FamZoo vs. Greenlight – Who Has the Greatest Pay as you go Debit Card for Youngsters?


FamZoo and Greenlight are family-friendly budgeting and monetary training options constructed round pay as you go debit playing cards for teenagers. They’re each designed to set youngsters up for monetary success whereas giving mother and father the ultimate say in how and the place children spend their cash.

FamZoo and Greenlight have so much in frequent, together with built-in chore and allowance options, spending limits, long-term financial savings objectives, prompt parent-to-kid transfers, and extra. However there’s lots to tell apart the 2 apps as properly. FamZoo’s budgeting and cash administration options are much more complete than Greenlight’s, however Greenlight has FamZoo beat on the subject of investing, id theft safety, and different value-adds.

Which is best for you? Spend a while attending to know these two apps after which resolve for your self.

Key Options of FamZoo and Greenlight — Plans and Pricing

FamZoo and Greenlight are each nice at what they do — empowering youngsters to take management of their funds whereas protecting mother and father within the loop. 

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FamZoo has a single plan that prices between $2.50 and $5.99 per 30 days, relying on fee frequency. Pay month-to-month and cancel anytime for $5.99 per 30 days, or prepay $59.99 for twenty-four months of service to unlock the bottom efficient month-to-month charge. FamZoo presents intermediate prepayment choices as properly — six and 12 months.

In the meantime, Greenlight has three month-to-month plans with totally different options and capabilities:

  • Greenlight: The bottom plan contains Greenlight’s core options, together with a debit card and built-in financial savings account. It’s $4.99 per 30 days.
  • Greenlight + Make investments: This plan provides parallel funding platforms for teenagers and fogeys. It’s $7.98 per 30 days.
  • Greenlight Max: This plan provides id theft safety, money again on eligible debit purchases, and another value-added options. It’s $9.98 per 30 days.

FamZoo — Options and Capabilities

FamZoo’s single plan comes with a free, FDIC-insured Mastercard debit card for as much as 4 enrolled youngsters. Including extra playing cards incurs a further one-time charge of $3 per card. For misplaced or stolen playing cards, the primary two alternative playing cards are free. Then a $3 alternative card charge applies.

FamZoo contains all the next options and capabilities.

Cellular App and Browser Entry

FamZoo works properly on small and enormous screens. It has separate cellular apps for iOS and Android, plus a browser model higher suited to laptops and desktops.

Cash Requests and Reimbursement Requests

Child customers can request funds proper within the FamZoo app, specifying the quantity and purpose for the request. The identical interface helps reimbursement requests for bills already paid by the child.

Prompt Guardian-to-Child Transfers

FamZoo helps prompt transfers from mother and father’ linked financial institution accounts to youngsters’ debit playing cards. There’s no ready interval for funds to reach, and the switch is safe — FamZoo by no means has your exterior checking account particulars.

Money Reload Choices

If you happen to don’t wish to switch funds electronically, FamZoo helps money reloads of its playing cards at 1000’s of collaborating Inexperienced Dot and Mastercard rePower places. You’ll discover reload factors at main retailers like Walmart, CVS, Walgreens, Ceremony Support, 7-Eleven, and Kmart. Some places might help paper verify reloads as properly.

IOU Accounts

IOU accounts monitor funds held outdoors of FamZoo in your youngsters’ behalf. Widespread makes use of for IOU accounts embrace:

  • Monitoring promised allowance or chore funds you haven’t made but
  • Monitoring casual household traces of credit score that your youngsters can draw on
  • Monitoring funds held for different functions outdoors of FamZoo, like training financial savings
  • Managing funds for youthful youngsters who aren’t prepared for their very own debit playing cards but

If you switch funds from an IOU account to a FamZoo debit card, FamZoo credit your IOU account. That means, you’ll understand how a lot you continue to owe your child or how a lot you’re nonetheless holding on their behalf.

Direct Deposit for Teenagers

FamZoo has a free direct deposit characteristic. In case your child works outdoors the house, use it to direct their paycheck into their FamZoo debit card account.

Card Exercise Alerts

FamZoo delivers real-time card exercise alerts detailing particular person transactions, their quantities, and the remaining steadiness on the cardboard. Use this characteristic to maintain tabs in your youngsters’ spending and monitor balances.

Detailed Decline Data

When an tried debit card transaction is declined for any purpose, FamZoo notifies the child consumer and the father or mother. This notification contains the explanation for the decline, corresponding to an inadequate steadiness or incorrect PIN, and presents recommendation on how you can keep away from the identical consequence sooner or later. 

Missed Fee Monitoring

If you happen to can’t make a scheduled fee to your child as a result of your funding account has an inadequate steadiness, FamZoo tracks the deficit in an IOU account and settles it when you do have sufficient funds within the account.

This characteristic works in reverse as properly. In case your child can’t make a scheduled fee to you as a result of they don’t have the funds for on their debit card, FamZoo units up an IOU and settles it when the cash’s there.

