Updated October 17, 2022

Till Financial Review

Read more about Till
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Is Till Financial legit and safe for kids? Find out how a Till debit card compares to competitors like Greenlight and GoHenry.

Till
New User: $25 Bonus using the voucher code CREDITDONKEY

Overall Score

3.7

Savings

2.5

Minimum Deposit

5.0

Checking

3.5

Price

5.0

Customer Service

2.5

Mobile App

3.5

Ease of Use

5.0

Education

2.5
5-point scale (the higher, the better)

Pros and Cons

  • No monthly fees
  • Physical and virtual debit cards
  • Supports multiple family members
  • Available on iOS only
  • No cash deposits
  • Limited parental control options

Bottom Line

Free debit card best for younger kids

Teaching kids about money used to be so simple. Money goes in the piggy bank, and doesn't come out until the piggy bank is nice and heavy.

But managing money in the real world is a lot more complicated.

Till aims to help by teaching your kid how to save and spend money wisely. Does Till live up to its claims? Check out the pros, cons, and customer complaints for Till Financial.

What is Till Financial?

Till Financial is a debit card and banking app designed to help kids make smarter spending decisions. The company describes itself as a collaborative financial tool for families. Parents can transfer money, assign chores, and track their kids' spending.

Till was founded in 2018 by a team of entrepreneurs and dads: Tom Pincince, Taylor Burton, and Brian Chemel. To date, the platform has raised $6.2 million in total funding.[1]

Before reading about Till's features, take a look at the quick details to see if it's right for your family:

Age Requirement8-18 years
Monthly Fee$0
Minimum Deposit$0
APYNone paid by Till, parents can pay a custom APY
Free ATM AccessIn-network ATMs found in Till app

Is Till Financial a bank?
Till Financial is a financial technology company, not a bank. Till provides banking services and debit card for children by partnering with Coastal Community Bank.

Till Financial Key Features

Till's main offering is a reloadable debit card for kids, which can be fully managed from the Till Financial app. Below, see how these features work and how they could help your kid learn about money.

Till Debit Card

Till offers a free, physical debit card for your kid to spend online and in stores. The card supports convenient chip and contactless payments.

A handy feature is that if your kid misplaces their card, you can "freeze" it on the mobile app (more on this below). Then, you can use the virtual card on the app until your replacement comes.

Kids can also use the debit card to withdraw money at any ATM that accepts Visa cards. You'll have to find an in-network ATM through the app to avoid fees.

Till doesn't charge fees for out-of-network ATMs, but the ATM network most likely will.

It's unclear how many in-network ATMs there are, so finding a close location could be an issue. Till doesn't accept cash deposits either, so it's best to use this platform mainly for digital payments.

Till Mobile App

The Till app is available for iOS devices only. If your family uses Android devices, you won't be able to use this platform.

Like most banking apps for kids, Till offers two different app experiences for children and adults. Kids can view their balance, create savings goals, complete chores, and request money. Parents can monitor their kids' spending and send money in a few interesting ways.

Through the parent app, you can:

  • Send one-time payments
  • Set up recurring payments
  • Match a percentage each time your kid moves money to their savings
  • Pay interest to simulate interest earned on a savings account
  • Assign chores for your kid to earn an allowance
  • Approve all money transfers

You can also add other family members to your account, such as a spouse or grandparent. They'd be able to view your kid's balance and send them money. As the account owner, you have the final say. You can approve or deny any transfers requested by your kid or a family member.

The app doesn't offer educational content like quizzes or short videos. But the features it does have can teach kids valuable lessons about saving and compound interest.

Till Parental Controls

Parental controls are pretty minimal with Till. Parental approval is needed each time your kid wants to move money to or from their savings. As mentioned above, you can also approve or deny any transfers between your kid and other family members on the account.

Beyond this, there isn't much you can do to limit your kid's spending.

If your kid is new to managing money, they might make a few poor choices at first. Mistakes can absolutely turn into good teaching moments. But some parents might feel more comfortable with an app that supports customizable spending limits.

On the other hand, Till could be a great choice if you want to empower your kid to make their own decisions.

What is the best age for a kid to use Till?
Till Financial has a minimum age requirement of 8 years old. In general, the app seems to be best suited for younger kids. Parental approval is required for every transfer, so the app might not offer enough flexibility for teens.

How much does Till Financial cost?

For the most part, Till Financial really is a fee-free banking app for kids.

There are no monthly fees or maintenance fees of any kind.[2] You can also open accounts for multiple kids in your family with no additional fees. Since you can't overdraft the account, there are no overdraft fees either.

There are only three fees that Till charges:[3]

  • Card replacement: $5
  • International ATM withdrawal: $5
  • International transaction fee: 3%

Unless you plan on using the card overseas, these fees should be pretty easy to avoid.

Till Customer Service and Reviews

Access to customer support is limited. If there's an urgent matter regarding your account, this could be problematic.

Till customer service is available by email only. You can contact their support team at support@tillfinancial.io.

Till doesn't offer customer support in person, by phone, or through chat.

