Teen banking apps are designed to help teenagers learn financial responsibility while giving parents oversight and control. Below is a comparison of some popular teen banking apps based on key features, fees, age requirements, parental controls, and other factors. This comparison focuses on widely used apps like Greenlight, Step, Current, and Bankaroo (as of late 2023; always check for updates on features or pricing).

1. Greenlight

• Target Age: 8–18 years


• Key Features:


• Debit card for teens with customizable spending controls.


• Savings goals, allowance automation, and chore tracking.


• Financial literacy tools and in-app games to teach money management.


• Investing feature (Greenlight Max and Infinity plans) for teens to learn about stocks.


• Parental Controls:


• Parents can set spending limits, approve transactions, and restrict where the card is used.


• Real-time notifications for spending activity.


• Fees:


• $4.99/month (Core plan) for up to 5 kids.


• $9.98/month (Greenlight Max) includes investing and identity protection.


• $14.98/month (Greenlight Infinity) adds family location sharing and crash detection.


• No ATM or transaction fees (if in-network).


• Pros:


• Robust parental controls and educational tools.


• Flexible plans for different needs.


• Cons:


• Monthly fee can add up compared to free alternatives.


• Some features (like investing) locked behind higher-tier plans.


• Availability: iOS, Android

2. Step

• Target Age: 13–18 years


• Key Features:


• Free banking app with a Visa debit card.


• No fees for transactions, overdrafts, or minimum balances.


• Savings goals and money management tools.


• Teens can build credit history with responsible use (via Step’s reporting to credit bureaus).


• Parental Controls:


• Parents can view transactions and transfer money to the teen’s account.


• Limited compared to Greenlight (no category-specific spending restrictions).


• Fees:


• Free to use (no subscription or hidden fees).


• Out-of-network ATM fees may apply.


• Pros:


• Completely free with no subscription cost.


• Credit-building feature is unique for teens.


• Cons:


• Fewer parental controls and educational features.


• Not ideal for younger teens (under 13).


• Availability: iOS, Android

3. Current

• Target Age: 13–18 years (with parent-linked account)


• Key Features:


• Debit card and digital banking app for teens.


• Faster direct deposit (up to 2 days early).


• Savings “pods” to organize money for goals.


• Gas hold removal (no temporary holds on gas purchases).


• Parental Controls:


• Parents can link their accounts and monitor activity.


• Less granular control compared to Greenlight (no specific spending limits or store restrictions).


• Fees:


• Free basic account.


• Optional Premium plan at $9.99/month for additional features like faster deposits.


• Out-of-network ATM fees may apply.


• Pros:


• Free basic plan with no hidden fees.


• Features like early direct deposit are useful for teens with jobs.


• Cons:


• Limited parental oversight compared to competitors.


• Fewer educational tools for financial literacy.


• Availability: iOS, Android

4. Bankaroo

• Target Age: 5–14 years


• Key Features:


• Virtual banking app (no physical debit card) focused on teaching kids about money.


• Tracks allowance, savings, and spending in a digital format.


• Simple interface for younger users.


• Can be used for classroom settings (school version available).


• Parental Controls:


• Parents have full oversight and can manage “accounts.”


• No real money or transactions—just a virtual tool.


• Fees:


• Free basic version.


• Premium version at $4.99/year for additional features like multiple accounts.


• Pros:


• Great for younger kids not ready for real debit cards.


• Affordable or free to use.


• Cons:


• No real-world spending or debit card functionality.


• Less relevant for older teens who want a true banking experience.


• Availability: iOS, Android, Web

Comparison Table

Best For:

• Greenlight: Best for comprehensive parental control and financial education. Ideal for families willing to pay for premium features.


• Step: Best for teens who want a free app and are interested in building credit. Good for older teens with less need for strict oversight.


• Current: Best for teens with part-time jobs who want early access to paychecks and a no-frills banking app.


• Bankaroo: Best for younger children learning the basics of money management without real transactions.

Things to Consider When Choosing:

• Age of Teen: Younger kids may benefit more from virtual tools like Bankaroo, while older teens may want debit cards and credit-building options like Step.


• Parental Involvement: If you want tight control over spending, Greenlight is the strongest option.


• Cost: Free apps like Step and Current are great for budget-conscious families, while Greenlight’s fees may be worth it for added features.


• Financial Goals: If teaching investment or credit-building is a priority, look at Greenlight (Max/Infinity) or Step.