Bank of America SafeBalance® for Family Banking vs. Greenlight

Today, parents can choose from traditional bank accounts and app-based debit cards for kids, giving them real-world practice in saving, spending, and managing money. Two popular options are Bank of America SafeBalance® for Family Banking and Greenlight, the #1 family finance and safety app. Both let kids spend with their own debit card while parents have some oversight, but their features (and how families use them) are very different.

Here’s how they compare so you can decide which works best for your household.

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Features comparison

Both Bank of America SafeBalance® for Family Banking and Greenlight include the basics: a debit card, a way for parents to monitor spending, and mobile access to track balances. From there, Greenlight offers additional features such as chore and allowance management, savings rewards, investing education, and in-app money lessons. Here’s how the two products measure up.

Bank of America SafeBalance® for Family Banking at a glance

Bank of America SafeBalance® Family Banking is a bank account built for kids and teens. It comes with no overdraft fees and provides access to Bank of America’s nationwide network of ATMs and branches. Parents are joint account holders, which makes it simple to keep track of spending.

Bank of America SafeBalance® Family Banking pros

• No monthly fee

• No overdraft fees

• Access to 15,000+ Bank of America ATMs and 3,900+ branches

Bank of America SafeBalance® Family Banking cons

• Limited parental controls compared to app-based cards

• No built-in savings goals, chore tools, or investing features

• Rewards programs not included

Greenlight at a glance

Greenlight is a debit card and money management app designed for kids, teens, and families, featuring built-in parental controls, educational tools, and optional safety protections. All plans include core features, and higher-tier plans add savings rewards, cash back, investing, and identity protection.

Greenlight pros

• Covers up to five kids per plan

• Customizable spending limits and instant card lock/unlock

• No overdraft or ATM fees

• Savings goals, round-ups, parent-paid interest, and up to 6% savings rewards*

• 1% cash back on purchases***

• Parent-approved investing platform for kids, no fees to trade

• Optional safety features like location sharing and crash detection**

Greenlight cons

• Monthly subscription fee

Pricing

Both Bank of America SafeBalance® Family Banking and Greenlight offer kids their own debit cards, but the costs to families differ.

Bank of America SafeBalance® Family Banking pricing

• No monthly maintenance fee

• No overdraft fees

• Out-of-network ATM fees may apply

Greenlight pricing

• Core: $5.99/month

• Max: $9.98/month

• Infinity: $14.98/month

• Family Shield: $19.98/month

• All plans cover up to five kids per family.

Which one wins?

Bank of America SafeBalance® Family Banking is the lower-cost option. Families who want advanced features, like savings rewards, investing, and safety tools, may find Greenlight worth the monthly fee.

Parental control features

Both Bank of America SafeBalance Family Banking and Greenlight allow parents to monitor account activity; however, Greenlight offers more advanced and customizable options.

Bank of America SafeBalance® Family Banking parental controls

• Parents can be joint account holders and view transactions and balances

• Set spending categories and withdrawal limits

• Ability to lock and unlock the debit card

• Alerts are available through the Bank of America mobile app

Greenlight parental controls

• Store-level and category-specific parental controls

• Flexible limits with real-time transaction notifications

• Ability to block specific retailers or unsafe spending categories

• Instant card lock/unlock and approval for money sent via Greenlight Pay Link

Which one wins?

While Bank of America SafeBalance® Family Banking has spending categories, limits, and card lock/unlock, Greenlight provides more granular store- and category-level controls.

The chore app that checks all the boxes.

Chores. Allowance. They’re different for every family. That’s why we let you call the shots. Want to tie allowance to chores? Pay a percentage based on chore progress — or only if they’re all done. Prefer not to? Your house. Your rules.

Learn more

Safety features

Both Bank of America SafeBalance® Family Banking and Greenlight provide fraud protection, but Greenlight layers in more personal safety and identity protections.

Bank of America SafeBalance® Family Banking safety features

• Mastercard or Visa Zero Liability for unauthorized charges

• Chip-and-PIN security

• Standard bank-level fraud monitoring

Greenlight safety features

• Mastercard Zero Liability for unauthorized charges

• Enhanced protections on Infinity and Family Shield plans, including identity theft monitoring and restoration up to $1 million^§§

• SOS alerts and family location sharing (with compatible devices)**

• Crash detection and driving reports for teen drivers**

Which one wins?

Greenlight covers both financial and personal safety, providing additional reassurance for families with older kids.

ATM access

Both products give kids access to cash, but Bank of America SafeBalance® Family Banking has the advantage of a large in-network ATM system.

Bank of America SafeBalance® Family Banking ATM access

• Free withdrawals at 15,000+ Bank of America ATMs

• In-person support at 3,900+ branch locations

• Fees apply at out-of-network ATMs

Greenlight ATM access

• Works at most ATMs that accept Mastercard

• No Greenlight fee, but third-party operator fees may apply

• No in-network system to avoid fees

Which one wins?

Bank of America SafeBalance® Family Banking is the winner here with free ATM access if you live near their network.

Earning and saving

Both products give kids a way to manage money, but only Greenlight builds in tools and rewards to make saving more engaging.

Bank of America SafeBalance® Family Banking earning and savings features

• No built-in features like savings goals, round-ups, or parent-paid interest

• No rewards for saving or spending

Greenlight's earning and saving features

• Kids can set custom savings goals inside the app

• Automated allowance deposits and round-up features make saving effortless

• Parents can add a parent-paid interest to reward saving

• Earn up to 6% savings rewards* and 1% cash back*** on higher-tier plans

Which one wins?

Greenlight takes the win here with its integrated tools and incentives that make saving a hands-on learning experience, not just a separate account.

Investing

Greenlight includes built-in investing features that Bank of America SafeBalance® Family Banking does not offer.

Bank of America SafeBalance® Family Banking investing features

• No investing platform for minors

Greenlight investing features

• Invest for Parents “Lite” included with Core plan (access to curated ETFs)

• Investing for Kids (Max and above) lets kids research stocks and ETFs, propose trades, and invest with as little as $1, with parental approval required

• Transparent, no hidden trading fees

Which one wins?

With its investing features, Greenlight is the winner with a parent-supervised way to introduce kids to investing early.

Learn to earn, save, and invest together.

With a debit card of their own, kids and teens learn to spend wisely, keep an eye on balances, and track their spending. Big money dreams? Set savings goals and start investing with as little as $1 — with your approval on every trade.

Learn more

Educational tools

Both Bank of America SafeBalance® Family Banking and Greenlight give kids opportunities to learn through real-world spending, but Greenlight adds interactive tools designed for financial literacy.

Bank of America SafeBalance® Family Banking educational tools

• General financial education articles online

• No integrated in-app lessons, games, or progress tracking

Greenlight educational tools

• Level Up™ money game with interactive challenges built by financial education experts

• The Learning Center with kid-friendly articles and resources

• Education is integrated directly into the app experience

Which one wins?

Greenlight. It's designed to make money, education fun, engaging, and easy for kids to stick with over time.

The verdict: Which one is better for families?

Families may choose Bank of America SafeBalance® if their priority is low cost, branch access, and a straightforward bank account without extra features.

Greenlight may be the better option for families who want robust parental controls, rewards for saving, investing options, advanced safety features, and educational tools all in one app designed for kids and teens.

Built for them. And for you.

Both you and your kids download the Greenlight app — with tailored experiences. They check off chores, you automate allowance. They spend wisely, you set flexible controls. They build healthy financial habits, and you cheer them on.

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