Money Apps for Kids and Teens
Allowance, chores and a first debit card, set up by a parent. The card is the teaching device: a child sees a balance fall when they spend, which no amount of explaining achieves. Parents get spending controls, category or merchant blocks, instant alerts and the ability to move money in from their phone. Look at the monthly fee against the number of children, since several price per family and several per card. A chore app that only awards points and badges is not on this shelf, because without a real balance attached there is no money lesson in it.
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Debit card and app for kids teaching money habits through automated allowance, chores, savings, and approved investing.
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A parent-controlled debit card and money app for kids 6 to 18, formerly GoHenry, now run under the Acorns family of products.
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Step
NewTeen banking app with credit building, 3.00 percent savings rewards, and up to 10 percent cashback rewards on spending.
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Prepaid cards and family finance app teaching kids money habits through automated allowance, chores, and savings tracking.
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Debit card and money app for kids with chores, allowance, savings goals, and parental controls.
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Free debit card for teens with optional paid tier adding allowance, chores, and savings goals.
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A prepaid Mastercard and chore-and-allowance app that lets parents fund a real balance for kids while setting spending, category and ATM limits.
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Free financial literacy app that teaches kids money decisions through allowance scenarios.
Frequently asked questions
Can I set limits on where my child spends their money?
Yes. Many of these apps allow parents to set spending controls, category blocks, or merchant blocks to manage how funds are used. Some options even let you set specific ATM limits.
Are there options that help teenagers build credit?
Yes. While many apps focus on allowance and chores, some are specifically designed as teen banking apps that include credit building features.
Will these apps help my child learn how to save and invest?
Most of these tools include features for tracking savings goals and automated allowance. Some specific platforms even offer approved investing features to teach long term habits.
Do I have to pay a monthly fee to use these services?
Pricing varies across the category. Some apps are completely free, while others offer free tiers with optional paid versions that add features like chore tracking and savings goals.