Best Banking Apps for Teens: August 2022

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Compare the best banking apps and debit cards to teach your teen good financial habits.

Why Open a Banking App for Teens?

  • Teach financial literacy: Good financial habits need to start young. Kids can get real-life experience in saving, spending, and even investing.

  • Fast money transfers: Cash is easily lost or misplaced. Parents can send money to their kid quickly and securely at any time through the app.

  • Monitor spending: Parents are kept in the loop every step of the way. Flexible controls let you view banking activity, set limits, and automate allowances.

Are Banking Apps for Kids Safe?

As long as your app's banking services are FDIC insured, your money is protected. The FDIC insures your money up to $250,000 in case the bank fails. But keep in mind that the FDIC doesn't insure investments (for kids or for grown-ups).

Plus, banking apps use secure encryption and authentication measures to protect you and your child's accounts.

How Banking Apps for Teens Work

Teen banking apps work much like regular digital bank accounts—with an extra layer of parental control.

Both you and your teen can download the app. The parent's app lets you send money, view your child's spending, and set limits. The child's app is usually more restricted and may include helpful financial tools and lessons.

Many banking apps come with a debit card so your kid can conveniently access their money.

What to Look for in a Teen Banking App

Here are some common features to look for in a banking app for your child:

  • Parental tools: Most apps offer a lot of options for you to monitor and limit spending. These can include real-time spending notifications, spending limits, merchant blocking, and more.

  • Debit card: Debit cards let your teen use ATMs and make purchases online or in store.

  • Security: Make sure the bank account is FDIC-insured. This protects your money up to $250,000.

  • Maintenance fees: Some apps charge a fee for each child. Others charge a single fee for the whole family. Luckily, you can also find apps that have no maintenance fees.

  • Educational content: Short in-app videos and quizzes can help your teen stay engaged and learn the ropes.

  • Financial tools: Many apps have tools that make it easier for kids to build their savings and spend responsibly.

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