly maintenance, overdraft or non-sufficient funds fees—essentially making the account free!
The account carries the highest level of security through biometric authentication techniques like fingerprint readers, voiceprints and facial recognition (pending smartphone feature availability).
Read more in our Axos First Checking Account review.
Our Teen Checking Account Pick
Axos | Teen Checking Account w/Debit Card
- Joint checking account for teenagers ages 13-17
- No monthly maintenance, overdraft of non-sufficient funds fees
- Debit card with account alerts
- Earn up to 0.10% APY
- Up to $12 domestic ATM fee reimbursements per month
- Daily transaction limits ($100 cash, $500 debit)
Related: Best Free Debit Cards for Kids & Teens [Earn, Save & Spend]
2. Chase First Banking: Best Free Debit Card for Kids and Teens
- Available: Sign up here
- Price: Free (no fees)
- App Store Rating: 4.8
Ready to teach your little ones about money, but not quite sure if you have the time, patience and expertise?
Chase First BankingSM offers simple banking for both of you in one location: the Chase Mobile® App— for free . Manage all accounts with this mobile app and encounter no fees as well as find yourself able to withdraw money on 16,000 Chase ATMs around the country.
At the heart of Chase First Banking SM sits one of the best free debit cards for kids and teens that works anywhere Visa is accepted.
Need insight and oversight into your child's spending and saving? You can set spend alerts and limits as well as specific locations all in your Chase Mobile® app.
Teach your kids to spend, save and earn — all from the Chase Mobile® app. Chase First Banking SM helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
To get started, you'll first need to be a Chase customer with a qualifying Chase checking account.
Consider opening a Chase Total Checking SM or Chase Secure BankingSM account to qualify.
- Chase Total CheckingSM also grants access to 16,000 Chase ATMs and more than 4,700 branches as well as a $225 sign up bonus when you set up direct deposit within 90 days of coupon enrollment. You can pay $0 in monthly fees, subject to meeting certain conditions*.
- Chase Secure BankingSM offers the same Chase ATMs and branch locations as well as a $100 sign up bonus when you make stated qualifying activities and meet certain conditions.
Once you open a qualifying Chase Checking account, you may apply for a Chase First BankingSM account for your child.
Read more in our Chase First Banking review.
Our Kid's Free Debit Card Pick
Chase First Banking | Free Checking, Debit Card for Kids
- Chase First Banking offers simple banking for both of you in one location: the Chase Mobile ® App— for free
- You can set spend alerts and limits as well as specific locations all in your Chase Mobile ® app
- Teach your kids to spend, save and earn with Chase First Banking. The account helps parents teach teens and kids about money by giving parents the control they want and kids the freedom they need to learn.
3. Greenlight Card
- Available: Sign up here
- Price: Free 1-month trial, $4.99/mo after
Greenlight provides parents control over where their kids can spend money by limiting the stores where their cards work. Parents can get alerts when money is spent on the Greenlight debit card and for how much.
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 kids to discuss why a purchase either is a good or bad idea.
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.
It's also a rapidly growing app many parents have come to use for raising financially-smart kids.
Read more in our Greenlight Card review.
Our Investing & Debit Card for Kids Pick
Greenlight | The Investing App and Debit Card for Kids
- Greenlight offers flexible parental controls for each child and real-time notifications of each transaction.
- Greenlight is the only debit card letting you choose the exact stores where kids can spend on the card.
- Parents can use this app to teach them how to invest with a custodial account through Greenlight Max
Related: 12 Best Allowance and Chore Apps for Kids [Easier Family Life]
4. Best for Combined Teen Independence and Cost: Copper Card
- Available: Sign up here
- Price: Free
- App Store Rating: 4.8
Copper Banking was founded with the mission to help teens gain real world experience by giving them access to their money in a way that traditional banks aren't able to do.
The Copper app and debit card teaches teens how to make smart financial decisions by creating a platform for parents and teens to 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, online or with Apple or Google Pay.
Plus, users get exclusive access to engaging content curated by a team of financial literacy experts who provide advice and tips on how to take control of their financial future.
Copper is founded on the belief that teens should have equal access to financial education and should be empowered to learn by doing. Cause you're never too young to get your money right.
Copper Banking Features:
- Send/Request: Teens and parents can easily send and receive money all at the touch of a button
- Spend: Spending using Apple or Google Pay or using the Copper Debit Card. Get a snapshot of all your teen's spending in an easy-to-read dashboard.
- Save: Gain quick snapshots of your teen's savings and helpful tips on how to save even more. Set up savings bucks 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.
Read more in our Copper Banking review.
Copper Banking | Banking Built for Teens
Free Debit Card for Teens
Copper is the digital bank and debit card for teens built with the mission of creating a financially successful generation.