Card Lock and Unlock

You’ll be able to lock and unlock your youngsters’ debit playing cards with a number of faucets within the FamZoo app. You are able to do this for any purpose, from a misplaced or stolen card to a monetary time-out introduced on by ill-advised spending.

Customizable Subaccounts

FamZoo’s subaccounts characteristic permits envelope budgeting for each child in your plan. Arrange every subaccount to correspond to a distinct budgeting class or spending purpose and fund them accordingly.

Allowance Options

Automate your youngsters’ common weekly allowance with recurring deposits or break up funds amongst a number of subaccounts.

Chore Options

Use FamZoo’s highly effective chore characteristic to:

  • Visualize your whole family’s chore checklist with a single-view chore chart
  • Assign chores to particular person youngsters or allow them to declare open chores on a “first dibs” foundation
  • Mechanically ship funds for particular chores as soon as they’re marked accomplished
  • Cut up funds for chores amongst a number of accounts
  • Levy monetary penalties on youngsters who don’t get their chores accomplished
  • Overview chores to verify they’re accomplished earlier than sending funds

Guardian-Paid Curiosity

Pay curiosity in your youngsters’ debit card balances utilizing your major funding account because the supply. You’ll be able to customise the rate of interest — probably paying way more than an everyday financial savings account — and in addition cap the steadiness eligible to earn curiosity.

Automated Household Billing

Mechanically debit your youngsters’ card accounts for his or her share of family bills, corresponding to cellphone payments or streaming companies. This characteristic pulls from the cardboard to your major funding account.

Greenlight Plan — Options and Capabilities

Greenlight’s base plan prices $4.99 per 30 days. It comes with a Mastercard debit card for as much as 5 youngsters and contains all Greenlight’s core monetary instruments. Nonetheless, it doesn’t have all of the value-adds that set Greenlight aside from different kid-friendly debit playing cards and private finance apps. 

Right here’s what the bottom plan does embrace.

Monetary Schooling Content material

Greenlight has a ton of age-appropriate monetary literacy content material and instruments, corresponding to movies and articles produced for a younger viewers. Greenlight additionally has kid-friendly quizzes, video games, contests, and sweepstakes, all designed to advertise sensible cash administration. 

Funds for Chores and Allowance

Greenlight allows you to specify weekly, biweekly, or month-to-month allowance funds proper within the app. If you want, you’ll be able to tie these funds to profitable completion on particular chores. You have got three choices:

  • A flat-rate allowance that’s in no way associated to chore completion
  • A hybrid possibility that solely pays the total allowance quantity in spite of everything assigned chores are full
  • A totally chores-based allowance that requires your child to finish each assigned chore earlier than they get a dime

1% Greenlight Financial savings Reward

Eligible Greenlight financial savings balances earn an efficient 1% rate of interest — higher than many high-yield financial savings accounts, and greater than sufficient to reveal the ability of compound curiosity. Funds come every month, no matter account steadiness or exercise.  

Parental Controls

Greenlight’s parental controls embrace:

  • The flexibility to lock and unlock the cardboard within the app
  • Actual-time spending notifications with service provider particulars
  • The choice to disable sure transaction sorts or spending classes
  • The flexibility to set greenback limits for allowed transaction sorts or classes
  • The choice to allow biometric authentication strategies, corresponding to contact or face ID

Direct Deposit

Greenlight permits paycheck direct deposit for older customers. In case your child works outdoors the house, arrange direct deposit to see in actual time how they’re placing their paycheck to make use of. 

Greenlight Customized Card

Greenlight presents personalized debit playing cards bearing the consumer’s image. If you wish to add one on your child, it’ll price you a one-time charge of $9.99 — plus $24.99 if you wish to minimize the usual seven- to 10-business-day delivery time down to 2 or three enterprise days.

Greenlight + Make investments Plan — Options and Capabilities

Greenlight + Make investments provides a low-cost investing platform for folks and youngsters. It prices $7.98 per 30 days. For that, you get every little thing within the Greenlight base plan, plus:

Investing for Youngsters

Greenlight’s kid-friendly funding account options: 

It is a brokerage account within the father or mother’s identify solely, not a custodial funding account that additionally bears the child’s identify. You’ll be able to revoke entry to it at any time. 

Investing for Mother and father

Greenlight allows you to make investments in your youngsters’ behalf within the app as properly. You utilize the identical account to take action and get all the identical advantages, together with fractional share buying and selling on eligible equities and no commissions.

Greenlight Max Plan — Options and Capabilities

Greenlight’s most complete plan is Greenlight Max. It prices $9.98 per 30 days.

On high of every little thing within the Greenlight + Make investments plan, it provides money again on eligible debit card purchases, id theft safety, and different value-adds:

Id Theft Safety

Youngsters are frequent victims of id theft as a result of there’s usually nobody checking their credit score repeatedly. That makes it simple for id thieves to open fraudulent accounts of their identify with out being detected. And it’s why Greenlight Max presents built-in id theft monitoring, notification, and restoration for child customers.

