Your child is growing up in a world where cards and Digital Wallets are replacing cash. Learning how to use them responsibly is a critical skill.
Handle an ongoing expense, such as a gaming subscription
Frequently ask you
Receive regular payments through
an allowance or job
Having their own account and card can teach valuable lessons about spending. Your child may be ready when they:
Learn more about savings accounts for kids
Your child may already put money in a savings account that has a debit card. Make sure they understand that paying with a debit card takes money out.
A dedicated savings or checking account for your child can give them a sense of ownership. Look
for one that has:
Deposit allowance and cash gifts. Some apps let you assign specific chores and will transfer money into the account when the chores are done.
Keep an eye on activity and show your child how to track deposits, spending and balances on the account’s website and mobile app. Discuss any patterns.
Help them budget so they don’t spend more than is in the account. Explain they may incur fees if the balance falls below a set minimum.
Stress they shouldn’t share the debit card, PIN or account details in person or digitally. Have them ask you before entering banking information online.
Help your child add the debit card to their mobile phone’s Digital Wallet. Explain that paying with the phone adds security and convenience.
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How to talk to kids about their first savings account
How to talk to kids about money