- No subscription fees
- Send/Request: Teens and parents can easily send and receive money all at the touch of a button
- Spend: Spending using Apple or Google Pay or using the Copper Debit Card. Get a snapshot of all your spending in an easy-to-read dashboard.
- Save: Gain quick snapshots of your savings and helpful tips on how you can save even more. Set up savings bucks 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.
5. goHenry
- Available: Sign up here
- Price: 1 month free, then $3.99 per child/mo
goHenry is a banking app for minors that comes paired with a debit card. You have an online account which comes linked to individual accounts for each of your children.
You can manage all of the money held in each account through the company's app and online account portal.
Each child will receive their own goHenry debit card which comes paired with parental controls you can set for your children.
What's nice about goHenry is the ability to spend only the money available on the card, meaning you don't need to worry about costly overdraft fees or accrue debt.
You open a goHenry account, receive your children's debit cards in the mail 7-8 business days later, set up an automatic weekly allowance transfer into your children's accounts and can set up one-off or weekly spending limits.
This will keep your children's spending in check and you can block/unblock the card as needed as well as choose the stores where your kids can shop.
With time, the controls provided by the app and the guidance you offer can help your kids to earn, save, spend and give with good money habits.
Learn more by reading our goHenry debit card for kids review.
goHenry | Kids' Debit Card & Financial Education App
- A financial app and debit card designed to give young people ages 6 - 18 a bright financial future
- Kids can earn allowance, complete chores, set savings goals, give to charity and bank with goHenry
- Use the app to build a solid financial education
Related: goHenry vs. Greenlight: Who Has the Best Debit Card for Teens?
6. Acorns
- Available: Sign up here
- Price: Acorns Personal: $3/mo & Acorns Family: $5/mo
Acorns has become one of the most popular financial apps for minors and young adults by offering a robust money management platform.
The full suite of offerings includes the ability to establish custodial accounts for minors to invest, regular and retirement investment accounts for adults and a bank account with linked debit card.
If you sign up for the Acorns Spend product, it creates a bank account that carries FDIC Insurance protection for up to $250,000.
Further, it uses the Acorns "Round Ups" feature which rounds up purchases to the nearest dollar, investing the difference between the transaction amount and the whole dollar. The service claims to help users invest an average of $30/month using this feature.
While not a free stock trading app, Acorns does give you the following subscription options:
- Acorns Personal ($3/mo):
- Acorns Invest: Invests spare change through the popular "Round-Ups" feature, earns bonus investments and provides access to financial literacy articles
- Acorns Later: Tax-advantaged investment options like IRAs
- Acorns Spend: Acts as your bank account, offering free withdrawals at over 55,000 ATMs nationwide and no account fees and the ability to earn up to 10% bonus investments
- Acorns Family ($5/mo):
- Everything in Acorns Personal (Acorns Invest, Later and Spend)
- Acorns Early: This allows you to take advantage of the best way to invest $1,000 for your child's future and can teach you how to invest as a teenager or minor through opening a custodial account.
For a limited time, the service also offers a $10 sign up bonus in money toward free stocks for people who open an account and $75 for establishing direct deposit and meeting certain conditions. Learn how to start investing money and bank.
Learn more in our Acorns review.
Our Micro-Investing App Pick
Acorns | Invest, Earn, Grow, Spend, Later
- From acorns, mighty oaks do grow. Grow your oak!
- In under 5 minutes, get investment accounts for you and your family, plus retirement, checking, ways to earn more money, and grow your knowledge.
- Famous for investing spare change automatically through Round-Ups, this all-in-one financial app helps younger generations start investing earlier.
- Just $3 or $5/mo.
- Bonus: Get $10 to start & $75 for taking specific actions in an Acorns Checking account*
* Must receive 2 or more direct deposits of at least $250/deposit and spend at least $500 from the Checking account within 3 months of first qualifying deposit. $75 bonus will be deposited into your Acorns account within 45 days.
Related: Best Acorns Alternatives: Micro-Investing Apps to Use
7. Stash
- Available: Sign up here
- Price: Starts at $1/mo
Stash is an all-in-one personal finance management platform. The app includes a mobile-friendly investing app for beginners and comes paired with a checking account and debit card.
Stash caters to people looking to begin managing their money and invest as you spend money and make recurring deposits into your account. You can also pair the subscription with a stock news app or site to learn more about the market.
You can grow your account balances over time by making regular deposits, utilizing its round ups feature, or "Stock-Backs," on your purchases.
This essentially substitutes for the cash back features seen on some credit and debit cards, paying you in free stocks as opposed to cash back.
