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I need information about card, services and programs linked to the bank card for the youth segment.
Hello! Thank you for your question about bank cards and services for youth. The short answer to your question is that there are many accounts aimed at youth, so I have assembled a list of 10 items.
A single Wonder list comprises 10 items, and if you need more entries, you can submit a new request and we'll pick up where we left off. Below, you will find a deep dive into my methodology and findings.
METHODOLOGY
I began my research with establishing what criteria is used to determine what the best youth banking cards are. I discovered a website that reviewed them and a list of award winning youth bank cards.
Best bank cards for youth and teens were often assessed by standard information of a good account and how the account engaged with youth and teens. These lists looked for high interest rates in savings accounts, low transaction and ATM fees, comprehensive online account management, if they offered educational resources, and how overdraft was addressed.
I also checked the Santander accounts for kids and students to reference the types of accounts you've already researched. I then searched the specific companies that were discussed in the lists for interesting features that set them apart from the standard accounts. I assembled a list of 10 below along with the features that makes them interesting.
FINDINGS
Nerdwallet recommended this account because it offered the best interest rate, but it also offers other features that make it attractive to youth and their parents. This account offers a free debit card that allows up to $20 in not-in-network ATM fee refunds, so youth can access their money without having to find an in network ATM. Additionally, there are no account maintenance fees or minimum balances. This account also has $100 cash withdrawal limits and a $300 debut limit daily to help with spending habits. Most importantly for teens, this account offers mobile payments so teens can use their phones instead of the debit card to pay for transactions.
This South African bank offers standard features for youth under 19 that many other banks offer, but it also adds in several perks that are relevant to youth. Each account that has R200 or two transactions every month earn 50MB of free data and a free movie ticket every month. This account also offers mobile payments using a cell phone as well as no monthly fees.
This was another NerdWallet recommendation based on significantly lower than average overdraft fees at $15. The other features that this account offers are useful tools for parents to help teens manage money. The adult custodian can review account activity at any time and free transfers allow them to add money to their teen's account whenever they need to. Additionally, this account offers special tools for teens that help teach saving habits and help create savings plans. By offering both teens and parents tools to manage money habits, this account gives customers everything they need to meet goals.
This card is another NerdWallet reviewed account. This card is designed to help parents manage their teens spending. This is a prepaid card where parents can add funds online or via phone. This card offers both parents and teens varying alert options, so they are always informed about the balance on the card. The major interesting feature is this card is valid internationally, so it's a great card for use while abroad for youth.
This account tries to encourage saving in kids and teens by offering higher interest rates on the account on any month that at least one deposit is made with no withdrawals. Additionally, this bank has programs to engage kids in money management and teach valuable skills. These accounts are upgraded as a child ages, so teen accounts have more financial freedom and flexibility while still carrying many of the benefits that they started with.
Greenlight is a prepaid debit card that allows parents to control where the card is used via an approved stores list. This list can be updated and managed so the card can grow with children and teens. Children and adults have the ability to turn the card off immediately via mobile app in case of loss or theft.
This account comes with many standard features of teen account that many other financial institutions offer, but it also offers parents far more flexibility and control when it comes to spending. Parents can set and change the daily spending limits based on what they feel is best.
This account offers many standard features of other accounts, but it also rewards teens for academic achievement. Students earn $10 for each report card that is all A's and B's. This account also gives students online budgeting tools to learn goal setting and saving.
This account offers a $10 iTunes giftcard for teens upon opening as well as financial control for parents. This account does not allow check writing or ATM withdrawls and has a $100 point of sale spending limit for parents peace of mind.
This bank offers accounts that grow with children. Young children can open a savings account that rewards them with additional money in their account for good grades and prizes for making deposits. The teen accounts keep the academic rewards but are also given debit cards and more freedom in their accounts.
CONCLUSION
To wrap up, I've assembled a list of 10 accounts from several countries for youth that offer interesting rewards and tools for both youth and parents to manage financial assets.
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