‎Greenlight Kids & Teen Banking on the App Store

Complimentary Greenlight Debit Card and Money App for CashPlus Clients

CashPlus clients who sign up for Greenlight, will have the $4.99 monthly fee waived. Offer is valid for any CashPlus Brokerage Account holder and includes debit cards for up to 5 family members.


About Greenlight Debit Card for Kids

The Greenlight app offers a feature-filled financi

The Greenlight app offers a feature-filled financial platform meant to help parents teach their kids important personal finance skills and build useful money habits including how to save, earn, invest, spend and give money responsibly.

The Greenlight app and card function as a purpose-built solution for families to learn about money through use of a prepaid debit card with parental controls, notifications and safety features.

Further, the Greenlight app offers a parent account for establishing chore plans and administering weekly allowance payments for successful completion of assigned tasks.

From there, parents can show their kids how to use the included investing platform (on a higher plan through Greenlight + Invest and Greenlight Max) to invest in stocks for kids and exchange-traded funds (ETFs).

This can show real-life lessons of compound interest and encourage children to save and invest funds regularly.

What we like about Greenlight

  • Security features: The fact that Greenlight requires parental approval for investments, as well as the ongoing monitoring and other security features can provide peace of mind. Your child can learn and make mistakes, but you help guide their decisions.
  • Educational tools: Teaching kids about how to set financial goals and monitor their money could be easier with the tools offered by Greenlight. The investing tools are also helpful when it comes to making it easy for kids to learn about investing and its benefits.
  • Teaches kids financial responsibility: Because it’s an app with financial management tools, kids can learn valuable lessons. The Greenlight debit card for kids prevents them from spending more than they have and could help them learn how to manage their money in a responsible way.
  • Easy money management for the family: With the Greenlight card, it’s easy for the whole family to manage their money and learn together. Parents can quickly and easily send money to the card, automate weekly transfers to their child’s card, and monitor spending in real-time. Then it offers the chance to talk about finances and review decisions so kids have a better learning experience.

How much are the rewards worth?

The Greenlight card’s  Savings Boost feature and the Max tier’s cash back program can offer solid value depending on how much you spend and save. And while these earnings may not be enough to offset the card’s ongoing cost, they can make a big difference.

With the help of Bankrate’s Compound Savings Calculator, we estimate the maximum Savings Boost rewards potential at $101 per year with the Greenlight Max plan (assuming you meet the $5,000 family balance cap in one account). That’s just shy of the approximately $120 annual cost of the Green Max plan ($9.98 per month). Meanwhile, we estimate the base plan will net $50 in earnings per year, also short of the card’s approximately $60 annual cost ($4.99 per month).

Keep in mind, however, that this assumes your child has $5,000 saved in their Greenlight account, which may be a stretch considering the median bank account balance for people under 35 is $3,240.

Depending on your child’s allowance or other purchasing power, the Greenlight Max plan’s flat-rate cash back program may not yield as much value. According to the Piper Sandler investment banking company’s annual research surveys, teenagers reportedly spend an average of $2,150 per year, which would net just $21.50 in cash back per year with Greenlight Max. That’s better than nothing, to be sure, but won’t make much of a dent in the plan’s cost.

Combining the Greenlight Max plan’s 2 percent Savings Boost and 1 percent cash back, typical cardholders can expect to earn a total of about $86.50 in rewards each year (based on an average spend of $2,150 per year and the median $3,240 savings account balance). This increases to about $122.50 per year if your child has the maximum eligible savings balance of $5,000—just enough to cover the cost of the plan.

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FAQs about Greenlight

What safety and security features does Greenlight offer? Greenlight offers a number of security features, including the ability to turn off the card in the app. It’s also possible to add fingerprint or face recognition. Parents can monitor the account and set limits. Greenlight also has FDIC insurance and SIPC insurance to protect your money in the event that the company fails. Is there a minimum age to get a Greenlight debit card? There is no minimum age to get a Greenlight debit card for kids. Your child must be at least 18 to get their own credit card account. However, it’s possible for your child to get a credit card at a younger age by becoming an authorized user on your credit card. Is the Greenlight debit card accepted everywhere? Greenlight is accepted where Mastercard is accepted because that’s the payment network it uses. Additionally, the Greenlight card is accepted internationally, with no foreign transaction fees. Does the Greenlight debit card work with Apple Pay and Google Pay? Yes, the Greenlight card works with both Apple Pay and Google Pay, as long as your child meets the age requirements with each of those platforms. What’s better, Greenlight or FamZoo? Both Greenlight and FamZoo could help your kids learn about financial management and teach valuable lessons while keeping parents in control. Carefully consider your individual situation and needs to determine what’s best for your family.

How to Open a Greenlight App Account

  1. Apply for a Greenlight account
  2. On the landing page, enter your mobile phone number and click the “Get Started” button to submit
  3. Go to your phone to collect your confirmation code and enter it in the box labeled “Enter Confirmation Code” and click “Confirm Code
  4. Create your account by entering your email address, creating your own password and selecting what your kids will call you. Click Next.
  5. Begin by entering your child’s name and mobile number (if they have one) and birthday. Click Next if you only have one child to add or Add another child if you have more than one to add. Do this for each child you wish to get a Greenlight card.
  6. Provide your personal information followed by accepting the Cardholder Agreement and hit Next.
  7. Finally, set up your funding source and submit your Greenlight application for verification and approval.


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