I have a child who has expressed interest in using a debit card. He knows about money, can count coins and banknotes, and really wants to have a debit card. I want to use this as a learning experience for him so that he can understand that having a piece of plastic is not magic, and doesn't result in unlimited money from an ATM.
I've contacted several financial institutions, and the best they can come up with is one of the following:-
- A custodial account
- A joint account, but with no debit card for the minor
- Some sort of 'prepaid' account from U.S. bank with a card, but not with his name on it
I also understand that I can get a prepaid card, such as Serve, but per their Terms of Service, he'd have to be 18 to get a card in his name.
The goal here is to be able to:-
- Have a debit card with his name on the card
- Be able to use an ATM to view balance/withdraw/deposit
- Be able to make a purchase via Visa/MC/AMEX (depending on issuer)
- Ideally have online access
- Ideally not have fees, except possibly a once-off set-up fee
I don't mind co-signing for any legal terms.
Is there an account type out there with these features?
Note: Capital One 360 has a MONEY account that seems to meet these requirements
, bar the age restriction (the minimum age is 8). Hence the <8 qualification.
Update: I just posted an answer regarding Capital One MONEY, which no longer has the <8 restriction