1% Money Again on Eligible Debit Card Purchases

Greenlight Max pays 1% money again on eligible Greenlight debit card purchases. Rewards accrue month-to-month and mechanically drop into youngsters’ financial savings accounts on the finish of every interval. 

2% Greenlight Financial savings Reward

Greenlight Max boosts the efficient rate of interest on financial savings balances to 2%, paid month-to-month. 

Greenlight Black Card

Greenlight Max comes with a particular black debit card at no further price. It’s extra stable and far cooler-looking than the usual model.

Precedence Buyer Assist

Greenlight Max customers at all times minimize to the entrance of the road once they want help. This precedence buyer help promise applies to talk and cellphone calls, though Greenlight doesn’t make any representations about precisely how lengthy you’ll want to attend for assist. 

Cellphone Safety for As much as 5 Youngsters

Greenlight Max comes with free complimentary cellphone safety insurance coverage for as much as 5 units. It’s supplied by Virginia Surety Firm and accessible in all states besides New York.

Buy Safety

Sure Greenlight debit card purchases get complimentary buy safety protection that defrays the price of repairs or replacements, topic to coverage limits. Greenlight’s buy safety can also be supplied by Virginia Surety Firm and is out there all over the place however New York state.

The Verdict: Ought to You Select FamZoo or Greenlight?

FamZoo and Greenlight each excel at educating youngsters of all ages about cash and setting them up for monetary success in maturity. The important thing variations lie within the particulars. 

You Ought to Get FamZoo If…

Famzoo is a greater match if:

  • Your Youngsters Have Advanced Cash Administration Wants. With regards to family funds, FamZoo can deal with nearly any diploma of complexity. In case your youngsters have complicated cash administration wants, maybe as a result of they’re working outdoors the house whereas saving for a number of long-range objectives, FamZoo’s sturdy options might help.
  • You Have A lot of Family Chores to Assign. FamZoo makes it simple to assign chores and pay youngsters for his or her work. Greenlight has a built-in chore characteristic too, nevertheless it’s not as customizable or sturdy.
  • You’re Prepared to Prepay Properly in Advance. FamZoo’s month-to-month charge is as little as $2.50 per 30 days per family whenever you prepay upfront. Decide to at the least two years of FamZoo to get the very best deal.

You Ought to Get Greenlight If…

Greenlight is a greater match if:

  • You Need Greenlight to Pay Your Youngsters Curiosity. Greenlight financial savings balances earn as much as 2% curiosity, increased than most high-yield financial savings accounts. FamZoo balances earn curiosity too, however provided that you pay it out of your pocket. 
  • You Wish to Train Your Youngsters About Investing. Greenlight + Make investments has a kid-friendly funding account that’s an ideal first brokerage account — and an amazing investor training software — on your tween or teen. 
  • You Need Money Again on Eligible Purchases. Improve to Greenlight Max to earn 1% money again on eligible debit card purchases. Though not fairly on par with the very best cash-back bank cards, that’s a pleasant charge of return for an entry-level card.
  • You Need Constructed-in Id Theft Safety. Greenlight Max additionally comes with complimentary id theft safety. The package deal contains id monitoring, notification, and restoration.

Each Are Nice If…

Each FamZoo and Greenlight are wonderful choices if…

  • You Have Older Youngsters Working Exterior the Home. Each Greenlight and FamZoo make it simple to direct-deposit your youngsters’ paychecks into their debit card accounts. From there, you’ll be able to fund financial savings objectives, management their spending, or just maintain tabs on how they handle their cash.
  • You Wish to Preserve Tabs on Your Youngsters’ Spending Exercise. Each apps are constructed round the concept that mother and father ought to know what their youngsters are as much as, financially talking. Both means, you’ll by no means should marvel — or fear — about your youngsters’ monetary behaviors.
  • You Wish to Set Financial savings Targets for Your Youngsters. Each apps have financial savings purpose options. Whether or not your child is saving up for a brand new bike or placing cash away for school, it is a cornerstone of economic empowerment.

Closing Phrase

FamZoo and Greenlight each earn excessive marks for educating youngsters about fundamental cash administration ideas. Use both one persistently and your youngsters might be in a stronger monetary place once they’re able to exit into the world.

The FamZoo and Greenlight apps are something however carbon copies, nevertheless. They’ve distinct options and serve totally different audiences, which suggests the correct app for you and your youngsters won’t be the correct app on your neighbor and their youngsters. 

FamZoo actually shines on the subject of managing chores, allowances, and household funds basically. Greenlight is extra of a catch-all private finance app for teenagers, with built-in financial savings and funding accounts together with a slew of value-added options. 

The best selection for your loved ones relies on your family’s cash administration wants and your monetary objectives on your youngsters. Now that you know the way FamZoo and Greenlight stack up, you’re able to make the decision.







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