Our 14 yr old daughter likes to shop for sneakers, etc. We don't want her using our PayPal acct anymore. Want to take her gift and chore money and put into her own acct and link that to her own PayPal acct.
But I recommend Capitol One Money Account. It’s a bank account with a debit card. Though they call it “Teen Checking”, they don’t issue checks. Both you and your teen have separate online logins; the teen’s is more restricted, you get oversight to what they’re doing. You can get text alerts on their usage if you desire.
It’s a great account with no fees. My daughter is in college now, but we still use it. Money Account - ( New Window )
have this sort of thing now. I am going to set one up at my bank. Basically, they get an account with a debit card that is like a sub account under my account. The debit card can only be used to draw funds off the sub account (not the main account), and I can control how much money to move from my main account to the sub account at any time.
It’s a great account with no fees. My daughter is in college now, but we still use it.
Money Account - ( New Window )