Greenlight Review - The Debit Card Made for Kids Skip to content
What do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it. Learn how to make it. Explore Manage Money
You've got it. Learn what to do with it. Explore Save Money
You have it. Make sure you have some later too. Explore Spend Money
You're spending it. Get the most for it. Explore Borrow Money
You're borrowing it. Do it wisely. Explore Protect Money
You don't want to lose it. Learn how to keep it safe. Explore Invest Money
You're saving it. Now put it to work for your future. Explore Categories
About us
Find us
Close menu What do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it. Learn how to make it. Explore Manage Money
You've got it. Learn what to do with it. Explore Save Money
You have it. Make sure you have some later too. Explore Spend Money
You're spending it. Get the most for it. Explore Borrow Money
You're borrowing it. Do it wisely. Explore Protect Money
You don't want to lose it. Learn how to keep it safe. Explore Invest Money
You're saving it. Now put it to work for your future. Explore Categories
About us
Find us
Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Manage Money Greenlight Review – The Debit Card Made for Kids
By Brian Martucci Date August 09, 2022 FEATURED PROMOTION
Our rating
4 4 5
Sign Up Now Pros
No hidden fees Customizable parental controls for kids of all ages No minimum age Lots of value-adds for Greenlight Max users Cons
All plans have a monthly fee Savings rewards capped at $5,000 average daily balance No credit-building for kids Greenlight is a family-friendly money management app. It’s designed to teach kids age-appropriate financial concepts — how to earn, spend, and save responsibly. It puts kids in control of their finances without totally removing the parental leash. Greenlight is comprehensive. App features include payment for chores, customizable allowance payments, real-time debit card spending alerts, and rapid person-to-person transfers between users. Greenlight’s reloadable prepaid debit card is accepted almost everywhere Mastercard is, with some important exceptions for age-inappropriate merchants. Higher-priced plans add a kid-friendly investing platform, identity theft protection, and more. Wondering whether Greenlight is right for your family? Read on for more about its plans, features, and overall suitability for parents and kids. Greenlight Plans and Pricing
Greenlight has three reasonably priced plans: Greenlight, Greenlight Invest, and Greenlight Max. Here’s how they stack up. Greenlight
For $4.99 per month, Greenlight’s basic plan offers: Debit Cards for Up to Five Kids
Your Greenlight plan comes with up to five prepaid Mastercard debit cards. Every card features: Mastercard Zero Liability protectionFDIC insurance up to $250,000Protected savings balancesReal-time kids’ spending notifications for parentsApp-based on/off controls (turn a card off or on with a tap)Option to log in with touch or face IDInstant transfers to kids’ debit cardsIntegration with mobile payment apps like Apple Pay and Google Pay Note that while these cards function like checking accounts and have FDIC insurance, they’re not technically bank accounts. Savings Round-Ups
You or your kids can set up Greenlight to round up debit card purchases to the next dollar and deposit the difference in savings — a great way to incrementally boost savings over time. Parent-Paid Interest
You can boost your kids’ savings rate out of your own pocket with Parent-Paid Interest. Simply choose what you want your kids to earn on their savings balances and pay it out of your linked account. Allowance and Chore Payments
You can assign chores to kids in the Greenlight app and send payment once they’re complete or set up recurring allowance payments on a monthly or weekly basis. Educational App for Kids and Parents
The Greenlight app comes with user-friendly educational modules that teach kids about basic financial concepts and empower parents to impart their own financial knowledge with confidence. Choose from articles, videos, quizzes, and more, all designed to boost financial literacy. Core Financial Tools
Greenlight’s financial tools make it easy to manage day-to-day spending, set aside savings, and give back. Three distinct buckets help keep these three different types of funds separate. And kid users have discretion to set and work toward customizable savings goals. Parental Controls
The Greenlight app comes with customizable parental controls that you can adjust as your kids grow. For example, you can choose exactly where your child’s Greenlight debit card is accepted, cap ATM withdrawals, and set category- or store-level spending limits. Greenlight Savings Reward
On the basic Greenlight plan, protected savings balances earn a 1% savings reward (annualized). This reward applies up to $5,000 (average daily balance), after which savings balances earn no further rewards. Greenlight Invest
For $7.99 per month, Greenlight Invest keeps all the features of the Greenlight base plan and adds: Investing for Kids
Greenlight’s kid-friendly investing platform offers: A brokerage account held in the parent’s nameA minimum balance of just $1Fractional share investing in eligible stocksNo trading feesParental approval for all trades Note that securities held in the child’s account are registered to the parent owner. Because this isn’t a custodial account, neither ownership of the account nor individual equities transfers when the child reaches the age of majority. Investing for Parents
Greenlight offers a separate investing option for parents. This is also a brokerage account held in the parent’s name, but it dispenses with parental approval for trades. As with the child’s account, this parent account is at the sole disposal of the adult owner. Greenlight Max
For $9.99 per month, Greenlight Max keeps all the features of the two lower-priced plans and adds: 2% Savings Reward
Greenlight Max users earn an additional 1% savings reward on eligible savings balances for a total reward of 2%. The same $5,000 average daily balance cap applies. Cash Back on Eligible Purchases
With Greenlight Max, your kids earn 1% cash back on eligible debit card purchases. Priority Customer Support
