Bex Card review: A prepaid card for kids with a low fee.
Our verdict
If you're looking for a kids' prepaid bank account, consider using Bex.
Teaching your children about money from an early age can help them to develop better budgeting skills and saving habits as adults. Banking app Bex aims to help parents do just that.
Designed for 6 to 18 year olds, it comes with a free prepaid debit card that’s accepted anywhere you see the Mastercard logo. The app is packed with features for both parents and kids, including pocket money transfers, the option to set tasks for your kids to receive more money when the job is complete, and the ability to set savings goals.
But perhaps one of its biggest selling points is that Bex promises that you’ll never pay more than £1 a month (per child) in fees - this includes any fees you’re charged for ATM withdrawals and transactions, as well as fees abroad. This means parents don’t need to worry about their children racking up large, unexpected bills.
The downside is that compared to many of its competitors, such as GoHenry, its app features are a little basic. So while this could be a good option while your children are young, once they hit the teen years, you might want to upgrade to something a little fancier. You can compare other children's prepaid cards here.
Pros
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Easy application process
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Encourages your child to manage their own money, while still maintaining parental control
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Can be used by children as young as 6
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Fun features such as tasks and savings goals
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You’ll never pay more than £1 a month (per child) in fees
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Can be used in the UK and abroad
Cons
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Not as many features as some of its competitors
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Interest isn’t paid on account balances
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Fees apply to transactions, ATM withdrawals and foreign currency transfers - although you’ll never pay more than £1 a month
What is Bex?
Bex is a banking app designed to help children learn more about the world of finance and gain a better understanding of money management. Children and parents can both open an account and these can be linked, so that parents can monitor all of their children’s transactions.
Children will be sent a prepaid debit card to use and tasks can be set within the app to encourage children to earn extra pocket money – they can even take and send a photo as proof the job is complete. Bex also lets you set savings goals for your child and offers a Junior ISA, powered by BlackRock, which can be opened with just £1.
Who might Bex card suit?
Bex card is designed for 6 to 18 year olds. It could suit families who are looking to give their children an element of financial freedom, but still maintain some control over what their children are spending money on.
How to apply
You can apply for Bex by downloading the app, entering a few details about yourself and then creating a passcode. Once you and your child are set up, you can link accounts.
Bottom line
If you’re looking for a pocket money app to give your child some financial independence, Bex could be a good place to start – particularly if you’re worried about fees. However, it’s worth comparing the full range of debit and prepaid cards for kids first to be sure this is the right choice for you. Some of these competitors offer a wider range of app features but charge more per month, while others are completely free of charge.
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