Greenlight Financial Services provides loan financial services. The Company offers mortgage loans and refinancing services to permanent investors and customers.

Community Federal Savings Bank The Greenlight card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International.

Is Greenlight a bank? No. Greenlight is a fintech company that offers a personal finance app and secured debit card for kids. Greenlight cards are issued by Community Federal Savings Bank, which is a member FDIC financial institution.

The Greenlight Debit Card is easily one of your best options thanks to an impressive feature set that helps you not only monitor spending, but also teach your child about money through budgeting, saving, earning rewards and even investing.

Greenlight's biggest downside is its high monthly price tag, costing over double what competitors charge if you go with one of its higher tier plans like Greenlight Max or Infinity. Though it might be worth it if you have multiple kids, as each plan comes with up to five debit cards.

If you're wondering whether Greenlight is legit, the answer is yes. The balance on your child's Greenlight debit card is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

Aside from our monthly fee, there are no other hidden or extra fees unless your child loses their Greenlight Card. We offer one free replacement card. Any subsequent replacement cards you might need will be $3.50 each.

High monthly fees Greenlight's biggest downside is its high monthly price tag, costing over double what competitors charge if you go with one of its higher tier plans like Greenlight Max or Infinity. Though it might be worth it if you have multiple kids, as each plan comes with up to five debit cards.

$4.99

Cons

• The $4.99 to $9.98 monthly plan fees can be more expensive than similar prepaid debit Mastercards for kids.
• Many of the card's best perks and rewards to help offset the cost are locked behind the Greenlight Max tier.

Its downsides include an unavoidable monthly fee and a cap on savings reward earnings.

• All Greenlight Plans Have a Monthly Fee. Greenlight doesn't have a free plan.
• Greenlight Caps Savings Rewards at $5,000 Average Daily Balance.
• Greenlight Doesn't Offer a Credit Card.

Offers savings rewards on all plans: Kids can earn 1% to 5% on up to $5,000 per family with the Greenlight debit card, depending on the plan selected. Most kids' prepaid cards don't pay interest or instead ask parents to pay interest as a demonstration to the child.