Teaching kids about money doesn’t have to be a challenge – it can be an exciting journey! With today’s kid-focused banking apps and debit cards, parents have new ways to introduce financial skills that will set their children up for life.
These apps make saving, budgeting, and spending simple, engaging, and educational. From automated allowances to rewarding chores, parents can empower their kids with practical money skills—all from the convenience of their smartphone. Plus, teens gain the independence to manage their funds, set saving goals, and even send money to friends, without ever needing to visit a bank. It’s all about building confidence and understanding in the digital age of finance.
Should You Get a Debit Card for Your Child or Teen?
A debit card for your child or teen is more than just a convenience—it’s a stepping stone to financial independence. By introducing them to concepts like budgeting, saving, and responsible spending, you’re helping them gain real-world skills they can carry into adulthood. Many of these cards come with apps that turn learning into a game, complete with quizzes, challenges, and rewards. Kids can monitor their spending, set savings goals, and learn how to manage their money thoughtfully. If your child is ready to take charge of their finances, starting with a debit card can be a valuable lesson in responsibility.
Are Debit Cards for Kids Safe?
Absolutely. These cards are designed with safety at their core, offering the same protections as a standard bank account. As a parent or guardian, you remain in control, with full oversight of account activity and the ability to set spending limits or block certain categories. Real-time alerts mean you’re always aware of your child’s transactions, and the option to lock or unlock the card provides an extra layer of security. With these features, kids can safely learn how to navigate the world of finance, knowing you’ve got their back.
How Kid and Teen Banking Apps Work
Modern banking apps for young users aren’t just accounts—they’re educational tools that simplify money management and make learning fun. Here’s what you can expect:
Simple App Access for Everyone: These apps make it easy for kids and teens to check their balance, track their spending, and manage their account—all from their smartphone. Parents can oversee everything, ensuring safety at every step.
Seamless Allowance Transfers: With automated transfers, parents can set up regular allowances, rewarding their kids on a weekly or monthly basis. Some apps even link allowances to chore completion, teaching children the value of earning their own money.
Chore Management Made Easy: Turn your app into a digital task manager, where kids can see their chores, check them off, and earn rewards. It’s a simple way to encourage responsibility and hard work.
Flexible Parental Controls: Parents can set spending limits, block specific categories, or even disable the card with a tap. Whether you want to limit impulse buys or teach budgeting, you have all the tools to guide your child’s spending habits.
Co-Parenting Options: Share account access with another caregiver, allowing both parents to keep track of their child’s spending. It’s a smooth way for multiple family members to stay in the loop, with the primary account holder setting up and managing the child’s access.
Interactive Learning and Financial Literacy: Many apps include interactive educational content, such as games, quizzes, and videos, that teach kids about saving, budgeting, and responsible spending. It’s a fun, engaging way to build their knowledge while they learn to manage real money.
Savings Goals with Rewards: Kids can set personal savings goals, track their progress, and even receive small incentives for hitting milestones. Whether saving for a new toy, a special outing, or a new pair of shoes, they’ll learn how to set priorities and achieve their objectives, all with visual progress trackers to keep them motivated.
What options are available in the Greek market?
In Greece, there are three choices that offer a debit card specifically designed for minors, paired with a mobile app.
Revolut <18
Revolut’s youth banking account Revolut <18 can be for kids as young as 6.
PROS
▴Free plan available (Up to 1 child, transactional fees may apply)
▴Debit card personalization (Fees are applied)
▴Money management features (chores, savings, auto-allowance)
▴Peer to peer transfers
▴Co-parent (Paid plans only)
CONS
▿Limited in-app educational content
Cost
In addition to the free plan, Revolut offers 4 other plans with a monthly subscription. The cheapest one costs €3.49/month, which covers up to 2 children’s accounts and offers the Co-parent service
myAlpha Vibe
Backed by Alpha Bank, myAlpha Vibe is a digital debit card designed for teens aged 15 to 18.
PROS
▴Tools for allowance automation
CONS
▿Available to Alpha Bank customers only
▿No physical card
▿Limited in-app educational content
▿Limited money management features
▿No free plan
Cost
myAlpha Vibe offers 2 subscription plans. The first package costs €1,99/month and supports one child while the second package costs €2,99/month and covers 2 to 4 children
Woli
Founded in 2021, Woli is a Greek startup offering a VISA debit card and a mobile app designed for kids and teens aged 8 to 18. Available in Greece, Cyprus, and Italy, Woli empowers young users to learn smart money management.
PROS
▴Free plan available (Up to 2 children, transactional fees may apply)
▴Money management features (chores, savings, auto-allowance)
▴Peer to peer transfers
▴Co-parent
▴Sophisticated in-app educational content
CONS
▿No physical card personalization
Cost
In addition to the free plan, Woli offers 2 other subscription plans. The monthly one costs €2.99 for each child and there is also an annual one which costs €29.99 for each child.
Conclusion
Empowering your child with financial knowledge is a gift that lasts a lifetime. By introducing them to kid-focused banking apps and debit cards, you’re not only teaching them essential money management skills but also instilling confidence and independence
At Woli, our mission goes beyond simply providing a card for children; we aim to equip parents with the tools they need to teach their kids essential money management skills through hands-on experiences.
To accomplish this, we offer the physical Woli card, usable even in environments where mobile phones are prohibited, like schools, alongside a dynamic mobile app that we continually enhance with new features.
Download the Woli app now, follow the steps to add your child and get 30 days FREE on the premium subscription plan and a FREE physical Woli card!
