Current, A Debit Card for Your Child’s Allowance
There is a new debit card on the market designed specifically for kids who receive an allowance. Known as Current, this “smart debit card for kids” comes with a corresponding app to help children monitor their funds and keep track of their spending.
Current works like most debit cards. Once money is deposited into a child’s account, it is available to spend on the card. A child can only spend the amount of money in the account. There are no overdraft options. Parents can choose to have automatic weekly withdrawals taken from their linked bank accounts, or can send money as one-time transactions.
There are two sides to the Current app: the parent’s side and the child’s side. Both provide an overview of the account and transaction history. However, the parent’s version gives the parent notifications when a child uses the card and also allows the parent to set spending limits per day, per month, etc. The child’s version is mostly intended to teach kinds about financial management and let them see how money and debit cards work.
There is a $3 service fee on the card each month, which is the only expense. The app is free and available on computers, Android devices and Apple devices.
Current also offers a free digital wallet for peer-to-peer transfers. This does not come with a physical card, but does provide basic money-sending services, similar to PayPal.