Kids money & setting up accounts

[roobee]

I opened a teen MONEY account online with Capital One and it's been easy to manage, no checks, just debit cards for both our kids. I already had a Capital One account from way back when it was ING Direct

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[essnce629]

I opened a teen MONEY account online with Capital One and it's been easy to manage, no checks, just debit cards for both our kids. I already had a Capital One account from way back when it was ING Direct

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This is what my kids currently have. I like it a lot. Even though DS1 is 18 and it's supposed to automatically switch to a regular adult checking account, I can still see all his transactions and get alerts. I can't with his savings account though that he opened up on his own at 18.

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[Twin Mom]

My DC have the Chase high school accounts. I’m not sure if you can get them as young as 11 but I don’t see why they wouldn’t allow it. There are no fees for these accounts and they each have a debit card. I can move money in and out since they are tied to mine. They cannot spend more than their balance not that it’s been an issue. Both had their paychecks deposited there last summer and will do that again when they start working again. I also moved money to their accounts for their college “allowance” but the semester is about to end so that will stop until the next school year. They know how to check their balances with the app. I monitor their spending too. Even though they aren’t in high school anymore the accounts are the same as far as I can tell.

[Zukini]

Chase offers a Chase First Checking account for parent account holders to issue a Visa debit card to a child 6-17. No fees. Lots of ways to set limits within the parental account, and children can request funds etc to the parent via their own app login. Ordered one for DS, very simple form with no SSN needed, just DOB. Received card within a week. No need for it daily yet as we are still grasping the concept of paper money, but could be useful in a situation where he is out with another family and needs to purchase food etc. Eventually his allowance will get deposited there.

[Zansu]

We used the Wells Fargo Teen Checking account. I got an email any time they used money.

I also added them as Additional Users on one of our credit cards when they turned 16 and needed a card to pay for gas or groceries. I prefer they use a credit card for their purchases. I just transfer money into my own account if they buy something that's their responsibility (mostly vinyl).

[Tenasparkl]

My DD has a greenlight card and so far really likes it. She just went on a trip to an amusement park with her choir and used it for the first time. I liked getting messages when she made a charge.

I also got an AmEx in her name. I'm not sure what situation she'll need it for at this point, but I like the idea of her having it in case of emergencies.

[belovedgandp]

I opened a new credit card account in my name when DS1 started high school. I then made him an authorized user on the account. I keep my physical card in a desk drawer. DS1 was the only one who used the card, so he paid it off each month from his checking account.

When he turned 18 earlier this year, I had him apply for and get his own credit card in his own name. We did one of the Bank of America student cards someone else linked to above. DS1 still has the original card if he needs it for a larger purchase. I added DS2 as an additional authorized user and he's now paying that card each month.

[KpbS]

My DD has a greenlight card and so far really likes it. She just went on a trip to an amusement park with her choir and used it for the first time. I liked getting messages when she made a charge.

I also got an AmEx in her name. I'm not sure what situation she'll need it for at this point, but I like the idea of her having it in case of emergencies.

Anyone else using Greenlight for their DC? We need something for gas and the very occasional charge. Don't want to add to our credit account and their is no separate limit for DC according to the credit card company.

[jgenie]

Anyone else using Greenlight for their DC? We need something for gas and the very occasional charge. Don't want to add to our credit account and their is no separate limit for DC according to the credit card company.

We opted for a debit card because I didn’t want to pay the Greenlight service charges. I have an account at the same bank so can transfer money if they’ll be making a purchase for me.

[AnnieW625]

I get notifications when DD1 uses the Amex that I linked to her iPhone (Apple Pay). There is no charge. We had to think quick because she was on a school trip to Knotts Berry Farm back in January and we didn’t realize they no longer accepted cash. She called me from her phone and we added the card to her. Her school lunch counter also accepts Apple Pay so she uses it for that when she doesn’t have cash. Otherwise she hasn’t used it for anything else. I don’t know if gas stations accept Apple Pay (I always pay at the pump), but she just got her license and isn’t making long road trips yet so we’ll cross that bridge when we get there.


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