In 2024, I made a video about the best free debit cards for kids and teenagers. However, a lot has changed over the past two years. There are many new options available, and in this article, I'll share my updated recommendations for the best free debit cards for kids and teens as of fall 2024. At the end, I'll also provide my personal recommendation if I were starting over today.
Step Card
One of the first free debit cards for kids and teens was the Step Card. I've always recommended it, and it remains a solid option. With the Step Card, there is no minimum age requirement, and any trusted adult can open the card with the child. The Step app offers many features, including the ability to deposit cash at stores (with a fee after the first two deposits) and free ATM withdrawals within their network. However, it has some downsides: you can't deposit checks yet (though this feature is coming), and you can only send money to other users within the Step network, which is smaller than some other major networks.
Cash App
Cash App has been available for kids 13 and over for over a year and can be managed by any trusted adult. It allows cash deposits at stores for a $1 fee and supports sending and receiving money within its extensive network. However, Cash App charges $2.50 for each ATM withdrawal, and there is no option to deposit checks.
Venmo
Venmo became available for ages 13 and up in fall 2023 but requires a parent or legal guardian to set up. It allows free ATM withdrawals within its network and supports sending and receiving money within the large Venmo network. While it's unclear if check depositing is available for teen accounts, this feature is known to be buggy on adult accounts. Venmo also does not support cash deposits.
Traditional Bank Options
Let's explore some traditional bank options, which might offer more comprehensive features.
Chase Bank High School Checking
Chase Bank High School Checking is available for kids 13 and up. Chase also offers First Banking for younger kids. With the High School Checking account, you can deposit cash at banks and ATMs, deposit checks via the mobile app, withdraw cash for free at Chase ATMs, and send and receive money using Zelle through the Chase app. Notably, it allows teenagers to write checks, though this is less common today. The main drawbacks are that it must be opened in person by a parent or guardian who already has a Chase checking account, and it automatically converts to an adult account with high fees at age 18.
Wells Fargo Clear Access Account
The Wells Fargo Clear Access Account can be opened by kids 13 and up with any trusted adult. It offers cash and check deposits at ATMs, mobile check deposits, and money transfers via Zelle through the Wells Fargo app. The account remains the same when the child turns 18, though a $5 monthly fee applies once they turn 25. Like Chase, it must be opened in person.
Capital One Money
The Capital One Money account is available for children ages 8 and up and can be opened online with a parent or guardian (who does not need a Capital One account). This account offers ATM access for deposits and withdrawals, mobile check deposits, and Zelle for kids over 13. It also pays a small amount of interest. Upon turning 18, the child can continue using the Money account or convert it to a Capital One 360 account, which has no fees and full banking features. A notable drawback is the difficulty of depositing cash if you live outside the area with Capital One branches and ATMs.
My Recommendation
If I were starting over today, I wouldn't recommend keeping a significant amount of money in any fintech accounts due to safety concerns. Instead, I suggest starting with a traditional bank account. For most people, the Capital One Money account is an excellent choice, provided you have access to their branches or ATMs for cash deposits. If the child needs more options for sending money, they can use Cash App or Venmo for transactions with friends but should avoid storing large sums there.
I'd love to hear your thoughts in the comments below. What do you think are the best debit cards for teens and kids? It's great to see so many more options available today than two years ago.
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