Till has a solid rating of 4.5 out of 5 on the Apple App Store. But keep in mind that there are only about 379 reviews for the app.

One of the most common complaints is the slow bank transfer times. Some customers report needing to wait 5 days before money is posted to the account.

Overall, the Till app seems to be well-liked despite the long processing times.

Is Till Financial safe?
Till Financial is a legitimate company that offers banking services through Coastal Community Bank, an FDIC-insured bank. Any deposits you make are protected up to $250,000. Till also keeps your account data safe using secure encryption and authentication.

Pros and Cons

Till is a solid choice for those needing a kid-friendly debit card, but it might not be right for everyone. Read the pros and cons below for a quick takeaway.

Pros

  • Free virtual and physical debit card for kids
  • No monthly maintenance fees
  • Many ways for kids to earn and save
  • Encourages whole family to get involved
  • Supports multiple kids per family
  • Parental approval needed for money transfers
  • Network of no-fee ATMs

Cons

  • Available for iOS only
  • Doesn't support cash deposits
  • Few parental control options
  • No educational content
  • Limited customer support

How to Open an Account with Till Financial

You can open a Till Financial account for any kid age 8 or older. Here's how to get started:

  1. Go to the Till Financial website and click Get Till
  2. Enter your mobile phone number
  3. Follow the link sent to your phone to download the app
  4. Provide your personal details to create an account
  5. Add kids and family members
  6. Link your bank account
  7. Receive the debit card in the mail in 7-10 business days

Till needs to confirm your identity when you open an account. Be prepared to provide information like your name, email, phone number, address, date of birth, and Social Security number.

How It Compares

Check out how Till Financial stacks up against top competitors like Greenlight and FamZoo.

Till Financial vs. Greenlight

Greenlight is a paid banking app and debit card that offers features you don't see in most free accounts. There's no minimum age to use Greenlight, so it's great if you have younger kids.

There are 3 pricing tiers to choose from, and the monthly fee covers up to 5 children per family:[4]

  • Greenlight ($4.99/mo.): Includes debit card, checking, high savings reward, educational content, and robust parental controls.

  • Greenlight + Invest ($7.98/mo.): Adds investing platform and research tools for kids and parents.

  • Greenlight Max ($9.98/mo.): Adds higher savings reward, cash back on purchases, identity theft protection, and more.

Greenlight is a great alternative if Till's parental controls aren't enough for you. You can set spending limits for specific stores or categories. The app offers a lot more flexibility for parents.

Till Financial vs. FamZoo

FamZoo is another paid debit card and app that shares some features with Till. The app lets you add multiple family members, pay interest, assign chores, and get account alerts. Unlike Till, FamZoo is available for both Apple and Android devices.

FamZoo offers a range of interesting features you don't usually see in other kid banking apps. Parents can send kids monthly bills for expenses like cell phone or internet service. You can also set up realistic loans for your kids, complete with interest accrued each cycle.

There's a lot more you can do with a FamZoo account than with a Till account, but it does cost money. FamZoo has a monthly fee of $5.99, which covers your whole family. If you need more than 4 debit cards, each additional card costs $3.00.[5]

FamZoo is open to kids of all ages. There's no minimum age to join, but many of the features are better suited for teens and older kids.

Read more: FamZoo Review

Till Financial vs. GoHenry

GoHenry offers personalized debit cards and banking for kids. In addition to features like chores, savings goals, and easy money transfers, GoHenry offers more ways to learn.

The app encourages kids to learn about money by turning it into a game. Kids can earn points and level up by completing missions packed with great educational content. The lessons are short and breezy, so your kid won't get bored.

The educational content also matures as your kid gets older. The app provides a complete K-12 education to meet your kid at every stage in their life.

GoHenry has a monthly fee of $4.99 for the individual child and $9.98 per month for the family plan. Personalized cards cost a one-time fee of $4.99 each. The app is a bit on the pricier side, but if you want an easy-to-use app that really teaches your kid about personal finance, GoHenry is a solid choice.

Read more: GoHenry Review

Bottom Line

Till Financial is a good choice if you're looking for a free debit card for your kid. The platform offers unique ways to add money to your kid's account. Plus, it makes it easy for multiple family members to get involved.

The account lacks a lot of parental control options that are common in other apps. But overall, it's a solid choice to help young kids manage their money.

Want to learn more about other banking products for kids? Check out these top accounts and popular alternatives:

References

  1. ^ "Till Financial": Crunchbase, 2022.
  2. ^ "How much does Till cost?": Till Financial FAQs, 2022.
  3. ^ Till Financial. Till Deposit Account Agreement: Fee Schedule, Retrieved 4/19/2022
  4. ^ Greenlight. Plans, Retrieved 4/19/2022
  5. ^ FamZoo. Fee Disclosures, Retrieved 4/19/2022
Till

New User: $25 Bonus using the voucher code CREDITDONKEY

New users will get a $25 bonus credited to their account when the kid makes their first purchase using their Till card using the voucher code CREDITDONKEY

Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/25/2023
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*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Citibank

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Expires 1/9/2023
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CIT Bank
Member FDIC

CIT Bank Savings Connect - 3.60% APY

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Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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