Financial literacy is an essential life skill, one that teens should start learning well before they leave the nest. These tools offer the benefits and convenience of conventional checking accounts and payment apps, but with extra features that teach young people how to handle money with parental supervision.
* Greenlight. This highly rated educational banking app gives parents full transparency into how their kids spend their money, plus capabilities to restrict certain spending categories and turn cards on and off. Greenlight also features chore and allowance tools, savings goals, and other educational activities. Teens can also use the app for direct payroll deposit.
* Acorns Early. Previously known as GoHenry, Acorns Early is designed for kids aged six to 18 and includes allowance and chore tools, a debit card with parental controls, and educational games to teach kids financial literacy. Acorns Early also lets kids accept cash gifts from family members.
* Step. This free app offers a secured credit card to help teens build credit, in addition to savings goals and rewards that accrue. While parents can use Step to monitor spending or block specific merchants, the app doesn't include chore or allowance tools.
* Current. Current's free teen account includes allowance and chore tools and parental controls with spending limits, along with a network of free ATMs. But there are no in-app educational tools and savings tools are limited compared to other personal finance apps for teens.