Table Night Cards

First bank account

Ages 13 to 17, before the first debit card

Six cards for picking a first account together: who owns it, what it costs, where the money sits and what a parent can see.

Read the First bank account guide

Table Night Cards

First bank account

Ages 13 to 17, before the first debit card

  1. Teen reads the question.
  2. Parent reads the answer.
  3. Pick one thing to do tonight.

6 cards · free at alfheim-family-money-table-night-cards.pages.dev · cut along the dashed lines

  1. First bank account1 of 6

    Is money in a teen app actually in a bank?

    Read aloud

    Some teen apps say plainly that they aren’t banks and hold money through a partner bank. FDIC insurance covers deposits at an FDIC-insured bank up to $250,000 per depositor, per bank, for each ownership category. It doesn’t cover investments, even ones a bank sells.

    One option tonight

    FamZoo Prepaid cards and a family app for kids and teens, with direct deposit for teens. famzoo.com

    Not a paid link today. If we join their affiliate program, it will pay us.

    Sources

  2. First bank account2 of 6

    Joint account with me, or one that’s only yours?

    Read aloud

    Capital One’s MONEY Teen Checking makes a child 6 or older a joint holder with a parent. Chase First Banking, for ages 6 to 17, is opened and managed by a parent. Fidelity’s Youth Account, for ages 13 to 17, is owned by the teen.

    One option tonight

    Chase First Banking A parent-managed account with a debit card for ages 6 to 17. personal.chase.com/personal/family-banking

    Not a paid link today. If we join their affiliate program, it will pay us.

    Sources

  3. First bank account3 of 6

    What will this account cost us each month?

    Read aloud

    Capital One lists no monthly or maintenance fees and no minimums on MONEY Teen Checking. Greenlight’s plans start at $5.99 a month. Let’s write down the monthly cost of anything we look at before we pick.

    One option tonight

    Capital One MONEY Teen Checking Joint teen checking with a parent, from age 6. No monthly fees, no minimums. capitalone.com/bank/kid-teen-bank-accounts

    Not a paid link today. If we join their affiliate program, it will pay us.

    Sources

  4. First bank account4 of 6

    What will I be able to see and set on your card?

    Read aloud

    Chase First Banking lets a parent choose where and how much a child can spend, in stores and online. Greenlight lists spending limits and real-time notifications for the card. Let’s agree on the limits together before the card shows up.

    One option tonight

    Greenlight Debit card and app for kids and teens with parent-set limits. Plans start at $5.99 a month. greenlight.com

    Not a paid link today. If we join their affiliate program, it will pay us.

    Sources

  5. First bank account5 of 6

    If we save for something big, whose money is it?

    Read aloud

    Money in a custodial account is a gift held in your name. It can’t be taken back, and until you come of age it can only be spent for your benefit.

    One option tonight

    Acorns Early A kids’ debit card plus a UGMA/UTMA investing account with a 1% match on the first $7,000 a year. acorns.com/early

    Not a paid link today. If we join their affiliate program, it will pay us.

    Sources

  6. First bank account6 of 6

    Can the card be switched off if it goes missing?

    Read aloud

    FamZoo lists card locking and card activity alerts among its features. Greenlight lists spending limits and real-time notifications. Whatever we pick, let’s find that switch together tonight.

    One option tonight

    FamZoo Prepaid cards and a family app for kids and teens, with direct deposit for teens. famzoo.com

    Not a paid link today. If we join their affiliate program, it will pay us.

    Sources