If you’re staring down a back-to-school list that includes “figure out an allowance system” for the first time, you’re not alone. The first weeks of a new school year are when most families actually set up lunch money, allowance, and a debit card for a kid, because that’s when the logistics (bus fare, vending machines, school store) suddenly become real. The problem is that the money app market has shifted a lot since last August. GoHenry is gone, folded into Acorns Early. Greenlight rolled out a fourth pricing tier. And a wave of 2025 roundups are now quietly out of date on price alone.
This guide skips the usual “here are 10 apps in a random order” format. Instead, it’s organized by age, because what a 7 year old needs from a money app has almost nothing in common with what a 17 year old needs. We’ll walk through three age bands, a comparison table, and a “best for your family” section at the end.
Why age band matters more than app name
Most roundups list the same eight or nine apps and let you sort it out. But a debit card app built around chore charts and cartoon piggy banks is the wrong fit for a 16 year old who’s about to apply for their first credit card. And a teen banking app with a secured credit-building card is overkill, and honestly a little confusing, for a 7 year old who just wants to see money show up when they do the dishes.
So instead of one big list, here’s the breakdown by what your kid actually needs at each stage.
Ages 6-12: chores, allowance, and the first debit card
At this age, the job of a money app is simple: turn allowance and chores into something a kid can see and understand, with a parent holding every control. Two names come up again and again in this bracket.
Greenlight Core ($5.99 a month, covers up to five kids) gives each kid a debit card, lets parents set spending limits by store category, and automates a weekly or chore-based allowance. Parents get real-time notifications every time the card is used, and can turn specific merchants on or off.
Acorns Early, the product formerly known as GoHenry after Acorns acquired it, plays in the same space: a kids’ debit card, task and chore lists, and short money-lesson quizzes built into the app. It’s priced separately from Acorns’ investing product, and it’s worth checking the current plan page since Acorns has been consolidating pricing across its family of apps.
For this age group, the feature that actually matters is granular parental control, not investing tools. A 9 year old doesn’t need a brokerage account. They need a parent who can freeze the card from their phone if it goes missing at recess.
Ages 13-15: more independence, first taste of investing
Middle schoolers are ready for a bit more rope, but not the whole spool. This is the age where a debit card with parental oversight starts to make sense alongside some early investing education, always under parent custody.
Greenlight Max ($10.98 a month) and Greenlight Infinity ($15.98 a month) add investing for kids on top of everything in Core. The investing accounts are custodial, meaning a parent owns and approves every trade a kid places, and there’s no promise of return since it’s still the stock market. What you’re really buying at this tier is the ability to let a 14 year old buy a fractional share of a company they’re curious about, with a parent’s eyes on every move.
This is also a reasonable age to start talking about beginner investing apps more broadly, since some families set up a custodial account outside the debit card ecosystem entirely. If that’s the direction you’re leaning, our guide to investing apps for beginners compares custodial and standard account options side by side.
Ages 16-18: no monthly fee, and starting a credit history
By 16, a lot of teens are earning their own money from a part-time job, and the priority shifts from “teach basic money habits” to “start building a credit history before they leave for college.” This is where Step stands out from the debit-card-first apps above.
Step is free, with no monthly subscription fee, and it pairs a fee-free teen bank account with a secured Visa card. Because it’s secured, a teen can only spend what’s already in the account, so there’s no risk of debt. The card’s activity is reported to the credit bureaus, which means a responsible 16 or 17 year old can start building a credit file before they’ve ever applied for a traditional credit card. That head start matters: a thin or nonexistent credit history is one of the most common reasons a first credit card or apartment application gets a second look.
Step doesn’t come with the same depth of parental spending controls as Greenlight, which is exactly why it fits better once a teen has shown they can handle more independence. Some families layer it in as a graduation step after a few years on Greenlight or Acorns Early.
Greenlight, Acorns Early, and Step compared
| App | Best age range | Price (as of mid-2026) | Parental controls | Investing/savings |
|---|---|---|---|---|
| Greenlight Core | 6-12 | $5.99/month, up to 5 kids | Full spend limits, merchant blocks, real-time alerts | Savings with parent-set reward rate |
| Greenlight Max | 10-15 | $10.98/month | Everything in Core | Adds custodial investing for kids |
| Greenlight Infinity | 13-16 | $15.98/month | Everything in Max | Adds identity protection, higher rewards |
| Greenlight Family Shield | Whole family, incl. adults | $19.98/month | Everything in Infinity | Adds up to $1M identity theft coverage for the family |
| Acorns Early | 6-12 | Varies; check current Acorns plan page | Chore lists, spending controls | Optional path into Acorns’ broader investing app |
| Step | 13-18 | Free (optional paid card tier available) | Lighter than Greenlight; teen-led | Secured card builds credit history, no investing |
Every plan above is priced per family, not per child, so a household with three kids on Greenlight Core pays the same $5.99 as a household with one. Prices and plan names may change, so it’s worth double-checking the current rate on each provider’s site before you commit.
