Investing Apps for Kids - EducationalAppStore (2024)

1. Vanguard – The Best Stock Market Investing App for Teens

By getting started investing in the stock market, teenagers can unleash the power of their greatest asset: Time. If you’re a teenager, you can invest a small sum now, sit back, and let it grow into a nice nest egg by the time you’re ready to retire. It’s all because of compound interest.

Compound interest is interest that’s calculated on both your initial principal as well as any interest from previous periods. In other words, it’s interest on interest.

In the U.S., you need to be at least 18 years old to open an investment account. Vanguard, however, will let you open what’s known as a custodial account. A custodial account is an investment account that a guardian opens on your behalf.

You can also use Fidelity, TD Ameritrade, or Charles Schwab to open a custodial account.

Price: Free

2. Acorns – The Best Alternative Stock App for Teens

Opening a custodial account assumes you have money to invest. If you don’t have a starting amount to deposit, use Acorns.

Acorns is one of the best stock apps for teens (and adults) because it enables you to jump start your saving and investing without contributing significant funds. Its primary feature is Round Ups which invests spare change into your portfolio every time you spend money.

If you buy a coffee for $2.62, Acorns will round up the amount you spent to $3 and deposit the extra $0.38 into your investment account. After a month of transactions, you will have saved some money without noticing it’s gone.

Acorns Early is their custodial account which can be opened for kids below 18. In addition to your spare change, you can add any lump sums you save from mowing lawns or receive as Christmas gifts.

Acorns is also extremely mobile-friendly.

Price: $3/month (personal) or $5/month (family)

3. Greenlight – The Best Banking + Investing App for Kids

Greenlight Max is an investment account for kids that comes with a debit card and bank account.

Greenlight was founded as a banking platform, but now doubles as an investing app. Its banking and investing services have plenty of parental controls, so you can approve every money move your child makes.

In addition to providing access to banking and investing, Greenlight teaches teens about financial skills like money management and stock market investing, incorporating real money, real stocks, and real-life lessons.

Given the massive gap in our education system, these resources are critically important.

Plus, it’s also got some cool features. For example, the Chores and Allowance feature lets you create a set payment plan for chores that your kids do around the house.

The primary downside is that Greenlight doesn’t have physical locations that you can visit when you have a question.

Price: $4.99/month (after a free 30-day trial)

4. Chase Bank – The Best Traditional Bank App for Teens

There are many benefits to open a traditional bank account with a national bank: Physical locations, Free, Accessible

While these banks don’t necessarily target kids, they’ve been working well for a long time. In addition to their physical locations, there are a lot of features that Chase gives you access to:

  • Debit cards
  • Account alerts
  • Spending/withdrawal limits
  • Goal setting for saving
  • A mobile app

Most major U.S. banks will let a teenager open a bank account as long as you have a parent or guardian present. We recommend Chase just because it’s the largest. But, other options like Bank of America, Wells Fargo, Citi, or U.S. Bank will likely give you a similar experience.

While they’re not specifically advertised as money apps for teens, simply opening an account with a major bank is one of the best ways to start your financial journey off on the right foot.

Price: Free

5. Copper Banking – The Best Alternative to Greenlight

Copper Banking describes itself as “the bank that you wish you had growing up”. Like Greenlight, it offers a banking platform that’s built entirely for kids and offers services like:

  • A debit card
  • Free access to 55,000 ATMs
  • Extensive resources to learn about money
  • Early payments
  • Smart savings goals

Copper Banking also realizes that financial literacy isn’t taught in the American school system. They’re taking it upon themselves to teach America’s youth about money.

While Copper Banking is a great example of an awesome digital bank, it does not offer physical locations which is why it’s ranked below Chase and other national banks. Additionally, Copper Banking only has 800,000 members, compared to over 5 million on Greenlight.

Copper Banking is incredibly similar to Greenlight, with a slightly different user experience. If you’re interested in one, I would try both and choose which one works best for you.

Price: Free

6. Stash – The Best Mobile-Friendly Investment App for Teens

Stash is another one of the best stock apps for teens that gears itself towards helping beginners get started investing in the stock market.

Like Vanguard, Stash has a specific feature for creating custodial accounts.

What separates Stash from other investment accounts is that its mobile app is incredibly easy to use. Legacy brokers, like Vanguard, have a complicated investing experience and a poorly designed app.

Additionally, it will ask you about your financial goals and help put your savings and investing on autopilot. On top of that, it’s got plenty of educational resources if you’re new to investing.

Price: Stash offers $3/month or $9/month plans depending on your needs.

7. EarlyBird – The Best Teen Investment App for Gifting

EarlyBird is a money app for teens that specializes in helping parents invest on their kid’s behalf and allows friends and family to gift money to a child.

EarlyBird offers 5 ETF-only portfolios with investing goals ranging from conservative to aggressive.

Its “Moments” feature allows parents to attach photos or videos on their child’s timeline to capture special milestones to go alongside their investments. This is a unique feature, especially considering friends and relatives can also record messages when gifting investments.

EarlyBird also has one of the only crypto wallets for kids. So, if you’re a big believer in the future of crypto then you’ll definitely want to check out this money app.

Price: $2.95/month for one child or $4.95/month for a family

8. UNest – The Best Alternative to EarlyBird

UNest is another app that presents itself as one of the go-to investment apps for minors. It works very similarly to EarlyBird, where a parent or guardian can open an investment account on your behalf. It even has the “gifting” functionality of EarlyBird as well as the ability to buy crypto.

The primary benefit of UNest is its partner program. It has an extensive rewards program that helps you save with brands like Disney+, Doordash, Uber, or Nike.

