Compare card providers and find the perfect debit card for your child here with Savvy.
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If you are looking for a debit card, use our table to compare Australia's best debit card offers with $0 monthly fees, free ATM withdrawals, cashback offers, budgeting apps, security features and much more. Start your debit card search with us now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
A new milestone is reached when your child gets their own debit card for the first time, as it’s one of their first small steps towards financial independence. Find out here with Savvy what features are available on debit cards for kids. Compare different offers and find out about new card features so you can make the best choice and get the hottest deal for your youngster.
Debit cards for kids are bank cards which allow children to access their pocket money and savings by withdrawing cash through ATMs and making purchases either online or in shops using EFTPOS terminals. They’re linked to an everyday transaction account or a specific junior or youth bank account.
Another form of debit card, a prepaid debit card or ‘spending card’ linked to a money app, can be issued to children as young as six years old. These prepaid debit cards are also issued by either Mastercard or Visa and often come with many additional features to help children learn about money with the assistance of their parents or guardians. However, these cards can often come with more fees than standard debit cards issued by banks and financial institutions and may not always be as suitable for day-to-day purchases.
What both these types of debit card have in common is that the child can only spend the money that is in their bank account or money app. There is no credit offered, and if the child tries to spend more than the balance of their account, the transaction will be declined.
The main difference between debit cards for kids and adults is that kids’ cards usually have built-in parental controls so that parents and guardians can control and supervise their child’s spending. Additionally, kids’ debit cards often come in brighter colours and patterns, and in some cases, come with fun silicone wristbands that act just like a debit card. They enable payments to be made just by holding the wristband at the EFTPOS terminal instead of the physical debit card. Aside from these small factors, though, these cards are effectively the same in terms of functionality.
The features available on a debit card for kids are all about supervision, security and safety. These include:
Parental supervision
Many banks allow parental supervision of kids’ debit cards up until the age of 13 or 14. This can mean that parents can see all transactions the child has made with their debit card in their own online banking or mobile app. Some debit cards for kids can be set up to allow the parent to give consent for every transaction, through a text notification received on their mobile phone asking them to accept or decline the purchase. Such controls can be very useful if a very young child is given a debit card.
However, once a child reaches 13 or 14 years of age, the teen is often able to take off certain parental controls (such as transaction viewing) without their parent's consent.
Spending limits
Some debit cards allow parents to set up spending limits on their child’s debit card. These may be daily, weekly or monthly limits which restrict how much a child can spend in a set period and can be useful to prevent your child from cleaning out their bank account. If they try to exceed the spending limit, the transaction will be declined. Other debit cards can include ATM cash withdrawal limits, either in terms of a daily maximum or a limit on the amount of cash that may be withdrawn in a single transaction.
Spending restrictions
In addition to spending limits, some debit cards provide control over how the kids’ debit card is used. For example, it’s possible to prevent a debit card from being used for online purchases. Controls may also include a prohibition on the purchase of alcohol, tobacco or gambling products. To prevent spending on online games, some debit cards allow parents to limit or ban in-game transactions.
Binding age restrictions which are legislated around Australia, such as the minimum legal age to purchase alcohol or tobacco products, can remain on the card until the youth reaches the appropriate age of 16 or 18 years old.
Card security and locking
Kids are notorious for losing things and, unfortunately, debit cards are no exception. As such, many debit cards for kids enable the child or parent to lock their card once they realise it is lost or stolen. Locking a card is usually a simple process, either through online banking, a mobile app or a phone call to a lost card hotline. This prevents the card from being used until it’s either unlocked or cancelled and a replacement card is issued.
Tracking spending
Many online banking portals and mobile apps allow tracking of how a debit card is used. In some apps, transactions can be summarised into categories of spending, so it’s possible for a child to see what they are spending their money on. This type of spending analysis can be a very useful educational tool to teach a child responsible spending and saving habits.
Many of the features described above are crucial to consider when picking out the best debit card for your child, which you can do right here by comparing debit cards with Savvy. In addition, it’s important to compare the following points:
Minimum age limit
Make sure the bank or financial institution you’re looking at has a suitable minimum age for your child’s needs. Some banks and financial institutions allow Visa or Mastercard debit cards to be issued to children as young as nine years old. Other banks have a minimum age limit of 12 to 14 for an account in the child’s name. The average age at which a child can have their own debit card is 12, which is the legal minimum age you’re able to open a bank account in Australia.
Fees
Most banks and financial institutions offer free debit cards for kids with no account-keeping fees or establishment fees. They usually offer free bank accounts for kids too, so young people can do their banking free of charge.
However, with prepaid debit cards, there may be establishment fees, account-keeping fees, reload fees and cancellation or inactivity fees. Examples of fees include:
Virtual wallet compatibility
Many children now have smartphones and use virtual wallets to store their debit card information. This means the physical debit card doesn’t necessarily have to be carried around, as payments can be made at EFTPOS terminals just by holding up the virtual card on their phone to the terminal to authorise payment. When choosing a debit card for your child, make sure it’s compatible with their phone. For example, if they have an iPhone, check the card is compatible with Apple Pay.
Free ATM cash withdrawals
Some of the larger banks have their own ATM networks which allow free ATM withdrawals using a debit card, both in Australia and overseas. However, smaller banks and credit unions may have more limited networks, so it’s important to check if your child’s debit card allows free ATM cash withdrawals at terminals your child can easily find.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
