Debit card for minor (< 8 y.o.)
I have a child who has expressed interest in using a debit card. He knows about money, can count coins and banknotes, and really wants to have a debit card. I want to use this as a learning experience for him so that he can understand that having a piece of plastic is not magic, and doesn't result in unlimited money from an ATM.
I've contacted several financial institutions, and the best they can come up with is one of the following:-
A custodial account
A joint account, but with no debit card for the minor
Some sort of 'prepaid' account from U.S. bank with a card, but not with his name on it
I also understand that I can get a prepaid card, such as Serve, but per their Terms of Service, he'd have to be 18 to get a card in his name.
The goal here is to be able to:-
Have a debit card with his name on the card
Be able to use an ATM to view balance/withdraw/deposit
Be able to make a purchase via Visa/MC/AMEX (depending on issuer)
Ideally have online access
Ideally not have fees, except possibly a once-off set-up fee
I don't mind co-signing for any legal terms.
Is there an account type out there with these features?
Note: Capital One 360 has a MONEY account that seems to meet these requirements, bar the age restriction (the minimum age is 8). Hence the <8 qualification.
Update: I just posted an answer regarding Capital One MONEY, which no longer has the <8 restriction
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In the UK, the Osper card would do the trick exactly. The closest thing I can find in the US is the USAA Youth accounts which appear to be what you need but have some restrictions on mobile access until the youth is 13.
It seems the age restriction for the Capital One MONEY account has been removed; I just read the entire terms and conditions and there's no minimum age requirement.
I just finished opening Capital One MONEY accounts for a child who is <5 and a child <8. Both now have activated debit cards and online access. Their accounts are accessible via their card, but also appear under my online banking login, as they are joint accounts. It is possible to deposit cheques, but no cheques are issued for writing. Debit card access is provided for ATM withdrawals and purchases. (My son enjoys checking the balance, even if he's not withdrawing -- which helps reinforce the concept that money doesn't just "come from the card" without limit.)
And the design on the card is really nice; my son said it looks like the 0 bill.
I'm not certain if you can get a debit card with it, but if you have a PNC in your area, they have a special kind of account designed around teaching financial literacy to children: www1.pnc.com/sisforsavings/tour.html . I'm not sure if you can get a debit card for the child or not, but the custodian gets one I believe, and the child gets a special online login to manage the money, so if you don't mind the name issue, it might be worth looking into.
If you don't have PNC, maybe one of the banks in your area have a similar program?
GreenLight offers a paid service for per month that requires an adult primary account holder, and then unlimited accounts, including minors, as part of that service. I saw no minimum age requirement (see section "Minors as Sub-Account Cardholders").
www.greenlightcard.com/index.html
Disclaimer: I haven't tried this service
You might consider a Green Dot card. You can personalize the name on the card. There is no risk of over-drafting. There are some fees when you fill the card in stores, but it is free to open and manage online. Check out their site and see if it will work for you. It could be a great pair with a joint bank account for you and your kids.
www.greendot.com/greendot/
Rock on for teaching personal finance and responsibility to your kids!
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