Bank accounts for kid 8 and 11

[Thriftybugger]

So the little buggers want a bank account!  I'm curious if there's a child-friendly option out there that could introduce them to the basics of financial responsibility. The user interface of our current credit union account leaves much to be desired. I'm fond of the Apple Card for its straightforward presentation of expenses, and I'm considering the possibility of downloading transaction details to Mint for better financial tracking. Vanguard might be another platform to consider.

While I don't anticipate them making many purchases with the account, I think it would be valuable for them to understand the real cost of things. For example, they might be surprised to learn that a couple of milkshakes from Sweet Cow can add up to $20! As it stands, they don't really receive an allowance or make their own purchases. Currently, they're quite skilled  at depleting our bank account without a hint of remorse.

[merula]

I have a Capital One account, and their kids savings accounts have worked well for my kids for ~4 years (now 9 and 11). They get their allowance split between cash, savings and giving away, and I was able to set automatic weekly transfers for savings/giving away accounts for each of them. When they spend from their account, I transfer it online from theirs to mine.

There's a "teen" account that includes a debit card, but I haven't done that yet. It's technically 8+, but I don't think my kids are ready.

I would imagine that there's something similar for most banks; I had a savings account with Wells Fargo starting from when I was 11 (with a book of deposit/withdrawal slip! and monthly statements!).

[Thriftybugger]

Thanks - not a big fan of Capitol One but I guess these big banks are all the same right.

Anyone heard of https://www.getcopper.com/about-us Copper
or https://greenlight.com/plans Greenlight ?

Look interesting but fee per month $5!

[SomedayStache]

I did a search for kid friendly accounts a few years ago and just ended up opening them Capitol One accounts - I also didn't want to go that route, but it was free and I already had my own account there.
The app is friendly and the kids can only see their own account via the web and app (not the family accounts). There's a 'savings bucket' they can throw money into if they want to create a partition for savings vs spendings.

[Thriftybugger]

Copper looks cool as you can assign tasks and you can pay them for completion and a lot of other suff, I think it's been updated quite a bit over the years. Has a free trial perhaps I'll give it a try.

[Taran Wanderer]

Greenlight can be a great option, but the monthly cost is quite high.  We have accounts at Wells Fargo (I know, I know…) and we have custodial accounts for all the kids.  It’s nice because we can see all the accounts (ours, theirs) in the same login.  Age 13+ can get a checking account with a debit card (no actual checks), while 12 and under are limited to a savings account.  We’ve stuck with this instead of Greenlight, but some friends have Greenlight for their kids and think it’s amazing.

[jeninco]

I know you already discounted this (har har....) but our credit union has been really good with kid accounts, teen accounts, explaining and providing secured credit cards to our older teens (secured by money in THEIR accounts), etc. They're trying to be good community citizens, and we're definitely fans.

Their web interface seems OK: not great, not horrible. The in-person conversations with our branch manager, on the other hand, have been AWESOME. He definitely views education as part of his mission! (And sometimes teenagers especially can hear things from other people that they can't really hear from us.)

[Sugaree]

I also like the Greenlight card.  I don't love the fees, but it is what it is and with 2 kids, the fees are less per-card so maybe it stings a little less (I think it's $4.95/month for up to 4 cards).

[Simpli-Fi]

My kids use Greenlight.

They were excited to get money in the market but looks like that is only available for higher monthly fees.

[Sugaree]

My kids use Greenlight.

They were excited to get money in the market but looks like that is only available for higher monthly fees.

The fees on the investment part of Greenlight are ridiculous.  I use Schwab for my kid's UTMA.  He can only see it under my login, but he's also not one that wants to check it every day.

[brandon1827]

We're using Capital One and it's been great. It's a teen account with parental controls and came with a debit card. It has been a really good tool to teach my son about the actual costs of things he wants to buy and I get notified every time his card is swiped. We go over it each month to look at spending/savings and it's led to some good discussions about the value of money and the ways it can be used. I already had an account with them, so there was no additional cost. In my opinion, there is no substitute for parents teaching their children about how money works in the world. No app or bank account can adequately do that on their own, so to me, that part doesn't really matter as long as you are teaching them financial literacy and using the account/app as a tool to that end.