Ages 13-17
iOS, Android
Current Teen Banking
By Finco Services, Inc. (Current), with Cross River Bank
Reviewed by Alex Thompson, founder of Kids Financial Guide · Updated November 2026
The short answer
Current Teen Banking is a free Visa debit card for teens 13-17 on a parent's own Current account, with chores, allowance, daily spending limits and blocks on types of stores, and no monthly fee. The money is legally the parent's, it pays no interest, and the app is built around adult credit and early-pay products, so Capital One MONEY is the safer free pick if you don't want a Current account yourself.
| Ages | 13-17, added by a parent or legal guardian who has their own Current account |
|---|---|
| Price | Free: no monthly or minimum-balance fee and no fee at most Allpoint ATMs (a network of free ATMs you can find in the Current app). Current's July 2026 account agreement lists $3.50 per out-of-network ATM withdrawal (the ATM's owner may add its own fee), $3.50 per cash deposit at stores, 3% (at least $0.50) on purchases abroad, $5 for a replacement card, $5 a month after 12 months with no activity and $10 to close the account |
| Debit card | Yes, a Current Visa debit card for the teen; banking by Cross River Bank, member FDIC |
| Investing | No |
| Interest | None: the teen's spending, saving and giving pots (Current calls them Pods) pay no interest |
| What the parent needs | Their own Current account, which is free; the teen's money sits in it, and the parent is responsible for everything the teen does with the card |
| Chores and allowance | Yes: automatic allowance and chores the parent pays for |
Compare it with other apps: Best Money Apps for Kids and Teens, Compared
Current Teen Banking is a free Visa debit card for teens 13-17 on a parent's Current account, with chores, allowance, store blocks and spending limits.
Current is a banking app, not a bank, and Current Teen Banking is its add-on for families. A parent or legal guardian opens their own Current account, which is free, adds a teen aged 13 to 17, and the teen downloads the app on their own phone and gets a Current Visa debit card. Banking is by Cross River Bank, a member of the FDIC.
The parent gets the controls that matter for a first card: instant purchase alerts, a recurring allowance, chores to pay for, daily spending limits, blocks on types of businesses, and a switch to turn the card on or off. Each teen gets three pots (Current calls them Pods) for spending, saving and giving. None of them pays interest.
There is no monthly fee and most Allpoint ATMs are free, but Current's July 2026 account agreement lists $3.50 for each withdrawal at another ATM, $3.50 to add cash at a store, 3% on purchases abroad, $5 a month once the account has gone 12 months without activity, and $10 to close the account.
The catch is ownership. Legally the teen is an authorized user on the parent's account, so the money is the parent's and the parent is responsible for everything the teen does with the card. The app is also built around adults: its App Store subtitle is "Get Paid Early. Build Credit." and the App Store lists that it contains advertising.
Key Features
- ✓No monthly fee, no minimum balance and no fee at most Allpoint ATMs
- ✓Chores, automatic allowance and separate spending, saving and giving pots for each teen
- ✓Parents can set daily spending limits, block types of businesses and turn the card on or off
- ✓Instant alerts on every purchase, and instant transfers from the parent's Current balance
- ✓Teens with jobs can have their paycheck paid straight in
⚠Limitations
- ×The parent must open and use a Current account; the teen is an authorized user on it, so the money is legally the parent's and the parent is responsible for every purchase
- ×No interest: Current's savings pots pay nothing
- ×Fees add up: $3.50 for each out-of-network ATM withdrawal, $3.50 to add cash at a store, 3% abroad, $5 a month after 12 months without activity, and $10 to close the account
- ×Payments to other Current users through Current Pay can't be cancelled or recovered once sent
- ×The app is built around adults: its App Store subtitle is "Get Paid Early. Build Credit." and the App Store lists that it contains advertising
- ×The children's section of Current's privacy policy covers only under-13s, and the policy lets advertising partners collect identifiers; for 13-17 the adult rules apply
- ×No lessons, quizzes or investing
Learning Outcomes
- •Spending with a card within the money you have
- •Earning money by doing chores
- •Splitting money between spending, saving and giving
- •Living on a regular allowance
- •Managing a first paycheck from a part-time job
Our Verdict
Our take: Current is a sensible free first card for teens if you're happy to open a Current account yourself, with chores, limits and store blocks that some free bank accounts lack. If you'd rather not open a Current account yourself, or want interest on savings, Capital One MONEY is the simpler free pick; whichever you choose, check purchases together each week and talk about scams first.
Parental Controls
- •See the balance and every purchase, with instant alerts
- •Send money and set up a recurring allowance
- •Assign chores and pay for them when they're done
- •Set daily spending limits
- •Block types of businesses
- •Turn the card on or off, and order a replacement if it's lost
Current Teen Banking: our in-depth review
How it works day to day
The parent signs up for a Current account in the app, agrees to the account agreement and adds the teen. The teen then downloads the app on their own phone, sees only the money the parent sends them, not the parent's balance, and uses their Current Visa debit card in stores, online and at ATMs.
