We have the greenlight for my oldest. Downsides - you pay for bank card type service that you could get for free from a bank. Upside, you can have more visibility and control than you have with a bank (it is good for building trust in good spending habits). You can turn it off if it gets lost. You can approve up to xx amount (e.g. up to $25 at the movies when they go with a friend) and if they don't spend it all, they can't keep what is left. You can authorize one online purchase but not open them up to fraud or theft or an impulsive shopping spree online. In a pinch you can send them $$ to get something they need - maybe they are with a friend and the friend is getting lunch and they need money to get some lunch...you can send it. They also can invest.
Wow that sounds really good. My mom wants me to get some type of account or something since I will be starting an Etsy shop soon, and getting a job in a year or two but she wants good controls. What do you think about the saving part and the allowance and chores.
I jus tgot both my kids Greenlight and they LOVE it they like the independence of having the debit card. We just started using the chore stuff, I prefer having chores listed where I can see them (on the fridge) so I dont think I will use that a ton but its pretty versatile. The kids liked they could pick what picture to put on their debit card, each has their face on it which I think could help if lost and someone else tries to use it. We have had it like a month and I like it. One kid has already asked about the savings and investment part so we havent gotten in to that yet but I like that they are interested and there are resources for the kids to learn more about that part of money independently as well.
Also I never have cash on me so my kids have been giving me their Bday money they have saved over the years so I can load up their card. Had cash on vacation for the first time in years lol and the kids bought their own trinkets and extras on vacation which saved me money.
My daughter has had Greenlight for few years. It’s is great. Very easy for parent to add money. It works with Apple Pay and her work can direct deposit her paycheck to it. Monthly fee is low and worth it for the ease. I don’t use parental controls anymore but for younger kids it is very easy to control where they can spend. My daughter uses the saving portion as well
As rounding up purchases to go into savings.
I have nothing bad to say about it.