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Guide for parents on youth accounts

  • Updated

Your kids can start developing smart money habits by managing their own account. As your kids save, spend, and earn rewards, they prepare themselves for a lifetime of healthier money management. 

Neo creates secure and simple financial tools for all ages. The JA Money card is specifically designed for kids and teens. Backed by Junior Achievement (the world’s largest organization focused on youth financial literacy and business education), the JA Money card empowers young minds and fosters independence.

Empower smart financial habits

When kids begin managing their own finances, they have the opportunity to develop healthier money habits. These critical life skills will continue to benefit them throughout their lives.

Benefits of youth managing their money

For many people, learning by doing is a great approach. Provide your kids with opportunities to manage their money so they can build confidence, nurture responsibility, and develop life skills. 

Build confidence: Trying new things can be intimidating. By encouraging kids to take small steps towards managing their money with a safe financial solution, you can help them overcome the anxiety and uncertainty that often comes when first learning how to manage your finances.

Nurture responsibility: When kids budget, spend, and save their own money, they have opportunities to make financial decisions. These experiences help them develop responsible money habits.

Develop important life skills: Managing money is a life skill used every day. When kids transition to adulthood, a solid foundation of financial literacy will benefit them as they navigate day-to-day decisions.

Neo’s financial tools for kids and teens

The JA Money card is designed to help kids and teens start managing their money. 

About the JA Money card

With secure ways to save, spend, and earn rewards, the JA Money card has tools for youth to take their first steps towards money independence. 

No monthly fees: Youth receive free everyday transactions with no minimum balance.

Secure and simple money management: Easily manage the card, monitor spending habits, and transfer money between accounts.

Cashback rewards: Youth can get rewarded when they shop at thousands of places.

Financial literacy resources: The JA Knowledge Hub provides youth with tools and financial resources, giving them access to a library of information to help them develop smarter money habits.

Safety and security

The JA Money card incorporates Neo’s world class security infrastructure and includes additional features to help keep the account secure.

Digital verification: We verify the identity of all account holders when they sign up, and we regularly re-verify accounts. 

Spending restrictions: The card won’t work at many merchants (online or in-person) that offer products or services for adults. These spending restrictions are automatically lifted when the cardholder reaches the age of majority.

Alerts and spending insights: The Neo app helps youth stay on the top of their finances by providing customizable alerts and information on their spending habits.

Simple card controls: Youth can easily manage their card online or through the Neo app. They can control their card from anywhere, including freezing their card to turning off tap or online purchases.

Frequently asked questions about the JA Money card

Who can sign up for the JA Money card?

Anyone over the age of 13 (or 14 years old in Quebec) can sign up for the JA Money card. Since the card has no annual fees and cashback rewards, it’s a great option for students and young adults.

What do youth need to sign up?

Youth need a valid photo ID and a social insurance number to sign up.

Is parental consent required for kids or teens?

Parental consent is not required to open an account for anyone 13 years old or older (except in Quebec, where youth need to be 14 to open their own account). The JA Money card is available to anyone over the age of 13, so parental consent isn’t required. 

Who has access to the account?

The JA Money card is designed to foster financial responsibility and independence. Kids who are at least 13 years old (14 years old in Quebec) can open and manage an account without direct parental involvement. Currently, Neo doesn't offer joint or shared accounts.  

Along with nurturing financial autonomy, the JA Money card is an opportunity to learn about financial security. 

What happens to the account when the youth reaches the age of majority?

Since the JA Money card is available for individuals over the age of 13 (or 14 years old in Quebec), adults can enjoy the card's benefits for as long as they like! The only difference are the purchase restrictions—the card will work at places like liquor stores when the cardholder reaches the age of majority.

Where can the card be used?

The JA Money card can be used anywhere that Mastercard® is accepted, including online or in-person purchases. Cardholders can manage their transactions (including turning off online purchases or tap payments), and they can freeze the card to disable all purchases.

The card can’t be used for adult-related purchases, like liquor or gambling.

How can youth get help with their card or account?

Neo is happy to help! Log in to chat with us, or contact us to get in touch with our team.

Parents can join those conversations, as long as the youth cardholder provides consent.

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