You can provide either a debit card number or your bank account and routing numbers. You’ll also need to link an existing bank account so you can make transfers to your Greenlight account.

Names of the children you want to get a Greenlight card for.

From there, you can register and create your family’s account.Īs the parent or guardian on the account, you’ll need to give Greenlight some basic information, including: Greenlight will text you a confirmation code, which you’ll enter on the website. To get a Greenlight card for kids, you’ll need to visit the Greenlight website and enter your mobile phone number. Securities and Exchange Commission (SEC) and is a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The balance on your child’s Greenlight debit card is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. If you’re wondering whether Greenlight is legit, the answer is yes. Adults on the account can also activate “parent-paid interest” to help kids grow their savings faster. The savings reward is similar to interest your kid would earn from a traditional bank. Greenlight’s standard plan offers kids a 1% savings reward to encourage them to learn the importance of setting goals and the value of compounding interest. Kids also have access to core tools in the app to help them learn about spending, saving, earning and giving. They can see how much money they have to spend and check their transaction history. Kids have access to the Greenlight app through their own dashboard, but they have a different set of controls. For example, Greenlight cards can’t be used to pay for:

The card can be used anywhere Mastercard is accepted, but Greenlight does block transactions at certain merchants. Parents can set rules for where their children can make purchases, and they can receive notifications each time their kid uses the card. Add chores or other conditions for receiving transfers.Adults on the account can also perform the following functions. Transfers are scheduled through the Greenlight app. For example, if you pay your child a weekly allowance, you could set up automatic transfers so the money is deposited on the same day each week. You can send money to your child’s account manually or create recurring transfers. Parents can load money onto the Greenlight card for kids to spend or save.

Greenlight offers debit cards for up to five kids per account, which is great if you have a larger family.

The standard Greenlight plan includes the debit card for kids and access to the Greenlight app.

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