Debit Cards for Kids

Getting a first mobile phone and a debit card is a rite of passage for Kiwi kids. It signals their growing independence and trustworthiness, while still allowing parents to keep tabs on what they are up to. If you are considering getting your child their first debit card, Canstar looks at the debit cards for kids available from the major banks, and an alternative, the digital wallet SquareOne.

Debit cards for kids: what’s available:

ANZ: Jumpstart

ANZ’s Jumpstart account for kids and teens offers a debit card (EFTPOS card) for children aged from 7 years. Teens 13 to 17 are also eligible for an ANZ Visa Debit card.

NB: A Visa Debit card isn’t a credit card. It only allows you to use money in your account, like a debit (EFTPOS) card. However, you can use it online, overseas and over the phone, and to make contactless payments.

Fees & interest

ANZ charges no account fee and pays no interest on its Jumpstart account.

Parental control

• If the child is under 13, a parent or guardian must open the account and grant permission for the child to use the bank’s app and internet banking. The authorised parent/guardian retains full access to the account.
• Teenagers can open their own account and must grant permission for a parent/guardian to be an authorised signatory on the account. That means the parent/guardian can view the account in their own app and internet banking, and can access the account to make withdrawals and update information, but will not have card access. The teen can remove an authorised signatory from their account at any time without the consent of their parent or guardian.

→ More info: ANZ’s accounts for kids and teens

ASB: Headstart

ABS’s Headstart account for kids and teens, up to 17 years old, offers a debit card. Teens 13 to 16 are also eligible for an ASB Visa Debit card, with parental/guardian approval.

Fees & interest

ASB’s Headstart account charges no account fee and offers 3.55% p.a. on account balances.

Parental control

You choose how much control your child has over their account:

• If the child is under 13, a parent or guardian must open the account and grant permission for the child to use the bank’s app and internet banking. The authorised parent/guardian retains full access to the account.
• Teenagers can open their own account and must grant permission for a parent/guardian to be an authorised signatory on the account. That means the parent/guardian can view the account in their own app and internet banking, and can access the account to make withdrawals and update information, but will not have card access. The teen can remove an authorised signatory from their account at any time without the consent of their parent or guardian.

→ More info: ASB’s accounts for kids and teens

BNZ: YouMoney

BNZ’s YouMoney account for kids and teens, up to 17 years old, offers a debit card. Teens 13 to 16 can also apply for a BNZ Visa Debit card.

YouMoney also provides access to up to 25 separate accounts that your child can use for their savings and expenses.

Fees & interest

BNZ charges no account fee and pays no interest on its YouMoney account.

Parental control

You choose how much control your child has over their account:

• If the child is under 13, a parent or guardian must open the account and grant permission for the child to use the bank’s app and internet banking. The authorised parent/guardian retains full access to the account.
• Teenagers can open their own account and must grant permission for a parent/guardian to be an authorised signatory on the account. That means the parent/guardian can view the account in their own app and internet banking, and can access the account to make withdrawals and update information, but will not have card access. The teen can remove an authorised signatory from their account at any time without the consent of their parent or guardian.

→ More info: BNZ’s accounts for kids and teens

Kiwibank: Free Up

Kiwibank’s Free Up account for kids and teens, up to 17 years old, offers a debit card for those 10+. Teens 15+ can also apply for a Kiwibank Visa Debit card.

Fees & interest

Kiwibank charges no account fee and pays no interest on its Free Up account.

Parental control

You choose how much control your child has over their account:

• If the child is under 13, a parent or guardian must open the account. The authorised parent/guardian retains full access to the account.
• Teenagers can open their own account and can withdraw money and pay for things in store without parental or guardian permission. They can get access to internet banking, the mobile app and phone banking to transfer money between accounts.

→ More info: Kiwibank’s accounts for kids and teens

The Cooperative Bank: Dollars & Sense | Dosh accounts

The Cooperative Bank’s Dollars & Sense account is for children aged up to 12 years old. Children aged 7+ are able to obtain a debit card with an adult signatory’s consent.

Dosh accounts are for teens 13 to 17 years old. A debit Mastercard is available to customers aged 15+ (parent or guardian must complete an indemnity form).

Fees & interest

The Cooperative Bank’s youth accounts charge no account, transaction or service fees, and offer a market-leading 4.30% p.a. on account balances $4000 and below.

Parental control

• Opening either of the bank’s youth accounts requires approval from a parent or guardian, who must open the account and grant access to internet banking.
• The authorised parent/guardian retains full access to the account, unless child is over seven years old and granted full access, and has the ability to monitor their child’s account through their own online banking.

→ More info: The Cooperative Bank’s accounts for kids and teens

TSB: Youth Account

Children from the age of seven with a TSB Youth Account are eligible for a debit card in their own name with parental/guardian consent.

Fees & interest

The TSB’s youth account charges no transaction or service fees, and offers 3.35% p.a. on account balances.

Parental control

• Before the age of seven, accounts must be opened by a parent or guardian, who becomes the operator of the account.
• Once your child turns seven, you can choose to remove yourself as the operator of the account. If you choose this option, full control of the account, including online and mobile banking, and debit card will be transferred to the child.

→ More info: TSB’s accounts for kids and teens

Westpac: Youth accounts

Westpac has a range of youth accounts based on their standard accounts. However, only one, offers a debit card: the youth Westpac Everyday account.

From the age of 12, a debit card can be issued with permission from a parent or guardian. And from the age of 15, a child can apply for a Debit Mastercard, with permission from a parent or guardian.

Fees & interest

Westpac’s youth transaction accounts do not charge account fees or pay interest on account balances.

Parental control

• Under 12s: parents have full control.
• 12 to 15 years old: account can be opened in child’s name with the permission of a parent or guardian, with the option for parent to remain as an additional signatory.
• 16 to 18 years old: teens can take full responsibility for their account and card, with the option for parent to remain as an additional signatory.

→ More info: Westpac’s accounts for kids and teens

SquareOne

SquareOne is a Kiwi digital start-up. It’s a digital wallet that pairs a phone app with a physical MasterCard prepaid card. A parental account is used to distribute funds and to control the accounts of up to five children, each with their own card and app.

Fees & interest

After a month’s free trial, SquareOne costs $3.99 per month for a family of up to two parents and five kids. There’s no set contracts, and you can opt out whenever you like.

Parental control

• Parents/care givers can set chores, either one-off or regular tasks, and set a payment amount for a job well done. Your kid ticks off the completed chore in their app, you approve and they get their money.
• Parents/care givers can set automatic payments for a regular allowance, or give instant top-ups.
• Parental controls set the types of transactions children can make, for example to friends, contactless or online. You can also set one-off, daily and weekly transaction limits.
• Kids can use their cards to make purchases anywhere Mastercard debit is accepted, using either a PIN or payWave. With parental permission, they can also make purchases online and link their card to Apple Pay or Google Pay. Although for Apple Pay, the cardholder must be at least 13 years old, and for Google Pay, at least 16 years old.
• The card can’t be used for cash withdrawals or to make R18+ purchases, such as alcohol and vapes.

→ More info: SquareOne

About the author of this page

This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.