Money comes from the parent's Current balance, which arrives instantly, or from a linked bank, which takes three to five business days. A teen with a job can have their paycheck paid straight in. Cash can be added at stores such as CVS and Walmart for $3.50 a time. Current's agreement caps card spending at $2,000 a day and ATM withdrawals at $500 a day, and the parent can set a lower daily limit in the app.
Current Pay sends money instantly to other Current users, up to $2,500 in 24 hours, and Current's agreement says a payment "cannot be canceled or recovered" once sent. Finder, a comparison site, says teens can use Current Pay; Current's teen pages don't say who a teen can pay. Before your teen sends money to anyone, agree that they only pay people they know in person, and that a stranger who asks for payment by app, gift card or crypto, offers to double their money, or sends money "by mistake" and asks for it back is running a scam.
What kids actually learn
The lessons come from doing: spending within an allowance, earning money for chores, and splitting it between the spending, saving and giving pots. There are no lessons, quizzes or games, so plan a weekly look at purchases and pots together.
The saving pot pays no interest. To teach how interest works, pay a little "parent interest" on what's saved each month, for example 10 cents for every $10. That's about 12% a year, much more than a bank pays, so explain that real savings accounts pay less and their rates change.
Safety, privacy and who owns the money
Current is a financial technology company, not a bank; Cross River Bank, a member of the FDIC, holds the money. The US government insures bank deposits up to $250,000 per depositor, per insured bank, for each account ownership category, and Current says this covers its customers only if certain conditions are met. FDIC insurance covers the bank failing, not Current failing, so keep only what your teen needs in the account.
The teen account is the parent's account: the teen is an authorized user, the parent is responsible for all activity and fees, and removing the teen means contacting Current. If you lose the teen's card, turn it off in the app straight away and order a replacement ($5, or $30 to speed it up). When an account closes, Current returns the balance less any fees, claims or other amounts owed, and its fee schedule lists a $10 account closure fee. After 12 months with no activity Current charges $5 a month, and money left long enough can be handed to the state as unclaimed property under state law, after a $20 fee. Disputes go to individual arbitration, meaning a private arbitrator decides instead of a court and you can't join a class action, unless you opt out in writing within 30 days of opening the account.
Current has no separate children's privacy policy. The children's section of its privacy policy covers only under-13s: its services aren't aimed at them and it doesn't knowingly collect their data. For teens, the adult privacy policy applies. It lets advertising partners collect identifiers, and says Current may share personal information with other companies to market to you, which you can opt out of by emailing Current. It doesn't mention COPPA or give parents special rights over a teen's data, and it says the app may collect precise location, which you can turn off in your teen's phone settings. On the App Store, Current lists identifiers and usage data as "Data Used to Track You", and location, contact info, identifiers, usage data and diagnostics as linked to you. On Google Play, Current says the app may share personal and financial information with third parties, and that you can ask for your data to be deleted.
Who it's best for
Current fits families with a teen aged 13 to 17 where the parent is happy to use Current as one of their own accounts and wants chores, limits and store blocks without a monthly fee.
If you'd rather not open a Current account yourself, Capital One MONEY is a free account the parent co-owns that earns a little interest and takes money from any US bank. If you want lessons or investing, Greenlight costs from $5.99 a month per family. For a child under 13, look at Capital One MONEY or Chase First Banking, which start at 6.
Frequently asked questions
Is Current Teen Banking really free?
Mostly. There is no monthly fee, no minimum balance and no fee at most Allpoint ATMs. Current's July 2026 account agreement lists $3.50 for each withdrawal at another ATM (plus any fee the ATM's owner adds), $3.50 each time you add cash at a store such as CVS or Walmart, 3% on purchases abroad, $5 for a replacement card, $5 a month once the account has had no activity for 12 months, and $10 to close the account. Current doesn't say on its teen pages how it makes money; card apps like it earn from the fees stores pay when the card is used, and the app also sells adult products such as its Build credit card.
What age can a teen get a Current card?
From 13 to 17. A parent or legal guardian who is 18 or older opens their own Current account first, adds the teen, and the teen downloads the app on their own phone. The teen is an authorized user on the parent's account, so the money is legally the parent's. Current's account agreement doesn't say what happens at 18, so ask Current before the 18th birthday and plan to move the teen to an account of their own.
What can parents control in Current?
Parents see every purchase, get instant alerts, send money instantly from their own Current balance, set a recurring allowance, assign and pay for chores, set daily spending limits, block types of businesses and turn the card on or off. Current's agreement caps card spending at $2,000 a day and ATM withdrawals at $500 a day. Current lists no way to approve each purchase.
Is Current or Greenlight better?
Current is free and has chores, allowance, spending limits and store blocks, but it is only for 13 to 17, pays no interest, has no lessons or investing, and the parent must open a Current account too. Greenlight costs from $5.99 a month per family, starts at 8, and adds lessons, savings rewards and, on higher plans, investing with parent approval. If you just want a free teen card and don't want to open a Current account yourself, Capital One MONEY is simpler.
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