Greenlight Max users qualify for priority customer support. If you need to get in touch with the app’s customer service team, you’ll enjoy front-of-the-line access. Identity Theft Protection
Greenlight Max comes with complimentary identity theft protection for the entire family, not just kids. This includes: Identity theft monitoringIdentity theft alertsIdentity restoration Cellphone Protection
Greenlight’s cellphone protection plan provides coverage for up to five phones. The policy covers damage, loss, and theft, subject to applicable coverage limits. Purchase Protection
This benefit provides financial coverage for damage or theft affecting eligible items purchased with your Greenlight debit card, subject to dollar-value limits and other restrictions. Additional Features of Greenlight
No matter which plan you choose, you can take advantage of these additional Greenlight features and capabilities. Customizable Greenlight Debit Card
For a one-time fee of $9.99, you can customize your Greenlight debit card with a photo of your choice. It could be a selfie, a picture of your favorite pet, a stirring landscape or still life — whatever appeals to you. Greenlight Gift
The Greenlight Gift feature makes it easy to send money to any Greenlight user, even if you don’t have a Greenlight account yourself. International Transactions
You can use your Greenlight debit card abroad, almost anywhere Mastercard is accepted. International purchases don’t incur foreign transaction fees, although currency fluctuations may affect their actual dollar value. Referral Program
Greenlight has a generous referral program that pays you and newly referred customers once they successfully sign up using your unique referral code. Referral bonuses vary and the program is subject to change at any time; see its terms for more information. Million Bazillion Podcast
Greenlight’s Million Bazillion is a fun, age-appropriate podcast that makes basic and intermediate financial concepts accessible to Greenlight kids. Advantages of Greenlight
Greenlight has some notable advantages, including transparent and fair pricing and lots of value-adds for users who upgrade to Greenlight Max. No Hidden Fees. Greenlight does have an unavoidable monthly fee. On the bright side, you’ll find no hidden fees here — the monthly cost is transparent, and there’s not much in the way of add-on costs other than the one-time fee for custom cards.No Minimum Age. Children of any age can participate in Greenlight. There’s no minimum age limit here.Customizable Parental Controls. Greenlight’s powerful parental controls let you set your child’s card spending limits down to the category and even store level. That’s much more control than you get with a traditional checking account.Payments for Chores and Weekly or Monthly Allowance. Greenlight makes it easy to assign chores and reward kids for getting them done — and to dole out weekly or monthly allowances via direct deposit.Investment Accounts for Parents and Kids. Greenlight Invest adds investment accounts for parents and kids, although both remain in the parents’ name. Greenlight Max Users Get Cash Back on Eligible Purchases. As a Greenlight Max user, you’ll earn 1% cash back on eligible debit card purchases.Greenlight Max Users Get Identity Theft Protection and More. Greenlight Max comes with a bunch of potentially useful value-adds, including identity theft protection for the whole family and purchase protection for eligible items purchased with your Greenlight cards. Disadvantages of Greenlight
Greenlight isn’t perfect. Its downsides include an unavoidable monthly fee and a cap on savings reward earnings. All Greenlight Plans Have a Monthly Fee. Greenlight doesn’t have a free plan. If you want to use it to boost your kids’ financial IQ, you’ll need to pay at least $4.99 per month. That’s more than reasonable for what you get, but you do have to pay for it.Greenlight Caps Savings Rewards at $5,000 Average Daily Balance. Greenlight offers a good interest rate on eligible balances — 1% to 2%, depending on your plan. Unfortunately, this rate — which Greenlight calls a savings reward — only applies to the first $5,000 in average daily balances each month. If your kid amasses more than that in their protected savings account, they won’t earn anything on it.Greenlight Doesn’t Offer a Credit Card. If you’re looking to build credit for your kids with an entry-level credit card or credit-building loan, Greenlight can’t help. Final Word
Greenlight is a comprehensive money management app for kids and parents. With reloadable prepaid Mastercard debit cards for up to five kids, customizable spending controls and financial goals, and a host of value-adds in higher-priced plans, it’s a powerful tool for anyone who wants to give their kids a head start on the road to financial freedom. Greenlight does have some drawbacks, like the lack of a free plan and no credit-building tools. But these are minor in the grand scheme of things. So why not sign up and see if Greenlight can make a difference for your family’s finances? Our rating
4 4 5
Sign Up Now Pros
No hidden fees Customizable parental controls for kids of all ages No minimum age Lots of value-adds for Greenlight Max users Cons
All plans have a monthly fee Savings rewards capped at $5,000 average daily balance No credit-building for kids Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities. Manage Money Reviews TwitterFacebookPinterestLinkedInEmail Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci. FEATURED PROMOTION
Discover More Related Articles
Manage Money Reviews Budgeting FamZoo vs. Greenlight - Who Has the Best Prepaid Debit Card for Kids? Budgeting GoHenry vs. Greenlight - Who Has the Better Prepaid Debit Card for Kids? Related topics We answer your toughest questions
See more questions Credit Cards What are the best debit and prepaid cards for kids
See the full answer » Banking What are the best custodial accounts for kids under 18
See the full answer » Banking What is the best bank for high school students
See the full answer » Kids What are the best online games that teach kids about managing money
See the full answer »