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The Flyte debit card is a Mastercard debit card for teens, which will be in your child’s name but you still retain full control over the account including the ability to block transfers and set limits. This no fee debit card is the perfect way to give your child financial autonomy while still keeping a close eye on their spending habits!
What Is Flyte Banking?
Flyte is online banking for kids! With this banking app, you can set up a custodial account for your child in under 5 minutes. The online bank account can be used to store money, make transfers and comes with a free Mastercard debit card which is perfect for online and offline purchases.
Features of Banking with Flyte
Flyte is a leading teen banking app that keeps your child’s money secure and allows them to save, track spending, set financial goals, and make online and offline purchases with a free debit card. Here are some of the incredible features your teen can unlock with Flyte banking:
- Mastercard debit card
- Banking app
- Money transfers
- Parental control
Keep reading to learn more about Flyte online banking and why setting up a custodial account for your teen is so beneficial to their financial prosperity!
Free Debit Card
All Flyte account holders are entitled to a free Mastercard debit card. This allowance debit card for kids will be in your child’s name but don’t worry, you still have control over their spending. This Mastercard offers state-of-the-art encryption and allows your teen to make instant offline and online purchases around the world. The Mastercard will arrive at your address within 14 days of requesting one.
Flyte Banking App
Flyte has a free banking app that is available for Android and iOS and can be downloaded at Google Play and the App Store. The Flyte banking app allows you to effortlessly manage your teen’s money. You can see where every dollar is spent, set budgets and saving goals while sending money and making deposits. Flyte makes online banking fast, smooth and painless; even better, the app is completely free!
Money Transfers
Thanks to Flyte banking, you can start transferring money for free right now! Flyte works just like your traditional bank, simply enter the receiver’s bank details and hit send, and we will take care of the rest. We simplify money transfers by removing fees and ensuring your money arrives right away.
No Fee
We do not charge any fees to open your Flyte bank account or charge any monthly fees to keep your account open. Flyte is a 100% free online banking platform designed to help teens take control of their financial decisions and learn about money in a practical way. Our goal is to help as many teens as possible achieve financial prosperity, which is why our product is accessible to all kids for free!
Parents Control
Are you worried about giving your teen their own account and debit card? Luckily, at Flyte, you have extensive parental control. You can set spending limits, block certain transactions, and your children won’t be able to perform any money transfers without your approval. Flyte provides a safe and secure environment to give your teen some financial freedom but not too much!
More Options with Flyte
Flyte isn’t just a banking app! Flyte is also an online brokerage which is the perfect platform to start investing for teens.
Are you wondering, “what can I invest in?” At Flyte, you can purchase thousands of individual stocks, such as Apple, Amazon, and Tesla, as well as ETFs and cryptocurrency, including Bitcoin and Ethereum. ETFs are exchange-traded funds that track an index or specific aspect of the economy. By purchasing ETFs, you can get instant exposure to every type of investment you can imagine, from gold to oil to tech stocks to the banking industry to even the entire stock market. ETFs are incredibly popular because they allow you to invest in certain industries while staying diversified at the click of a button.
How to invest as a teenager? If you want to set your teen up for a bright financial future you need to start investing now! The best strategy is a conservative low risk approach. You can’t go wrong investing 60% of your money in low-risk diversified stocks, 35% of your money in mostly treasury bonds and other investment grade bonds, and then finally, 5% of your money in high-risk ventures such as crypto like Bitcoin and Ethereum.
The earlier you start investing for your teen, the better. If you start building your portfolio now in 10 years, you will be able to help your teen pay for college, put a downpayment on their home, or even fund their first business venture. Take advantage of free trading at Flyte now!
The Bottom Line
Flyte is an online banking and investing platform designed for kids and teens. At Flyte, you can create a custodial account for your child within minutes and then enjoy online banking features, including a Mastercard debit card and money transfers all for free! At the same time, you can take advantage of zero-fee trading on thousands of stocks, ETFs, and crypto.
