Top Money Apps for Teens

We live in the digital age. When I was a teen, we had to learn little more than how to balance a checkbook to understand our finances. There were only a few of us who would’ve gone to the local Barnes & Noble to browse business or investing books (which I readily did). Today, our kids are interested in easy access to knowledge and fun – and this can be accomplished through various financial apps that teach teens how to bank and invest.

**We’re breaking it all down – here’s why your teens should use money apps and some of the most popular ones out there.**

Why Should Teens Use Money Apps?

There are a few key reasons we’re fans of fnancial apps for teens, but mainly, they teach real-world fnancial skills like budgeting, organization, and investing; you can stay connected with your kids’ fnances and interject or step in and educate when you see a need arise; and kids love apps, period, end of story! This is the trifecta that will help you help your kids on the road to fnancial wellness.

Some Features of the Top Money Apps for Teens

Learn Skills While Building Credit

As with a lot of things in life, there is sometimes a catch. With many of the banking apps available to minors, comes the need to open a bank account. But, opening a bank account is a great way to help your child learn valuable lessons, including how to build credit, so read on for more.

Some app platforms – like Greenlight – are technically fintech companies, facilitating financial transactions through other financial institutions. For example, Greenlight provides services through Community Federal Savings Bank, which is insured by the FDIC.

So, Greenlight will power your app experience, but Community Federal Savings Bank will be the institution that actually handles your fnancial transactions and

holds your money.

Financial Apps Offer Flexibility

FamZoo offers a different range of options from Greenlight. While FamZoo offers a bank account, they also offer the option for parents to load a debit card for their kids, so there is no bank account tied to it.

Our List – The Most Popular Investing and Banking Money Apps for Teens and Young Adults

Greenlight

Greenlight bills itself as “the kids’ and teens’ banking app – with investing,” and says it has over 5 million parents and kids on its platform. Their services and offerings include banking with a debit card; investing tools; chore and allowance management; educational tools; and more.

They incentivize teens for saving money by providing extra earnings on savings.

Parents can direct deposit allowance money as chores are checked off as complete.

Parents can approve investments and help kids save for future expenditures like college or a car.

FamZoo

While FamZoo is a bit “busier” on its website – thus making it a little harder to understand exactly what they do… I’ve boiled it down to this: they specialize in pre-paid cards, which are managed through their app, which connects teens and parents.

One of the benefits of FamZoo, as mentioned, is that they don’t require you to open a bank account. You can fund a pre-paid card from your linked, existing bank account, or add money through an ATM.

They offer a lot of safety features, like the ability to lock and unlock a card, activity alerts, and the ability to let you know of missed payments. Parents can also track family bills and loans.

Similarly to Greenlight, parents and teens can use the FamZoo money app to track chores and pay allowances earned.

Lastly, FamZoo bills itself as an “education first” platform, which should make parents feel warm and fuzzy about its intentions.

GoHenry

Right up front, GoHenry’s cheery site says it offers “the debit card and app that helps kids learn about money/budgeting/saving/spending/giving/investing,” and that it has over 2 million members. So, it’s a popular money app for teens. Check.

Straight away, you know this app is going to be engaging and fun for teens – giving them a fun interface and a way to become financially independent, while providing transparency and peace of mind to parents.

Each family shares the app, with “custom tools for kids, teens, and parents.”

One of the most unique features – which parents will love – are GoHenry’s “Money Missions – In-app learning, with real-world results.” These are small, easy-to-digest financial lessons for kids 12+.

If your kid is familiar with the Prodigy app through school, Money Missions seems to be structured similarly – with lessons that adjust to your kid’s age and ability – and the ability to earn badges as they complete skills.

Though I had to dig to fnd the information, I learned that you don’t have to open a bank account to use GoHenry. Parents can load their kids’ and teens’ GoHenry debit cards using their own personal debit card connected to their checking accounts.

This is the ultimate money app for teens and kids to learn financial literacy skills for life.

BusyKid

The BusyKid app describes itself as “the app for learning, the card for fun!” This app focuses on connecting parents and kids through the tracking of chores and payment of allowance.

Kids can choose to save, share, and spend their money, and they can earn bonuses – such as when parents add “interest” to their kids’ and teens’ savings.

BusyKid offers the ability to fund your card with a checking account, debit or credit card, and you can order the BusyKid Visa® Prepaid Spend Card, which can be used at most retailers physically and digitally.