3.6/5
FamZoo
- Best for: Parents who want to run a family bank for several kids at one price
- What Sets It Apart: Loans tracked at an interest rate you set, and automatic charges for each kid’s share of recurring family bills
- Features: Card lock and real-time activity alerts; chore pay and penalties; parent-paid interest; allowance splits and savings goals; free instant transfers between family cards; FDIC insurance up to $250,000 through SouthState Bank once identity is verified
- Monthly Fee: $5.99 per family after a one-month free trial, or $59.90 prepaid for 12 months plus a free month
- Cost: No FamZoo ATM, foreign transaction, or inactivity fee; first four cards free, then $3 each; stores may charge up to $4.95 to load cash
- Eligibility: U.S. residents, with at least one adult parent cardholder; a parent is the legal cardholder for kids 12 and under
- Pros: One price for the whole family; loan tracking and family billing; IOU accounts before cards
- Cons: Can’t block stores or set spending limits; no interest, rewards, or investing from FamZoo; no fee-free ATM network
FamZoo pairs a prepaid Mastercard for each family member with a virtual family bank, where parents set the rules for every kid’s accounts from one dashboard. It’s built for kids from preschool through college.
Key Features
- $5.99 a month for the whole family after a one-month free trial, or $59.90 prepaid for 12 months plus a free month
- A prepaid Mastercard for every kid and parent, with the first four cards free and $3 for each card after that
- Automatic allowance, chore pay and penalties, parent-paid interest, savings goals, and loans tracked at a rate you set
- Bank transfers and direct deposit with no FamZoo fee, plus free instant transfers between family cards
- FDIC insurance up to $250,000 through SouthState Bank once each cardholder’s identity is verified
Pros
- One subscription for every kid and parent, however many children you have
- Loan tracking with interest, plus automatic charges for a kid’s share of recurring family bills
- IOU accounts for tracking money you hold for a kid without a card
- No FamZoo fees for ATM withdrawals, foreign purchases, or inactivity
Cons
- No store blocks or spending limits beyond the money you move onto each card
- No interest, rewards, or investing paid by FamZoo, only interest you fund yourself
- No fee-free ATM network, so ATM owners’ fees apply
- Store fees of up to $4.95 to load cash onto a card
- Full price even for families using only IOU accounts and no cards
FamZoo is worth its $5.99 monthly fee to parents who will run its interest, loan, and chore tools for two or more kids. Parents who mainly want to block spending categories and set limits should choose Greenlight, which does both.
Learn more about FamZoo or see how it compares to the best debit and prepaid cards for kids.
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