Free Kids Banking Apps: What “Free” Still Costs
A $5.99-a-month plan costs $71.88 a year whether it covers one child or five. Spread over three kids that is $23.96 each — and four accounts list no monthly fee at all. Here is what each one still leaves unsaid.
A paid kids’ banking plan costs the same for one child as for five, so the price per child falls as the family grows: Greenlight Core is $71.88 a year for one child, $23.96 each for three. Four other accounts list no monthly fee on their own pages. This page puts both on one table and lists what each provider’s page does not say.
Every price and term below comes from the provider’s own page, checked on 5 October 2026 unless a different date is given. Nothing here is a recommendation; each product has age and account-type limits that decide whether it fits your family.
What “free” means for a kids account
“No monthly fee” covers one cost. Three others sit outside it: the fee the ATM owner charges, fees for replacing or reloading a card, and what happens to the account when your child ages out. Where a provider’s page is silent, this page says “not stated” rather than guess.
Annual cost per child, by family size
annual cost = monthly fee × 12, and
cost per child = annual cost ÷ number of children covered.
Greenlight’s plans page says its debit cards cover up to 5 kids; Modak’s page
says pricing is per family, not per child, and that up to 7 kids can be added
per parent account (modakmakers.com, page dated 10 August 2026). The free
accounts are priced per account and are $0 at any family size.
| Plan | Monthly | Per year | 1 child | 2 children | 3 children | 5 children |
|---|---|---|---|---|---|---|
| Greenlight Core | $5.99 | $71.88 | $71.88 | $35.94 | $23.96 | $14.38 |
| Greenlight Max | $10.98 | $131.76 | $131.76 | $65.88 | $43.92 | $26.35 |
| Greenlight Infinity | $15.98 | $191.76 | $191.76 | $95.88 | $63.92 | $38.35 |
| Greenlight Family Shield | $19.98 | $239.76 | $239.76 | $119.88 | $79.92 | $47.95 |
| Modak MoSilver | $2.99 | $35.88 | $35.88 | $17.94 | $11.96 | $7.18 |
| Modak MoGold | $5.99 | $71.88 | $71.88 | $35.94 | $23.96 | $14.38 |
| Modak MoBasic | $0 | $0 | $0 | $0 | $0 | $0 |
| Capital One MONEY Teen Checking | $0 | $0 | $0 | $0 | $0 | $0 |
| Chase High School Checking | $0 | $0 | $0 | $0 | $0 | $0 |
| Step | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash App (teen and kids accounts) | $0 | $0 | $0 | $0 | $0 | $0 |
Per-child figures are rounded to the cent. Sources: greenlight.com/plans (monthly prices as listed), and modakmakers.com/plans (MoBasic $0/month, MoSilver $2.99/month, MoGold $5.99/month).
MoBasic has one cost the table does not show. Modak’s plan comparison lists the parent’s physical debit card at “$5 Fee” on MoBasic and “Included” on MoSilver and MoGold. The page does not say whether the $5 is one-time or recurring, so it is left out of the annual figure rather than guessed.
The four accounts with no monthly fee
| Account | Type and ages | What the page says about fees | Not stated on the page |
|---|---|---|---|
| Capital One MONEY Teen Checking | Checking; kids as young as 6 as joint holder with a parent or guardian | “No monthly or maintenance fees—even after your teen turns 18.” No minimum deposit. 70,000+ fee-free Capital One and partner ATMs. | Card replacement fees |
| Chase High School Checking | Checking; 13 to 17 at account opening, with a parent or guardian as co-owner | “$0 Monthly Service Fee” and no overdraft fees. Converts to Chase Total Checking at 19. | ATM, out-of-network and card fees; the monthly fee of the account it converts to |
| Step | US residents; no age requirement | “There are no monthly, overdraft, minimum, or account management fees.” Free withdrawals from its network of 30,000 ATMs. | Fees at ATMs outside that network; card fees |
| Cash App (teens, kids) | Teens 13–17 with a parent’s or guardian’s approval; kids 6–12 managed by a parent | Teens: “no hidden or monthly fees.” Kids: “no hidden monthly fee, no subscription, and no minimum balance required.” | Card, ATM and out-of-network fees |
Modak’s free MoBasic plan fits the same description with the $5 parent-card fee above. Its page covers ages 0 to 17.
