Kids debit cards

What is a kids debit card?

Kids debit cards are offered by some banks as an optional extra when establishing a kids, youth or teen transaction account. As with regular debit cards, these cards can be linked directly to a transaction account and used in place of cash to make purchases in stores, or to withdraw money from ATMs.

These debit cards are usually linked to a transaction account; either the standard kids transaction account offered by the bank or a dedicated youth transaction account. Most banks waive the monthly account keeping fees for customers under the age of 18 or even 21.

What is a kids savings account?

A kids savings account is very similar to a regular savings account for adults. It's an account designed for under 18s that offers interest on your balance each month, as an incentive to save. A kids savings account can help you encourage your kids to save their money and teach them good saving habits from a young age.

Some kids savings accounts can be opened from birth, while others may have a minimum age requirement of 5, 6 or even 12. Usually if your child is under 12 the account will need to be opened in Trust for them.

What is a kids prepaid card?

Instead of a bank account and attached debit card, there's also the option of giving your child a prepaid card. This could be a good option for younger kids in particular, who don't need a bank account in their name just yet. A prepaid card still allows them to make purchases in stores and withdraw from ATMs, however they can only access the money that's been pre-loaded onto the card for them to spend.

The following kids prepaid cards are a great way to give your children access to money while they learn how to properly manage digital money via the interactive mobile apps.

Kit: Kids prepaid card and money app

More info

$3 per month
Membership fee

$0
ATM withdrawal fees

Visa
prepaid card
Card

• Info
• Features

Kit offers a prepaid Visa card and app for kids aged 5–14 so they can learn how to manage their pocket money and develop good money habits.

• Set spending controls and limits from your parent account
• Receive physical and digital prepaid Visa cards
• Set jobs and pay pocket money with interactive in-app tools
• Membership fees from $3/month for 1 child, or $5/month for 2+ children

Rewards program	N/A
Annual Fee	$0
Purchase Rate
Welcome offer
Interest-free period	Up to days on purchases
Balance transfer	N/A
Bonus points	N/A
Rewards points per $ spent	N/A
Foreign currency conversion fee

Spriggy

Go to site

$5 per month
Membership fee

ATM withdrawal fees

Visa
prepaid card
Card

• Info
• Features

Spriggy is a mobile app with a linked prepaid card which helps Australian parents and their kids to manage their money together and track their progress in a fun, interactive app.

• 30-day free trial available
• Customised prepaid debit card
• Safe and convenient

• 3.5% surcharge for international purchases
• Membership fee charged as annual lump sum payment

Rewards program	N/A
Annual Fee	$0
Purchase Rate
Welcome offer
Interest-free period	Up to days on purchases
Balance transfer	N/A
Bonus points	N/A
Rewards points per $ spent	N/A
Foreign currency conversion fee

How to compare kids debit cards

Check the fees.

The costs can vary between cards and banks. Most major banks offer fee-free services for kids cards, and it's likely that the most common fees you'll encounter are from using other-brand ATMs or if you're planning to use the card overseas.

Spending limits and overdraft.

Look for cards that let you cap daily spending, and allow or disallow overdraft as desired to make sure the card is used sensibly. Some banks will offer more of these spending limit features than others.

Shopping online.

Consider whether being able to buy online is a benefit or a downside, and opt for a kids debit card that can restrict or block online spending if needed.

A good mobile banking app.

Having a great mobile banking app is really helpful to keep an eye on spending and see where your money is going. Some mobile banking apps offers helpful tools like spending categorisation charts and savings goal trackers, which can be helpful for kids learning how to manage their money.

What features do kids debit cards have?

• Spending controls. Many kids debit cards come with spending control limits that parents can set within their mobile banking app, to restrict how much their child can spend.
• Card lock. Parents can also lock the debit card via the mobile banking app or using Internet banking, if the card gets lost or you want to temporarily disable it.
• Choose how your child can spend. Parents can choose if the card can be used at ATMs or for in-store purchases.
• Spending tracking tools. Many mobile banking apps offer spending tracking tools and features to help your child learn how to manage their money.

Pros and cons of kids debit cards

FAQs about kids debit cards

• When age can my child get a debit card?

  Your child typically needs to be 14 years old to get their own Visa Debit card, and 16 to get their own Debit Mastercard. However, some banks offer debit card access for children as young as 9 years old. Some banks also offer their own type of debit cards. These work in a similar way to standard debit cards but have a few more restrictions when using the card outside of Australia.

• When should I give my child a debit card?

  This is completely up to you and your individual experience. You might consider giving your child a debit card when:

  • They start going out for social activities without you present, for example, going to the movies with friends.
  • When they start high school, or if they have a long distance to travel to and from school on the bus or train. A debit card will be handy if there are delays or the bus breaks down, for example.
  • They start wanting or needing to buy things when you're not with them.

• Will I receive the transaction history each month?

  You can now track transactions online for directly-linked debit cards. Many prepaid cards from major outlets (including Mastercard and Visa) will now also allow you to register your card online for tracking purposes. Most banks will default to digital transcripts. You'll need to contact your bank if you need a hard copy transcript.

• Can I reverse a transaction?

  You can't request that your bank reverse a transaction unless you can prove the transaction was fraudulent. Fraudulent transactions, including those where a thief stole and used the card or where the seller didn't deliver what they promised, can often be reversed by contacting the bank.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 626 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living