Top 3 picks by family situation
If you don’t want to read the whole comparison, here’s the shortcut version.
- Best for a first allowance system (ages 6-12): Greenlight Core. It’s the cheapest entry point, covers up to five kids on one plan, and gives parents full visibility without any investing complexity to explain.
- Best for teaching investing basics under supervision (ages 13-15): Greenlight Max or Infinity. The step up in price buys custodial investing, which is the main thing this age group is ready to start learning hands-on.
- Best for a teen about to build credit (ages 16-18): Step. No monthly fee, and the secured card reporting to credit bureaus is the single most useful feature for a teen who’ll be applying for their own accounts soon.
A few things to check before you sign up
Whatever app you land on, a couple of housekeeping items save headaches later. First, confirm the app supports the number of kids you have without needing a second subscription. Second, check whether investing features require a custodial account structure (they should, for a minor), since that’s what keeps the parent legally in control of any trades. Third, read the fee disclosures page directly on the provider’s site rather than trusting a summary, since card replacement fees, expedited shipping, and optional add-ons can nudge the real monthly cost above the base subscription price.
None of these apps promise a return on investing features, and none of them replace an actual conversation with your kid about money. What they do is make the mechanics, the allowance, the spending limits, the first small investment, easier to manage from your phone instead of a jar of cash on the counter.
This article is for general informational purposes only and isn’t personalized financial advice. Pricing, plan names, and features mentioned here may vary by provider and are current as of mid-2026; investing features for minors always require parental custody and carry no guaranteed return. Check each provider’s official site for current terms before signing up.
Setting up a money app is often just one piece of the back-to-school budget puzzle. If the whole season is stretching your wallet, our guide on saving on back-to-school shopping covers tax-free weekends and other ways to trim the bigger list. And if your teen is already asking about a debit card of their own, it’s worth reading up on whether an app like Chime counts as a real bank before deciding between a teen-specific app and a general mobile banking option. Parents managing their own budget alongside a kid’s allowance might also find our roundup of budgeting apps to replace Mint useful for keeping both sides of the ledger straight.
Frequently Asked Questions
What is the best money app for teens in 2026?
It depends on the teen’s age. For 13 to 15 year olds who still need parental spending controls, Greenlight Max or Infinity add custodial investing on top of debit card basics. For 16 to 18 year olds who are ready for more independence, Step’s free secured card is a strong pick because it builds a credit history without any debt risk.
Are there any free money apps for teens?
Yes. Step doesn’t charge a monthly subscription fee for its core teen checking account and secured Visa card. Most debit-card-style apps aimed at younger kids, including Greenlight and Acorns Early, do charge a monthly family subscription, though the fee covers multiple kids on one plan.
Can a teen use a banking app without a parent?
Most teen banking apps, including Step, require a parent or guardian to set up the account and remain on it in a supervisory role, even as the teen gains more day-to-day control. Fully independent banking generally isn’t available until 18, when a teen can open a standard checking account in their own name.
What money apps work for kids under 13?
Greenlight Core and Acorns Early are both built with younger kids in mind, pairing a prepaid debit card with chore tracking and allowance automation while keeping every spending control in the parent’s hands. Neither offers a standalone credit-building product at this age, since credit history generally isn’t relevant yet for a child under 13.
What’s the best teen debit card for building credit?
Step’s secured Visa card is designed specifically to report payment activity to the credit bureaus, which can help a teen start building a credit file before they apply for their first traditional credit card. Because it’s a secured card, a teen can only spend what’s already funded into the account, so there’s no risk of running up debt while building that history.
Is Acorns Early the same as GoHenry?
Acorns acquired GoHenry and migrated its U.S. customers to the Acorns Early brand, with the same core idea (a kids’ debit card paired with money lessons) now folded into the wider Acorns app ecosystem. GoHenry continues to operate under its original name in the UK.