Stash | Investing Made Easy
- Stash is a personal finance app that simplifies investing, making it easy and affordable for everyday Americans to build wealth and achieve their financial goals.
- By signing up and making a $5 deposit, Stash will also provide a $5 sign up bonus.
Related: Best Greenlight Alternatives [Debit Cards for Kids & Teens]
8. Current
- Available:Sign up here
- Price: $36/teen per year
Current is a banking app designed for all families. The Current app allows you to track your teen's spending in real-time, set limits on how much they can spend, and even block specific merchants.
You also get the peace of mind that comes with knowing their money is safe because it's not cash. Plus, the company doesn't charge any fees or interest for student accounts so there are no surprises when bills arrive.
Current helps parents teach teens financial responsibility while giving them a way to learn without having cash around the house and all its temptations.
That means less worry for both parents and kids! With Current, your teenager will be able to do everything from paying friends back to buying groceries at the store–all safely with only her phone!
And teens will have the opportunity to learn financial responsibility and budgeting from an early age. This will allow them to grow their savings and move one step closer to financial independence.
Read more in our Current review.
Current | Banking for All Families
- Instant money transfers and spending notifications
- Develops financial responsibility for teens
- Parents can set spending limits and block specific merchants
- Families can control their money together, saving for goals and working toward financial goals
9. FamZoo
- Available: Sign up here
- Price: Free trial, then $5.99/mo
FamZoo is another prepaid debit card service parents can use to manage their children's spending. It works by having parents release money into their child's account and then having the card work with a loaded balance. Money can be loaded onto the cards at any time.
FamZoo acts like a regular checking account with a linked debit card except FamZoo makes sure the account can't be charged overdraft fees, saving you money.
Adults are able to monitor the transactions being made. After a free trial, this app costs $5.99 per month, but the price goes down if prepaid in advance.
Related: Greenlight vs. Famzoo: Who Has the Best Debit Card for Kids?
10. M1 Finance
- Available:Sign up here
- Price: Free trades, M1 Plus costs $125/year
M1 Finance is an all-in-one super app that does it all. The app allows you to invest, borrow and spend but also open aM1 Finance custodial account to allow your kids to use it as an investment app as well.
The service requires you to sign up for M1 Plus to do this, however. Be sure to watch out for when the company puts this on promotion, making it free for you to try.
If you hold money in the app's free checking account, it comes with FDIC insurance coverage and is part of the entire safe M1 Finance financial app experience.
Read more about this app in ourM1 Finance review.
Our Robo-Advisor Pick
M1 Finance | Smart Money Mgmt
- M1 Finance's Smart Money Management gives you choice and control of how you want to invest automatically, borrow, and spend your money—with available high-yield checking and low borrowing rates.
- Special Promotions: Open an account and make a $1,000 deposit within 14 days to receive a $30 bonus and get 1-year free of M1 Plus ($125 value).
Are Money Apps for Kids Safe?
Kids need to begin first by understanding the value of money and how it can be used to save for important spending decisions or spent on everyday necessities. For kids to get the full value for their money, they will also need to manage it and invest.
Doing so properly will help kids to develop financial literacy skills, have less fear of financial topics and set them on a better financial path. The previous apps are some of the best investing and money management apps for kids and teenagers.
These apps require a parent or guardian to open the account if the owner is a minor, but will transition to the account owner's name after turning the age of majority (18 or 21 in some states for financial items).
These banking apps for minors come with cybersecurity controls, multi-factor authentication and banking integration through Plaid, a leading cybersecurity provider in the financial industry.
The money kept in these bank accounts carry standard FDIC insurance coverage. This type of insurance protects your deposits held in the account up to $250,000 in value in the event of a bank failure.
These apps offer a safe and secure experience for kids, teens and minors. However, as with any bank account, you should be aware of scams that can target children in general to take their money or add them on social media networks without the child's knowledge.
Parents need to teach their children about safe money handling processes and how to be mindful of phishing scams or attempts by others to steal their money.
Are Kids and Parents Able to View These Accounts?
Kids and parents can view these bank accounts and have access to the funds within them. These apps allow parents to establish certain controls over the money by limiting where kids can shop, withdraw money or invest money in stocks.
Parents usually have the power to sign on with kids' accounts, it is important for parents and children to come up with a shared agreement when they plan to review and manage the money held in the bank account
These specific banking apps do the job of providing the ability for parents to monitor and control their children's spending activity as well as build good money habits.
How Does a Virtual Bank Work?
A virtual bank does not have any physical locations to hold your money. Instead, you only use your bank online.
These virtual accounts come with all the features you would find in a standard banking account, like:
- bill payments and deposits
- mobile app for managing your money on-the-go
- saving money
- using a linked debit card
- carrying FDIC insurance coverage
- having other financial products at your disposal should you have needs
- access to ATM machines (with fee reimbursement)
- ability to deposit checks from your phone
The only difference is that there are no tellers or branch locations to deal with when using a virtual, or online only bank.