The ATM question
Only two of these pages say anything about ATM owners’ fees. Capital One: “While Capital One does not charge additional fees for out of network ATM use, the out of network ATM owner may.” Modak: “ATM operator fees may apply depending on the machine used,” with limits of $220 a day and $55 a transaction. Greenlight’s no-hidden-fees page lists “No ATM fees” and says nothing further. The other pages say nothing at all, so before relying on any account for cash, look up the fee in the app.
Who holds the money, and who insures it
- Greenlight’s card is issued by Community Federal Savings Bank, member FDIC.
- Capital One’s page names Capital One, N.A., Member FDIC. Chase’s names JPMorgan Chase Bank, N.A., Member FDIC.
- Step’s balances are insured up to $250,000 through Evolve Bank & Trust, Member FDIC.
- Cash App names Wells Fargo Bank N.A., Sutton Bank and The Bancorp Bank N.A., Members FDIC, with pass-through coverage up to $250,000 if conditions are met.
- Modak’s deposit account and Visa debit card are issued by Legend Bank, N.A., FDIC-insured.
What happens at 18
Capital One says the account carries no monthly fee after your teen turns 18. Chase says the High School account converts at 19; its page does not give the fee on the account that follows. Cash App’s kids page says the account moves to a teen account at 13 and that parents have until the child turns 16 to switch. The other pages we checked did not address it.
What this page leaves out
GoHenry is not in the table. Its US pricing page would not load for us on 5 October 2026, and search snippets of its fees conflicted, so no GoHenry price is stated here. For how paid tiers compare once a reward is subtracted, see the net-cost breakdown. For what each Greenlight tier gates and what replaces each piece, see Greenlight alternatives; the kids debit card fee comparison covers rewards and rates. To size what flows through any of these accounts, use the allowance calculator.
Frequently asked questions
Is there a kids banking account with no monthly fee?
Yes. On their own pages, checked 5 October 2026, Capital One MONEY Teen Checking, Chase High School Checking, Step, Cash App’s teen and kids accounts, and Modak’s MoBasic plan list no monthly fee. Each has conditions: Chase is for ages 13 to 17 at opening, Capital One for kids 6 and up as a joint holder with a parent, and MoBasic lists a $5 fee for the parent’s physical card.
What does a free kids account still cost?
Possibly ATM fees. Capital One says the out-of-network ATM owner may charge one even though Capital One does not, and Modak says operator fees may apply. Card replacement and reload fees are not stated on most of the pages checked, so confirm them in the app before you open an account.
How much does Greenlight cost for three kids?
The same as for one. Greenlight’s plans page says its debit cards cover up to 5 kids, so Core at $5.99 a month is $71.88 a year in total, or $23.96 per child with three children. Max is $131.76 a year ($43.92 per child), Infinity $191.76 ($63.92) and Family Shield $239.76 ($79.92).
Are free kids accounts FDIC-insured?
The providers’ pages name FDIC-member banks: Capital One, N.A., JPMorgan Chase Bank, N.A., Evolve Bank & Trust (Step), Legend Bank, N.A. (Modak), and for Cash App, Wells Fargo, Sutton Bank and The Bancorp Bank. Step and Cash App describe pass-through coverage up to $250,000, with Cash App adding that conditions must be met. Read the insurance wording on each page for your own balance.
Put it into practice
Bank of Dad gives each of your kids a savings account you control — set an interest rate, log deposits and withdrawals, and let them watch the balance grow. Free to use. Optional