Greenlight card for kids

[coffee]

Have any of you used the Greenlight card for their kids (www.greenlightcard.com)? If so, what do you think? And at what age do you think it would be appropriate to get it?
I am getting their adds lately and I kind of want to try it, but would like to hear opinions first.

[Mushe]

I didn’t want to read and not respond, but I also don’t have experience with this card. What would be the purpose? To have a limit on spending but teach independence?

I wanted to give our au pair a card to cover emergencies or random lunches or things for the kids, and looked at these, but opted to get her an Amex from my account instead, because of the fees. With the Amex, I can set alerts if she uses it if I want (I don’t lol) and set a spending limit.

[coffee]

Jun 2, 2020 15:58:07 GMT -5 Mushe said:

I didn’t want to read and not respond, but I also don’t have experience with this card. What would be the purpose? To have a limit on spending but teach independence?

I wanted to give our au pair a card to cover emergencies or random lunches or things for the kids, and looked at these, but opted to get her an Amex from my account instead, because of the fees. With the Amex, I can set alerts if she uses it if I want (I don’t lol) and set a spending limit.

My kids are little, so basically no spending yet.
Right now it would only be to have a bank Account with their own card and name, which i know would motivate my 6 year old big time. And having the money splitted in 3 categories (spending/saving/giving).
It says you can link chores done with allowance (not sure how that works though) but I love the sound of it.
It also says you can teach compound interest in the savings Category (from your own pocket). I wouldn’t use this yet, but i also like the idea for when kids get older.
I’m thinking this account could help him target his “saving to spend” goals better at the same time of teaching him to save long term and give.
So far he saves in his piggy bank, but he counts it often and money gets lost. (We are talking about single dollars). He has never had more than $30. He has never received cash as presents and we don’t give them allowance. But recently my 6 y/o has been asking if I could pay him for extra chores. And suddenly this add started popping up, and I kind of like the sound of it. Wondering if it would be $5 Monthly thrown away. I have 2 other kids that eventually would use it too. You can get 5 accounts for the same $5.

I might do the free month trial, but wanted to hear opinions before throwing my SSN there. I would prefer to avoid the trial if there are negative reviews

[orval]

Jun 2, 2020 17:13:22 GMT -5 coffee said:

Jun 2, 2020 15:58:07 GMT -5 Mushe said:

I didn’t want to read and not respond, but I also don’t have experience with this card. What would be the purpose? To have a limit on spending but teach independence?

I wanted to give our au pair a card to cover emergencies or random lunches or things for the kids, and looked at these, but opted to get her an Amex from my account instead, because of the fees. With the Amex, I can set alerts if she uses it if I want (I don’t lol) and set a spending limit.

My kids are little, so basically no spending yet.
Right now it would only be to have a bank Account with their own card and name, which i know would motivate my 6 year old big time. And having the money splitted in 3 categories (spending/saving/giving).
It says you can link chores done with allowance (not sure how that works though) but I love the sound of it.
It also says you can teach compound interest in the savings Category (from your own pocket). I wouldn’t use this yet, but i also like the idea for when kids get older.
I’m thinking this account could help him target his “saving to spend” goals better at the same time of teaching him to save long term and give.
So far he saves in his piggy bank, but he counts it often and money gets lost. (We are talking about single dollars). He has never had more than $30. He has never received cash as presents and we don’t give them allowance. But recently my 6 y/o has been asking if I could pay him for extra chores. And suddenly this add started popping up, and I kind of like the sound of it. Wondering if it would be $5 Monthly thrown away. I have 2 other kids that eventually would use it too. You can get 5 accounts for the same $5.

I might do the free month trial, but wanted to hear opinions before throwing my SSN there. I would prefer to avoid the trial if there are negative reviews

My ds has a savings account at a brick and mortar bank where we bank. No fees.  You can teach him the same things.  Including paying fees for banking is not a good idea!! 

[coffee]

Jun 3, 2020 6:13:22 GMT -5 orval said:

Jun 2, 2020 17:13:22 GMT -5 coffee said:

My kids are little, so basically no spending yet.
Right now it would only be to have a bank Account with their own card and name, which i know would motivate my 6 year old big time. And having the money splitted in 3 categories (spending/saving/giving).
It says you can link chores done with allowance (not sure how that works though) but I love the sound of it.
It also says you can teach compound interest in the savings Category (from your own pocket). I wouldn’t use this yet, but i also like the idea for when kids get older.
I’m thinking this account could help him target his “saving to spend” goals better at the same time of teaching him to save long term and give.
So far he saves in his piggy bank, but he counts it often and money gets lost. (We are talking about single dollars). He has never had more than $30. He has never received cash as presents and we don’t give them allowance. But recently my 6 y/o has been asking if I could pay him for extra chores. And suddenly this add started popping up, and I kind of like the sound of it. Wondering if it would be $5 Monthly thrown away. I have 2 other kids that eventually would use it too. You can get 5 accounts for the same $5.

I might do the free month trial, but wanted to hear opinions before throwing my SSN there. I would prefer to avoid the trial if there are negative reviews

My ds has a savings account at a brick and mortar bank where we bank. No fees.  You can teach him the same things.  Including paying fees for banking is not a good idea!! 

Don’t they need to be In their teens to have an account? I have always been in that impression. I would prefer a physical bank. That would be even better, but thought that was not an option.

[orval]

coffee, my ds was about 10 when he opened his. I am on the account as well, but it is a childrens savings account - Wells Fargo. He earned money as an extra in tv shows so he had to have a place to deposit his paychecks.

[trissie18]

Jun 3, 2020 7:32:51 GMT -5 coffee said:

Jun 3, 2020 6:13:22 GMT -5 orval said:

My ds has a savings account at a brick and mortar bank where we bank. No fees.  You can teach him the same things.  Including paying fees for banking is not a good idea!! 

Don’t they need to be In their teens to have an account? I have always been in that impression. I would prefer a physical bank. That would be even better, but thought that was not an option.

Both of my children have savings accounts at our local bank as well. I set them up when they were really young as a place to deposit any money they were gifted.

[k3am]

Jun 3, 2020 7:32:51 GMT -5 coffee said:

Jun 3, 2020 6:13:22 GMT -5 orval said:

My ds has a savings account at a brick and mortar bank where we bank. No fees.  You can teach him the same things.  Including paying fees for banking is not a good idea!! 

Don’t they need to be In their teens to have an account? I have always been in that impression. I would prefer a physical bank. That would be even better, but thought that was not an option.

NOPE! Most banks offer a children’s savings account, often with no fees or minimums. A parent is on the account to assist.

I got my first account as a kid and felt so grown up. At 18, we took my mom’s name off.

[coffee]

That’s awesome!!! THANK YOU ALL!!!
See?? I knew I had to post and ask first before doing the free trial! =D

[doxies]

Capital one also offers free savings accounts for kids and money accounts for teens that come with a debit card. Kids as young as 8 can get the money account that allows them to make deposits at certain atms (we have one in our Target store) and they also get an app for check deposits. It's a nice option if you prefer to do most things online.

[Mushe]

I would definitely just do a regular account. DS (8) and DD (almost 2) also have them, and I just pocket cash and transfer from my account to theirs when they get cash gifts.

For DS, I use the Bankaroo app, which lets me set up regular deposits to a virtual bank account from allowance. I have savings goals; the first one was a ridiculous $400 Lego set. It lets you “pay” the child interest if they save, but it’s not required.