Do Banking Apps for Minors Teach the Value of Money?
Banking is a first step toward financial independence because it establishes an account with your money inside of your control.
Some banking apps offer tasks that teach kids about money. These included financial literacy resources can help kids understand money concepts and how teenage money management can be important.
However, understanding the value of money often comes from hands-on experience.
Therefore, it is important for adults to teach children how to budget their spending responsibly so they can become financially independent as soon as possible.
Some apps also offer an opportunity for kids and parents to interact with fun games and events with their money. Other apps like Greenlight promote learning how to invest together as a kids investing app product in addition to the primary banking and debit card product.
Do These Money Apps Help with Money Management?
These apps aim to teach kids how to be good with managing their money but also require interaction from parents. This ensures the apps provide guardrails but parents teach their kids how to manage their money wisely and what things matter most in life.
These apps give parents the tools to teach money management and a mostly controlled environment.
How Can Parents Manage How Kids Spend Money?
Many of these apps come with spending controls tied to the debit cards. This means limiting where your kids can spend money, how they spend money, how much they spend as well as real-time alerts as your kids make a purchase.
This level of control can give you peace of mind knowing that your child spends money in a way you've mutually agreed is best for them.
Do These Apps Help with Monthly Chores and Allowance Payments?
Some of these apps do come paired with an ability to pay for monthly chores and allowance payments. In fact, some of them first started as a chores and allowance app but transitioned into a full banking app for minors as they saw a need for it from parents.
Some offer a direct feature while others offer the ability to make automated money transfers in amounts predetermined by parents and kids for chores they've done and allowance they've earned.
How Can These Money Apps for Kids Help with Savings?
Banking apps for kids can assist them in learning the value of money. This means teaching kids to save money. They can be set up with targets for saving and the app will show them how much they have saved, what their target is, and when they've hit it.
Some apps teach children about budgeting by having a spending limit that parents approve before each purchase or an allowance amount based on age. Some of these banking apps also provide financial literacy resources to teach kids about money.
Some apps allow teens to save for certain expenses like summer camp, a prom dress or college tuition.
These apps can allow the teen to set up teenager money goals with milestones and it will let them know when they've hit the goal in an easy-to-read pie chart layout that breaks down where their saved funds go.
Done consistently and through repetition, these apps can help kids with things to save up for as well as how to manage their funds for the long-term.
What Apps Can Kids Use to Make Money?
When you've got money apps to handle your money, you naturally wonder how you can earn cash to keep track of in your virtual piggy bank.
Kids can use a number of apps and platforms to make money and add to their savings.
Kids can:
- sign up for eBay accounts and flip items they find at garage sales
- take surveys online through apps like SwagBucks
- complete tasks and sell their services through a platform like Fiverr
- create arts and crafts to sell through Etsy
Can Kids Also Invest with These Apps?
Many of these apps also come paired with the ability to invest money. They allow you to open a custodial account and begin teaching your kids how to invest.
The better investing apps on this list carry over their banking limitation controls to investing by only allowing minors to invest in certain types of investments like index funds.
Acorns and Greenlight only offer these investment options to limit teenage investing to areas with demonstrable impact at promoting long-term wealth. In other words, not individual stock trading in companies like GameStop or cryptocurrency like Dogecoin.
Certainly ways you can make money in the market, these types of investments require more investor sophistication and know how. Index funds represent a simple, diversified investment product suitable for teenagers to start investing or kids to begin learning about the market.
In short, index funds represent approachable stock trading risks kids can begin to understand before jumping into more complicated investment strategies later in life.
Can a Kid Have Cash App?
Per the rules of Cash App, minors cannot have their own Cash App account. If a minor would like to use Cash App, it would need to be through their parents' account, though this is not recommended.
This violates the terms of service for the account and will not allow you to use the virtual bank app in alignment with their rules.
What is the Best Allowance App for Kids?
One great allowance app to consider for paying kids on a chore chart or other family tasks is through RoosterMoney.
The allowance app aims to teach kids about money and provides a free virtual tracker and can include a money card as your children age and want to manage their own money.
RoosterMoney | The Kids' Allowance and Chores for Kids App
- Rooster Money wants to dispel the taboo of talking about money by having a clear rewards system for achieving certain money milestones
- The service provides a free virtual tracker and also can include a debit card as your children age and want to manage their own money
Can I Use Cash App If Im Under 18
Source: https://youngandtheinvested.com/banking-apps-for-kids-and-teens/
Posted by: monroewhithre1978.blogspot.com
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