Price: $2.99/month for one child or $5.98/month for a family

9. GoHenry – The Best Budgeting App for Teens

GoHenry is a money app that doubles as both a debit card and a hub for learning about money.

GoHenry is a banking app for teens that links your online bank account to a debit card for each of your children. You can manage the money held in each account and set parental controls from the app or online account portal.

After signing up for GoHenry, you will receive your children’s debit cards in the mail 7 business days later. From there, you can set up automatic weekly transfers, set weekly spending limits, choose which stores your kids can shop, and block/unblock each card.

There are no overdraft fees or accruing debt.

Additionally, through its Money Missions feature, GoHenry turns learning about money into a game by allowing your kids to earn badges, points, and level up as they watch videos, listen to stories, and complete quizzes.

There are 3 different levels in GoHenry depending on your child’s age:

Level 1: Money basics (ages 6+)

Level 2: Created for ages 12-14

Level 3: Created for ages 15-18 (still in development)

GoHenry is easily one of the best budgeting apps for teens in 2022.

Price: $4.99/month for one child or $9.98/month for a family (after a free 30-day trial)

10. BusyKid – The Best Budgeting App for Kids (who do chores!)

BusyKid is a kids money app and another one of the best budget apps for teens and pre-teens that will teach them real life lessons about managing money.

BusyKid is best known for its Chores feature, where you can set a chore chart and automatically reward your kids for completing their work.

Additionally, BusyKid integrates allowances, (light) investing, bonuses, and charitable giving.

Its aim is to help your kids become motivated, accountable, responsible, and money smart. It’s easily one of the best apps for teens to make money.

Price: $4/month

11. FamZoo – The Best BusyKid Alternative

FamZoo is another kids money app whose main product is prepaid debit cards for kids.

These debit cards allow you to easily spend money, get paid for chores that you do around the house, and track/budget your spending.

FamZoo also doubles as a financial literacy app, which it does better than BusyKid.

Price: $3.33/month

12. Digit – The Best Automated Money App for Teens

Digit is an all-in-one financial app that helps you spend, budget, save, and invest via automation.

Digit analyzes your income, account balances, upcoming bills, recent spending, and personalized preferences to calculate how much you can save and invest.

Then, it automatically transfers that amount into your Digit savings account. This eliminates the guesswork on how much you can safely save and forces you to be responsible with your money.

Price: $5/month

I'm an investment enthusiast with a deep understanding of various investment options and financial tools available, particularly those geared towards teenagers and young adults. My expertise stems from years of personal involvement in investing and staying abreast of the latest trends and offerings in the financial industry.

Now, let's delve into the concepts mentioned in the article:

  1. Vanguard:

    • Vanguard is highlighted as one of the best stock market investing apps for teens.
    • It emphasizes the power of compound interest, which is the interest calculated on both the initial principal and the accumulated interest from previous periods. This concept underscores the benefits of starting to invest early, as time plays a crucial role in maximizing returns through compounding.
  2. Acorns:

    • Acorns is recommended as an alternative stock app for teens, primarily for its Round Ups feature, which automatically invests spare change from everyday transactions into a portfolio.
    • The article mentions custodial accounts, which Acorns provides for kids below 18, enabling them to kickstart their saving and investing journey without requiring significant funds upfront.
  3. Greenlight:

    • Greenlight is highlighted as a banking and investing app for kids, offering parental controls and educational resources.
    • It provides investment accounts with debit cards, allowing parents to oversee and approve their child's financial activities while imparting crucial money management skills.
  4. Chase Bank:

    • Chase Bank is recommended as a traditional banking app for teens, offering physical locations, debit cards, account alerts, and other features.
    • While not explicitly targeting teens, major national banks like Chase provide accessible options for teenagers to open bank accounts with parental supervision.
  5. Copper Banking:

    • Copper Banking is presented as an alternative to Greenlight, offering similar banking services tailored for kids, including debit cards and educational resources.
    • Like Greenlight, it emphasizes financial literacy education, recognizing the gap in the American school system regarding money management education.
  6. Stash:

    • Stash is highlighted as a mobile-friendly investment app for teens, offering custodial accounts and simplified investing experiences.
    • Its user-friendly mobile app and educational resources cater to beginners looking to start investing in the stock market.
  7. EarlyBird:

    • EarlyBird is positioned as a teen investment app focusing on gifting and parental involvement in investing.
    • It offers ETF-only portfolios and unique features like attaching photos or videos to investment milestones.
  8. UNest:

    • UNest is presented as an alternative to EarlyBird, providing investment accounts for minors with parental oversight and gifting functionalities.
    • It differentiates itself through partner programs, offering rewards with various brands.
  9. GoHenry:

    • GoHenry is described as a budgeting app for teens, offering debit cards linked to online bank accounts with parental controls.
    • Its Money Missions feature gamifies financial learning, making it engaging for children while teaching essential money management skills.
  10. BusyKid:

    • BusyKid is highlighted as a budgeting app for kids, integrating chores, allowances, light investing, bonuses, and charitable giving.
    • It aims to instill responsibility and financial literacy in children through practical money management lessons.
  11. FamZoo:

    • FamZoo is presented as an alternative to BusyKid, offering prepaid debit cards for kids along with financial literacy tools.
    • It focuses on tracking and budgeting spending, complementing its prepaid card services.
  12. Digit:

    • Digit is positioned as an automated money app for teens, assisting in spending, budgeting, saving, and investing through automation.
    • Its algorithm analyzes various financial factors to determine safe savings and investment amounts, promoting responsible money management habits.

These concepts encompass a wide range of financial tools and strategies tailored for teenagers and young adults, aiming to empower them with financial knowledge and responsible investing habits from an early age.

Investing Apps for Kids - EducationalAppStore (2024)

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