Is your child old enough to manage his own money? Then think about accounts for children! Many financial institutions now have bank account offers for minors, including Pixpay and Kard, two French nobanks. What do they offer to help teens take responsibility with their pocket money?
Pixpay, a fintech created in 2019, aims to become THE benchmark for banks for teens in Europe. The Kard nobank, also created in 2019, is open to minors and over 18s. Even if they have certain points in common, they nevertheless remain different.
Pixpay, the account for children 2.99 euros
Offered only to children of 10 18 years oldPixpay’s account package includes a mobile account with parental support, associated with a payment card. A unique offer is proposed for more simplicity, 2.99 euros per month. Without obligation, the payment card is a prepaid Mastercard, usable directly on the mobile application thanks to the possible creation of a virtual card. It is also compatible with mobile payment via Apple Pay and Google Pay. The physical card is fully customizable, from the color to the secret code.
Regarding the services offered by the Pixpay offer, we find of course access to a mobile application, simple and easy to use, which allows you to receive real-time notifications for each operation. The child holding the card can carry out payments and cash withdrawals in the euro zone, free and unlimited. To use the card in foreign currencies, Pixpay charges the transactions: it charges 2 euros for each withdrawal, and 2% bank charges for each payment. It is not possible to obtain an overdraft authorization, but the instant sending of money is provided for in the formula and top-ups by card are free and easy (please note, the top-up must be at least 20 euros).
Pixpay allows parents to control the use of the payment card account: indeed, thanks to a “mirror” mobile app, they can follow the transactions made and the balance. It is also possible to block certain expenses (in particular on sites prohibited to minors), limit the ceilings, but also prohibit withdrawals from distributors. Pocket money payments are also programmable directly on the application.
Pixpay also offers a cashback system, Pix&Love, allowing children to benefit from reimbursement of part of their expenses in partner stores.
The Pixpay child account
Kard, accessible for the whole family
HAS 4.99 euros per month, the Kard mobile account is accessible from 10 years. The card associated with the account is also a Mastercard, available in black, pink or silver, depending on the child’s choice. The holder can enter his name, or even his nickname, and also personalize his confidential code. A virtual card is also available to make transactions as secure as possible. The mobile app pushes the teenager to manage his money well and save: via constant balance monitoring and SMS notification in particular, but also thanks to the possibility of creating “safes”, encouraging him to save; once the money has been placed in the chest dedicated to the project, it is not possible to withdraw it before having reached the objective, unless the chest is permanently closed.
The Kard account is without engagementthe nobanque also allows you to test it free for 1 month. It is useful in the case of siblings, since a single subscription allows you to open an account for all young people from the same household, at no extra cost, up to a limit of 5 children. As for the services offered, Kard stands out for the free total transactions, both payments and cash withdrawals in France and abroad. It authorizes contactless and mobile payments via Apple Pay (from 15 years old) and Google Pay. However, withdrawals are capped at 100 euros per day and 500 euros per week; for payments, the ceiling not to be exceeded is set at 1,000 euros per day and 1,500 euros per week (in France).
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Kard takes the safety first: no overdraft is of course authorized, but it will also systematically block certain transactions (something to reassure parents!): Indeed, it is impossible for the child to make payments on online betting sites, in casinos, gas stations, on a dating site or even in establishments who sell tobacco or alcohol. The payment account is also controllable by parents: the transaction history is accessible to them, and they can block and unblock the payment card at any time. Money transfers can also be scheduled, and can be received instantly, at no additional cost.
Finally, a smartphone insurance is included directly in the offer, as well as the possibility of obtaining cash back in the nobanque’s partner brands.
Upon reaching majority, the teenager becomes the legal account holder. His parents no longer have access to the account.
The Kard Teen Account
So which one is best for your teen?
- Would you like to access a low cost child account? Choose Pixpay, sold for 2.99 euros per month.
- Are you a large family? Kard can then be useful, making it possible to obtain up to 5 child accounts, at no additional cost.
- Your teenager is going abroad? Kard does not charge for transactions made anywhere in the world.
- Are you worried about your child’s account security? Both Kard and Pixpay are secure applications. Pixpay seems more complete on the subject, since it allows parents to manually block certain transactions or purchases, and to set spending limits.
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